Finexo Review

I had heard some really good things about Saxo Bank and had been looking at opening an account when i came across Finexo. Finexo is a white-label partner of Saxo, and as such I didn't really expect to get anything from them that I couldn't already get at Saxo. To my surprise though, I found that Finexo offers up tighter spreads on EUR/USD (because they give up a bit of their commission, as I found out later). They offer a few other advantages over Saxo, most of which translate into better trading conditions for many retail traders. For those of you who have traded Saxo, you know that there is a learning curve to the platform. It is powerful, but difficult - with great power come great headaches. Finexo gives you a much easier-to-use platform, and it's browser based so even you Mac guys out there can play. The downside is that it doesn't offer all the reliability of SaxoTrader.

Along with all that they also accept more payment methods for those of you who use PayPal instead of a private bank in the Cayman Islands. I found the trading conditions to be quite good since they tap Saxo's liquidity. Overall, it feels like a small brokerage but with the backing of a large institution when it comes to liquidity and financial stability.

NOTE: Although I had some doubts in my mind about their connection to the British Virgin Islands, the fact that they are backed by a well-known broker alleviated most of my concerns. My hunch was correct, and all my deposits and withdrawals went without a hitch.

PROS:
Wide variety of deposit/withdrawal methods;
Decent spreads;
Scalping is allowed;
Easy to use platform;
Mac-compatible platform;
Deep liquidity (Goldman Sachs, Dresdner Kleinwort Wasserstein, Deutsche Bank, Marex Financial);
and UBS.;
Orders are processed through an automated dealing desk according to the "Best Execution Policy";
Server-side trailing stops;
OCO and if/then orders available;

CONS:
Platform reliability is questionable;
No automated trading;
Registered in the British Virgin Islands - a bit shady;
No Islamic swap-free accounts;
No oil, gold, or exotic currencies;

Quick Facts:
Finexo is a white-label partner for Saxo Bank;
Registered in British Virgin Islands and Germany;
Regulated by BaFin (Germany) with ID 108861;
In business since 2003;

For more detailed information, you can visit this Finexo Review, or visit their website here.