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FinFX opinions

  • #1
  • First Post: Dec 3, 2010 3:25am Dec 3, 2010 3:25am
Lately, as my lot size is growing , I am getting concerned about speed of execution and spreads. I am currently with FXPro and I don't have any issues other than that I would like better spreads (specially on GU).
I have tried various demos and my attention was drawn to FinFx. Their spreads and commision (ECN) are excellent, but before I commit my money there I would like to hear from you guys (if you have direct experience with FinFx .... Have you experienced trading, withdrawals, etc. with them?

Kostas.
  • #2
  • Dec 27, 2010 4:06pm Dec 27, 2010 4:06pm
Kostas- Any progress with this broker? I'm going to start a demo, but wanted to know if you had any more information in the last three weeks?

Dave
  • #3
  • Dec 27, 2010 4:21pm Dec 27, 2010 4:21pm
I'm interested in them as well !

Judging by this website http://www.fxintel.com/live/ , they offer the tightest spreads around for smaller retail investors - apart from Oanda, maybe.


They use Integral as their liquidity source which seems to be similar to Currenex, as far as I understand.

http://www.integral.com/
  • #4
  • Dec 27, 2010 4:38pm Dec 27, 2010 4:38pm
Quoting aaceofspades
Kostas- Any progress with this broker? I'm going to start a demo, but wanted to know if you had any more information in the last three weeks?

Dave
Dave,
If I can judge from the lack of feedback on this thread, there is little experience with FinFX. Hope to find somebody trading with them before I change my broker. Their demo worked fine (tiny spreads, no requotes), but still I would like to hear from a live trader.

Kostas.
  • #5
  • Dec 30, 2010 5:05am Dec 30, 2010 5:05am
would love to move over to them too, but like the rest of you, i'm waiting to hear from others who've used them.
Forexpeacearmy have several reviews but one can't reach a conclusion based on what's said there.

I've attached a chart for spread comparison purposes.
Attached File(s)
File Type: xls brokers.xls   22 KB | 1,472 downloads
The Market can Remain Irrational Longer than You can Remain Liquid
  • #6
  • Dec 30, 2010 7:55am Dec 30, 2010 7:55am
also found this on another thread
http://www.forexfactory.com/showpost...9&postcount=65
The Market can Remain Irrational Longer than You can Remain Liquid
  • #7
  • Dec 30, 2010 11:33am Dec 30, 2010 11:33am
commissions are one of the most expensive. $35 per million
  • #8
  • Dec 31, 2010 3:03am Dec 31, 2010 3:03am
Quoting richy
commissions are one of the most expensive. $35 per million
not if you discount for their tight spread - see the attachment in my earlier post
The Market can Remain Irrational Longer than You can Remain Liquid
  • #9
  • Dec 31, 2010 2:54pm Dec 31, 2010 2:54pm
I took the leap and opened an ECN account with a $2500 deposit. I'll update this thread as the results come in.

The application process was quick and easy. I submitted my passport and driver's license. My account was setup in about an hour. I used my license since my utility bills are all electronic and can't be used to prove residency/address/location.

Funding takes 2-5 days via wire transfer from the USA. I usually pay myself twice per month, so I'll update info about withdrawals in mid-January.

Richy mentioned their comm's are high, but compared to ATC and MB Trading, they're $.50 less per standard lot. ATC and MBT charge $4 per trade and FinFx is $3.50. I don't know of any ECN that charges less? MBT charges $3 on USD based pairs, but I rarely trade them.

Thanks to Calculated Risk for the spreadsheet . If you plug in comm pricing for non USD based pairs, FinFx looks even better on cost. I trade whatever is moving, but most of the time it's EUR and GBP crosses. MBT and ATC are usually higher on spreads and always $.50 higher on comms. That will add up over time with the volume I trade.

The most important reason for wanting to trade with FinFx, other than cost savings, is to eliminate CFTC regs on FIFO, hedging, and leverage. In the last two years, those regs have really made it more difficult for me to trade my system at times. FX traders with US brokers have been handed one bad deal after another by the CFTC lately. They've really wrecked the system for no good reason that I can see.

If FinFx executes my trades well and I don't have any withdrawal issues, they'll get more of my volume. We'll see in the next couple of weeks.

I'll assume everyone on this thread is interested in FinFx for similar reasons. Are there any other brokers you could share info about that have similar cost/regulation?

Thanks to Kostas for starting the thread

I've been using this website to track live spreads. If you have something better, please post a link! http://www.fxintel.com/live/
  • #10
  • Jan 1, 2011 6:05am Jan 1, 2011 6:05am
Quoting aaceofspades
I took the leap and opened an ECN account with a $2500 deposit....
Thanks a lot for the heads-up Ace. Please keep posting regularly here. If your results are positive I will soon join you with FinFx.

Kostas
  • #11
  • Jan 4, 2011 8:21pm Jan 4, 2011 8:21pm
I'm trading live with finfx. I opened an ecn account about two months ago. It's hard to ignore their trading conditions, witch are among the best for the retail mt4 space. I also did a spread + commission cost analisys of many brokers, and I found that finfx and atc were the best.

So far the execution is quite fast, not the fastest I've seen but it's ok for me.
I did not request any withdrawal so far.

When opening the account, I asked for a commission reduction, but they refused. I think this is a good sign, since it shows that they're counting on commissions for their profit (not like bucket shops).

We'll see...
  • #12
  • Jan 4, 2011 8:29pm Jan 4, 2011 8:29pm
I see that finfx is listed as a TrueFx broker on the Intergral website:

http://www.integral.com/partners/truefx_brokers.htm

This is a good sign. Integral is a respected name in the institutional forex world.
  • #13
  • Jan 5, 2011 3:55am Jan 5, 2011 3:55am
Quoting jagui
I'm trading live with finfx. I opened an ecn account about two months ago. It's hard to ignore their trading conditions, witch are among the best for the retail mt4 space. I also did a spread + commission cost analisys of many brokers, and I found that finfx and atc were the best.

So far the execution is quite fast, not the fastest I've seen but it's ok for me.
I did not request any withdrawal so far.

When opening the account, I asked for a commission reduction, but they refused. I think this is a good sign, since it shows that they're counting...
Jagui,
Thanks for the valuable info. Some questions:
1. Have you noticed requotes and/or slippage?
2. How big are you lot sizes?
3. Will wait to hear your withdrawal experience.

Thanks again,
Kostas
  • #14
  • Jan 5, 2011 10:16am Jan 5, 2011 10:16am
Quoting jagui
I see that finfx is listed as a TrueFx broker on the Intergral website:

http://www.integral.com/partners/truefx_brokers.htm

This is a good sign. Integral is a respected name in the institutional forex world.
Its really no different then boston tech, they have the same type of back end abilities. I did analyze their spreads, though, and there are far far far less spikes then any other ecn feed I've seen (esp around roll call). Was pretty impressed, but still could never open an account with such a small broker.
  • #15
  • Jan 5, 2011 6:16pm Jan 5, 2011 6:16pm
Quoting Jlr
Its really no different then boston tech, they have the same type of back end abilities. I did analyze their spreads, though, and there are far far far less spikes then any other ecn feed I've seen (esp around roll call). Was pretty impressed, but still could never open an account with such a small broker.

Sorry Jlr, but comparing Integral to boston is completely wrong.

Integral has been high level institutional tecnology and liquidity provider from the beginning, and just recently it developed an MT4 bridge to lure into the retail mt4 space via partner brokers. Integral won several awards and is often cited in articles in top magazines like fx-week, euromoney, profit&loss and the likes.

Boston was a crap from the beginning, it was built from day one to help market makers steal more money from their clients.

Integral is more like Currenex, it also has integrated liquidity... actually Integral has built one of the most liquid forex hub in the world.
  • #16
  • Jan 5, 2011 6:21pm Jan 5, 2011 6:21pm
Quoting kostas1
Jagui,
Thanks for the valuable info. Some questions:
1. Have you noticed requotes and/or slippage?
2. How big are you lot sizes?
3. Will wait to hear your withdrawal experience.

Thanks again,
Kostas

1. Requotes never. Slippage sometimes around 0.1-0.2 pips, but I think that it was not slippage, but simply that price changed into the ecn as my orders were hit. I also received positive slippage on occasions.

2. Small. I trade 1 to 3 lots.

3. Will report.
  • #17
  • Jan 6, 2011 4:37am Jan 6, 2011 4:37am
Quoting jagui
1. Requotes never. Slippage sometimes around 0.1-0.2 pips, but I think that it was not slippage, but simply that price changed into the ecn as my orders were hit. I also received positive slippage on occasions.

2. Small. I trade 1 to 3 lots.

3. Will report.
Great news. I am at 3 lots and going towards 4-5 in the following couple of months. If your experience remains positive I will be tempted to join them.
  • #18
  • Jan 6, 2011 5:50pm Jan 6, 2011 5:50pm
For what it's worth, CashBackForex has become an IB for FinFX.
  • #19
  • Jan 11, 2011 1:07am Jan 11, 2011 1:07am
I'm testing the waters at FinFX with a "normal" account (leverage 200:1) very soon. Using CashbackForex, too, as IB.

Would appreciate any heads up from you, guys.
Amor Fati--F. Nietzsche
  • #20
  • Jan 11, 2011 5:08pm Jan 11, 2011 5:08pm
Quoting doji
I'm testing the waters at FinFX with a "normal" account (leverage 200:1) very soon. Using CashbackForex, too, as IB.

Would appreciate any heads up from you, guys.
Thanks for the info doji. Keep us informed of your experience.
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