Since Binexos official website (https://binexo.io) no longer works, we could only piece together the rough picture of this brokerage house by gathering some relevant information from other websites.
General Information
Binexo is an online forex broker registered in Hong Kong, providing forex and CFD trading-related services. With the Binexo platform, investors have the flexibility to choose from three trading accounts, the minimum deposit to trade with this broker starting at $250. Besides, generous trading leverage is available, reaching up to 1:300.
Please note that Binexo is not authorized or regulated by any regulatory authorities, and trading with an unregulated forex broker is taking a huge risk of losing your money.
Account Types
With the Binexo platform, there trading accounts are offered to accommodate traders varying trading needs, namely Beginner, Professional, and Business.
Assuming you can take the risk to trade with this broker, $250 is all it takes to open a Beginner account, an acceptable amount.
Professional traders who want to open a professional account need to fund at least $2,500. The Business account is designed for institutional traders, requiring an initial deposit of $25,000.
Leverage
When it comes to leverage, Binexo permits traders to use leverage of up to 1:300, which is significantly higher than the levels regarded appropriate by many regulators.
As leverage can also cause serious fund losses, it is important for inexperienced traders to choose the proper amount that they feel most at ease.
Spreads
Commission and spreads on the Binexo platform are tied to the type of trading account you have, as is the case with most other forex brokers. Binexo hypes that it offers extremely competitive spreads from 0.0 pips, however, given the fact that this broker is unregulated, traders are not advised to use it.
Trading Platform
Binexo fails to offer its clients the access to the industry-leading MT4 or MT5 trading platform.
Customer Support
Worryingly, Binexo left its clients nowhere to turn to except for an email address: support@binex.io.
Other more direct contact channels like Phone support, Whatsapp, are not offered.
Risk Warning
There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.
The information presented in this article is intended solely for reference purposes.
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