I noticed chart gaps when I logged in and checked here to see if anyone knows what happened? Did any of you talk with them to find out what caused the problem and if they're going to update the gaps?
I noticed chart gaps when I logged in and checked here to see if anyone knows what happened? Did any of you talk with them to find out what caused the problem and if they're going to update the gaps?
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I was told by support that they are working on this issue.
I just opened an account and wanted to start live trading in a few days - but I don't like these gaps ... I think I will wait some more time and keep an eye on the FinX-Chart.
The only reply so far is they had a server problem. When I refresh the M1 chart I'm only missing data between 2:38 and 2:39 but on my M30 and H1 the bars aren't right. Waiting to hear back from them.
Here's an email I received after waiting 3 hours for a reply:
We will fix it at weekend.
Sorry for inconvenience this may cause to you.
Best Regards, Customer Service
FinFX Trading Oy Tainionkoskentie 14 55100 Imatra Finland
My MA's are a mess with all the missing bars. I don't know why they think it's OK to wait until the weekend to get the problem fixed?! This is not acceptable.
Does anyone use both FinFX & GO Markets? I heard GO Markets are good however their spreads on news announcements are much left to be desired.
This is why I'd be interested in FinFX as apparently they have much lower spreads on news announcements but have some reported down-time issues.
Can anyone give the pros and cons of each? I was thinking it might just be better to open an account with both and trade mainly with GO but trade with FinFX leading up to news.
Does anyone use both FinFX & GO Markets? I heard GO Markets are good however their spreads on news announcements are much left to be desired.
This is why I'd be interested in FinFX as apparently they have much lower spreads on news announcements but have some reported down-time issues.
Can anyone give the pros and cons of each? I was thinking it might just be better to open an account with both and trade mainly with GO but trade with FinFX leading up to news.
I've been trading with FinFx for a few months, originally on a Normal Account, now with an ECN account. I don't use moving averages, or any other calculated indicators, and all my positions have stops and targets that I tend just to let things run to. So an outage is a nuisance more than a problem. And that one the other night is the only one on the live account that I've noticed. My demo account does go down more often but that has no back-up server, so it's going to. It costs nothing so I get a lot more value out of it than I pay for, however you look at it.
I've done a tiny bit of work capturing and analysing FinFx tick data, though not taken this line of enquiry at all far. Just proof of principle as yet. However I can say that at the fairly static time during the London morning session that I looked at, the spread on a tick was zero, three times in about 7 minutes. The maximum spread was 1.1 pips and the average was 0.63 pips.
The commission on an ECN trade is €5.15 per lot (I hold my account in Euros).This amounts to about 0.7 pips, depending on the pair being traded. The much better spread on an ECN account over the Normal account, which has no commission, makes this a well worthwhile expense - particularly as my current strategy is predicated on substantial pip gains on small trades, rather than scalping a few pips on larger trades. I did convert to an ECN account originally to help with taking faster profits on small movements. The ratio of commission to profit trading like this looked pretty scary, so that set me to looking for something else. I'm still pretty much a noobie, so feeling my way, rather.
And no, I'm not in the pay of FinFx, or any other broker.
Does anyone use both FinFX & GO Markets? I heard GO Markets are good however their spreads on news announcements are much left to be desired.
This is why I'd be interested in FinFX as apparently they have much lower spreads on news announcements but have some reported down-time issues.
Can anyone give the pros and cons of each? I was thinking it might just be better to open an account with both and trade mainly with GO but trade with FinFX leading up to news.
What are your thoughts on trading with 2 brokers?
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For 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), but I have been unable, so far, to verify this via Nordea Bank. Their customer service appears to be very good and responsive. Their MT4 platform, at least in demo mode, also appears to be excellent. The one concern that I have is that FinFX's upper management does not come from a financial/forex background and experience. Not that this is a "killer" issue but with everything else to consider (non-regulated), I would recommend treading carefully before committing money you cannot afford to lose.
For 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.
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I 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 say above. All they say on their website is that their 'multi bank price feed' may come from up to 70 banks and institutions. That means they are getting 'price' not 'liquidity' from these institutions. There is no broker that has 70 liquidity providers, it just doesn't exist. If you are happy with this broker or any other broker, all well and good but in forex all is not always as it seems to be and it pays to do some research especially if you are new at this.
I have only been a FinFX client for a short while, but hope they are as good as they seem. One big plus for me is this is possibly the only broker that US citizens like me can use to get better than the crappy 1:50 margin. And they hold my funds in USD. I do hope that I can make enough profit soon to withdraw my original investment, just in case.
I had opened an account with GoMarkets just before the stupid CFTC ruling that forced me to close the account "unless I had a $100 Million net worth" (!) and GoMarkets never even mentioned the possibility AND they did not hold my funds in USD so I lost money without even trading.
I have only been a FinFX client for a short while, but hope they are as good as they seem. One big plus for me is this is possibly the only broker that US citizens like me can use to get better than the crappy 1:50 margin. And they hold my funds in USD. I do hope that I can make enough profit soon to withdraw my original investment, just in case.
I had opened an account with GoMarkets just before the stupid CFTC ruling that forced me to close the account "unless I had a $100 Million net worth" (!) and GoMarkets never even mentioned the possibility...
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Thanks Eric for the reply. A couple of questions. Have you made any withdrawals yet? What's the customer service like? Thanks again.
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Membership Revoked
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Joined Jun 2010
|1,246 Posts
My main critique so far would be the lack of any proprietary platform, providing only MT4. Usually reputable retail ECN brökers have their own proprietary platform (e.g. MBTrading, Dukascopy, etc). I personally hate trading through MT4 especially for order entry, so I emailed them asking if they provide an API access. They responded elaborately and professionally to my email (two hours after I sent it), but they said that I need a minimum of $50,000 initial deposit plus 10 million in monthly volume to get API access.
Also, the other famous retail ECN brökers have lower minimum deposits (for example $400 for MBT, and $1000 for Dukascopy).
Anyway, so this is what we have so far:
Pros:
- Great conditions (spreads, leverage, execution)
- Good liquidity and price feed (from Integral)
- No restrictive CFTC regulation rules
- Helpful and responsive customer support
- No bad surprises so far (deposits/withdrawals processed with no problems)
Cons:
- No strong/reputable regulation
- No proprietary platform (orders have to go through the Metatrader system)
- High minimum deposits ($2500 for MT4 ECN account, $50,000 for API ECN account)
My main critique so far would be the lack of any proprietary platform, providing only MT4. Usually reputable retail ECN brökers have their own proprietary platform (e.g. MBTrading, Dukascopy, etc). I personally hate trading through MT4 especially for order entry, so I emailed them asking if they provide an API access. They responded elaborately and professionally to my email (two hours after I sent it), but they said that I need a minimum of $50,000 initial deposit plus 10 million in monthly volume to get API access.
Also, the other famous retail...
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Thanks for the reply Marv! It was very informative. I don't like trading through Metatrader either. Why did you choose them over Dukascopy? I'm trying to decide between either Dukascopy or FinFX.
Also, do you know anything about there financial condition or if they can handle a 25k+ account? I plan on either emailing them or chatting with a representative but I prefer hearing about actual customer experience to company answers to questions. Thanks again.
