finfx-is it as good as it looks?

This is a discussion on finfx-is it as good as it looks? within the Forex Brokers forums, part of the Commercial category; does anybody know anithing about finnish broker finfx? tried to contact client service and asked several questions this is the ...

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Old May 6, 2011, 11:26am   #1
Als
Joined Jul 2010
finfx-is it as good as it looks?

does anybody know anithing about finnish broker finfx?

tried to contact client service and asked several questions

this is the answer

Hi
FinFX went live on January 2010.

CEO is Jani Hjerppe.

Business ID: 2306687-0

More information here: http://www.ytj.fi/english/yritystied...1704;1736;2052

We keep all our clients funds on a segregated account.

Best regards, Samu
Customer service

FinFx Trading Oy
Tainionkoskentie 14
55100 Imatra
Finland
www.finfx.fi

-------

....looks interesting.......

ecn 2500 to start spreads 0.7-1.2 and 7 euros commission roundturn

but mini micro only several hundreds to open(fixed variable)

run demo at present and it works fine for scalping

liquidity seems sufficient

but what to expect going live?

and reliability of company is not clear

ther is an info that finland has no regulation of brokerages

it makes difficult to verify company's claims and its reputation

how can i contact finnish traders to get opinion?

is there any finnish forum in english?

please help with your thoughts
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Old May 6, 2011, 3:46pm   #2
Als
Joined Jul 2010
Re: finfx-is it as good as it looks?

Als started this thread clarification about finnish regulation

received from finfx

" Forex is not considered as investment or financial instrument in Finland
and there is no need to have license nor is there regulation for it
currently.
Companies can register themselves to authorities, but they are still not
regulated. In Finland only companies which are regulated can be registered
to Finnish FSA (FIN-FSA)."
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Old May 9, 2011, 9:01pm   #3
Als
Joined Jul 2010
Re: finfx-is it as good as it looks?

Als started this thread some answers received from finfx

hope "old guard"(long time members) join me with there precise and pointed questions

first general company bla bla bla but let us remember all promises

Here is short introduction about Finland and FinFX:
We do accept clients from US. We also recognize the changing regulatory climate in US which has no effect on FinFx's broker services. We continue to provide hedging, scalping, limit orders and high leverage without the FIFO-limitations.
FinFx has gained TrueFX Broker status at our liquidity provider https://www.integral.com/partners/truefx_brokers.htm - a status given only to respected ECN partners.
As we do not operate out of NFA jurisdiction we are only too happy to continue offering hedging, scalping, stop-loss, limit orders and all this without the FIFO-limits many brokers are exposed to these days. And we can offer maximum leverage of 300:1 on Mini Account.
If you instead manage other people's accounts please rest assured our state-of-the-art Multi Account Manager (MAM/PAMM) from Rous Technology delivers trades instantaneously on your client accounts. We decided to go with the best and not with the cheapest one available. Our managed account providers who automate their trades on several Forex platforms tell us that ours produce the best results. It's about the pricing and speed of execution.
The same goes with the MetaTrader bridge software - needed to provide you with the true ECN-pricing experience many only promise. Again not the cheapest but the best.
Try opening an account with us. Most new accounts get created the same day, sometimes even in minutes. We have seen the hardships especially small and medium-sized businesses have to endure in account openings worldwide.
And in addition to SWIFT/BIC transfers our VISA/Master/Moneybookers funding and withdrawal methods are almost instant.
Use iPhone, PocketPC or Smartphone to monitor or carry out trading while out and about. Just dial-in one of our redundant servers located in the capital city of Finland, Helsinki, and you are good to go. Clients further away enjoy our low latency servers abroad. We are currently connected to 15 banks and always seeking more ways to lower our spread. During the New York session it is not uncommon to see our EURUSD down to even 0.0 pips and mostly ranging at 0.6 pips.
Also our Market Orders go through better than the usual Instant Orders - giving you less or none of Requotes or Price has changed errors. We are a well capitalized company and FinFx can’t use client funds for company's own expenses

-------------------------------------------------------

1.can you confirm that live account runs identically to demo platform?

Yes we confirm this. Trading conditions are the same. On live account though all trades are sent to markets so small slippage can happen, this is the market dynamics of ECN compared to a market maker model. We however do let clients keep their positive slippage which is rather rare in broker industry.
--------------------------------------
2.one click plugin would be very useful

You are free to use any third party one-click plugin with our MT4. Later this year we are coming out with another award winning platform, more suitable for one click trading and institutional traders.
-----------------------------------------------------
3.i' ve read on 100forexbrokers.com a complaint that a trader experienced connect disruptions several times in the beginning of this year
what do you undertake in this respect to provide uninterrupted service?

You are correct, I have seen the 100forexbrokers.com review and it is true. The feed coming from our banks really disconnected for few times. So opting for backup servers was not a choice. We worked it with our liquidity and bridge provider and it is good now. We have a very good reputation on being quick and fair towards traders in situations beyond their control.
Of course our 24/5 phone support makes it possible for clients to close trades if they lose their own internet connection. Many times traders also resort to VPS services for better internet connections.

--------------------------------------------------
>4.does finfx publish financial reports?

>..no....
In Finland financial reports are not publicly available. We are considering using an internationally renowned auditing company.

---------------------------------------------------------
5.transparency is the most important thing

We agree. We for example tell openly that we get price feed from multiple banks via our liquidity provider Integral and bridge providers PrimeXM and Rous Technology. This is something a market maker may not tell you.
We get price-feed from multiple banks, all competing to give you the best ECN price - so it is not uncommon to see EURUSD spread down to even 0.0 pips and commonly ranging at 0.6 pips. Also our execution speed is top notch at 200ms coupled with our Market Orders which are better filled compared to the usual Instant Orders - thus giving you less or none of Requotes and Price has changed errors. Therefore we welcome scalpers.
our smallest price increment is 0.1 pips instead of 0.5 pips as you probably saw in the first place.
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Old May 11, 2011, 4:20pm   #4
 
trader-john's Avatar
Joined Mar 2011
Re: finfx-is it as good as it looks?

This is a good broker, but I didn't try them myself.
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Old May 12, 2011, 11:16pm   #5
Als
Joined Jul 2010
Re: finfx-is it as good as it looks?

Als started this thread 1. what's wrong with demo this evening?
(Trade context is busy)
daytime it was perfect

Trade context is busy error is a client side error and it's caused
usually by an EA that is trying to open, close or modify trades before the
earlier one is fully processed. This may result also from two or more EAs on
the same platform that are trying to make trades at the same time. Rarely
the MT4 may also lock down and give this error all the time. Then restarting
it solves the problem.
---------------
2.i've run account to stopout
and got result as
margin minimum 100%( no negative)
positions closed on principe one by one first in first out
confirm if it is correct


Margin call level is 100%. When it's reached the most unprofitable trade
is closed.
-------------

3.as far as i remember
ecn account has 2000euros to open and only 1/100 leverage
is demo ecn a bit of a marketing trick then(1/200)?


Demo accounts do not follow the same rules as live account regarding the
leverage. You can't open a Mini account with 1:300 leverage in demo which is
allowed in live. Demo accounts' leverage is more flexible to better allow
testing of different trading strategies.
-----------------

4.my web research has brought only positive news about finfx
with some exception of connect disruption
but many traders expressed their unease about reliability of company
namely the lack of supervision by strong regulatory body

Forex is not regulated in Finland and it's not even possible to register
with any Finnish authority. You can check this from FIN-FSA, if you wish.
FinFX can't use client funds for company's own expenses.
Our Nordea bank is in the top 50 of the most safe banks in the world.
http://www.gfmag.com/tools/best-bank...anks-2010.html
We are TrueFX partners with Integral:
https://www.integral.com/partners/truefx_brokers.htm

Best Regards, Sampo
Customer service
FinFx Trading Oy
Tainionkoskentie 14
55100 Imatra
Finland
www.finfx.fi
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Old May 18, 2011, 9:38am   #6
 
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Joined Mar 2011
Re: finfx-is it as good as it looks?

FinFx is good broker, as all other brokers it has a good standard account, very good ECN account.

I'm confident in this broker and can recommend it other forum members.
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Old May 18, 2011, 9:54am   #7
Als
Joined Jul 2010
Re: finfx-is it as good as it looks?

Als started this thread
Quote:
Originally Posted by Joseff View Post
FinFx is good broker, as all other brokers it has a good standard account, very good ECN account.

I'm confident in this broker and can recommend it other forum members.
thanks for reply

have you tried this broker youself?

if yes provide more info if possible
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Old May 18, 2011, 10:22am   #8
 
Joseff's Avatar
Joined Mar 2011
Re: finfx-is it as good as it looks?

Quote:
Originally Posted by Als View Post
thanks for reply

have you tried this broker youself?

if yes provide more info if possible
I didn't try it myself, cause I'm satisfied with TDFX. My friend has been testing it for couple months. Also I know couple users on other forums that have live accounts and everything. Based upon this information I made my conclusions.
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Old May 18, 2011, 3:28pm   #9
 
trader-john's Avatar
Joined Mar 2011
Re: finfx-is it as good as it looks?

Another opinion on FinFx:

Quote:
""...The owner of FinFX is a close friend of the head member of the biggest ponzi scheme in Finland - WinCapita (worth +150 000 000€). He also owns a company which provides automated trading with EA which has failed (www.ekforex.fi). His main profession is masseur so he is just an amateur playing with FAPTurbo-like EAs. They're looking for staff in Finnish forums and so on."

this is quite worry some.......

nowadays many bucketshops are heavily disguised

and look sleek and glossy at first glance

sometimes intentionally acting with openness and straightforwardness

simply to divert attention from discrepancies

between declared on website and real conditions of live account


it seems you have necessary connections

be so kind

do some deeper (info) digging about guys behind this organisation"
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Old May 20, 2011, 6:59am   #10
Als
Joined Jul 2010
Re: finfx-is it as good as it looks?

Als started this thread for those who are interested look at this

http://www.forexfactory.com/showthread.php?t=268462
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