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FINEXO not for traders from CIS countries

The FINEXO forex broker lacks stars in the ranking, but feedback shows that traders actually try to cooperate with this dealing center. It is really strange, because it seems that FINEXO does not work with residents from the majority of CIS countries! The company mentions nothing about it on its official website, but we can tell you about it in this review.

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Online since 2014
Country 148 Strovolos Avenue, 1st floor, CY 2048, Nicosia, Cyprus
Wedsite finexo.com
Regulated by Cyprus Securities and Exchange Commission
Trading platform MetaTrader 4, WebTrader
Trading instruments Currency pairs, shares, indices, commodities, metals, cryptocurrencies
Payment methods Visa, MasterCard, Neteller, Skrill, wire transfer

Basic facts about FINEXO

About company

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FINEXO is a trade name of Trade Capital Markets (TCM) Limited (ex. Lead Capital Markets LTD). In this case, TCM indicates that the company is registered and licensed in Cyprus. The fact that TCM is the holder of a licence is alarming. Apart from finexo.com, it also owns another trade name – trade.com. Both dealing centers controlled by TCM act as a broker but without their own license and regulation.

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Trading conditions

FINEXO offers a relatively good set of trading instruments: CFDs, cryptocurrencies, commodities, stocks, and bonds.

There are a demo account and 4 live accounts:

  • SILVER – first deposit is from $1,000;
  • GOLD – first deposit is from $10,000;
  • PLATINUM – first deposit is from $50,000;
  • EXCLUSIVE – first deposit is from $100,000.

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Trading is available through MetaTrader 4 and WebTrader. The dealing center offers an affiliate program and 24/5 customer support.

To clients

Here is the most interesting part. According to FINEXO official website, the company does not open accounts for residents of certain jurisdictions, including Japan, Canada, and the United States. But it seems that the list of countries FINEXO does not work with is actually longer. The company claims on the website that it provides services for "traders in almost every country around the globe". But the fact is that Trade Capital Markets LTD (TCM), which is the Cypriot licensee, does not mention most of the CIS countries on its website. Thus, the Regulation Pack section contains links to regulatory bodies that allow the Company to provide cross-border investment services in particular countries. Some 30 countries are featured there. Among them there are many European countries, but there is no information about the CIS countries. For some strange reason, FINEXO says nothing about it.

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Feedback

Despite the fact that the CIS countires are not on the list, there are enough reviews about FINEXO. Notably, the majority of feedback dates back to 2014–2017, when residents of the CIS countries could cooperate freely with FINEXO. There are also reviews dating back to 2020/21, but they are mostly negative. Traders complain about loss of deposit funds, negligent customer support, malfunctioning of the trading platform and constant slippages.

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Conclusion

Despite relatively good trading conditions, FINEXO is not at all focused on traders from the CIS countries. They are not mentioned on the list of countries where the licensee company provides cross-border investment services. If it does not concern you, then you should carefully read the Client Agreement before you choose to work with the dealing center. According to the terms of the agreement, FINEXO has a right to dispose of your trades and account at its own discretion. Fluctuations in the market and malfunctioning of the trading platform are among force majeure circumstances. All this provides this shady company with carte blanche to fully manage your money. Are you ready for this?

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author: Gilberto | Data de  2021-09-17
I traded with Finexo before but it did not end well. The broker held my funds and never released them even after I closed my account. In fact, the broker already had many technical issues which is the reason I closed my account. I did not expect that they won't be returning my remaining funds as well.
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Author: Yaela | Data de  2021-09-03
I honestly don't like the trading conditions of Finexo. Not only are their trading spread and fees high, their customer support is also not responsive. I try reaching them through the live chat but many minutes would pass before someone answers.
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Author: Maryam | Data de  2021-08-23
I started out with a demo account at Finexo. The experience was great and the platform was really stable. However, when I switched to a live account, the experience was very different. The platform was faulty and the orders were no longer executed instantly. It was very disappointing.
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Author: Usman | Data de  2021-08-09
Finexo is quite an expensive broker. I was not able to open an account with them because the cheapest account type they offered costed $1000. As a newbie, I did not want to invest a very huge amount when I am not yet sure about how well I would do with my trades and about the reliability of the broker itself.
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Author: Denvin | Data de  2021-08-02
I was able to open an account at Finexo and even made a lot of trades for several months. Then I learned that the broker does not offer services in our country. That was odd because I had an account so I asked the customer support. The next thing I know, my account was already closed and they did not return my funds.
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Autor de finexo: Karen | Data de  2021-09-07
This happened to me as well. I don't know if there is still a way for us to retrieve our accounts or at least the funds left in them. I think it is unfair that the broker will suddenly terminate our accounts without providing any reason.
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Author: Phairot | Data de  2021-07-28
I don't know if I should still expect to receive my money from Finexo. The company closed my account a month ago and said that they will return the remaining funds but until now, I still did not receive anything. My fellow traders seem to have the same issue and I am starting to lose hope.
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Author: Frank | Data de  2021-07-19
My attempt to enter the Forex market has now ended. Finexo was the second broker I had and it was a fraud just like my first broker. I think this company was connected with my first broker because they were the one who contacted me after I lost my money with the previous broker. I thought that they genuinely want to offer help. But instead, they made me even more miserable.
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Author: Imer | Data de  2021-07-15
Apparently, Finexo was not offering services in our country. But still, I was able to access their website and open an account. They also accepted my deposit but after that, they did not contact me again. I heard nothing from them again and later on, my account was lost.
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Author: Darinka | Data de  2021-07-09
I had a silver account at Finexo. It was the smallest account type but the starting capital was still quite huge. Since I thought this would be a good investment, I did not mind it. But as it turned out, the broker is a fraud and they suspended my account just days after opening it. And they never responded to my messages again.
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Autor de finexo: Hager | Data de  2021-08-18
I deeply regret my decision. I also had a silver account and despite the high minimum requirement, I still registered because I thought I was with the right broker. But then their platform is too faulty and the fees magnify uncontrollably. It was not worth it at all.
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Author: Immie | Data de  2021-07-02
I used to trade with Finexo. I was with them for about a year then I suddenly could not access their website anymore. As it turned out, they no longer offer services in our country. This was very sudden and the broker did not even return our funds or reached out to us to explain themselves.
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