Online brokers have been on the rise for a few years now and with them. It can be overwhelming for traders, both new and experienced, to find the right broker to trust. I, personally, found that reading reviews by other people are really helpful as it provides a clear insight into the workings of the broker. So, with that in mind, I have been on a mission to research and experience different broker websites to see which ones are legit and which ones are a scam. Sadly, with so many options available today, you cannot be sure which ones are being honest in their advertisements and which firm is looking for a new trader who isn’t familiar with identifying right from wrong.
The broker that I will be talking about today is Finexro. I found various articles online questioning its authenticity while at the same time many who praised its services. I did some digging on my own to see whether or not these articles hold any truth to them and came to my own conclusion. Read ahead to see if you agree with what I think.
|Owned By||Strongex Ltd.|
|Products||Forex, Indices, Commodities, Stocks, Crypto|
|Trading Tools||Index, FX, and Crypto Price Charts, Bitcoin Leverage, Long/Short Trading|
|Trading Platform||MetaTrader 4 and SIRIX|
|Trade From||Mobile, Desktop, Tablet, Online|
|Account Types||Bronze, Silver, Gold, Platinum, Premium|
|Trading Available With||200 EUR|
|Training||Private Sessions, Webinars, Seminars|
|Deposits||Maestro, Visa, MasterCard, Wire Transfer|
|Customer Support||Phone, Email, Contact Form|
· Multiple Trading Assets
What I really liked about this firm was that it provides multiple trading assets like cryptocurrency, forex, indices, commodities and, stocks.
Forex of FX is the most liquid market in the world with transactions over USD 4 Trillion. The trade occurs with the movement in the exchange rate between currencies. The currencies are traded in specific pairs, for example, the Euro with U.S. Dollar.
Indices measure how a group of stocks is performing. They are assets that are grouped to represent either a specific area of the whole market and represent top shares in a particular trade. Finexro provides traders access to a range of Indices, such as the Japanese Nikkei 225 (NI225), the Down Jones Industrial Index (DJIA), etc. Using the MetaTrader 4 trading platform on the Finexro website, you can trade Indices as CFDs (Contract for Differences).
Commodity trading is the trade of assets like crude oil and gold. Assets are sold or bought with the aim of making profits through the changing market prices. Commodity trading is risky as the value of assets depends on the market value. If more of the asset is available for trade then the price drops, and if it is available less, then the price value increases. This is why commodity trading is considered as volatile.
Finexro provides Cannabis Stocks for trading that are available to trade as CFDs. You might be unfamiliar with Cannabis stocks. Simply, you can divide them into three broad categories; growers, biotech, and supply. Growers are companies that grow and distribute the Cannabis stock. Biotech companies develop multiple strains of pharmaceutical cannabis whereas supply companies are involved in the materials and tools that are required to grow Cannabis.
Lastly, you can trade cryptocurrencies on the Finexro broker trading platform including Bitcoin, Ethereum, Litecoin, Ripple, and, Dashcoin which can be traded using CFDs. You will find that Finexro warns you of the risks of trading through CFDs which is an important point to be highlighted to new traders.
· Account Types
Various brokerage firms provide users with multiple account types that they can choose according to their requirements. You need to carefully read the benefits and facilities that each account type provides.
Finexro provides you with five main account types; bronze, silver, gold, platinum, and, premium. All accounts provide unique features and benefits, however, some features are common for all accounts. You should visit their website to get the detailed information regarding these benefits.
The broker offers a mini account that is best suited for novice users. This account allows users to trade in small volumes to gain experience. Trading in small volumes is good for practicing and imposes less risk of loss. You can get leverage up to 1:200 on mini accounts which is good enough for trades in small volumes. You will also receive advice and recommendations through emails daily. Online training and remote assistance are available to these account holders. The minimum deposit required for this account is $1000.
The standard account is a good pick for professional and experienced traders. Better margins, complete client support, remote assistance, and promotion suggestions are provided to the users of this account. The minimum required deposit value is $5000 which seems like a huge amount but you will also receive increased benefits such as everyday market reports, personal account manager, recommendations and advice up to 3 times a day, personal coaching and training, leverage of 1:200, competitive margins, and many more.
The next is the gold account which has a minimum deposit value of $20,000. This account offers the best tools for professional traders. The additional benefits of this account include special proposals and upgrades, account manager to supply trading concept and support, recommendations, analysis, and advice 5 times daily via email and text messages.
The VIP account follows with the minimum deposit of $50,000 and the best possible features and services for advanced traders. With this account, you will get the most profits with the least margins, personal managers, special proposals, personal meetings, special master cards for immediate withdrawals, and many more.
· Islamic Banking
Muslim traders who are looking for venturing into online trading through brokers often face difficulty in finding the broker that meets their requirements. This is because Islam does not allow Muslims to partake in interest, paying, or receiving. Due to the prohibition of dealing with swap rates, many Muslims find it difficult to find a suitable broker. However, some brokers consider the requirements of Muslims and provide Islamic banking as an option.
Finexro provides Islamic banking to Muslim users. Islamic banking refers to bank activities without interest as interest is not lawful in religion. The account users can use the benefits of standard accounts and some features of the advanced accounts without receiving or paying interest rates. Traders can trade within the guidelines of their religion. All account types provided by the broker have an alternative Islamic banking option, which is an effort not many brokers put.
· Trading Tools
Finexro provides users with various trading tools to assist them with trading. These tools include Bitcoin leverage, commodity, forex, and index price charts and, long/short trading.
- Bitcoin Leverage
Leverage allows you exposure to a larger market than your budget allows. When using leverages, you are basically reducing the value of the trade to a small fraction, while Finexro provides you with the rest of the amount. Leverages are written in ratios. SO, for a Bitcoin/USD trade you are provided basic leverage of 1:100. This means that for 10 Bitcoins costing $10,000, you will be required to pay only 1% of the amount.
- Commodity Price Charts
Live commodity prices and updated price charts and information on commodities such as Natural Gas, Oil, Gold, etc. are available to you. The market of these commodities constantly fluctuates as it is affected by climate, natural disasters, alternative energy sources, levels of economic stability, etc. Finexro offers over 50 technical indicators to keep tabs on the market value.
- Forex Price Charts
The forex price charts provide you with live foreign exchange price rates and updated price charts. Information on major currencies like the US Dollar, British Pound, Japanese Yen, etc. is also available. You have access to a wide range of global forex currencies. Since the value of different world currencies changes constantly, traders can benefit from the live updates.
- Stocks indices Price Charts
You can get real-time stock indices prices with updated price charts and information on major stock indices like the S&P 500, NASDAQ 100, etc. Stock indices fluctuate drastically due to technical and fundamental factors. Finexro allows traders to profit from falling and rising markets equally through the different trading tools it provides.
- Long/Short trading
Through Finexro, you can benefit from falling markets as well as rising markets. Long trading refers to buying something and selling it in the future for a profit while short trading is done by purchasing an asset, selling it, and repurchasing it when the value goes down. This may be confusing for some of you, so I suggest that you research more into these forms of trading before trying them out. Finexro provides this service to let you experience both forms of trading.
· Privacy of Information
Finexro prioritizes the privacy of all its users, whether you are a former client, existing one, or are just visiting their website. The information you provide the company is proof of your consent to save your information in their database. Your information is collected when you open a live/demo account, when you fund your personal trading account and when you withdraw from your trading account.
The information provided serves the purpose of verifying the client’s identity, setting up and maintaining trading accounts, processing withdrawals, and deposits, updating the clients, analyzing activities to provide altered services and, providing clients with the best customer support.
The broker does not share your provided information with any third parties without your consent. It may be shared with affiliated companies to calculate the compensation of the entities.
· User Security and KYC Policy
Finexro is committed to safeguarding its users’ information, assets, and privacy. They have implemented an extensive cyber-security framework that protects the assets from any threats. The broker is in compliance with the strictest security standards. They use various security tools and measures to ensure the security of all accounts, such as 2FA, Bitcoin address whistling feature, cold storage options, encrypted SSL programs, regular tests and check-ups by the technical team, etc.
The trading engine of the firm has been designed to note any risks that may threaten the system and meet the highest online-trading industry standards. They have made really strong security plans to ensure customer safety and gain the client’s trust.
Finexro does not tolerate any fraudulent attempts, any traces of illegal activities will lead to the shutting down of all related accounts. All funds found in the account will also be fortified. The Know Your Customer (KYC) policies have been seriously implemented in their system. To reduce the chances of identity fraud, the broker requires you to provide sensitive information such as a valid copy of your passport, your recent utility bill in your registered name and address, etc. You don’t have to worry about your information leaking to any outside sources as Finexro uses the most advanced encryption software to protect it.
So, what do you think? Does Finexro seem like the right broker for you? Feel free to do more research on your you but be vary of the reviews that have a lot of personal feelings involved. This is a really important think check as sometimes the brokers pay people to write positive reviews about them and similarly, you will find that some negative reviews are paid for by their competitors. After reading their privacy policies and security measures, I have come to the conclusion that I can trust this broker with by trading endeavors.
There are many other features about this broker that I found to be admirable, such as their multiple trading platforms that included downloadable software, website and smartphone app. Their user-interface is also very friendly and extremely easy to use. Furthermore, their payment methods are easy to follow and can be done through different means such as Mastero and wire transfers.
You have read my review, now it is up to you to decide if this broker suits your requirements, and if you trust it.