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FinFX opinions

  • #361
  • Sep 5, 2013 5:53pm Sep 5, 2013 5:53pm
Hi,

Started trading with them, so far so good.
Does anyone knows what this AAA rating actually means? They have no regulation, but have this..

Strong.
  • #362
  • Sep 12, 2013 4:23pm Sep 12, 2013 4:23pm
Ahh,

Anyone have traded gold with finfx?

Strong.
  • #363
  • Sep 12, 2013 4:27pm Sep 12, 2013 4:27pm
Quoting PipMeUpPleas
Ahh, Anyone have traded gold with finfx? Strong.
It's great. low margin requirements, spread is .60-$1.00, no complaints. You have to know that gold slips a lot sometimes, it just moves fast. $1.00 is 100 pips, and I've seen it move $30 in one tick, and it will slip the whole way...that's 3,000 pips. Just plan big stops and TPs.
Too close for pips, switching to points.
  • #364
  • Edited 2:24pm Sep 15, 2013 2:11pm | Edited 2:24pm
A great deal of loose, misinformed talk about "finfx breaking the law...", etc., etc.

Two things to realize about this law.

1) It is totally on the broker. US residents (it's based on residency not citizenship) face no sanctions as a result of trading with a non-US broker.

2) The provisions of the law are triggered only when a broker takes the opposite side of a customer transaction. While there are very few true ECN brokers around (MB Trading is the only one I can think of in the USA), a TRUE ECN broker will not run afoul of this law because they are merely passing the order to the ECN for a fee. Read the law.

I strongly suspect that's why finfx has ecnountered no difficulties with US regulators. Finfx has been specifically named by integral in its truefx initiative as a client. It is indeed quite possible they are a true ECN and have nothing to do with taking sides on a client's trades. IF such is the case, that explains why they have had no trouble with the CFTC, and I strongly suspect they never will. Ask yourself why the CFTC has already gone to court against a dozen or more foreign brokers, yet finfx keeps merrily accepting clients without apparent difficulty. They have been an ECN broker since the beginning. That's the difference.

I would add that I've wired in & out with finfx in amounts exceeding $40K at a pop without difficulty.

They are very painful to deal with as far as source of funds, etc. (being very careful about AML, drug dealers, etc., I guess) but are absolutely trustworthy in my experience as regards brokering an banking.
  • #365
  • Sep 16, 2013 7:39am Sep 16, 2013 7:39am
Quoting tx_sandman
A great deal of loose, misinformed talk about "finfx breaking the law...", etc., etc. Two things to realize about this law. 1) It is totally on the broker. US residents (it's based on residency not citizenship) face no sanctions as a result of trading with a non-US broker. 2) The provisions of the law are triggered only when a broker takes the opposite side of a customer transaction. While there are very few true ECN brokers around (MB Trading is the only one I can think of in the USA), a TRUE ECN broker will not run afoul of this law because...
Hi,

That is a very good thought, how long you are trading with them?

Strong.
  • #366
  • Sep 16, 2013 7:40am Sep 16, 2013 7:40am
Quoting Thepipster
{quote} It's great. low margin requirements, spread is .60-$1.00, no complaints. You have to know that gold slips a lot sometimes, it just moves fast. $1.00 is 100 pips, and I've seen it move $30 in one tick, and it will slip the whole way...that's 3,000 pips. Just plan big stops and TPs.
You trade only gold with them?

Strong.
  • #367
  • Sep 20, 2013 9:13pm Sep 20, 2013 9:13pm
Is there a decent IB that accepts US clients for FinFX? It doesn't seem cashbackforex intorduces them any longer. Thanks.
  • #368
  • Sep 23, 2013 6:45pm Sep 23, 2013 6:45pm
Quoting Fx93
Is there a decent IB that accepts US clients for FinFX? It doesn't seem cashbackforex intorduces them any longer. Thanks.
Strange. I see them in the list at cahsbackforex.

Strong.
  • #369
  • Oct 3, 2013 7:45am Oct 3, 2013 7:45am
And today I don't see them at cashbackforex, smth happened?

Strong.
  • #370
  • Oct 3, 2013 10:01am Oct 3, 2013 10:01am
I have used FinFx since May. As for funding, I entered the market with mid-5 figures. It's true that FinFX does require very explicit detailed paper trail of money.
But that is a GOOD thing. They were very helpful when my bank in the USA could not figure out how to do a wire transfer to their European Bank. I even found out later that the local bank 'District' manager was considering reporting us the to Fed's because they just couldn't fathom why anyone would send that much $USD to a foreign bank for a brokerage account. Just shows you how much leverage local idiots at banking mgr levels have. Fortunately, the two local managers, who met my wife and I when we first moved to a new area, stepped in and became the better part of reason. It took our local bank branch ( a major bank up and down the East Coast of USA) 3 tries before they got the wire transfer to work.
My friend uses FinFx ( he introduced me to them ) with a "considerably" higher account than I have, and has not had any real issues with them.

So in my estimation, based on my personal experiences, I think anyone would be safe using this broker.
  • #371
  • Oct 4, 2013 2:48am Oct 4, 2013 2:48am
FinFx on their website states that "FinFX has gained TrueFX Broker status at our liquidity hub Integral - which is a status given only to respected ECN partners." However recently they have been removed from that page. Not sure why. It would be good to know. May be there is a good reason.
  • #372
  • Edited 9:07am Oct 5, 2013 8:57am | Edited 9:07am
True ECN ?

It is true ECN but you people do not understand that this thing is only part of the story. The key question is that what kind of platform you are accessing by your "true ECN broker" ?

Every PRO knows that Forex is an OTC market. There is no Market Orders available. All orders sent to the TRUE FOREX NETWORK are Limit Orders.

So why this FinFx broker (or any other broker who is using this same matching platform) do not offer pure native limit orders ?

I am sure you readers here are very clever people and understand what is the very obvious answer for this question

So make a favor for yourself and choose an ECN broker who offer real limit orders and you dont leak pips for other participants. This "game" is tough enough without any additional overhead/stealing.
  • #373
  • Oct 10, 2013 8:49am Oct 10, 2013 8:49am
Quoting DonPenni
True ECN ? It is true ECN but you people do not understand that this thing is only part of the story. The key question is that what kind of platform you are accessing by your "true ECN broker" ? Every PRO knows that Forex is an OTC market. There is no Market Orders available. All orders sent to the TRUE FOREX NETWORK are Limit Orders. So why this FinFx broker (or any other broker who is using this same matching platform) do not offer pure native limit orders ? I am sure you readers here are very clever people and understand what is the very obvious...
Interesting opinon, what you mean under real limit orders ? I can place Limit Order in MT4, what is wrong ?

Strong.
  • #374
  • Oct 15, 2013 8:18pm Oct 15, 2013 8:18pm
Strong.
  • #375
  • Oct 15, 2013 8:19pm Oct 15, 2013 8:19pm
I just checked at finfx support, the state that they provide real limit orders that are possible through MT4 and bridge PrimeXM. I also had no problems (yet) with my limit orders.

Strong.
  • #376
  • Oct 16, 2013 2:04am Oct 16, 2013 2:04am
FinFx "true limit" orders (offered for the ECN PRO accounts only) are simulated in house before sent to the market. All orders sent to the market by the FinFx are MARKET ORDERS.
  • #377
  • Oct 17, 2013 11:42pm Oct 17, 2013 11:42pm
i like this broker ...i work with them
  • #378
  • Oct 19, 2013 11:09am Oct 19, 2013 11:09am
Quoting Prosentti
FinFx "true limit" orders (offered for the ECN PRO accounts only) are simulated in house before sent to the market. All orders sent to the market by the FinFx are MARKET ORDERS.
Well, why do you care if these orders are Fill or Kill, you do not get any slippage and I think its not a problem of finfx but of MT4.

Strong.
  • #379
  • Oct 21, 2013 7:05pm Oct 21, 2013 7:05pm
I also found out that your order is visible on the martket.

Strong.
  • #380
  • Edited 12:47pm Oct 22, 2013 12:11pm | Edited 12:47pm
Quoting PipMeUpPleas
{quote} Well, why do you care if these orders are Fill or Kill, you do not get any slippage and I think its not a problem of finfx but of MT4. Strong.
Its all about the execution my frend specially if you are scalping. Because there is one layer between you and the market you will miss trades because of the logic they use. When you learn this you will start to change your limits wider which means worse fills (in practice = slippage).

From the point of single trade it is a small edge but in the longer run it is a different story. This is tough industry and business so all small things are very important and gives you more edge against those who doesnt care.

But we all are different people and systems so peace !
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