Thinking of getting into business with Finexix? Here is what you must know about this broker. Carefully read this review to find out if finexix.com is the trading platform you will want to trade with.
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About Finexix Broker
Finexix is an offshore brokerage company with a lot of promises for traders. The broker operates under GMG Boost LTD with an address showing Nicosia, Cyprus.
There are various account types the broker offers.
To clarify, regardless of the trading instruments Finexix claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
finexix.com: Reasons to Avoid This Broker
Firstly, finexix.com is a platform with no financial authority overseeing its financial services. The license claim is not legit as Cyprus Securities and Exchange Commission (CySEC) has not approved license to this broker.
Secondly, we noticed finexix.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. In fact, It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Finexix withdrawal process takes 2 to 5 working days. The broker leaves us with the following withdrawal fee: $50 for wire transfer, $25 for credit cards, $25 for online payments.
There is a minimum withdrawal amount for wire transfer as $250 while other payments require $100.
Added, the broker charges 10% each month on an inactive account of 3 months.
Minimum Deposit
Finexix minimum deposit is $1,000 according to account type. We found out the broker also accepts $250 as initial deposit.
As for the payment methods, the broker accepts Debit/Credit, Bank Transfer and other online payments. But, you should not consider making any payment with this broker because it is a risk. So beware!
Finexix Platform
Finexix offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Finexix Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is finexix.com a Reliable Broker?
No, finexix.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
