finfx-is it as good as it looks?

[Als]

To: FinFX Customer Service
Subject: Re: account opening questions

give your comments plz (from forums)

".....I have a question for those that hedge their trades at FinFX.
I notice that the margin does not get offset when you put two opposing trades of the same quantity at the same time. This is unlke the practice at other MT4 brokers where zero margin is used in such instances..."

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

Hi,

It doesn't go "offset" but it's doesn't reserve more margin than this already opened trade.
Here is couple examples. I hope these help to you.

Margin requirement example.

Opening a BUY position with 1 lot on EURUSD reserves 140 USD margin and opening 1 lot SELL position on EURUSD while having the BUY position open doesn’t reserve more margin but doesn’t free reserved margin either.

Partial hedging.

Client opens 2 lot BUY trade on EURUSD that reserves 280 USD margin and then opens 1 lot SELL trade the 1 lot SELL trade will not reserve more margin as it is partially hedged with the BUY trade.


FinFx Trading Oy | MIKA
| Customer Service

 

[Als]

To: FinFX Customer Service
Subject: Re: account opening questions

be so kind ....give your comments

1.possible (20 pips?) slippage(not on the news of cause)

2.dispute resolution

what is below sounds very strange....

what is this....? just a web crap....?

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

(forexfactory forum)

I am trading live now with FinFX since 6 weeks, mostly news trading. So far I could not recommend FinFX. I got an ECN account and had regularly rather high slippage, 20 pips and up. I am in doubt if it is really ECN execution and I will withdraw my money soon. In my opinion FinFx is not better than any other non ECN Broker. They allow news trading and scalping but I doubt any trader could do it profitably under this conditions.

Edit: I contacted FinFX and they explained this with the latency. But: I got a braodband connection and I am living in Europe, too. For me a bad explanation.

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

You guys for real? Trading with an unregulated, unregistered broker?

Why do noobies spend no time picking a broker, never do any due dilligence and complain they got ripped of in the end.

Would you open a bank account with an unregistered, unlicensed and unregulated bank you found in your local shopping mall? Would you use an airline that was not licensed? Would you use a heart surgeon that was not registered? Would you use an insurance company that was not regulated?

Look at their T&C's:

Quote:
Resolution of any dispute connected to the Operative Agreements must initially be attempted through negotiations between the relevant parties. Where this proves unsuccessful, disputes are to be primarily resolved in the district court of South Karelia
Oh, so you can't lodge a complain with a regulator, wonder why you physically need to take them to court, ah of course they know that you won't as it will be too expensive for you....

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

Hi

All orders are STP Market Orders and they are sent to Interbank markets to be filled with best available price.

Unfortunately if the markets move volatile some slippage can happen. 20 pips slippage is possible but I assure you that it's very unlikely.

Some slippages are caused if the client has high latency to our trading server, but most slippages are caused if the markets move volatile.

Could you explain a bit about the texts you pasted and to which questions you wish to have comments and answers to.

Thank you

FinFx Trading Oy | SAMU
| Customer Service | +358 10 281 0100
| Tainionkoskentie 14, 55100 Imatra, Finland
| [email protected] | www.finfx.fi

 

[Als]

-----Original Message-----
To: FinFX Customer Service
Subject: Re: account opening questions


first point is clarified

but the second is just sort of reflection of general distrust

to any unregulated broker (in sense of money safety)

let it be finland has no regulatory body

but when accounts are not segregated but only considered as such

the question arises

who in fact can supervise activities of a fx broker in finland

and one more important point

who is your auditor

because financial sustaiability of finfx is not clear at all

and general bla bla bla can be suitable for marketing

but is not satisfactory for a serious trader

who seeks long term relations with service provider

-----------------
Dear Client!

Forex is not a subject of regulation in Finland and this is the reason why FinFX cannot get regulated by local Financial Authorities.
Even though FinFX does not have regulation, our company is obligated to comply with legislation of Finland.
To ensure security related issues all funds of our clients are fully segregated in bank accounts. That means if FinFX goes bankrupt all deposits will be returned to the clients. Corporate Terms of Use available for public review in our web-page clearly state that company shall not use clients' funds to cover its running expenses. Following Finnish law, FinFX will be audited by the international certified auditor after the end of corporate financial year.

We do also encourage you to study laws of Finland to get an idea how many strict requirements legal entity has to meet to run a business in this country.

Feel free to contact us should you happen to have other questions.


FinFx Trading Oy | MIKHAIL
| Customer Service | +358 10 281 0100
| Tainionkoskentie 14, 55100 Imatra, Finland
| [email protected] | www.finfx.fi

 

[Joseff]

Their support is working great. Really impressive! Checked myself today.

 

[dn1pro]

Could the live-users please tell about recent execution performance of pending orders during news spikes (micro account)? Any slippage/freezes..or is it instant most of the times..and does the spread widen much? Also how smooth is the withdrawal process?

Thanks!

 

[Joseff]

I have few friends trading with FinFX. They didn't complain.
Best Regards,
Josef

 

[Anwar Heidary]

Re: Having problem with finfx

We need to know about FINFX from Finland. We have problem with them

 

[Als]

Re: Having problem with finfx

We need to know about FINFX from Finland. We have problem with them

plz tell about the problem

it wud be very helpful info for "wanna be clients"

 

[dn1pro]

Re: Having problem with finfx

We need to know about FINFX from Finland. We have problem with them

Specific info should really be included in posts like these, otherwise..why even posting?
So, what is the problem and have you explained it to support guys in chat? Their answer was?

 

[Joseff]

Re: Having problem with finfx

Specific info should really be included in posts like these, otherwise..why even posting?
So, what is the problem and have you explained it to support guys in chat? Their answer was?

+1

 

[Als]

I have few friends trading with FinFX. They didn't complain.
Best Regards,
Josef

".........FinFX has launched its brand new trading account called ECN Pro! ECN Pro has the fastest execution in the markets. It�s an ultimate trading environment for the more experienced currency trader or company, especially for traders looking to use scalping strategies. ECN Pro accounts are located on a dedicated server next to liquidity provider's servers which reduces execution times to the minimum!
Apply ECN Pro account and start trading!Initial deposit is 10000EUR/USD/CHF........"

Josef!

your opinion?

may be your friends have some?

 

[Jerry Westerby]

what you have here is the most boring man on the face of the earth defending an unregulated "broker" charging $7 per round turn that claims to get you interbank liquidity with a $10,000 account.

meh.

 

[Jerry Westerby]

".........FinFX has launched its brand new trading account called ECN Pro! ECN Pro has the fastest execution in the markets. It�s an ultimate trading environment for the more experienced currency trader or company, especially for traders looking to use scalping strategies. ECN Pro accounts are located on a dedicated server next to liquidity provider's servers which reduces execution times to the minimum!
Apply ECN Pro account and start trading!Initial deposit is 10000EUR/USD/CHF........"

Josef!

your opinion?

may by your friends have some?

SURE!!! The fastest execution in the markets is definately with ECN Pro! You know ICAP bought EBS a few years ago... C*NTS! ECN Pro is the major liquidity aggregator for interbank operators. Do you know WHY? ECNPro beats reuters matching every year? Because you need a whole $10,000 to open an account?!?!?! no more of those $1,000 or $500 traders which make up so much noise...

 

[Jerry Westerby]

sorry, i my rage I missed my first observation.

$7 PER ROUD TURN?!!??!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!!?

 

[G.O.A.T]

SURE!!! The fastest execution in the markets is definately with ECN Pro! You know ICAP bought EBS a few years ago... C*NTS! ECN Pro is the major liquidity aggregator for interbank operators. Do you know WHY? ECNPro beats reuters matching every year? Because you need a whole $10,000 to open an account?!?!?! no more of those $1,000 or $500 traders which make up so much noise...

A gorger should really know that the correct spelling is D-E-F-I-N-I-T-E-L-Y. What a lOOser

 

[Jerry Westerby]

deuce

 

[G.O.A.T]

deuce

 

[Jerry Westerby]

yeh rite shes quite hot but that RoryMc****SmokedMackeralRoy ?!?!

hes:

a) ugly
b) ugly
c) got a face like a wet flanel
d) boring
e) gay

 

[Wixx]

yeh rite shes quite hot but that RoryMc****SmokedMackeralRoy ?!?!

hey I'll tell you the truth FinFx Director is a member WinCapita

WinCapita District Court Public Minutes of Finland


Oikeuslaitos - WinCapita


3. Jack Hjerppe

 

[Als]

yeh rite shes quite hot but that RoryMc****SmokedMackeralRoy ?!?!

hey I'll tell you the truth FinFx Director is a member WinCapita

WinCapita District Court Public Minutes of Finland


Oikeuslaitos - WinCapita


3. Jack Hjerppe

Dear Sir/Madam,

Thank you for your e-mail.

The e-mail you forwarded to us at FinFX is black PR campaign. Neither FinFX personnel nor management has been suspected of running investment club.

Club defendants have received their verdict.

If you any further questions, please do not hesitate to contact us.

Yours Sincerely,

FinFx Trading Oy
| Customer Service| +358 10 281 0100
| Tainionkoskentie 14, 55100 Imatra, Finland
| [email protected] | FinFx Trading is the Largest Forex Broker in Finland | FinFX