Finex Forex Broker
Basic Information
Indonesia
5-10 years Regulated in Indonesia Retail Forex License MT5 Full License Self-developedCompany profile
Rating Index
Pros
Regulated by Bappebti, providing a level of oversight in Indonesia
Low minimum deposit requirement of $10, making it accessible for new traders
Offers a demo account for practice without financial risk
Cons
Limited payment options, primarily restricted to Indonesian banks
Not a tier-1 regulated broker, which may raise concerns about fund safety
Lack of diverse trading instruments compared to other brokers in the market
Finex Forex Broker - Complete Information Guide
1. Broker Overview
Finex, officially known as PT Finex Bisnis Solusi Futures, was established in 2012 and is headquartered in South Jakarta, Indonesia. The company operates as a private entity, providing trading services primarily focused on retail forex and CFDs. Since its inception, Finex has been dedicated to offering access to various financial markets, catering to both novice and experienced traders.
Over the years, Finex has achieved significant milestones, including becoming a member of the Jakarta Futures Exchange (JFX), Indonesia's largest derivatives trading platform. The firm has consistently aimed to simplify trading conditions to attract a diverse clientele, making it a notable player in the Indonesian forex market.
Finex operates under the supervision of the Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti), which is Indonesia's main regulatory body for commodity futures trading. This relationship with Bappebti underscores the broker's commitment to compliance and client protection. The business model of Finex primarily revolves around retail forex trading, offering a wide range of products, including currency pairs, commodities, and stock indices.
2. Regulation and Compliance Information
Finex is regulated by the Bappebti, with the license number 47 / Bappebti / SI / 04 / 2013. This regulatory body oversees the trading of futures and options in Indonesia, ensuring that brokers adhere to local laws and maintain fair trading practices.
While Finex operates under Bappebti's supervision, it does not participate in any investor protection funds, which is a common feature among brokers regulated by tier-1 authorities. This means that client funds may not be as secure as they would be with brokers under stricter regulations.
Finex implements KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance measures, requiring users to verify their identities before trading. This process helps mitigate risks associated with fraud and enhances the overall security of the trading environment. However, the lack of tier-1 regulation may raise concerns among potential clients regarding the safety of their investments with the Finex broker.
3. Trading Products and Services
Finex offers a diverse range of trading products, including over 27 forex currency pairs such as EUR/USD, GBP/USD, and AUD/USD. In addition to forex, the broker provides access to CFDs on commodities like gold, silver, and crude oil, as well as stock indices from major markets worldwide, including the S&P 500 and FTSE 100.
The broker currently lists a total of 78 trading instruments, but it is worth noting that the variety may not be as extensive as some competitors. Finex does not offer cryptocurrency trading, which might be a limitation for traders interested in digital assets.
Finex focuses on retail trading services, catering primarily to individual traders. The broker does not currently provide institutional services, white-label solutions, or asset management services, which may limit its appeal to professional traders seeking comprehensive investment solutions.
4. Trading Platform and Technology
Finex utilizes the MetaTrader 5 (MT5) trading platform, which is well-regarded for its advanced trading capabilities and user-friendly interface. The platform supports both desktop and mobile trading, allowing users to trade conveniently from various devices, including iOS and Android smartphones.
The broker does not offer a proprietary trading platform, instead relying on MT5 to provide a robust trading experience. The execution model is primarily market-making, which allows for competitive spreads and fast order execution, with claims of processing over 99.5% of orders in less than one second.
Additionally, Finex supports algorithmic trading through Expert Advisors (EAs) and provides access to various trading tools, including market analysis and trading calculators. However, the broker does not offer API access for automated trading, which may be a drawback for tech-savvy traders looking for more advanced trading solutions.
5. Account Types and Trading Conditions
Finex provides two main account types: Real MT5 and Demo MT5. The minimum deposit required to open a real account is $10, making it accessible for beginner traders. The trading conditions for the Real MT5 account include:
- Spreads: Floating spreads starting from 0.5 pips.
- Commission: A low commission of $1 per lot.
- Leverage: Up to 1:500 for forex and metals, with lower leverage for indices and stocks.
- Minimum Trade Volume: Starting from 0.01 lots.
For traders seeking to avoid overnight swap fees, Finex offers an Islamic account option. However, the lack of advanced account types, such as PAMM or MAM accounts, may be a limitation for more experienced traders looking for managed account solutions.
6. Fund Management
Finex supports deposits and withdrawals primarily through local Indonesian banks, including BCA, Mandiri, and BNI. The broker does not charge any fees for deposits or withdrawals, which is a significant advantage for traders looking to minimize transaction costs.
- Minimum Deposit: $10 for the Real MT5 account.
- Withdrawal Limit: The minimum withdrawal amount is $1.
- Processing Time: Most withdrawal requests are processed within 20 minutes to 2 hours, ensuring quick access to funds.
Despite the efficient processing times, the broker's reliance on bank transfers may limit options for international clients or those preferring electronic wallets.
7. Customer Support and Educational Resources
Finex offers customer support through multiple channels, including:
- Live Chat: Available on the official website.
- Email: Support can be reached at customer@finex.co.id.
- Phone: Customers can contact support via +62 21 - 5010 - 1569.
Support is available 24/7 through online chat and WhatsApp, but phone support is limited to weekdays. The broker provides services in Bahasa Indonesia, which may be a limitation for non-Indonesian speakers.
In terms of educational resources, Finex conducts regular online webinars and seminars covering various aspects of trading. These resources are designed to assist both beginners and experienced traders in enhancing their trading skills and market knowledge.
8. Regional Coverage and Restrictions
Finex primarily serves clients in Indonesia, with a focus on the local market. The broker's operations are tailored to meet the needs of Indonesian traders, providing access to local banking services and support in the native language.
However, Finex does not accept clients from certain countries, including the United States, EU, and UK, which may limit its global reach. The broker's focus on the Indonesian market may also result in a lack of comprehensive support for international clients.
In summary, while Finex offers competitive trading conditions and a user-friendly platform, potential clients should consider the limitations regarding regulation, product diversity, and international accessibility before engaging with the Finex broker.
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Latest Reviews
AmbroosLatuheru
Indonesia
I'm usually quite careful when dealing with brokers who only offer 1 type of account (based on my experience, such brokers often prioritize simplicity over efficiency and cost, which I personally don't really like). The reason I mention this now is because when I looked at the numbers they displayed on their site, the offer seemed quite attractive. I tried it myself, and somehow they managed to find the sweet spot between keeping everything simple and still cheap.
Positive
08-27
YusufRamadhan
Indonesia
But for us, it's still an advantage. It has been around for more than a decade and regulated by BAPPEBTI since 2013, they have just earned their reputation and now nobody questions their legitimacy, because a goovernment agency has vouched for it .Now about the cost , if you are not tading some fancy shares,then they are quite low, for trading forex and indices ,and they have regular promos.
Positive
08-13
RezaPratama
Indonesia
especially about gold. Wouldnt even notice it crossed the $3500 mark, if it wasnt for these posts, thank you. I also read Bloomberg and financial news from Google, but somehow Finex editors find the better ideas for me. Though I think these will be most useful if you trade gold or major pairs, because about stocks or ETFs, they almost never post. About trading, agree with most here, nothing to add.
Positive
2d