Forex Web Trader Review, Overall Rating: A
Click here to open a trading account
| Support | A |
| Reliability | A |
| Ease of funding and withdrawal | A |
| Spreads | B |
| Disclosure | A |
Forex-rates.biz says: |
| "Especially good for those that trade the less popular currency pairs" |
| Broker has a Dealing Desk: | Yes |
| Offers Straight through Processing | Unknown |
| Liquidity Providers | Saxo Bank |
Review Summary:
Forex Web Trader is a sister company to Finexo. The official relationship is that Forex Web Trader is an introducing broker of Finexo, but there are some slight differences between accounts opened directly with Finexo and those opened through Forex Web Trader, which will be discussed in this broker review.
Traders opening accounts through Forex Web Trader actually place all trade orders with Finexo, which is located in Dusseldorf, Germany, and is regulated under BAFIN in the European Union. Finexo has been online since 2003, and utilizes a white labeled version of Saxo Bank's trading platform.
The spreads offered via Forex Web Trader are comparable to those offered directly via Finexo, but differ slightly. From our initial evaluation, it seems that Forex Web Trader offers superior spreads on the less frequently traded currency pairs (for example AUD/CAD and NZD/SEK) while direct Finexo accounts offer slightly superior spreads on the most frequently traded spreads (such as the EUR/USD). This is only our initial observation, however, so traders interested in opening an account should compare the spreads for their favorite currency pairs -- which is easy to do since both Forex Web Trader and Finexo post their standard spreads on their respective websites.
Forex Web Trader seems to have set leverage at 100:1, whereas Finexo offers different leverage options. Forex Web Trader uses Finexo's reliable customer support, including their 24-hour live chat system.
Trading with Forex Web Trader is available "anytime, anywhere" as, in addition to their online system, they offer a Mobile Trading platform that interfaces with your mobile phone to allow you to both montior current positions, as well as open and close positions as needed.
Forex Web Trader's clients have an abundance of deposit and withdrawal methods available to them, including credit card, PayPal, Moneybookers, Neteller, ClickandBuy, Liberty Reserve, and Bank Transfer. A live account requires a minimum deposit of only $25 to get started, making Finexo a good choice for beginning forex traders. Withdrawals are paid via the same method by which funds were deposited, and require completion of a withdrawal form, proof of ID, and proof of address prior to being processed.
Click here to open a trading account through Forex Web Trader.
