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CitiFX or FinFX - Convince me

  • #21
  • Mar 19, 2011 8:45pm Mar 19, 2011 8:45pm
FinFx concerns me , they had the big spike down on Eur/Usd a couple of weeks ago. And they also have a 1 pip minimum take profit . I thought true Ecn's allowed scalping within the spread?
  • #22
  • Mar 19, 2011 9:29pm Mar 19, 2011 9:29pm
Quoting beardown45
FinFx concerns me , they had the big spike down on Eur/Usd a couple of weeks ago. And they also have a 1 pip minimum take profit . I thought true Ecn's allowed scalping within the spread?
Thanks very suspect.
  • #23
  • Mar 20, 2011 4:13am Mar 20, 2011 4:13am
Quoting beardown45
FinFx concerns me , they had the big spike down on Eur/Usd a couple of weeks ago. And they also have a 1 pip minimum take profit . I thought true Ecn's allowed scalping within the spread?
Every broker can have a bad tick every once in a while. They refunded losses without delay.

Regarding the 1-pip limit, keep in mind that they use a MT4 bridge. Their MT4 is not directly plugged into an ECN with custom plugin (like MB or FXOpen, for example). They use the Integral bridge, so they have this limitation, I believe.

Techically they are STP to Integral, which is one of the best ECN (better than Currenex). This kind of setup is relatively new, started when the big ECNs developed their own MT4 bridges to enter the vast MT4 market space. Currenex also has his MT4 bridge, and I'm sure other ECNs have it.

As a conseguence, new "Bridged ECN" MT4 brokers are coming to life (like FinFx, Divisa Capital, and others). This Bridged ECNs can be better than pure ECN, because the bridged ECN is usually Integral or Currenex or another big one, while a pure ECN broker creates and mantains his own ECN, which is often less liquid (like MB ECN for example).
  • #24
  • Mar 20, 2011 6:05am Mar 20, 2011 6:05am
FinFx does not appear to be registererd with the finnish regulator.

http://www.finanssivalvonta.fi/en/Ab...dentities.aspx

Make sure what they are doing is actually legal (by asking the finnish regulator or the ombudsman) before you send them cash - might be regretting it otherwise.
  • #25
  • Mar 20, 2011 1:05pm Mar 20, 2011 1:05pm
Ok , I 've been demoing a lot of these so called Ecn/Stp retail brokers and very few allow scalping with no minimum take profit . Why exactly do they have the minimum take profit? Is it so they have time to route the order to the liquidity provider? Or is it so they have time to take the other side? I have emailed FinFx various times , and they always got back very quickly with a response. But have emailed them twice about this , and now they won't respond. That's what makes me wonder.

Thanks, Josh
  • #26
  • Mar 20, 2011 4:30pm Mar 20, 2011 4:30pm
I just got an email from FinFx stating that they currently have a 1 pip min take profit and stop loss. Really! That's all they would say. But not why.
  • #27
  • Mar 22, 2011 6:03pm Mar 22, 2011 6:03pm
Quoting shrike
FinFx does not appear to be registererd with the finnish regulator.

http://www.finanssivalvonta.fi/en/Ab...dentities.aspx

Make sure what they are doing is actually legal (by asking the finnish regulator or the ombudsman) before you send them cash - might be regretting it otherwise.
Forex is not regulated in Finland, so they don't have to register. Even if they wanted, they couldn't. This is from FIN-FSA:

Forex trading is a non-restricted business activity, not requiring operating authorisaiton from either the Financial Supervisory Authority or any other equivalent competent authority. However, where foreign currency trading is linked to the transfer or execution of foreign currency derivatives (ie currency options, currency forwards) their activities fall under the auspices of FIN-FSA. From the authorisation point of view, their operations would then be considered to be the provision of investment services and financial instruments. Should the company offer its shares to the public, the company is obliged to publish a prospectus approved by the Financial Supervisory Authority.
  • #28
  • Mar 22, 2011 7:15pm Mar 22, 2011 7:15pm
Quoting jagui
Forex is not regulated in Finland, so they don't have to register. Even if they wanted, they couldn't. This is from FIN-FSA:

[i]Forex trading is a non-restricted business activity, not requiring...
Wouldn't have thought that is possible in the EU. Soliciting customer funds w/o license - thats worse than Cyprus.
  • #29
  • Mar 23, 2011 6:39pm Mar 23, 2011 6:39pm
Quoting shrike
Wouldn't have thought that is possible in the EU. Soliciting customer funds w/o license - thats worse than Cyprus.
...but still better than usa (with their nazist regulators)
  • #30
  • Jun 26, 2011 4:24am Jun 26, 2011 4:24am
Quoting newark18
I am right now choosing between CitiFX or FinFX. Can someone push me over the edge? Here are my requirements:

Accepts US customer
Hedging allowed
No FIFO restrictions
Min Lot = .1 or .01 is even better
MT4 platform
Acct may be denominated in multiple currencies (as long as I don't have to use the US dollar then I am happy) to be safe in case of US dollar crisis

Any help would be appreciated. Thanks.
You should check with Migbank.com.... I think you will be pleased with them and they do accept U.S. Clients, and have what your looking for.
  • #31
  • Jun 28, 2011 2:27am Jun 28, 2011 2:27am
CitiFX of course, they are prime broker
  • #32
  • Jul 3, 2011 8:40pm Jul 3, 2011 8:40pm
Quoting DaleC
CitiFx is a bucketshop deal desk broker who is using Saxobank as their liquidity provider and data feed with large spreads. It is indeed Citibank and it is under the SEC regulations with up to 250k FDIC protection, however that is it. They are just using their name to get a piece of the retail forex business and make profits using a deal desk market maker model. One would think if Citibank were to go retail forex they would use direct market access and ECN model and use their own liquidity as Deutchebank does at least.
when does saxo bank offer rueters?

http://www.citifxpro.com/reuters-terminal

the citi retail side is saxo. but not the institutional side. I'm am pretty sure there is a difference in spreads and pretty much everything else.
  • #33
  • Jul 4, 2011 1:28am Jul 4, 2011 1:28am
Quoting hazelj80
when does saxo bank offer rueters?

http://www.citifxpro.com/reuters-terminal

the citi retail side is saxo. but not the institutional side. I'm am pretty sure there is a difference in spreads and pretty much everything else.
yes, I agree
  • #34
  • Jul 4, 2011 2:52am Jul 4, 2011 2:52am
if citifx has a better platform, I'd trade with them in a heart beat
  • #35
  • Jul 4, 2011 9:56pm Jul 4, 2011 9:56pm
Quoting Trader KGB
CitiFX - deposits FDIC insured, company is highly regulated, very long firm history
FinFX - deposits not insured, company is not regulated, very short firm history

That about sum it up?

edit - if not..

CitiFX - a gigantic global bank
FinFX - 2-3 guys in Finland with an Integral-MT4 bridge
LOL @ 2-3 guys in Finland comment. Anyway, it is to my understanding that CitiFX is the better broker by far. First, the money is FDIC insured. This is a very big plus in my opinion. Their forex operations is handled by SaxoBank which is somewhat reputable on their own, but the fact that they are handling Citi customers makes them even more reputable. Now some of the down sides I have heard about them... They are not the best in paying out interest (aka swaps, rollovers). Like just about all brokers they charge a "management fee" in the swap, but it's a bit higher than other brokers from what I understand. You need a minimum of $10,000 to open an account (only bad if you are a small trader). I've heard to stay away from using their MT4 platform for executing trades. They supposedly have a fair amount of slippage from what I've heard. I believe they use the Virtual Dealer Plugin. Hope this helps.
  • #36
  • Jul 4, 2011 11:33pm Jul 4, 2011 11:33pm
Quoting Aja
You're prob going to have to download the demo platform and do some test orders.
go to http://www.fxintel.com/live/

They have FinFX, unfortunately they do not have CitiFX.
  • #37
  • Jul 5, 2011 1:58am Jul 5, 2011 1:58am
Quoting eraptheman
if citifx has a better platform, I'd trade with them in a heart beat
Umm...does citi also charge ticket fees for opening and closing fx trade?
  • #38
  • Jul 5, 2011 3:04am Jul 5, 2011 3:04am
Quoting Julian_Ass
Umm...does citi also charge ticket fees for opening and closing fx trade?

I'm not with citi but they do offer on a $50k account an option for commission and a non-commission account.
  • #39
  • Aug 11, 2011 5:16pm Aug 11, 2011 5:16pm
Quote
I believe they use the Virtual Dealer Plugin.

Been talking to Citi FX and thought I'd help clear up some things.

From Citi FX rep (who is very responsive by the way):

Does your MT4 platform have all Dealing Desk functionality disabled?
Yes. It is disabled

Do you provide ECN/STP or do you send orders to/through a dealing desk? All trades are straight through processed

Do you charge commissions on top of spread? There is no commission on top of the spread for a standard account. You do have the option for a tighter spread with a commission if you have premium account

Are your accounts directly connected to the Interbank liquidity pool or are orders sent to an intermediary first? All trades are executed and cleared through Citibank

Is CitiFX is a pure ECN/STP Broker that provides direct access to the Interbank liquidity pool without any dealer intervention? No. All retail trades are pooled into an internal price engine at Citibank. No one is manually betting against you if that is your concern.

Do you provide DOM data? Depth of Market is available on our Web Trader (Java Based). However, it is not available on MT4.

Ultimately, who is providing liquidity to retail orders? All retail trades are pooled into an internal price engine at Citibank. Citibank is your counterparty. Citi makes prices for large corporates, hedge funds, CTA's, foreign governments, and retail customers such as yourself. No one at Citi FX is going to be betting against you.

Is there an EOD Reconciliation fee? Its not a fee, its an adjustment to your account value. Since MT4 is offered by a 3rd party, all trades must go through a bridge from the front end to citi back office.
  • #40
  • Aug 13, 2011 1:00pm Aug 13, 2011 1:00pm
over 250k citi offers 100 fold. below is 50 fold. if you are a us client, you are not eligible. fdic insured. historic big bank. tight spreads. amazing volume indicators. this is for my china account.
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