Worked example
Practising on INFINOX's numbers
This is an exercise sheet, not a review. We are going to take three things that INFINOX publishes — a spread, a ladder of account types and a list of licences — and turn each of them into something you can do arithmetic with. By the end you should be able to repeat the whole exercise on any firm you come across, which is the actual skill being taught.
The figures we are working from
Nothing below is our estimate. Where a firm has not published something, or we could not read it on a source we trust, the box says so instead of guessing — a habit worth copying when you build your own broker notes.
Exercise one — turn the spread into money
INFINOX does not publish a EUR/USD spread we were able to verify, so there is no honest arithmetic to do on this page. Do not substitute a number you read on a comparison site: an unverified spread quietly becomes an unverified cost, and then an unverified plan. Use one of the other examples on the practice index for this exercise and come back to this file for the account ladder below.
Exercise two — read the account ladder
Account tiers are a pricing structure dressed as a status ladder. INFINOX offers 2 rungs. Read them as a question — what does each rung ask of me, and what does it give back? — rather than as a set of prizes to climb towards.
- STPThe entry rung. Whatever the published spread applies to, it is almost always this one — so this is the rung your arithmetic above describes.
- ECNA higher rung usually trades a tighter spread for a commission, a larger deposit, or a status test. Convert both pricing models to money per lot before you decide either is cheaper.
Account names as published: STP, ECN. Platforms listed: not verified.
Exercise three — what this licence list means for you
A long licence list is not automatically a good sign. What matters to a beginner is a narrower question: which entity would hold my money, and who supervises that entity? Those are often not the same as the impressive name at the top of the list. Here are INFINOX's lines, each with a plain reading.
| Regulator | Entity on the register | Number | What that means for a beginner |
|---|---|---|---|
| FCA · United Kingdom | INFINOX Capital Limited | 501057 | a top-tier regulator: compensation scheme, capital rules and a public register you can search yourself |
| CMA (UAE) · United Arab Emirates | Infinox Financial Consultants L.L.C S.O.C | 20200000379 | an offshore registration: a company exists and pays a fee, but expect little practical recourse from that entity |
| FSC Mauritius · Mauritius | INFINOX Limited | GB20025832 | an offshore registration: a company exists and pays a fee, but expect little practical recourse from that entity |
1 of these line is top-tier — held by INFINOX Capital Limited. If you are onboarded to a different entity than those, the protections attached to the top-tier line are not yours, however prominently the regulator's initials appear in the marketing. 2 lines are offshore registrations; treat those as a company address rather than as supervision.
The record behind these numbers
- INFINOX Limited is 'authorised and regulated as an Investment Dealer by the Financial Services Commission (FSC) of Mauritius under License Number GB20025832' (broker legal documents page).
- The broker's site warns that INFINOX Global Limited (company number A000001246, Anguilla) is 'an unregulated entity' and that registering with it means losing protections afforded under a regulated entity.
- On 29 January 2025 the FCA announced a £99,200 fine on Infinox Capital Limited for failing to submit 46,053 single-stock CFD transaction reports under MiFIR — the FCA's first fine for such failures.
- The FCA publishes a clone warning for 'Infinox Capital Ltd' impersonating the FCA-authorised firm of the same name (FRN 501057, 20 Birchin Court, London).
- Infinox Financial Consultants L.L.C S.O.C (Dubai) is described by the broker as a marketing and introducing entity licensed by the UAE Capital Market Authority under Category 5 licence 20200000379.
What we could not verify
The following are unconfirmed and are deliberately left blank rather than estimated: Bahamas SCB licence number for IX Capital Group Limited not verifiable from primary sources — directories conflict (SIA F-187 vs SIA F-188); spreadEurusd not verified; platforms not verified from current own pages; segregatedFunds not verified from legal text; instruments not verified from own pages (site states '900+ instruments' without a list); group HQ ambiguity — the global site operates under the Mauritius entity while the UK entity sits at 20 Birchin Court, London per the FCA page. Confidence in this file overall: medium. When you build your own notes on a firm, keep a list like this one — the gaps are more useful than the figures, because they tell you what to go and check.
Run the same exercise on another firm
pipdojo.com does not rank brokers, does not award badges and does not tell you where to open an account. This page exists so the arithmetic you learn in the curriculum has real numbers to bite on.