DislikedAlso, do you know anything about there financial condition or if they can handle a 25k+ account?Ignored
FinFX 6 replies
FinFx? Any info is welcome 4 replies
CitiFX or FinFX - Convince me 46 replies
FinFX or ATC Brokers? 1 reply
FinFX ECN PRO - New account from FinFX! 5 replies
DislikedAlso, do you know anything about there financial condition or if they can handle a 25k+ account?Ignored
DislikedActually I didn't. I don't have a live account with FinFX. As I said earlier I'm just keeping an eye on them. I like to keep a little list of potential (non-US) brökers like this that I watch and see how they're customers are doing, etc. Just in case I need to switch brökers some day.
Well as an ECN, they should. If you're wondering whether they can handle large orders, that depends on their liquidity, which in turn depends on who (how big) their liquidity providers are.Ignored
DislikedI don't know how many times this needs to be corrected but here we go once more. Go Markets are STP and not DMA, there is a difference. And also nothing to do with an ECN. STP (straight through processing) means they may send trades to one or more liquidity providers who actually end up taking the other side of your trade. Direct Market Access (DMA) means just that where every trade is passed to the real market and we all know that forex is OTC so we are not trading the real market.
Also, they dont 'have access to 70+ liquidity providers' as you...Ignored
DislikedPipstar....take a look at the 100 Forex Brokers site (http://www.100forexbrokers.com/dma-direct-market-access). Go-Markets is listed as a DMA/STP. You may want to read the blurb on what constitutes a real DMA/STP and an ECN. The benefits are virtually identical as long as the DMA/STP has enough liquidity. If this site is incorrect they ask for updates. Help yourself and the rest of us.Ignored
DislikedPipstar....take a look at the 100 Forex Brokers site (http://www.100forexbrokers.com/dma-direct-market-access). Go-Markets is listed as a DMA/STP. You may want to read the blurb on what constitutes a real DMA/STP and an ECN. The benefits are virtually identical as long as the DMA/STP has enough liquidity. If this site is incorrect they ask for updates. Help yourself and the rest of us.Ignored
DislikedThanks Eric for the reply. A couple of questions. Have you made any withdrawals yet? What's the customer service like? Thanks again.Ignored
DislikedI am well aware of the website you mention. And many times they have to make corrections because they inadvertently I think post wrong information. Don't believe everything you read on a website and you will save yourself a lot of money. Anyway, I've told you how it is in my post above and you can make up your own mind.Ignored
DislikedWith all due respect, but he just told you what you need to know: Those websites are unreliable. Are you seriously taking a 3rd party website's word for it? A website that happens to advertize the brökers for profit? (I just saw a GoMarkets banner with an affiliate link in there)
Heck, even the bröker's own words aren't reliable sometimes. Your best chance is to get advice from people who've been there and know what they're doing. That's what I do and that's one of the things this forum is for.Ignored
DislikedFor non-US traders, Go-Markets appears to be a possible broker. They are an Australian regulated, DMA/STP broker using segregated accounts for clients. They also supposedly have access to 70+ liquidity providers (one of the highest rates in the business), which means that, as a 'market execution' broker using 'variable rates', it is really as good as working with a true ECN brokerage.
FinFX, on the other hand, is a non-regulated ECN broker who supposedly has segregated accounts via Nordea Bank (a very reputable bank throughout Scandanavia),...Ignored
Dislikedthanks to your query i wrote to finfx
whom i have email exchange with
are you satisfide with the answer?
i am not.....
Hi
1. According to our Terms of Use clients' funds are kept in FinFX's bank account. Funds shall not be used to cover FinFX's running expenses. They are only used partly as collateral which allows FinFX to carry out its business. They are treated as segregated funds in the company's accounting and are reviewed by certified auditor.
See Terms of Use chapter 10: https://www.finfx.fi/index.php?page=...f-use&lang=eng...Ignored
DislikedAstural,
Thank you for your update on FinFX. No, like you, I am not liking their answer. Additionally, it is my understanding that the CEo of FinFX, though he has some business experience, I do not believe that he has any real forex-type financial experience. FinFX may, in fact, be a wonderful company, but it is a long way away to try to get your money back if something goes wrong. It's a real shame as their MT4 demo platform really works well from my experience.Ignored
DislikedUnfortunately no-one can know much about any unregulated OTC intermediary. And even if intermediary is regulated, regulation most often do not concern OTC market like Spot Forex!
OTC intermediary (like FinFX) can pretty much do what ever they want with the client funds, the only outside party controlling them is their liquidity provider that needs to have the intermediary to show sufficient funds to cover the net open exposure, but liquidity provider could care less if this exposure is from clients or the company speculation themselves using...Ignored
Dislikedgreat thanks!
but some doubts still linger on the back of one's mind
it is about this
"....I haven't checked the Finnish boards for FinFx -Win Capital connection, but if this is true that should be a giant red flag! Personally I don't feel comfortable opening +5k account with small broker, just because there is really no way of assessing risk as there is no regulatory body overseeing and no way of confirming company solvency and capitalization."
finland is a small country in sense of population in my view
( i happened to travel there for...Ignored
DislikedI 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.
Can anyone comment?Ignored