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FinFX opinions

  • #161
  • Jun 5, 2011 9:05pm Jun 5, 2011 9:05pm
Quoting trader07
Why did you choose them over Dukascopy?
Actually 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.

Quoting trader07
Also, do you know anything about there financial condition or if they can handle a 25k+ account?
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.
  • #162
  • Jun 5, 2011 10:13pm Jun 5, 2011 10:13pm
Is FinFX is the same with FinRoll in Indonesia ?
Somebody knews about it ?
  • #163
  • Jun 5, 2011 10:39pm Jun 5, 2011 10:39pm
Quoting Marv
Actually 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.

I understand thanks Marv.
  • #164
  • Jun 6, 2011 3:00am Jun 6, 2011 3:00am
Quoting PipStar
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...

Pipstar....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.
  • #165
  • Jun 6, 2011 7:52am Jun 6, 2011 7:52am
Quoting PetroB
Pipstar....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.
I like that site, but its not all updated as far. Its probably 90% accurate.
  • #166
  • Jun 6, 2011 11:32am Jun 6, 2011 11:32am
Quoting PetroB
Pipstar....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.
I 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.
  • #167
  • Jun 6, 2011 1:20pm Jun 6, 2011 1:20pm
Quoting trader07
Thanks Eric for the reply. A couple of questions. Have you made any withdrawals yet? What's the customer service like? Thanks again.
No withdrawals yet, my EA is in waiting mode. customer service for me has always been very good with quick (imo) responses to emails, except this last one which may have stumped them. So I'm still hopeful but as I say would like to get my initial investment back in my bank so I'm trading others' money. As I mentioned earlier, I would stay away from Moneybookers unless you are just transferring very small amounts and they have a very small limit on how much you can withdraw in a 90 day period.
  • #168
  • Jun 7, 2011 2:55am Jun 7, 2011 2:55am
Quoting PipStar
I 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.

As someone who is an obvious 'know-it-all' with a slight touch of arrogance, how about sharing with the rest of us which site is best to check out for forex info. I don't mind learning a thing or two from someone who knows what he/she is doing, I just find it hard to get past your obvious sarcasm. If you were as good as you think you are, you wouldn't be hanging around this forum pontificating about forex.
  • #169
  • Jun 7, 2011 7:58am Jun 7, 2011 7:58am
Quoting PetroB
I just find it hard to get past your obvious sarcasm.
With 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.
  • #170
  • Jun 7, 2011 9:29am Jun 7, 2011 9:29am
Quoting Marv
With 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.
The only site I trust when researching a broker is forexpeacearmy.com
  • #171
  • Jun 7, 2011 10:15am Jun 7, 2011 10:15am
Quoting SatchFan
The only site I trust when researching a broker is forexpeacearmy.com
Bröker reviewing websites are something that I don't recommend simply because:

1) there are too many newbies among the reviewers who don't know how forex brökers function and who will call a bröker "scam" simply because they lost money there, or praise them simply because they've just had a good winning run.

2) you never know when a bröker representative is posting there under a fake name (either to praise their bröker or bash competition). I know for a fact (with IP address proof) that this practice often takes place especially by bucketshops, though I'd imagine some brökers are smart enough to post using different IP addresses to avoid detection.

Btw, I love Satch (Joe Satriani) too.
  • #172
  • Jun 8, 2011 1:13am Jun 8, 2011 1:13am
Quoting SatchFan
The only site I trust when researching a broker is forexpeacearmy.com

SatchFan,
I too like FPA a great deal and I use them as the 'benchmark' when it comes to finding my way around the forex world. But, FPA also has their many different banners like many other forex sites. So, banners are not necessarilly a bad thing, as long as you realize that these free sites need some way to make some money. FPA is no exception, as long as they don't show banners of known scammers, which I'm sure they wouldn't, I can live with the fact that FPA has banners.
  • #173
  • Jun 10, 2011 1:37pm Jun 10, 2011 1:37pm
Quoting PetroB
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),...
thanks 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


2. The upper management of FinFX is highly experienced in Forex as a professional trader, analyst as well as broker. The Chairman of the Board has long history in financial markets.

Best regards, Samu
Customer service

FinFx Trading Oy
Tainionkoskentie 14
55100 Imatra
Finland
www.finfx.fi
  • #174
  • Jun 11, 2011 1:15am Jun 11, 2011 1:15am
Quoting alstural
thanks 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...
Astural,

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.
  • #175
  • Jun 14, 2011 6:53am Jun 14, 2011 6:53am
Quoting PetroB
Astural,

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.

Weather company CEO has experience or not in finance or forex has quite little to do with broker reliability. If you open an spot FX account with any broker your money is only as good as the broker's balance sheet.



Client funds are usually pooled into a single account to be used as collateral to liquidity providers (who ever ECN/DMA/Broker uses to fill liquidity consumer/client orders). The reason you should not see brokers offering 1:500 leverage over weekend on large accounts is that this would expose broker to too much risk. For example lets say I'm holding 1000 lots long on EURUSD on 1:500 margin over the weekend, having only 300 000$ account balance (using much of the 1:500 leverage). Then for some reason markets open Monday 100 pips lower and my position is suddenly 1 M$ in red so my account balance 300k will not cover my losses, now broker will come after me for more money and if I don't pay broker needs to give more collateral to their liquidity provider or cover the loss from their own capital or use other client funds to cover the loss, and they can do this since all client funds are pooled into same account. Also some brokers are speculating themselves using client funds as collateral (which most likely caused JadeFX to collapse...)

So when you're dealing with OTC intermediaries (which all Spot FX ECN/DMA/Brokers are ) it really comes up to these tree things:

1) Broker internal risk management (use of leverage etc.)

2) Broker's management integrity, ethics and honesty (are they sleazy wheeler dealers or honest business men)

3) Broker own capitalization in relation to client funds (how deep are their pockets to cover any mis-steps)


And these things are very difficult to assess, although some broker do tell the capitalization ratios, but these figures are seldom official or supervised/audited by local financial authorities.

Even if ECN/DMA/Broker is regulated by the local authorities this regulation most likely will not cover spot Forex, this is also reason why some larger traders prefer FX futures to Spot FX!
  • #176
  • Jun 19, 2011 6:37am Jun 19, 2011 6:37am
Quoting SatchFan
The only site I trust when researching a broker is forexpeacearmy.com
Unfortunately 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 client funds as collateral (as most likely happened with JadeFx).
All we can really know about any OTC intermediary is what other clients have experienced and more often than not these inexperienced traders look for someone else to blame for loosing their money and badmouth the broker/intermediary, so one has to consider that when reading ".. this broker is scam I lost my money..." posts!.
I have spoken to FinFx and after quite a lengthy talk (in Finnish : )) I feel better about this company. I have a friend who has +20k account at FinFx and he has also made large withdrawals with no problem, also he has told me that he has had no problems with them and orders are filled very fast and at good price. I personally believe and hope these guys are honest and dedicated to provide good direct access to markets for the small guys..! but of course I could be wrong...




ps.
I want to make correction on what i wrote earlier:

".... I have a friend who has a larger account with FinFX, so i was asked to do some checking. The CEO Jani Hjerppe is also behind this venture http://www.leotraderpro.com/ which doesn't really help to establish his background as very trust worthy... however just selling some bloated EAs doesn't make you a crook, right...?"


The reason is that the way FinFx has affiliated itself with Leo Trader looks outside like they are more closely connected than they actually are, or as I was explained by FinFx rep. Apparently FinFx only verify that LeoTrader trading results are real, which actually seem to be quite good... despite the fact that the LT site looks like all the rest of the commercial EA sales sites...
And FinFx CEO or FinFx itself apparently have no other connection to Leo Trader. I suppose every time i see commercial EA or affiliation red flag goes up... but just the fact that 99 % of commercial EAs are not prudent trading strategies doesn't mean they all are BS...
  • #177
  • Jun 19, 2011 12:50pm Jun 19, 2011 12:50pm
Quoting Jani72
Unfortunately 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...
great 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 a couple of weeks some years ago

and visit my cousine sister who lived in helsinki then)

and in financial service industry many entrepreneurs

are personally acquainted

first point of unease is....

are any friendly personal connections between bosses of leotrader and finfx?

it can lead to some shady backroom dealings...

( you promised to shed some light on it)

and the second is....

company's solvency and capitalization

and who is independent financial auditor

---

frankly i like finfx demo and wish it to become (over time)a company with

service of high reliability and quality

but at present it's financial stability is in question

especially when finfx does not provide real account segregation

and can (and i am sure will) use client's funds for it's needs


would like to get your thoughts about it

thanks ones more and lucky trading
  • #178
  • Jun 20, 2011 9:51am Jun 20, 2011 9:51am
Quoting alstural
great 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...
... The Win Capital idi**s are not any serious players in the Finnish financial industry, couple years ago these jokers hardly knew a pip from a pop... in a matter of fact I gave one of these guy's (involved in Win Capita scam) investment group a lecture about spot FX some years ago, and I can assure you they where totally clueless.. all hypnotized by the "millions they are going to make..." ... anyway it is not that much about FinFx people's experience in finance but their integrity as they have almost no oversight as all other OTC brokers... this is the bottom line nothing anyone can do about it!

I personally think these guys are honest, and I really hope I'm right, as we do not need another Fx scam here... but i do not know them and have never met. Any way I don't have much interest putting more time for this DD as there are plenty of larger regulated alternatives for +5k accounts (MB Trading, Dukascopy/Jforex...) for les than 5k I would definitely go for FinFX, and if there was way to confirm the custody matter with Nordea about client funds then why not more... but bottom line again no regulatory oversight.. no way to know what they are up to...!


And being a Finn myself I really hope FinFX guys make it big and do their best to level the playing field for the small guys! So far they seem to be doing really well!!
  • #179
  • Aug 15, 2011 3:07am Aug 15, 2011 3:07am
I 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?
Amor Fati--F. Nietzsche
  • #180
  • Aug 15, 2011 5:10am Aug 15, 2011 5:10am
Quoting doji
I 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?
you mean 1000 margin even if you have 1 lot long and 1 lot short at around same price?

i'd like also somebody to comment on it......
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