Internaxx Review 2018

Internaxx is a Luxembourg-based brokerage company specialized in international investors and expats. It has a banking license but is not listed on any stock exchanges. It's regulated by CSSF, the Luxembourgish regulator.

As a plus

Internaxx offers an easy to use, nice looking trading platform, It focuses on stocks and funds, but you can trade with almost all asset classes. Research is delivered by Morningstar, a professional research firm. It also has an easy to understand fee structure.

On the flip side

It's easy to understand fee structure covers high trading fees, especially if you trade at lower volumes. Another weak point is that you can only transfer money by bank transfer. There are also limited educational tools. However, the trading platform is easily understandable so the educational tools are not necessarily needed.

Recommended for beginners and buy and hold investors.

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Internaxx review
Investor protection and regulation

Internaxx is regulated by CSSF, the Luxembourgish financial regulator. It has a banking license and provides a €100,000 account protection. On the flip side, it's not listed on any stock exchange and doesn't provide negative balance protection.

Internaxx's €100,000 investor account protection amount is quite high as in Europe investor protection schemes usually provides €20,000.

Internaxx has a banking background which is also a good point because a broker company having a bank as a parent company can be deemed more stable.

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Internaxx review
Account opening

You can open an account without a required minimum amount. However, the process is not fully digital, you need to submit docs by post.

Who can open an account?

As Internaxx focuses on international investors, and especially expats, it serves a wide range of countries. 74 country residents are served including all European countries and most major non-European countries, e.g. Australia, Canada, Hong Kong, etc. To check if your country is available, use the broker selector tool.

Minimum funding requirements

At Internaxx there is no minimum funding requirement

Account types

There are two types of account:

• multi-currency account
• derivatives account

At multi-currency account, you can trade with stocks, ETFs and investment funds. Derivatives accounts give you access to forex, CFD, future, and options products. Note that derivatives accounts are available through Saxo Bank's platform, including Forex.

Internaxx does not provide a demo account.

Account base currencies

You can choose from the following 9 account base currencies: EUR, USD, CAD, GBP, SEK, CHF, AUD, HKD, SGD.

Account opening process

When doing the account opening first you fill a couple of data digitally e.g. your personal data, investment experience, and trading preferences. At the end of the process, you are asked to send copies of your passport or EU ID together with a recent bank statement, preferably from the same country where you are from. For some high-risk countries you might need notarized copies, but for most countries, you are fine with a simple copy. Sending docs via mail makes the account opening process slower than a fully digital process. It can take four days.

Internaxx review
Funding and withdrawal

Funding and withdrawal are user-friendly, but only through bank transfers.

You can transfer money to or from your account only by bank transfer.

Depending on the currency and the destination country, the transfer takes 1-2 days. If you transfer on a weekday before 11 am CET, your transaction will be executed on the same day. 

The bank transfer under €50,000 is free of charge if it's in the EU, Iceland, Norway, Switzerland, or Monaco. All other transaction is charged by €10.

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Internaxx review
Product portfolio

At Internaxx you can trade with almost all asset classes.

Available asset classes at Internaxx:

• Equities
• ETFs
• Funds
• Forex
• Options
• Futures
• CFDs

Bonds and Cryptos are the only missing asset classes.

For forex, option, future and CFD trading you need to open a second, derivatives account. At this account, you need to use Saxo Bank's trading platform. You can read about Saxo Bank's platform in our Saxo Bank review.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor, accounts lose money when trading CFDs.

Equities

You can trade equities in 17 markets worldwide. This is mid-range to competitors like DEGIRO with 32 stock markets and Saxo Bank with 30 stock markets.

Find below the available markets:

 ETFs

You can trade with more than 5,000 ETFs. This offer is quite good, compared with DEGIRO's ~6,000 ETFs and Saxo's ~650 ETFs.

Funds

Internaxx gives you access to ~600 funds. It is really wide offer in comparison with its competitors' offer, like DEGIRO's ~580 funds or Saxo which doesn't provide access to investment funds.

Forex

In Internaxx forex trading, you can reach over +150 currency pairs. 150+ currency pairs are quite good, compared to Interactive Brokers’ 105 currency pairs or to DEGIRO which doesn't provide forex products.

Options

If you are interested in options trading Internaxx can offer you all important product type options:

• Equity options
• Stock indexes options
• Forex options
• Commodity options

Futures

You can trade with futures of the following underlying: commodities, stocks, indexes, bonds, and currencies. 

CFDs

Internaxx gives you access to 22 markets globally. It's an average offer as Saxo gives you access to 29 markets and DEGIRO provides CFDs on 17 markets. 

The available markets:

Internaxx review
Fee structure

Internaxx offers an easy to understand fee structure without any hidden fees. However, the trading fees are quite high when you trade at low volumes.

Internaxx operates an interesting pricing strategy. The main advantage that it is clear and easy to understand, e.g. US stock trade costs 15USD+0.10%. There are no hidden fees, like stamp duty, or custody fees. There are also a lot of added features coming with the price. E.g. there is the Morningstar equity research tool (worth alone €199 per year), and you get live trading data, not a default by most brokers. However, trading fees are high, especially if you trade European markets, or you trade on a low volume. If you prefer easy to understand, clean offers, this is your choice, if want a bargain, there are more discount brokers out there.

Trading fees

The fees are really transparent, you can easily calculate the costs of each asset class. On the flip side, Internaxx's trading fees are not competitive, especially if you trade at a lower volume.  

Stock and ETF trading fees

Internaxx's stock and ETF costs for typical trades show Internaxx is mid-range at the US market but is really expensive at the European markets among its peers. The typical trade here means a trade of $2,000.

Stock and ETF trading fees are commission-based which is lower if you trade in a higher volume:

Fund trading fees

If you do less than two transactions per quarter, you need to pay only the quarterly administration fee of 0.1% (minimum €15). However, if you do more than two transactions per quarter, every subsequent transaction will be charged by €24.95. Keep in mind that there is a required minimum transaction volume of €2,000 per fund.

Forex trading fees

We calculated the forex costs for a typical $20,000 trade and compared Internaxx to its peers: 

Internaxx is among the most expensive brokers at forex trading. This is mainly due to the high commissions it charges: 

Future trading fees

Trading future at Internaxx is pricey. We compared the costs of a typical trade between Internaxx and some of its competitors. The typical trade here means a trade of 10 contracts. 

Future trading fees depend on the monthly traded volume and the currency of the underlying product:

Option trading fees

Option fees are also high compared to other brokers. Just like at the future trading fees, we calculated here the costs of 10 contracts and compared it to Internaxx's peers.

Option fees depend on the currency of the underlying product. Contrary to the future fees, the trading volume has no effect on the costs.

CFD trading fees

Internaxx's CFD costs are also pricey. Let's compare a typical trade of $2,000.

The cost of the CFDs depend on the market you want to trade on:

Non-trading fees

Internaxx's transparency is clearly visible when you take a look at non-trading fees. There is no hidden fee, like custody fee or stamp duty. However, Internaxx charges a fee if you don't trade for three months, and in some cases for money transfers.

Account maintenance fee: This fee covers a number of services, like real-time quotes on all available markets, equity research provided by Morningstar (it worth €199 per year). If you trade more than 12 times per quarter, the account maintenance fee is not charged. However, for less than 12 trades per 3 months, a quarterly fee of €25 is charged. If you don't trade for 3 months at all, you will be charged by a quarterly €45.

Deposit and withdrawal fee: You can deposit or withdraw only by bank transfer. It has no cost if you transfer less than €50,000 from/to a member state of EU plus Iceland, Norway, Switzerland, and Monaco. All other transaction is charged by €10.

Financing rate: It is practically an Internaxx loan for you to finance your overnight position. It is at the mid-range if you compare to its peers. 

The financing rate depends on the currency and the volume:

Internaxx review
Web trading platform

Internaxx has a well-designed web trading platform, you can easily find everything you need. However, the platform lacks the customizability and order types are limited.

You can use two trading platforms through Internaxx. If you open a multi-currency account, you will use the company's own platform. With derivatives account you will trade at Saxo Bank's trading platform. In our Internaxx review, we tested its own trading platform. If you want to check Saxo Bank's trading platform, visit our Saxo Bank review.

Testing Internaxx's platform was a great experience. It has a well-designed and easily manageable trading platform. You can't customize the platform, but the default workplace is very understandable and logical.

We also liked the platform's search function as we easily found what we were looking forYou can search for stocks, ETFs, and funds separately.

Furthermore, Internaxx gives you access to real-time quotes.

The limited number of order types is a drawback of the platform.

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Internaxx review
Mobile trading platform

Internaxx has a basic, but user-friendly mobile trading platform.

The mobile app is available for IOS and Android. We tested it on Android.

The mobile platform is well-designed and has a good and logical structure. At the login, we missed the two-steps authentication.

On the flip side, the mobile platform's one of the biggest disadvantages is the limited order types.

While the web trading platform does, the mobile platform doesn't have a good search function. We hardly managed to find what we were looking for.

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Internaxx review
Desktop trading platform

Internaxx does not provide a desktop platform.

Internaxx review
Research

Internaxx provides Morningstar's research that is well-detailed and has a good-quality. You will easily navigate yourself through the research page. On the flip side, research materials are available only for stocks.

Third-party research providers usually charge a fee for their services, but at Internaxx Morningstar's research is free of charge. 

You can also find technical analysis tools from Trading Central. an analyst company. However, these tools are only available for stocks.

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Internaxx review
Education

You will find some educational articles, but you won't find tutorial videos or webinars.

 The trading platform is easily understandable so the educational tools are not necessarily needed. However, only some basic education articles are available which are not suitable for very beginner clients. 

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Internaxx review
Customer service

You can contact Internaxx by telephone or e-mail. Live chat is not available. The support team is very kind and provides relevant answers.

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Internaxx review
Bottom line

I nternaxx is a secure broker from Luxembourg. It offers an easy to use and well-designed platform suitable for beginners and active investors. It concentrates on funds and stocks, but you can trade with almost all derivative asset classes on a Saxo operated separate platform. We also liked the detailed stock analysis tool which really helps you to find the best stocks.

However, nothing comes for free. Internaxx’s trading fees are expensive and it also charges a high inactivity fee. Furthermore, the only way to deposit or withdraw money is a bank transfer.

All in together, we recommend Internaxx to those who want to trade on a neat trading platform and ready to pay a higher, but easy to follow fee structure for a broad and a well-developed service.

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