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FinFX opinions

  • #21
  • Jan 15, 2011 2:45am Jan 15, 2011 2:45am
Started trading live last Thursday, one day after wiring my deposit.

Execution is pretty ok; have had no requotes thus far. The distance from market-price you can set your TP or SL from is just 10 pips (versus 50 pips in, say, FXpro).

I'm just wondering why I can't get the weekly and monthly time-frames to show up properly on my live account. They were fine on the demo. Anyone else having this glitch?

I also observed a number of disconnections but these were fleeting, lasting mere seconds.

Spread on normal accounts, I notice, rarely gets to the 1.8 pip level that's advertised. Maybe they're much better on the ECN accounts.
Amor Fati--F. Nietzsche
  • #22
  • Edited 8:16am Jan 15, 2011 8:00am | Edited 8:16am
Quoting doji
Started trading live last Thursday, one day after wiring my deposit.

Execution is pretty ok; have had no requotes thus far. The distance from market-price you can set your TP or SL from is just 10 pips (versus 50 pips in, say, FXpro).

I'm just wondering why I can't get the weekly and monthly time-frames to show up properly on my live account. They were fine on the demo. Anyone else having this glitch?

I also observed a number of disconnections but these were fleeting, lasting mere seconds.

Spread on normal accounts, I notice, rarely gets...
I've been using the demo and haven't experienced any problems. Spreads are small, execution is decent, etc. Earlier in the thread aceofspades said that he had signed up for a live ECN account. Maybe he'll add an update.
  • #23
  • Jan 15, 2011 5:59pm Jan 15, 2011 5:59pm
I did more than 100 trades right now on a live ECN account, and I have to say that, so far, it is the best broker that I've tried, among the retail forex brokers.
No requotes so far, but being an ecn account requotes should not happen because all orders are executed at market.
About 50% of the stop losses incurred in negative slippage, which was 0.2 pip on average, with the maximum at 0.5 pip. About 3% of the stop losses incurred in positive slippage.
0% of take profit orders had slippage.
I think this is normal, because in ECN, stop orders should be stop market orders, and take profit should be limit orders.
  • #24
  • Edited Jan 16, 2011 2:39pm Jan 15, 2011 6:29pm | Edited Jan 16, 2011 2:39pm
Quoting jagui
I did more than 100 trades right now on a live ECN account, and I have to say that, so far, it is the best broker that I've tried, among the retail forex brokers.
No requotes so far, but being an ecn account requotes should not happen because all orders are executed at market.
About 50% of the stop losses incurred in negative slippage, which was 0.2 pip on average, with the maximum at 0.5 pip. About 3% of the stop losses incurred in positive slippage.
0% of take profit orders had slippage.
I think this is normal, because in ECN, stop orders...
Have you tried to withdraw funds yet? Do you know if client accounts are protected by EU regs. and Finnish law? I spoke with someone from FinFX and was told that client accounts are segregated.
  • #25
  • Jan 16, 2011 8:22pm Jan 16, 2011 8:22pm
Quoting jagui
I did more than 100 trades right now on a live ECN account, and I have to say that, so far, it is the best broker that I've tried, among the retail forex brokers.
No requotes so far, but being an ecn account requotes should not happen because all orders are executed at market.
About 50% of the stop losses incurred in negative slippage, which was 0.2 pip on average, with the maximum at 0.5 pip. About 3% of the stop losses incurred in positive slippage.
0% of take profit orders had slippage.
I think this is normal, because in ECN, stop orders should...

Jagui,

I would be interested in knowing if you have tried any news trading with FinFX or any other brokers for that matter. I have found a good method for trading this way but I need a broker that won't give requotes (or at least most of the time). If anyone else knows or such a broker(s) please let me know. Thanks in advance.

Jim
  • #26
  • Jan 17, 2011 6:39pm Jan 17, 2011 6:39pm
Quoting swamper
Have you tried to withdraw funds yet? Do you know if client accounts are protected by EU regs. and Finnish law? I spoke with someone from FinFX and was told that client accounts are segregated.
I didn't request any withdraw yet.
Don't know about Finnish law.
Segregated account means they are separated from the company funds, but it's not a strong protection.
I believe real forex account protection is limited to very few brokers that operates with retail clients... only Citi and Interactive Brokers come to my mind.
Some brokers will give you the possibility to open a new bank account in your name, but usually you have to put some hundred thousand dollars in.

In Italy we have 2 banks that let you trade forex directly from your bank account, but the minimum spread is 3 pips for €/$.
  • #27
  • Jan 17, 2011 6:44pm Jan 17, 2011 6:44pm
Quoting Pips4Profit
Jagui,

I would be interested in knowing if you have tried any news trading with FinFX or any other brokers for that matter. I have found a good method for trading this way but I need a broker that won't give requotes (or at least most of the time). If anyone else knows or such a broker(s) please let me know. Thanks in advance.

Jim
I don't do news trading, but never got requotes on the ecn account.
I think you could get slippage if trading important news.
However, if you're serious about it, you should test it for yourself.
I tested more than 20 brokers with live accounts, in the last 10 years.
  • #28
  • Jan 17, 2011 8:02pm Jan 17, 2011 8:02pm
Quoting jagui
I didn't request any withdraw yet.
Don't know about Finnish law.
Segregated account means they are separated from the company funds, but it's not a strong protection.
I believe real forex account protection is limited to very few brokers that operates with retail clients... only Citi and Interactive Brokers come to my mind.
Some brokers will give you the possibility to open a new bank account in your name, but usually you have to put some hundred thousand dollars in.

In Italy we have 2 banks that let you trade forex directly from your bank account,...
Thanks, Jagui. I'm still considering whether or not to open a live ECN account with FinFX.
  • #29
  • Jan 18, 2011 10:21am Jan 18, 2011 10:21am
So far so good. It's really nice not to have to trade FIFO and took a little getting used to again. Execution has been excellent. I'm also trading GBP crosses since the spreads are about half of what I'm used to. GBP/CAD is missing, but they have all the other pairs I'm interested in.

I haven't hedged yet. I'll let you know.

I don't trade news and am usually flat during major events like NFP. If I have an interday position that is very positive, I might ride it out, but that hasn't happened yet.

The highest spread is usually AUD/NZD at about 5, but I have never been interested in that pair.

XAU/USD appears to have a fixed spread at 10. All others are variable and very low in comparison to most brokers.

Average fill on E/U is 0.6 to 0.8 I've seen it as low as 0.2 but haven't caught it.

Minor drawbacks- I can't use moneybookers to make free withdrawals and will have to pay the $30 bank wire fee.

I think MT4 charting is excellent, but I don't like the lack of order types and no ability to preload/customize order parameters. If MT4 supported OCO/TTO orders and server side trailers, it would be one of the best. Maybe FinFx will add additional platforms in the future or MT4 will be upgraded??
  • #30
  • Jan 19, 2011 7:23am Jan 19, 2011 7:23am
Quoting aaceofspades
So far so good. It's really nice not to have to trade FIFO and took a little getting used to again. Execution has been excellent. I'm also trading GBP crosses since the spreads are about half of what I'm used to. GBP/CAD is missing, but they have all the other pairs I'm interested in.

I haven't hedged yet. I'll let you know.

I don't trade news and am usually flat during major events like NFP. If I have an interday position that is very positive, I might ride it out, but that hasn't happened yet.

The highest spread is usually AUD/NZD at about...
Have you tried creating a Moneybookers account recently? The web page appears to allow US accounts.
  • #31
  • Jan 19, 2011 10:40am Jan 19, 2011 10:40am
Quoting swamper
Have you tried creating a Moneybookers account recently? The web page appears to allow US accounts.
Swamper- I was able to create an account, but US citizens are not allowed to receive money via Moneybookers. I don't know why.

It's Probably some US gov't anti-terrorist/money laundering regulation, but I'm not certain.
  • #32
  • Edited 1:28pm Jan 19, 2011 11:48am | Edited 1:28pm
Quoting aaceofspades
Swamper- I was able to create an account, but US citizens are not allowed to receive money via Moneybookers. I don't know why.

It's Probably some US gov't anti-terrorist/money laundering regulation, but I'm not certain.
Thanks. When you withdraw funds, I would appreciate an update. I'm still using the demo which has been fine.
  • #33
  • Jan 22, 2011 2:55am Jan 22, 2011 2:55am
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  • #34
  • Jan 22, 2011 3:05am Jan 22, 2011 3:05am
Quoting matlock
FinFX has been started on Jan 2010 so they're quite young. 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.

Controversially they have very good conditions, good spreads and they're an ECN broker. I will open an live...
I'd like to correct some misunderstandings. The CEO of FinFX has sold his shares of EKForex some time ago. They're also a TrueBroker on Integral so everything should be safe.
  • #35
  • Edited 4:58pm Jan 22, 2011 8:06am | Edited 4:58pm
Quoting matlock
I'd like to correct some misunderstandings. The CEO of FinFX has sold his shares of EKForex some time ago. They're also a TrueBroker on Integral so everything should be safe.
Matlock--Since you live in Finland, do you have any insight as far as the FIN-FSA? FinFX doesn't appear to be registered (not required but...).
  • #36
  • Jan 23, 2011 10:26am Jan 23, 2011 10:26am
Live ECN account on FinFX towards the end of last week - just 4 trades on AUD/USD - no problem at all. Quick and efficient to deal with. Lets see how it goes
  • #37
  • Jan 23, 2011 7:04pm Jan 23, 2011 7:04pm
The fact that FinFx is an Integral TrueFX partner was the reason that convinced me to give FinFx a try. I've been following Integral for several years and I know they are one of the most respected firms in forex, and one of the most liquid hub in the world.

I too must admit that FinFx looks not very professional overall, but it is also true that is not the look what I care for.

By looking at any possible bit of information available on the net about FinFx, it seems that they are gaining a reputation among systematic traders, those that use EAs. Generally, EA users say that FinFx is a good choice for EAs, especially for scalping EAs. This is not bad news, quite the contrary.

However, I don't know how to read the fact that FinFx CEO, in a phone call, confirmed that the results of a recent EA were all real. That EA is trading on FinFx and the owners gave away the investor password for everybody to see that the EA performance were real. The phone call is available on the EA web site, and everybody can listen to it.

If I was a broker CEO, I wouldn't want to be personally involved with an EA producer. I'm sure he knows that this will attract many new clients... but this just doesn't fit with the image that I have of a broker CEO.
  • #38
  • Jan 23, 2011 7:08pm Jan 23, 2011 7:08pm
Another thing. I'm trading multiple client accounts at FinFx, and I must say that my representative was very professional from the beginning. He understood all my needs and setup multi account management for me. This is a standard procedure I know, but it all went smooth and quick.
  • #39
  • Jan 31, 2011 1:02pm Jan 31, 2011 1:02pm
Any of the profitable gentlemen here have tried withdrawing from FinFx yet? Tell us your experience (ease of withdrawal, speed, etc...)
  • #40
  • Feb 8, 2011 8:47am Feb 8, 2011 8:47am
Quoting richy
commissions are one of the most expensive. $35 per million
Yes, and using MT4 it means that the commissions will be doubled
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