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.

Marketiva Review

When I first opened an account at Marketiva, I was fully aware of the risk I was taking. A forex broker registered in the British Virgin Islands doesn't exactly inspire confidence in a trader. They have been in business for some time however (since 2003) and have a fairly good reputation among traders. Moreover, I really wanted to short the carry trade for the long-term, and Marketiva is a swap-free broker, meaning I would save a lot of money by not having to pay negative swap on my long-term short positions in the high-yielding currencies. Marketiva also allows a maximum of 300,000 units to be traded at any one time, so I couldn't go all in anyway. As it turns out, shorting the carry trade was one of the best decisions of my trading career, and having a broker account in the Caribbean didn't hurt my cause - I was able to close my positions and withdraw my profits without any complaints from Marketiva.

It seems that, as far as market makers go, Marketiva offers a fairly decent and honest product. It is certainly not intended for highly-capitalized professionals, but more for the smaller novice retail trader. Marketiva allows trades as small as 1 unit, and offers vibrant chat community within the trading platform itself. I never found much use for it, but it can be helpful (or distracting, depending on how you look at it). In any case, I can recommend Marketiva to my readers with a clear conscience, as long as you are not looking to trade millions, and can live with the poor charting and basic functionality of the trading platform.

Quick Facts:
Headquarters in the British Virgin Islands;
FSC member (646819);
In business since 2003;
Does not accept clients from the USA;
Deposits by e-Dinar, Liberty Reserve, WebMoney, Wire Transfer;
Target spread on EUR/USD: 0.0002 (2 pips) variable;
Accounts can be held in USD, EUR, GBP, CAD, CHF, AUD, JPY

More details about Marketiva here.
Visit Marketiva