Internaxx: Multi-Currencies Accounts For Your Investment

July 25, 2020
Brokers
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Internaxx is a broker from Luxembourg that has a market reputation in the UK and Europe. It is currently acquired by Swissquote and is regulated by the Commission de Surveillance du Secteur Financier (CSSF). The financial instruments that Internaxx offers are investment funds, stocks and ETFs. You can also fund your account in 9 currencies, e.g. EUR, USD, CAD, GBP, SEK, CHF, AUD, HKD, and SGD. You can open a standard investment account if you are an active investor or a managed account if you are a passive investor. You will also have insurance for your assets of up to 100,000 EUR.

It is true that Internaxx is a broker that has good characteristics in several aspects. But, we strongly believe that Capital.com is the best online trading platform because is one of the easiest and cheapest ways to trade CFDs on equities, commodities, indices, Forex pairs and cryptocurrencies anywhere in the world. Capital.com offers you zero fees on intra-day trading, a lightning-fast web platform and their proprietary Negative Balance Protection. Also, Capital.com gives you the best chance at financial success with a clean, easy-to-use interface.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with Internaxx and scored our findings on a 10-point scale across 10 distinct categories.
Fees 2
Signup Process 5
Minimum Deposit 10
Ease of Use 9
Deposit & Withdrawal Options 3
Customer Support 6
Asset Classes 6
Referral Program 0
Demo Account & Educational Resources 2
Safety & Regulation 10
Total 53

What Is Internaxx?

Internaxx is a broker from Luxembourg that has a market reputation in the UK and Europe. It was founded back in 2000, and was acquired and is currently run by Swissquote. This broker lets you invest in investment funds, stocks and ETFs and you can fund your account in 9 different base currencies. It is important that you consider that this broker does not offer its services in the USA.

In general terms, it is a good and safe broker, especially if you are based in Europe, and it is regulated by the Commission de Surveillance du Secteur Financier (CSSF). In this post, we’ll go over all the good and the not-so-good aspects that make Internaxx what it is today. We’ll also compare it with our top-rated broker, Capital.com, in order to see where it could improve.

Internaxx Pros & Cons

Pros

  • No withdrawal fees.
  • Excellent market research resources.
  • A large number of alternatives in terms of investment funds.
  • There is no minimum deposit to trade stocks and ETFs.
  • No deposit fee or commission.
  • Customer service is very good.
  • You can contact customer service by phone and email.
  • The technical support response is fast.

Cons

  • You will have to wait around 3 days to use your account.
  • Educational material is limited.
  • There are surcharges for inactivity.
  • The account opening process is not entirely digital.
  • A minimum deposit of 2,000 EUR must be made to trade mutual funds.
  • Unable to use credit or debit cards to make withdrawals.
  • Withdrawals last at least 3 days.
  • Customer service is not 24/7.
  • No live chat with customer support.

Internaxx: Account Types

Internaxx offers you the possibility of opening two types of accounts:

Multi-Currency Account:

It consists of a standard trading account. This type of account is ideal for more active investors who want to devise investment strategies in 9 currencies:

  • EUR
  • USD
  • CAD
  • GBP
  • SEK
  • CHF
  • AUD
  • HKD
  • SGD

Smart Portfolio Account:

This is a managed portfolio to ensure diversification while allowing you to regularly rebalance your investments so that you can match your risk profile with the assets you are investing in. This account is designed for long-term passive investors.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Internaxx: Fees

Internaxx is a broker in which you will have to pay various types of commissions. For example, you’ll pay an inactivity fee of 45 EUR if you don’t move your account in 3 months.

Below you will see other fees associated with your Internaxx account:

  • 0.1% commission on stocks and ETFs, in all markets.
  • For mutual funds, the commission is 0.5%.
  • Minimum fee per transaction: 14.95 EUR.
  • Additional phone trading fee: 20 EUR.

Additional exchange fees or taxes levied on transactions will be charged directly to trades when applicable.

  • UK: 0.5%
  • France: 0.3%
  • Germany:  0.0038 % (min EUR 0.60 – max EUR 18)
  • Italy: 0.1%
  • Hong-Kong: 0.1077%
  • For Singapore, all transactions are subject to a clearing fee of 0.0325%.

Please note that the French and Italian Financial Transaction Tax on applicable purchases will still be charged, even where a position is sold the same day.

Margin interest rates vary due to the base rate, the currency and the size of the loan.

CurrencyBenchmark rateLoans <50,000Loans >50,000Loans >250,000Loans >1,00,000
1 Jul. 2020(Benchmark rate +4.99%)(Benchmark rate+2.99%)(Benchmark rate +2.49%)(Benchmark rate +1.99%)
EUR0.00%4.99%2.99%2.49%1.99%
USD0.18%5.17%3.17%2.67%2.17%
GBP0.10%5.09%3.09%2.59%2.09%
CAD0.52%5.51%3.51%3.01%2.51%

At Internaxx you will find high and varied fees when you trade. This aspect makes you need to generate high returns on your investments so that you can make a profit. For this reason, the broker is not well qualified in this category.

Internaxx Fees Score: 2/10

#2 Internaxx: Signup Process

Opening an account at Internaxx will take you at least 3 days. Although it is indeed possible to do much of the opening process digitally, you must send by email all the vouchers related to your identification.

Internaxx Review: Signup Process

In many cases, when investors look for a broker to operate on the stock market, they are already following some financial instruments. Ideally, when you choose the broker that best suits your needs you can operate quickly to take advantage of the opportunities offered by the quotes of the instruments you are following. The broker loses points because to operate within the Internaxx platform, you must wait up to 3 days.

Internaxx Signup Process Score: 5/10

#3 Internaxx: Minimum Initial Deposit

If you are interested in trading stocks and ETFs, the minimum deposit is zero. If you want to invest in a smart portfolio account, the minimum investment is 5,000 (EUR/USD/GBP).

The broker is very well qualified in this category because to trade you do not need to meet minimum deposit requirements

Internaxx Minimum Initial Deposit Score: 10/10

#4 Internaxx: Ease Of Use

Internaxx’s trading platform is very intuitive, online and easy to use. You will have access to more than 100,000 financial instruments and analysis tools. But, the platform is limited in terms of customization and a variety of analysis tools.

Internaxx Review: Ease of Use

Internaxx: App

The mobile version of the Internaxx investment platform is very like the web version. It will be very easy to find financial instruments and graph them. But, you will see that the app lacks the same tools. For example, the use of plotting tools and technical indicators is very limited. Likewise, you will see that there are also limitations to the customization of the platform.

Internaxx Review: App

The broker loses one point in this category because although the investment platform is stable and easy to use, the app could be better rated. Take into account that the ratings are the reflection of the user experience. The users of the app claim that it has some flaws. The app has a rating of 3/5 on the Android download page and 4.3/5 on the iPhone download page.

Internaxx Ease of Use Score: 9/10

#5 Deposit & Withdrawal Options

It is only possible to make withdrawals and deposits using bank transfers. The withdrawal is free for countries of the European Union, Norway, Switzerland and Monaco. For the rest of the countries, the money withdrawal has a cost of 10 EUR.

You should also take into account that it is only possible to add and withdraw funds to accounts that are in your name. Also, you can fund your account with EUR, USD, CAD, GBP, SEK, CHF, AUD, HKD and SGD.

You should consider that Internaxx does not offer many alternatives when making deposits and withdrawals. For example, e-wallets like Neteller or Skrill and credit/debit cards like visa or MasterCard. This is a very relevant factor that subtracts points from the broker.

Internaxx Deposit & Withdrawal Options Score: 3/10

#6 Internaxx: Customer Support

At Internaxx you can communicate by phone and email. The attention is immediate and very efficient. But, there is no 24/7 technical support or live chat. Live chat is a very popular alternative in broker customer support.

General Enquiries And Information

  • [email protected]
  • Phone: +352 2603 2003
  • Fax: +352 2603 2042

Customer Service And Stock Trading

  • [email protected]
  • Phone: +352 2603 2626

Derivatives Trading

  • [email protected]
  • Phone: +352 2603 2006

The technical support offers you several alternatives to communicate with the technical advisers. However, it can take up to two days to reply to your emails. In addition, you can only communicate by phone with the technical staff from Monday to Friday. For these reasons, the broker loses points in technical assistance. The ideal is to have technical support every day of the week

Internaxx Customer Support Score: 6/10

#7 Internaxx: Asset Classes

Stocks

You will be able to operate stocks in several markets such as the USA, Canada, UK, France, Netherlands, Belgium, Germany, Switzerland, Spain, Italy, Sweden, Australia, Hong Kong and Singapore, Austria, Denmark, Finland and Norway.

ETFs

Yes, you will have access to a lot of international ETFs.

While it is true that Internaxx has a number of alternatives in most of the financial instruments it offers, unfortunately, you will not be able to invest in Currency Pairs, gold or cryptocurrencies. This factor reduces the diversification capacity of your portfolio and, therefore, the broker’s score.

Internaxx Asset Classes Score: 6/10

#8 Referral Program

Internaxx does not have a referral program. However, on the website, you can see that they are working on it.

Referral Program

For the time being, they score a 0 in this category. Once the program goes live, we’ll evaluate it and give it its final score.

Internaxx Referral Program Score: 0/10

#9 Demo Account & Educational Resources

Unfortunately at Internaxx, there is no possibility to open demo accounts. But, you can access relatively decent Educational Resources. For example, you will have access to historical financial data of companies and financial reports. You will also find a section of the site dedicated to providing investment ideas and market news.

Sadly, the platform lacks educational audiovisual tools with which you can expand your understanding of the characteristics of the stock market.

Since Internaxx does not offer a demo account and the educational content is scarce, the broker only gets 2 points in this category. We recommend our articles “TD Ameritrade” and “XM” in which you will find brokers who perform better in this category.

Internaxx Demo Account & Educational Resources Score: 2/10

#10 Safety & Regulation

Internaxx is regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg under the oversight of the European Central Bank.

The Luxembourg financial centre numbers over 130 banks and is the 2nd largest mutual fund centre in the world after the US. Renowned for its stable and well-regulated economy, Luxembourg is one of only 3 AAA credit rated countries in the Eurozone and has strong investor protection laws. Internaxx remains a member of the Luxembourg Deposit Guarantee Fund (FGDL). The FGDL protects all investors by guaranteeing deposits up to the amount of 100,000 EUR per person. For this reason, Internaxx has a solid rating in this regard.

Internaxx Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.

Internaxx vs. Capital.com

Being a winning trader requires a solid investment plan. Take into account that the stock market is a world that is constantly changing and for this reason your strategies must adapt to the movements and innovations of the market. We recommend that you choose a broker that is your ally and that allows you to fully exploit your profits.

In this sense, this broker must allow you to diversify your portfolio internationally with the range of financial instruments that it offers and that also saves you hundreds of dollars in commissions. In this section, you will find a comparison between Internaxx and Capital.com. After an in-depth market study, we consider that your best ally is Capital.com for the following reasons:

It has the best fees

Capital.com doesn’t charge any fees on any asset that you trade: stocks, commodities, cryptocurrency, indices, forex, ETFs, or anything else. It doesn’t charge monthly or annual fees, inactivity fees, or deposit or withdrawal fees, either. It also offers tight spreads on trades, unlike other zero-fee brokers, who make their money on wide spreads. Capital.com only makes money on the overnight fees on leveraged trades, so if you trade without leverage, you’ll never pay any fees.

Quick and easy account opening

If you want to trade now without having to wait for days struggling to verify your trading account, we recommend you visit Capital.com. You can open your account and trade in less than 20 minutes.

A Better customer support

You can call Capital.com at +44 20 3870 3087 or email their support team at [email protected]. You can also visit the Capital.com website and click on Contact Us for country-specific options and to enter a live chat with a Capital.com support agent. Their support team currently supports 13 different languages.

Far better withdrawal options

Internaxx does not offer many deposit and withdrawal options so you should take this aspect into account when making your decision. In contrast, we can affirm that Capital.com is a better choice because you will have a greater number of withdrawal options. In Capital.com you can use a credit card, bank transfer, debit card, SOFORT, iDeal, Giropay, Multibanko, Przelewy24, QIWI, Webmoney, Trustly, Neteller and Skrill. You’re never charged a fee to deposit or withdraw money with Capital.com.

A Better Demo Account

One factor that is essential when testing an investment platform is being able to access a demo account, in this aspect Internaxx falls short because it does not offer demo accounts. With Capital.com you can truly test the platform since you will be able to use a demo account to test each one of the tools and features of the investment portal.

Internaxx: In Summary

  • Internaxx is a broker from Luxembourg that has a market reputation in the UK and Europe.
  • The financial instruments that Internaxx offers are investment funds, stocks and ETFs.
  • You can open a standard investment account if you are an active investor or a managed account if you are a passive investor. You will also have insurance for your assets of up to 100,000 EUR.
  • Opening an account at Internaxx will take you at least 3 days. It is a very long waiting time in comparison with Capital.com.
  • If you are interested in trading stocks and ETFs there are no restrictions on the minimum deposit.
  • In the event that you want to invest in a smart portfolio account, the minimum investment is 5,000 (EUR / USD / GBP). This causes restrictions for investors with less available capital.
  • Internaxx’s investment platform is very intuitive and easy to use but it has few tools to perform technical analysis and customization.
  • The mobile version of the Internaxx investment platform is very similar to the web version. It will be very easy to find financial instruments and graph them. But it lacks the same things like the web version.
  • Internaxx does not offer many alternatives for depositing and withdrawing funds. You can only use bank transfers to be able to operate on the Internaxx platform.
  • Although you can only communicate with the technical service by phone and email, the attention is very fast and efficient. But, customer service is not 24/7.
  • At Internaxx you can only operate with stock, investment funds and ETFs. Although it has several of these investment products, unfortunately, it is only limited to those assets.
  • One factor that is essential when testing an investment platform is being able to access a demo account. In this aspect Internaxx falls short because it does not offer a demo account.

We only recommend Internaxx if you are interested in the possibility of trading without complying with minimum deposit restrictions on an easy to use platform.

However, if you want to entrust your capital to a broker that has an excellent score in each of the categories that we present to you in this evaluation of the best brokers, we recommend Capital.com. We firmly believe that it is a superior broker that will allow you to save money with an excellent investment platform with which you can invest in an endless number of financial instruments.

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