Stocks Section

Internaxx Is Another Legitimate Offshore Broker

September 2005

With all the nasty thieving offshore brokers around we're happy to publicise any of the good guys. Last month we wrote about Berkeley Futures and its offshore brokerage operation (see article) and now just a quick note on another 100% legitimate offshore broker based in Luxembourg, Internaxx.

The International Offshore Broker - Internaxx

• A joint venture between TD Waterhouse & Banque Generale du Luxembourg (owned by Fortis Bank)
• Several thousand expat clients located throughout the world
• Has a 'Bank' status in Luxembourg and is regulated by the Financial Sector Supervisory Commission (the Lux. Regulator)
• TD Waterhouse in the US has over 3 million customer accounts combined with $175 billion in assets under management

Products Offered

• Stockbroking facilities for US, UK, Canadian, and major Euro bourses
• No charge for orders such as stop losses, limit orders etc (only on UK/US markets). This is a nice bonus!
• CFDs on all the above markets
• Foreign Exchange markets
• Mutual funds
• And money can be held/changed into all the major currencies
• Online trading & cash management

Another nice bonus is the website is translated in English, Francais, Deutsche and Nederland (with corresponding call centres)

Website Clues To Detect A Legitimate Broker

Internaxx's website does everything right when informing a potential client or surfer that it's a legitimate operation.

• Plenty of concrete details of who they are
• Where they're located
• Who they are regulated by (always check this fact out because the scammers love to invent their own fake financial regulators - See this article on fake regulators)
• Who they are owned by, and in Internaxx's case companies that we've either all heard of, or who can easily be checked out

But contrast the information that Internaxx's website offers versus a typical scam brokers website;

• The address usually looks like a Post Office Box
• The telephone given usually doesn't answer (this is so clients who have had money stolen from them can't get in contact)
• Often regulated by a fake Regulator who in turn has a website that tells you everything apart from any real information
• The scammers are normally always 'a privately owned corporation', and
• If there's any mention of where client funds are held reference it is always given to a firm that nobody has heard of or has no web presence, an example of this would be ' Client funds are held on the books of Drummond Bryce which is a fully diversified, independent offshore F.C.M.' - Sorry but Drummond Bryce doesn't exist and never has

Summary

Internaxx does everything right and although we're not clients ourselves it seems to get some good reviews from the expat community. If you need an offshore broker to deal in financial products then certainly check them out further.

See Also

Internaxx Website
• Berkeley (Bahamas) Ltd - Website