Finopex Broker Review

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Finopex

Finopex is a relatively new entrant to the binary options market. They have established an impressive platform offering diversity and usability, a platform that is driven by a strong vision and passion to deliver the best binary options broker services in the industry. The technology is advanced, the people are experienced and the trading experience is perfectly geared for a seamless trading experience.

Bonuses and promotions

Finopex have an innovative and attractive welcome bonus policy. They have three levels of incentive Gold, Silver and Bronze. Gold is designed for professionals and aspiring professional traders, offering a more than generous 75% bonus on deposits between $5000 and $9999. The silver bonus is for serious traders, providing a 50% bonus on deposits between $1000 and $4999. The bronze starter welcome bonus is for deposits between $200 and $999.

These offers are amongst the best on offer in the binary options industry and are an excellent way to instantly boost your financial trading account.

Finopex is targeted at binary option traders at all stages of their career, from beginners through to experienced professionals. New traders can get going with a small $200 deposit and enjoy an exciting entry into the binary options world. Trades can be placed from a minimum of $5 on 60-second durations, $25 on standard put and call trades, and $50 on Touch based trades.

With the development of Finopex into new markets the languages offered are being expanded. Currently the platform is for English markets. Traders can deposit and trade using USD, GBP and Euros, depending on their preferred trading currency. The homepage provides easy to follow guidance on how to sign up and begin trading. The process is fast and simple. Trading profits are just a few online steps and some quality research away.

Finopex is an innovative and progressive company, always looking for the next way to improve the experience for their customers. They don’t believe in resting on the laurels and believe in continuous improvement. The trading process is always transparent, functional and compelling, with a comprehensive asset offering and seamless trading flow.

Deposits and withdrawals are currently through Credit Card, Western Union and Moneybookers. The operators of the platform will be expanding this selection over the coming weeks and months as they strive to provide the most accessible system possible for their many new customers.

Platforms featured and Markets offered

Finopex is not just about indices and currencies. They also offer stocks and commodities. They have handpicked some of the most popular assets in the industry and are always striving to furnish the most diverse and interesting of trade asset offerings. Below is a list of assets that are currently available through Finopex:

1. Stocks: HITACHI, NISSAN MOTOR, AMAZON, BARCLAYS, BIDU, BRITISH AMERICAN T, FIAT, FRANCE TELECOM, GOLDMAN SACHS, IBM, PETROBRAS, S.BANK INDIA, SAB MILLER, TESCO, BNP PARIBAS, TEVA PHARMA, TOSHIBA CO, TURKCELL (TURKEY), TATA MOTORS (INDIA), REUTERS (US THOMSON REUTERS), BAE SYSTEMS (UK), ROLLS ROYCE (UK), HSBC HOLDINGS (UK), COCA COLA (USA), SBERBANK (RUSSIA), LUKOIL (RUSSIA), GOOGLE (USA), BP (BRITISH PETROLEUM), GAZPROM (RUSSIA), NIKE (USA), APPLE (USA), MICROSOFT (USA)

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2. Currencies: EUR/USD, GBP/USD, EUR/JPY, USD/JPY, GBP/JPY, EUR/GBP, AUD/USD, USD/CAD, USD/TRY, EUR/TRY, USD/CHF, EUR/CHF, EUR/CAD, CAD/JPY, USD/NOK, EUR/NOK

3. Commodities: ASX (AUSTRALIA), WHEAT, COFFEE, SUGAR, GOLD, SILVER, PLATINUM, CITIGROUP (USA), OIL (LIGHT SWEET CRUDE)

4. Indices: IBEX, NIFTY, NIKKEI 225, TEL AVIV 25, TOPIX, KL FUTURE, STRAITS TIMES, NASDAQ FUTURE (USA – NASDAQ 100 FUTURE), S&P FUTURE (USA S&P 500 FUTURE), SSE180 (SHANGHAI STOCK EXCHANGE), HANG SENG (HONG KONG), BOMBAY SE, KUWAIT (KUWAIT GENERAL INDEX), DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX), QATAR (DSM20), EGX 30 (EGYPT), TADWUL (SAUDI STOCK EXCHANGE), MSM 30 (OMAN), RTS (RUSSIAN TRADING SYTEM), MICEX 10 (MOSCOW INTERBANK EXCHANGE), ISE 30 (ISTANBUL STOCK EXCHANGE), FTSE 100 (UK), CAC (FRANCE), DAX (GERMANY), NASDAQ (USA), S&P 500 (USA), DOW ( USA – DOW JONES INDUSTRIAL AVERAGE)

Finopex allows traders to blend a strategy through a mix of trade types. Traders can PUT and CALL, or even place Touch and No Touch trades. When a trader has a conviction position to take they will be able to find a trade option to make money. On top of this there are great 60-second binary options for traders that are well versed in their technical analysis. Those that can expertly dissect and interpret candlestick patterns, moving averages and reversal signals will be able to make fast profits in just 60 seconds. It is even possible for traders to choose several 60 second binaries and trade them simultaneously.

Finopex offers the potential for massive profits. Touch trades offered with an expiration of a week, for example, can attract profits of up to 500%. Traders that are able to understand an asset and make high yield predictions can dramatically increase their bankroll very rapidly. Even standard binaries allow profits of 81%. This is certainly a top platform for those looking for some of the highest returns available in the industry.

Customer services is at the heart of what Finopex do. They constantly strive to improve the trading experience for their clients and are available 6 days a week, 24 hours a day by phone, Skype and email. They are driven by a passion to provide the best of the best in terms of customer satisfaction, and this commitment comes across in their dedication to getting you the answers that you need.

They are always looking for ways to improve. They truly value your feedback and suggestions and have a continuous technological improvement process, which is built into their software management process. If something can be done better they want to know. This is a company that really cares about what they do.

Is Finopex a Scam?

Finopex is one of the new binary options broker and trading platforms. Finopex has shown a great deal of user-friendliness through their innovative platform and promises around 80% returns on your investments. The traders who have worked with Finopex have acquired high-quality trading experience while dealing with Finopex. One of the greatest highlights of Finopex is their excellent welcome bonus that is as high as 75% and is meant to encourage traders to take advantage of higher payouts. Finopex is owned by Simple Trade and is among the most trusted names when it comes to binary options trade.

Finopex is an impressive entrant to the binary options market. They are client-centered and understand the importance of a comprehensive offering and faultless user experience. Professionalism shines through everything they do, from administration through customer service and into the technology teams. This is a focused company with a vision to be the best. With the ground they are gaining in the industry who is to say they won’t one day achieve that goal?

FXOpen Review

Please Note: FXOpen was not included in the 2020 annual review. As a result, this broker’s ratings may be outdated. Read our Best Forex Brokers 2020 guide for a look at the top rated forex and CFDs brokers.

FXOpen is a long standing MetaTrader broker with a narrow offering and few benefits beyond a standard MetaTrader experience coupled with social-trading platforms ZuluTrade and Myfxbook.

Top Takeaways for 2020

After spending several hundred hours testing 28 forex brokers over six months for our third annual forex broker review, here are our top findings on FXOpen:

  • Founded in 2003, FXOpen is only regulated by one tier-1 regulator, making it a higher risk broker to trade forex and CFDs with.
  • Compared to pricing leaders CMC Markets and FOREX.com, FXOpen is expensive and not a good choice for discount trading.
  • FXOpen is a respectable MetaTrader broker, although next to no market research is offered.
  • Thanks to offering social-trading platforms ZuluTrade and Myfxbook, FXOpen is also respectable for copy trading.
  • FXOpen offers average quality phone service. The broker finished 15th (out of 23) in our national testing from locations across the United Kingdom.

Overall Summary

Feature FXOpen
Overall 3 Stars
Trust Score 76
Offering of Investments 3 Stars
Commissions & Fees 3.5 Stars
Platform & Tools 3 Stars
Research 2 Stars
Mobile Trading 2.5 Stars
Customer Service 3.5 Stars
Education 2 Stars

Is FXOpen Safe?

FXOpen is considered average-risk, with an overall Trust Score of 74 out of 99. FXOpen is not publicly traded and does not operate a bank. FXOpen is authorised by one tier-1 regulator (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). FXOpen is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison

Feature FXOpen
Year Founded 2003
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 1
Tier-2 Licenses 0
Tier-3 Licenses 0
Trust Score 76

Commissions & Fees

Depending on the account type you choose, ranging from ECN and STP to Micro, FXOpen offers several pricing options for its commissions and fees. All in all, pricing at FXOpen falls in line with the industry average. Note – Micro accounts are not available from FXOpen UK, and can be opened only with the Nevis entity, FXOpen Markets Limited, or with FXOpen Australia for 100AUD.

In FXOpen’s ECN account, commission rates vary from $30-$100 round turn per 1 million traded (which equates to 0.3 – 1.0 pip) depending on account balance and monthly activity. FXOpen’s other account type, the STP account, has a commission equivalent embedded within the prevailing spreads, similar to brokers with non-commission pricing where spreads are inherently wider.

FXOpen also offers a VIP ECN account; however, it is only available through its Australian entity and requires a deposit of 25,000 AUD.

Feature FXOpen
Minimum Initial Deposit $100
Average Spread EUR/USD – Standard N/A
All-in Cost EUR/USD – Active N/A
Active Trader or VIP Discounts Yes

Platforms & Tools

Beyond the social copy trading platforms ZuluTrade and Myfxbook, FXOpen is predominantly a standard MetaTrader broker. ZuluTrade would be my choice over Myfxbook and it also fares well with MT4’s own signals market, with the key takeaway being that commission rates and the available trading systems will vary across MT4, ZuluTrade, and Myfxbook.

PAMM offering: FXOpen also offers a managed account offering where investors can choose from various money managers that are ranked by performance and other criteria. All within FXOpen’s PAMM platform, the offering is closer to a managed account structure than a social trading platform. It’s worth noting that the PAMM offering is not available from FXOpen UK.

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: (23 brokers)

Research

Overall, research is a little more than the bare minimum at FXOpen and remains a category that has significant room for improvement. A team of analysts contributes to FXOpen’s blog with daily updates and analysis on Forex, CFDs, and cryptocurrencies, and content that is industry standard for most brokers.

Also industry standard, FXOpen provides an economic calendar that shows a forecast of upcoming events with the consensus estimate, including market news updates – both powered by FXStreet – on its UK, Australia, and Nevis websites.

Mobile Trading

FXOpen fails to bring any unique mobile apps to traders beyond the native MT4 and MT5 apps for Android and iOS. FXOpen also offers its Tick Trader mobile app for Android, developed by Soft-FX (the same developer of the PAMM offering). In summary, it’s nothing special to justify opening an account for.

Offering of Investments

The following table summarizes the different investment products available to FXOpen clients.

For traders who want to speculate on the price of digital currencies such as Bitcoin, the cryptocurrency account is not available from the firm’s Australia entity – it is available only from FXOpen’s unregulated entity in Nevis, and more recently from its UK entity regulated by the FCA.

Offering Comparison

Feature FXOpen
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 95
CFDs – Total Offered 16
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD Yes

Final Thoughts

While FXOpen offers a respectable MetaTrader and copy trading experience, research is still an underserved area the broker should enhance, along with its trading tools, platforms offering, and range of CFDs, which remains very limited.

About FXOpen

Founded in 2003 as an educational center for technical analysis, FXOpen launched its brokerage services in 2005 and was an early pioneer with micro contracts and Sharia-compliant accounts before building its own ECN bridge technology on the MetaTrader platform.

FXOpen Trading Features

Feature FXOpen
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting – Indicators / Studies (Total) 51
Charting – Drawing Tools (Total) 31
Charting – Trade From Chart Yes
Watchlists – Total Fields 7
Order Type – Trailing Stop Yes

FXOpen Research Features

Feature FXOpen
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment – Currency Pairs No
Economic Calendar Yes

FXOpen Mobile App Features

Feature FXOpen
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting – Indicators / Studies 30
Charting – Draw Trend Lines Yes
Charting – Trend Lines Moveable Yes
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar No

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this Website (www.forexbrokers.com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with ForexBrokers.com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses ForexBrokers.com or any of its reviews, products, or services. ForexBrokers.com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

Advertiser Disclosure: ForexBrokers.com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While ForexBrokers.com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by ForexBrokers.com, nor shall it bias our reviews, analysis, and opinions. Please see our General Disclaimers for more information.

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Finopex Review

Finopex

Broker Finopex
US Traders Accepted
Company Name T.B.S.F. Best Strategy Finance Ltd.
Headquarters Nicosia, Cyprus
Regulation No
Bonus Type Match bonus
Bonus Size 75%
Max Payout 91%
Out-of-Money Reward 15%
Trading Platform TechFinancials
Early Closure
Deposit Options Credit/debit cards, wire transfer, Ukash
Deposit Currencies Euro, US Dollar, British Pound
Minimum Deposit $200
Minimum Trade $25
Maximum Trade $1,000
Online Since 2020
Trading Instruments Stocks, currencies, indices, commodities
Number of Trading Instruments 39
Binary Option Types High/Low, One Touch, Boundary, 60 Seconds
Customer Support Types Live chat, email, phone, mail
Education Offered FAQ, glossary, how-to pages
Tools Offered Daily market analysis, personal account management, early closure
Languages English
Demo Account Some risk free trades are allowed.

Finopex is a binary options website which is owned by T.B.S.F Best Strategy Finance Limited, the same Cyprus-based company which owns Cedar Finance. Cedar Finance is a pretty well-known binary options broker, but mostly thanks to an aggressive marketing campaign. In terms of their reputability, there isn’t much positive to say. Cedar Finance was arguably the worst website we have reviewed, and Finopex was in some ways even more disastrous. It is very hard to find information on the site, which is missing a lot of features. Much of the missing information cannot be found anywhere else online, either. And when we talked to customer service, they actually flat out refused to answer our questions.

Opening an Account

If you’re not an English speaker, the adventure starts right from the onset. There is no language dropdown. You can trade using Euros, US Dollars, or British Pounds, and get started with a minimum deposit of $200 or equivalent. Deposit options include credit card, wire transfer, and Ukash. No account tiers are mentioned on the site, and you aren’t presented with bonus options until you actually submit your payment. Apparently you can get a match bonus of up to 75%.

No fees are mentioned, but the withdrawal terms are confusing—to say the least. Here is the exact text, word for word: “The amount can be withdrawn anytime of his deposited amount but not earnings. Traders who wishes to withdraw from the earnings must complete the 20x trade volume of bonus amount.”

This probably refers to bonus money, since the turnover volume makes sense for that, but it does say “earnings.” Does that mean that you can withdraw the amount of your initial deposit at any time, but not any money above that amount? Doesn’t that imply you can’t withdraw your winnings at all, ever? That seems scarcely believable, but if they denied you your winnings, they wouldn’t be violating their own terms. That should worry anyone, even if it is just poor phrasing. Their terms and conditions protect them, not you.

Trading Features

TechFinancials powers the platform. You may not be as familiar with this platform as with SpotOption, but several other brokers use it as well. You’ll see that you can trade High/Low, One Touch, Boundary, and 60 Seconds options. There are 39 different trading instruments including currencies, stocks, indices, and commodities. The minimum and maximum trade sizes are listed nowhere on the website or anywhere else online, but are $25 and $1,000 respectively.

There are only a few educational resources on the site, and they are extremely basic: how-to pages, a glossary, and a FAQ section. There are no trading tools listed on the bottom of the site in the menu, but if you scan the FAQ, you will see they offer daily market analysis, early closure, and personal account management.

Mobile trading is mentioned in the FAQ, but nothing about the platform; according to the customer service team, there is no mobile trading. There is also a section which mentions that you may place some risk free trades before you invest real money, but customer service says that there are no risk free trades, so there are a number of inconsistencies on the site.

Customer Service: Use Email, Not Live Chat

Naturally we had a number of questions since there are so many gaps in the information available on this binary options broker, both on and off the site. So we got on the live chat line and waited for a couple minutes. An agent named Ralph appeared. The agent who appeared on the Cedar Finance line was also named Ralph. If you check out that review, you can find out what a terrible experience we had trying to get information out of him that had any consistency or made the slightest bit of sense.

In this case, we didn’t have to bother, because Ralph wouldn’t let us try. Perhaps he recognized our information and didn’t want to deal with us again. Or perhaps he was a different agent even less interested in doing his job. Regardless, he refused to talk to us. He simply told us to send an email with our questions. There was no reason he could not have answered four simple, brief queries. That is not the kind of service you want from a company where you are investing your money.

Surprisingly, Finopex did not fail completely. They actually did respond to our email and provide answers to all of our questions, and they did it within 24 hours. So if you do want to get a hold of them, this is a much more efficient channel.

Reputation and Regulation

T.B.S.F Best Strategy Finance Limited claims to be a regulated company, and they do have a license number with the Cyprus government, HE 279560. That is just a general business license, however, not a CySEC number. This is because CySEC still has not finished laying the groundwork for binary options regulation. The company also says they are working with the CFTC to become regulated in the US, and until then are not accepting US customers (the site will let you register a US account, but will presumably stop you from depositing.

If you try to look up information on Finopex in a search engine, you’ll find only a limited number of reviews, and none of them very well researched. The website has been online since 2020, but this is no excuse for the lack of information out there. There are many sites that have been online no longer, but which are much better and also have received more coverage from third party websites. It is troubling not to be able to find a lot of objective information or opinions from real users who have tried out the website for themselves.

Do your research before you decide to trade with any binary options company. At this point we strongly suggest that you avoid both Finopex and Cedar Finance and try your luck elsewhere. There are way too many red flags, especially concerning withdrawal policies, bad customer service, and lack of transparency. They have a few good features, but those same features are available elsewhere. Binary options trading is risky enough; don’t add to your risk by dealing with a company you can’t trust.

Best Binary Options Brokers 2020:
  • Binarium
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    Free Trading Education!
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  • Binomo
    Binomo

    Good Choice For Experienced Traders! 2nd place in the ranking!

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