Risk Warning
Note: Finaxiss official site - https://finaxis.io/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is Finaxis？
Finaxis is an online trading platform. The platform presents itself as a platform that enables users to engage in trading activities and potentially generate profits. However, it is important to approach platforms like Finaxis with caution, as there have been reports and concerns raised regarding its legitimacy and functionalities. These concerns include discrepancies between the advertised features on the website and the actual capabilities of the platform, as well as no regulation condition. The lack of clear information regarding regulatory compliance raises questions about the platform's adherence to industry standards and safeguards for user protection.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
Finaxis Alternative Brokers
There are many alternative brokers to Finaxis depending on the specific needs and preferences of the trader. Some popular options include:
FOREX TB - A reliable forex broker that provides a user-friendly platform, educational resources, and a wide range of tradable assets, making it a suitable option for traders of all levels who prioritize accessibility, learning, and diversified trading opportunities.
AETOS - A global forex and CFD broker providing competitive trading services and advanced trading platforms to traders worldwide.
ForexChief – A reputable forex broker known for its transparent trading conditions, diverse account types, and competitive trading platforms.
Is Finaxis Safe or Scam？
Finaxis currently has no valid regulation, which means that there is no government or financial authority oversighting their operations. Besides, the official website of Finaxis is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.
If you are considering investing with Finaxis, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated brokers to ensure your funds are protected.
Accounts
Finaxis offers three live account types including START account, PROGRESS account, CLASSIC account, NEW HORIZON account, INVESTOR POWER account and FINANSIST account with the minimum deposit requirement of $250, $500, $2,500, $1,000, $5,000 and $10,000 respectively.
It is suitable for individuals who are new to trading or have a limited budget. With the START account, traders can access basic trading features and tools to begin their investment journey.
This account type offers additional benefits and features compared to the START account. Traders with the PROGRESS account gain access to more advanced trading tools, personalized support, and educational resources to enhance their trading strategies.
It provides a comprehensive trading experience with enhanced features. Traders with a CLASSIC account enjoy priority customer support, access to professional trading indicators, and in-depth market analysis tools. This account type is suitable for experienced traders seeking a robust platform to execute their strategies effectively.
It offers a balanced account option, providing a blend of affordability and advanced features. Traders with a NEW HORIZON account benefit from a well-rounded trading experience.
The INVESTOR POWER account is designed for more seasoned traders who are willing to invest. This account type unlocks a wide range of premium features, including exclusive research reports, advanced trading algorithms, and access to exclusive events and webinars. The INVESTOR POWER account caters to traders who seek higher-level tools and resources to maximize their investment opportunities.
The FINANSIST account is the most prestigious offering from Finaxis. Traders with a FINANSIST account benefit from personalized account management, priority access to new features and products, and exclusive benefits tailored to their investment goals.
Leverage
Finaxis offers its traders a maximum leverage of 1:500, allowing them to potentially amplify their trading positions. Leverage, in essence, is a mechanism that enables traders to control larger positions in the market by using a smaller amount of their own capital. This can open up opportunities for traders to potentially maximize their profits, but it is important to understand that leverage also carries inherent risks.
With a leverage of 1:500, a trader can potentially control a position that is 500 times the size of their own invested capital. For example, if a trader has $1,000 in their account, they could potentially control a trading position worth up to $500,000. This amplification of trading capacity can be appealing to traders who seek to take advantage of market movements and potentially increase their returns.
However, it is crucial to recognize that while leverage can magnify profits, it can also amplify losses. Trading with high leverage involves a greater level of risk, as even small market fluctuations can result in significant gains or losses. Traders must exercise caution and implement proper risk management strategies when operating with leverage.
Spreads & Commissions
Finaxis offers 2 pips for the START account, which is half a pip above the industry average and not very favorable for traders in our opinion. The spread refers to the difference between the bid price (selling price) and the ask price (buying price) of a financial instrument. Spreads are commonly used to measure the cost of trading and can impact a trader's profitability.
A spread of 2 pips means that the difference between the buying and selling price of a financial instrument is 0.0002 (in the case of a currency pair). This implies that traders would need the market to move at least 2 pips in their favor before they start to generate a profit on their trades.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Trading Platforms
Finaxis offers the MetaTrader 4 (MT4) trading platform, which is widely recognized and utilized by traders worldwide. MT4 is a powerful and user-friendly platform that provides a range of features and tools to support efficient and effective trading. The MT4 platform is known for its intuitive interface, making it accessible to both novice and experienced traders. Traders can easily analyze market trends, identify trading opportunities, and execute trades directly from the platform.
See the trading platform comparison table below:
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: English +44-203-807-45-64
Russian +74-95-180-45-03
Spanish +34-95-404-87-61
German +49-30-5679-57-49
Email: support.it@finaxis.io
compliance.de@finaxis.io
compliance.ru@finaxis.io
compliance.es@finaxis.io
Note: These pros and cons are subjective and may vary depending on the individual's experience with Finaxis's customer service.
Conclusion
In conclusion, Finaxis is a trading platform that offers a range of services to its clients. The platform provides access to various financial markets, allowing traders to diversify their portfolios and capitalize on different trading opportunities. With its user-friendly interface and advanced charting tools, Finaxis's trading platform, MT4, caters to the needs of both beginner and advanced traders.
However, Finaxis has many problems. First, it doesn‘t have regulation. Second, it is because the official website of Finaxis is inaccessible that the relevant information doesn’t be provided, which makes trade not transparent enough. Therefore, traders should verify the regulatory status of Finaxis or any broker they choose to work with to ensure compliance with industry standards and regulatory requirements.
Frequently Asked Questions (FAQs)
2023-02-24 14:37
2022-12-20 11:16
