Internaxx Broker Review

You may not have heard of Internaxx CFDs, but it is a collaboration between two well-known companies, TD Bank/TDWaterhouse and a Luxembourg based bank variously known as Fortis Banque Luxembourg -BGL BNP Paribas. This bank is one of the strongest banks in the world, according to Standard & Poor’s ratings. In addition to CFDs, Internaxx provides Forex trading facilities. Its targeted clientele include ex-pats and international clients.

To reinforce the international nature of this brokerage, the call centre and the website are available in four languages, English, French, German and Dutch. Accounts can be denominated in US dollars, euros, Canadian dollars, and pounds sterling, and trades can be placed on securities listed on the exchanges of many countries.

 

Internaxx is widely used as an offshore broker, and unlike some other brokers that are not domestically situated, you can be fairly sure of the regulation and capitalization of the company. The Duchy of Luxembourg has stringent rules, and also has a guarantee for banks. This and the sheer size of TD Bank and BNP Paribas mean that you're unlikely to have any problems with liquidity or getting your money.

Offshore Shares, Forex, CFD and Futures trading

Shares trading: multi-currency access to 17 international exchanges in North America, Europe, and Asia in real time from EUR 19.60
Forex trading: good range of major and minor currency pairs.
CFD trading: live trading on Equity and Index CFDs on 17 exchanges, long and short trading, margin trading, multiple order types.
Futures trading: trade online the wide range of financial futures including stock indices, interest rate contracts and foreign currency contracts together with a large offer of commodity futures.

User reports have also been favourable, and the service is very professional. The main (perhaps only) problem is the fees and the charges that are imposed. CFD and share dealing charges are relatively high and fees of up to 0.2% may be applicable each year. They are also likely to hit you with fees (they call them Safe Custody Fees!) if you don't trade often enough.

If you're looking for an offshore broker, bear in mind that this does not alleviate the need to pay tax on your profits. Some people believe that if the money is earned outside the country, there is no need to declare it, but the fact is that the tax laws of most countries does require tax to be paid on the amount that you have earned outside that country. Granted, it is not likely that the government will find out that you are earning money which you are not declaring, but if they do they tend to make an example of such tax evasion.

You may wondering why you would use an offshore broker, if you live in a country where you cannot achieve savings in tax. The implication is that those who use an offshore broker are trying to hide their profits from the relevant tax authorities, as the profits are paid gross without any deductions. However there are reasons to go offshore, which can include higher interest rates and lower fees. If you have international interests, you can conduct business in different currencies from an offshore account, and some people like the idea that no domestic governmental action can seize their funds.

Another benefit of setting up an account at Internaxx is that you will have access to a number of good offshore mutual funds, none of which have loads, or entry fees. If you're in the market for a broker that you can trust, but not necessarily in your country of domicile, Internaxx is well worth a look.

Contact details:
www.internaxx.lu
info@internaxx.lu
Tel: (00-352) 2603 2003
Fax: (00-352) 2603 2043
46a, avenue JF Kennedy
L-2958 Luxembourg


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