Internaxx Review 2018

Best platform design
· 4.2 · 7 August, 2018
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Internaxx logo

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.

Internaxx-Review-Investor-Protection

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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-Account-Opening

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.

Internaxx-Review-Funding-Withdrawal

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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:

Europe North America Asia / Pacific
Dublin Stock Exchange Amex Sydney Stock Exchange
Eurnext Amsterdam Nasdaq Hong Kong Stock Exchange
Eurnext Brussels New York Stock Exchange Singapore Stock Exchange
Eurnext Paris Toronto Stock Exchange  
Frankfurt Stock Exchange Xetra    
London Stock Exchange    
Madrid Stock Exchange    
Milan Stock Exchange    
OMX Stockholm    
Swiss Stock Exchange    

 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:

Europe North America Asia / Pacific

Eurnext Amsterdam

Amex Sydney Stock Exchange
Eurnext Brussels Nasdaq Tokyo Stock Exchange

Eurnext Lisbon

New York Stock Exchange  
Eurnext Paris Toronto Stock Exchange  
Frankfurt Stock Exchange Xetra    
London Stock Exchange    
Milan Stock Exchange    
OMX Stockholm    
OMX Copenhagen    
OMX Helsinki    
Oslo Stock Exchange    
Barcelona Stock Exchange    
Swiss Stock Exchange    
Vienna Stock Exchange    
Athens Stock Exchange    

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.

$ / typical trade Internaxx Saxo Bank Swissquote DEGIRO
US stock and ETF trading fee $19 $15 $25 $1
German stock and ETF trading fee $36 $14 $26 $6

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

Market Commission 1-9 trades per month Commission 10+ trades per month <€100,000 Commission 10+ trades per month >€100,000
US, Canada, UK, Ireland €14.95 + 0.10% €14.95 0.03%
Euronext (France, Belgium, Netherlands, Xetra (Germany) €24.95 + 0.10% €24.95 0.05%
Other markest €49.95 + 0.10% €49.95 0.08%

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: 

$ / typical trade Internaxx Saxo Bank  Swissquote DEGIRO
EURUSD forex costs $17 $3.2 $1.6 N/A

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

Currency pair Threshold commission Commission (under commission threshold) Minimum trading volume
EURUSD €50,000 €15 €5,000
EURGBP €100,000 €15 €5,000
GBPUSD £50,000 €15 €5,000
USDJPY $50,000 $15 €5,000
XAUUSD XAU 50 €15 €5,000

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. 

$ / 10 contracts trade Internaxx Saxo Bank Swissquote DEGIRO
US stock index future $70 $60 $20 $5
German stock index future $80 $69 $11 $10

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

Contract currency Trade volume: contracts per month Minimum commission
0-100 101-1000 1001+
EUR €7 €5 Contact Internaxx to get its discount rates €10
USD $7 $5 Contact Internaxx to get its discount rates $10
GBP £6 £5 Contact Internaxx to get its discount rates £10

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.

$ / 10 contracts trade Internaxx Saxo Bank Swissquote DEGIRO
US stock index option $60 $60 $20 $5
German stock index option $68 $69 $11 $10

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

Contract currency Commission
EUR €6
USD $6
GBP £5

CFD trading fees

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

$ / typical trade Internaxx Saxo Bank Swissquote DEGIRO
US stock CFD fee $20 $20 N/A $1
German stock CFD fee $17 $14 N/A $6

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

Market Commission Minimum commission

Amex

Nasdaq

New York Stock Exchange

0.16% USD 20
Toronto Exchange 0.16% CAD 25

Eurnext Amsterdam

Eurnext Brussels

Eurnext Lisbon

Eurnext Paris

0.15% EUR 15
Frankfurt Stock Exchange Xetra 0.15% EUR 15
London Stock Exchange 0.15% GBP 15
Milan Stock Exchange 0.15% EUR 15
OMX Stockholm 0.15% SEK 100
OMX Copenhagen 0.15% DKK 100
OMX Helsinki 0.15% EUR 15
Oslo Stock Exchange 0.15% NOK 100
Barcelona Stock Exchange 0.15% EUR 15
Swiss Stock Exchange 0.15% CHF 25
Vienna Stock Exchange 0.15% EUR 15
Athens Stock Exchange 0.60% EUR 15
Sydney Stock Exchange 0.15% AUD 20
Tokyo Stock Exchange 0.20% JPY 2,000

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. 

Yearly financing rate Internaxx Saxo Bank Swissquote DEGIRO
USD 6.9% 9.5% 4.8% 2.7%
EUR 4.9% 8.0% 3.0% 1.2%

The financing rate depends on the currency and the volume:

Internaxx-Review-Financing-Rate

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.

 Internaxx-Review-Trading-Platform

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.

Internaxx-Review-Mobile-Platform

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. 

Internaxx-Review-Research

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.

Internaxx-Review-Customer-Service

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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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Internaxx logo

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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Overall

Pros
  • Easy to use, minimalistic platform
  • Detailed stock analysis tools
  • Wide product portfolio
Cons
  • High trading fees
  • Only bank transfer is available
  • Limited educational tools

Investor protection and regulation

Pros
  • €100,000 amount of account protection
Cons
  • Does not hold a banking license
  • Not listed on stock exchange

Account opening

Pros
  • No minimum account balance
  • More base currency available
Cons
  • Not fully digital opening process
  • No demo account

Funding and withdrawal

Pros
  • User-friendly transfer process
Cons
  • Only bank transfer available

Product portfolio

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

Fee structure

Pros
  • Transparent fees
Cons
  • High fees for low volume stock trading
  • Inactivity fee

Web trading platform

Pros
  • Easy to use, simple platform
  • Nice visualization of account balance and portfolio
Cons
  • Limited number of order types
  • Limited number of technical tools
  • Lack of customizability

Mobile trading platform

Pros
  • Order confirmation available
Cons
  • No two-step (safe) login
  • Limited order types
  • Bad search function

Research

Pros
  • Detailed company analysis reports for free
  • User-friendly research page
Cons
  • Research and analyst materials are only available stocks

Education

Pros
None
Cons
  • No trading platform tutorial videos
  • No educational videos

Customer service

Pros
  • Fast support
  • Customer service in English, German and French
  • Call center speaks in kind, polite manner
Cons
  • No live chat

AUTHOR OF THIS REVIEW

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager
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