FinexArena Review - Is it Legitimate or a Scam?
The financial markets are diverse and versatile. There are hundreds of thousands of trading instruments that can be used by traders for making sizable amounts of profits. Every class of asset that you will find in this market can provide unique profit opportunities and a number of people have already explored them in order to earn a high return on their investment. Financial instruments have a volatile nature and this allows people to make money by buying and selling them at an opportune time. Due to global economic uncertainty, more and more people are looking for ways to make money and many have turned towards the financial markets to do so.
Why is that? This is due to the fact that online trading has made these markets easily accessible to everyone and you don’t have to worry about barriers to entry. Even someone with zero experience or knowledge of the market can enter without any hassle. All they need is some capital to invest and a broker that connects them to the financial markets of their choice. A broker is basically an agency that provides you a trading platform through which you execute your trading activities. They are vital for traders because they determine how successful you can be in your trading career.
Consequently, you must do a proper check of a broker before you register with them for beginning your trading journey. You will find a multitude of online brokers in the market, but this doesn’t mean that all of them are cut from the same cloth. Sure, there are some good and legitimate ones that provide you the services you require, but there are also those that provide mediocre services and may not be a good fit for you. Thus, any trader who is interested in making high profits from the financial markets have to endeavor carefully before they select a responsible and legitimate broker.
Among the numerous options floating around in the market, you will come across the name of FinexArena.
An Introduction to FinexArena
Trading Accounts: Silver, Gold, Platinum and Diamond
Minimum Deposit: $250
Assets Coverage: Forex, CFDs on Commodities, Shares, Indices and Cryptocurrencies
Trading Tools: Currency Converter, Profit Calculator, Overnight Swaps, Holidays, Position and Dividend Calendars
Education and Training: Yes
Customer Support: Email, Telephone, Web Contact Form and Social Media
Security Policy: KYC and AML policies
Parent Company: IBZ Holdings Ltd.
FinexArena is a brokerage platform that was founded in 2018 for providing trading services to people in the financial markets. They are offering their services in English and German languages to cater to global traders. They were launched by IBZ Holdings Ltd, a company based in Saint Vincent and the Grenadines. The broker specializes in forex trading and CFDs on a wide variety of products i.e. Contracts for Difference. With CFD trading, you don’t have to purchase an asset physically and can trade them in the form of contracts. But, how do you determine that the broker is legitimate and not a scam? The only way to do so is by assessing its offerings and features cautiously. Let’s check them out below:
As a trader who is trying to maximize their profits, your first priority should be to find a broker that’s offering you as much variety in trading instruments as possible. The problem is that many brokers will claim to provide you with options, but the reality can be very different. Therefore, before you sign up with a broker, you should first check if they are offering you the assets you wish to trade or not. FinexArena, as mentioned earlier, is a forex and CFD broker that provides you CFDs on indices, shares, commodities and now, cryptocurrencies.
Starting with the forex market, you will find a horde of assets at your disposal. There are various currency pairs that can be traded, which fall in different categories, such as major, minor and exotic currency pairs. FinexArena also lets its clients’ trade indices CFDs, including popular ones like Dow Jones, NASDAQ and S&P 500. If you want to try the stock market, you can buy and sell CFDs on shares of Facebook, Apple, Google and other notable companies. Brokers who don’t enjoy a lot of risks can try their luck in the commodities market, including gold, crude oil, wheat, corn and other options.
Lastly, FinexArena has added more than 29 cryptocurrencies to their asset index, which include Bitcoin, Litecoin, Ethereum, Stellar and Cardano. This gives traders plenty of market diversify and they can expand their investment portfolio for keeping their risks under control.
Trade and Educational Resources
Hundreds of people enter the financial markets, but only a handful of them are able to find the success they are looking for. Why is this so? Traders who succeed in their trading activities are the ones who make an effort to learn and understand the markets rather than solely relying on luck to earn profits. You need to educate yourself and master the art of trading if you don’t want to suffer from heavy losses. To help its clients, FinexArena has added rick educational resources to its website. They cover a wide range of subject matter, all related to the trading world.
The trade and educational resources at FinexArena are simple and easy to understand for every trader. You will be able to find these resources in different formats, such as e-books, videos and webinars. These can go a long way in helping not just beginners, but even expert traders, in learning new strategies and avoiding big mistakes in the trading markets.
Types of Trading Accounts
If you have decided to use a broker’s services, you will need to open a trading account with them. Brokerages are known to offer different account choices to their clientele, which are distinguished based on the experience level and trading style of a trader. FinexArena has also compiled a list of options for its traders, but before we check the options, you should know that the trading accounts are divided into two categories. First, there is a demo account offered by the broker, which is best suited for traders who want to get in some practice before they start trading in the real market.
A demo account comes with virtual currency and it boasts a simulated trading environment, which is quite similar to the real one. The stakes are not real in this account, but the demo account is extremely useful because it allows people to get used to the trading environment, test the different features of the broker and practice their strategies and moves.
The second category of trading accounts that you will find at Finex Arena is that of a live account and this is where the stakes are real. You are asked to deposit your own money in this account after which you can execute trades and make profits. There are four live accounts that the broker has developed for the convenience of its clients. These options are:
1- Silver Account: Having a minimum deposit of $250, the Silver account on FinexArena is the ideal option for beginners in the financial trading market. You can get a 20% welcome bonus on opening this account and it requires a commitment of 24 months. It gives you limited trading signals and free consultation with a personal account manager. You can also have a 1-on-1 session with a market analyst. This account gives traders 1.5% interest per month that can be withdrawn once in a calendar year.
2- Gold Account: The second account option at FinexArena can be opened with a deposit of $10,000. An executive account manager is now added to the account and the bonus increases to 50%. Traders can enjoy full trading signals here and it asks for a 12 months commitment. 5 trading sessions are available with a market analyst and 2.5% interest per month is provided, with interest withdrawals being made quarterly.
3- Platinum Account: The next account option developed by FinexArena carries a minimum deposit requirement of $50,000. It is deemed ideal for experienced traders and they receive a 100% bonus upon signing up for this account. There is no longer any limit to the number of trading sessions you can have with a market analyst and a six month commitment is needed for it. The interest per month is now increased to 3.75% and withdrawals can be made once every calendar month.
4- Diamond Account: The highest trading account that can be found on the FinexArena trading platform is the Diamond account that asks for a minimum deposit of $250,000. It is meant for professional traders with a high trading volume who receive a 125% welcome bonus.
Mobile and Web Trading Platforms
Trading platforms are a vital part of a broker’s offerings and there are some advanced options available in the market.
Brokerages also develop their own trading platforms for accommodating their clients, but FinexArena has not gone down that route. You will come to know that instead of coming up with their own version, the broker has opted to offer its clients the MetaTrader 4, which is one of the leading trading platforms in the market. You will find the MT4 WebTrader available, which doesn’t have to be downloaded like a desktop platform.
Rather, you can access it by just logging onto FinexArena’s website. The good news is that there have been no compromises made in terms of performance, speed and security of the platform and it is equipped with some great trading tools for helping traders in making the most of their trading. This platform is compatible with numerous browsers and works on different devices. However, the broker has also added mobile trading platforms to its options for facilitating its clients. You can find individual options available for both iPhone and Android devices and there is even a separate option available for iPads. These are equipped with useful trading tools and allow traders to trade on the move, no matter where they are.
Deposits and Withdrawals
As mentioned before, there are minimum deposit requirements to be fulfilled when you open a trading account with FinexArena. But, how do you do that? The broker has added simple and easy options to its trading platform for making deposits and withdrawals both. You will find a wide range of funding options when you want to invest money, ensuring that you don’t miss out on a trading opportunity. The funding options that you will find include bank wire transfer, Visa and MasterCard deposits and cryptocurrencies like Bitcoin can also be used for same.
The same channels are available when you wish to withdraw your funds and earnings from your trading account at FinexArena. Depending on the method used by the trader, the processing time required for withdrawals varies between 1 and 15 business days from the day the request is submitted.
24/7 Customer Support
It is understood that during the trading process, a number of clients will have different queries. They will obviously require support and assistance due to which customer support is considered extremely important. If appropriate response is not available as soon as possible, traders have to deal with a lot of inconvenience and may have to suffer substantial losses as well. FinexArena has established a proper customer care system for answering and attending to any issues their clients may have while using their services.
The agents representing FinexArena can be reached by traders through the email and telephone number provided on the broker’s website. Other channels that can be used for reaching out include social media channels and a web contact form on their website. The services are available round the clock and multilingual agents are available to assist clients, regardless of where they are based.
Is it Legitimate?
Now that you have studied the different aspects of FinexArena, it becomes easy to realize that it is indeed a legitimate forex and CFD broker offering its services in the market and can help you realize your trading goals.