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Find out the history of forex trading, how it works and how to trade. Note this is an educational site only and not for the purposes of forex trading.

Finexo

Starting operations in 2003, Finexo is a forex brokerage firm based in Cyprus and is a partner of the Copenhagen-based Saxo bank. This bank is fully regulated by EU banking laws and is also a respected provider of forex services. For most currency pairs, both Finexo and Saxo bank offer identical spreads.

Platform and account types
Finexo operates the famous MetaTrader4 trading platform. This platform is used by many forex firms and is considered one of the best that the market has to offer. MetaTrader4's popularity is based on the friendliness of its user interface which enables even novice traders and technologically challenged people use it with ease. The software makes important historical data instantly available, provides support in several languages and is generally considered secure and reliable. For these reasons, it is the most used software in forex trading.

Finexo has two types of accounts, Mini and Standard. You can open a Mini account with $25 while the Standard account has a minimum deposit of $100 and a maximum of $50000. The broker accepts a wide range of deposit and withdrawal options including Credit Cards, Wire Transfers, MoneyBookers, PayPal and NETeller. Clients, however, can only make withdrawals using the very same method they used to deposit. The broker makes charges on withdrawals and these vary depending on the withdrawal method chosen. Bank withdrawals, for example, incur a $10 minimum withdrawal charge while people withdrawing by credit card are charged 3.5% of amount withdrawn.

The company also offers new traders a free demo account. To assist new traders learn the ropes in the trade, this account comes with $15000 practice money.

Currency pairings and typical spreads
At Finexo, a total of twelve currency pairs are available and these include the major pairings such as the EUR/USD, GBP/USD and USD/JPY. Spreads vary between 2 and 9 pips depending on the currency pairing. They are generally low for the majors and the spread for the EUR/USD pair, for example, is 2 pips. The broker does not allow either hedging or scalping.

Trader training and support
The Finexo website provides information which should prove very useful for beginners. The trainee trader gets to learn here how to gauge the health of the currency he or she intends to trade in by looking at the key indicators. The trader learns the importance of leading indicators, lagging indicators and major economic indicators. An Economic Calendar provides info on major events that are likely to influence forex trading globally.

Customer support at Finexo is available 24/7 via live chat as well as through telephone and fax during trading hours (between 19:00 GMT Sunday and 21:00 GMT Friday). The downside of the customer support service is that it is only available in English.

Since the Finexo platform is web-based, it is easily accessible from any place with an internet connection. Moreover, the Mobile Trader account enables the trader to receive updates and to manage account from any location using cell phones and other mobile devices.

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Disclaimer: Please note that forex trading can involve a significant risk of loss and is not suitable for everyone.

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