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  • #181
  • Aug 15, 2011 7:26am Aug 15, 2011 7:26am
I mean, at another MT4 broker, if I have an equal number of shorts and longs--If I HEDGE, in other words-- my equity would be equal to my free margin. There is zero margin used.

At FinFX, this isn't the case.
Amor Fati--F. Nietzsche
  • #182
  • Aug 15, 2011 2:28pm Aug 15, 2011 2:28pm
Quoting doji
I mean, at another MT4 broker, if I have an equal number of shorts and longs--If I HEDGE, in other words-- my equity would be equal to my free margin. There is zero margin used.

At FinFX, this isn't the case.
this is what i received.....

-----Original Message-----

To: FinFX Customer Service
Subject: Re: account opening questions

give your comments plz

".....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..."

-------------------------------------------

Hi,

It doesn't go "offset" but it's doesn't reserve more margin than this already opened trade.
Here is couple examples. I hope these help to you.

Margin requirement example.

Opening a BUY position with 1 lot on EURUSD reserves 140 USD margin and opening 1 lot SELL position on EURUSD while having the BUY position open doesn’t reserve more margin but doesn’t free reserved margin either.

Partial hedging.

Client opens 2 lot BUY trade on EURUSD that reserves 280 USD margin and then opens 1 lot SELL trade the 1 lot SELL trade will not reserve more margin as it is partially hedged with the BUY trade.


FinFx Trading Oy | MIKA
| Customer Service | +358 10 281 0100
| Tainionkoskentie 14, 55100 Imatra, Finland
| [email protected] | www.finfx.fi
  • #183
  • Aug 16, 2011 9:45pm Aug 16, 2011 9:45pm
Thanks for the above, alstural.

I guess they operate differently when it comes to hedging.
Amor Fati--F. Nietzsche
  • #184
  • Aug 18, 2011 4:25am Aug 18, 2011 4:25am
I am trading live now with FinFX since 6 weeks, mostly news trading. So far I could not recommend FinFX. I got an ECN account and had regularly rather high slippage, 20 pips and up. I am in doubt if it is really ECN execution and I will withdraw my money soon. In my opinion FinFx is not better than any other non ECN Broker. They allow news trading and scalping but I doubt any trader could do it profitably under this conditions.

Edit: I contacted FinFX and they explained this with the latency. But: I got a braodband connection and I am living in Europe, too. For me a bad explanation.
  • #185
  • Aug 18, 2011 5:00am Aug 18, 2011 5:00am
You guys for real? Trading with an unregulated, unregistered broker?

Why do noobies spend no time picking a broker, never do any due dilligence and complain they got ripped of in the end.

Would you open a bank account with an unregistered, unlicensed and unregulated bank you found in your local shopping mall? Would you use an airline that was not licensed? Would you use a heart surgeon that was not registered? Would you use an insurance company that was not regulated?

Look at their T&C's:

Quote
Resolution of any dispute connected to the Operative Agreements must initially be attempted through negotiations between the relevant parties. Where this proves unsuccessful, disputes are to be primarily resolved in the district court of South Karelia

Oh, so you can't lodge a complain with a regulator, wonder why you physically need to take them to court, ah of course they know that you won't as it will be too expensive for you....

Get real please, or live with the consequences.
  • #186
  • Aug 18, 2011 12:01pm Aug 18, 2011 12:01pm
Why is it that every foreign broker I talk to doesn't accept American clients, except FinFX?
  • #187
  • Aug 18, 2011 12:17pm Aug 18, 2011 12:17pm
Quoting grimReaper
Why is it that every foreign broker I talk to doesn't accept American clients, except FinFX?

That's very simple, no broker anywhere in the world is allowed to accept US clients without being regulated, only the dodgy ones will flout the rules and accept you, that should be the first sign to run away from them as fast as you can. The only exception to the rule are banks, they are excempt from the rule.

Just think about it do you really want to use a broker that breaks the rules knowingly just to take your deposit? What rights do you think you have once it comes to withdrawing any possible profits.

You may disagree with the rules, but if I were you, I would find a way to live within them and don't go breaking them.

I know it is a bit of a toss up, a properly regulated, registered legal broker, or a dodgy unregulated, unregistered one in a foreign country that will accept US clients in blatant violation of US law, hmmm, tough choice, what to do, what to do........Hmmm, let me think, where would my money be safer???? Don't know, such a hard choice to make......

Hmmm, while I think about that, let me find that phone number of that dude in Jersey with the Italian sounding name that told a friend of mine he would give me 12% interest if I gave him 100k in cash as long as I met up with him at 2 am behind that old saw mill at the edge of town......And I think I saved that email from that girl whose uncle had 12 Mill in the bank and only needed 10k send over to get it wired into my account.......
  • #188
  • Aug 18, 2011 12:33pm Aug 18, 2011 12:33pm
Quoting cloggie
The only exception to the rule are banks, they are excempt from the rule.
Im not so sure that is true anymore as MIG bank just fired all their US clients. I think that they just had an extra year to get played by the US Govt, but in July they were forced to deny US clients.
  • #189
  • Aug 18, 2011 12:50pm Aug 18, 2011 12:50pm
Quoting cloggie
You guys for real? Trading with an unregulated, unregistered broker?

Why do noobies spend no time picking a broker, never do any due dilligence and complain they got ripped of in the end.

Would you open a bank account with an unregistered, unlicensed and unregulated bank you found in your local shopping mall? Would you use an airline that was not licensed? Would you use a heart surgeon that was not registered? Would you use an insurance company that was not regulated?

Look at their T&C's:



Oh, so you can't lodge a complain with a regulator,...

...and it's flippen common sense. You guys are well advised to take heed of what cloggie says... he'll give facts, but don't f#ck with him...
a journey of a thousand trades begins with a single pip
  • #190
  • Aug 18, 2011 1:10pm Aug 18, 2011 1:10pm
lol thanks cloggie, though they look like a good broker (spreads+commission+Integral), I wasn't planning on signing up with them for the reasons you mentioned.
  • #191
  • Aug 18, 2011 1:27pm Aug 18, 2011 1:27pm
The biggest chance I would take with an unregulated broker that has been around for a few years, is $200 max in an account. To do this it's a sign that you must be bored and want to gamble with higher leverages to feed the adrenaline junkie in you. Nothing wrong with high leverages as long as you adjust your money management to fit the correct percentage to risk, but most who want unregulated don't understand risk to begin with, hence cloggie's warning.
It's easy to be humbled but hard to be humble.
  • #192
  • Aug 19, 2011 4:21am Aug 19, 2011 4:21am
Quoting cloggie
You guys for real? Trading with an unregulated, unregistered broker?

Why do noobies spend no time picking a broker, never do any due dilligence and complain they got ripped of in the end.

Would you open a bank account with an unregistered, unlicensed and unregulated bank you found in your local shopping mall? Would you use an airline that was not licensed? Would you use a heart surgeon that was not registered? Would you use an insurance company that was not regulated?

Look at their T&C's:



Oh, so you can't lodge a complain with a regulator,...
Thanks for your advice - but the thruth is that I spend month to find a broker that suits me (ECN, MT4) and you can hardly find one who seems trustable. No matter what broker: Everytime I found some other trader writing "Don't take this broker, are you crazy, you can't trust him" etc.
So I would be really happy for suggestions what broker I should try next ...
  • #193
  • Aug 20, 2011 3:16am Aug 20, 2011 3:16am
Quoting creatifx
I am trading live now with FinFX since 6 weeks, mostly news trading. So far I could not recommend FinFX. I got an ECN account and had regularly rather high slippage, 20 pips and up. I am in doubt if it is really ECN execution and I will withdraw my money soon. In my opinion FinFx is not better than any other non ECN Broker. They allow news trading and scalping but I doubt any trader could do it profitably under this conditions.

Edit: I contacted FinFX and they explained this with the latency. But: I got a braodband connection and I am living...
"....I got an ECN account and had regularly rather high slippage, 20 pips and up...."

is it a joke? (having ecn account....and such huge slippage?)

sorry...but why have you been trading with them for a half a year then....?

did not you get this sort of slippage in the first week....month?

.....and only now you are gonna close your acct...?l

anyway thanks for your post...i will email finfx and ask explanations
  • #194
  • Aug 20, 2011 4:23am Aug 20, 2011 4:23am
Hi Alstural. He said 6 WEEKS, not 6 months. But it might still be a good idea to ask FinFx about this.
Amor Fati--F. Nietzsche
  • #195
  • Aug 20, 2011 5:32am Aug 20, 2011 5:32am
Quoting doji
Hi Alstural. He said 6 WEEKS, not 6 months. But it might still be a good idea to ask FinFx about this.
i've sent email to finfx already

and post their answer when i get it

------------

6 weeks live...

but when you look at his posts

you find out one his post on march first

where he says he's been demoing for a month

---------

20 pips slippage is rather a norm if bying at market on the news

but if limits are set all should be fine

and one should not forget that your order can be not the first

and milliseconds play role a lot...

-----------

his post can sound alarming

as if it is a rogue broker

why i wanted to respond

never the less one needs to dig out more info

about your perspective broker

what i agree with completely

------------

regards...and lucky trading to everyone
  • #196
  • Aug 20, 2011 6:35am Aug 20, 2011 6:35am
If you trade the news spikes, 20 pips slippage is small... if trading with market orders.

FinFX is one of the best ecn broker for trading with small to medium amount (until $25k, then you can get better with others).

It is one of the few brokers where I received POSITIVE SLIPPAGE on occasions, and I tried live with sooo many brokers, I know wat I'm saying.

You can trust Integral execution, is one of the best around. If FinFX would be regulated and offered segregated account, it would be good even for trading with more money.
  • #197
  • Aug 20, 2011 6:47am Aug 20, 2011 6:47am
Quoting cloggie
That's very simple, no broker anywhere in the world is allowed to accept US clients without being regulated, only the dodgy ones will flout the rules and accept you, that should be the first sign to run away from them as fast as you can. The only exception to the rule are banks, they are excempt from the rule.

Just think about it do you really want to use a broker that breaks the rules knowingly just to take your deposit? What rights do you think you have once it comes to withdrawing any possible profits.

You may disagree with the rules,...
"....one in a foreign country that will accept US clients in blatant violation of US law..."

i dare to ask since when US law has become the law of the world?
  • #198
  • Aug 20, 2011 6:57am Aug 20, 2011 6:57am
Quoting jagui
If you trade the news spikes, 20 pips slippage is small... if trading with market orders.

FinFX is one of the best ecn broker for trading with small to medium amount (until $25k, then you can get better with others).

It is one of the few brokers where I received POSITIVE SLIPPAGE on occasions, and I tried live with sooo many brokers, I know wat I'm saying.

You can trust Integral execution, is one of the best around. If FinFX would be regulated and offered segregated account, it would be good even for trading with more money.
"....If FinFX would be regulated and offered segregated account,..."

as i understand regulation in finland of forex brokerages will not happen

in the foreseeable future

..as for segregation of accts ....it is sad that in reality they are not segregated(only considered as such..)
  • #199
  • Aug 20, 2011 7:23am Aug 20, 2011 7:23am
Quoting alstural
i dare to ask since when US law has become the law of the world?
My thoughts exactly.
  • #200
  • Aug 20, 2011 7:36am Aug 20, 2011 7:36am
Quoting alstural
"....one in a foreign country that will accept US clients in blatant violation of US law..."

i dare to ask since when US law has become the law of the world?
Take it up with you congressman, if you are in the States. Foreign brokers will not flout the law as they would be barred from doing any business in the US with any US based liquidity providers. Even EU/Asian liquidity providers with US branches are out of bounds for non regulated foreign brokers. Do you really want to do business with an unregistered broker that accepts US clients and that can legally only use minor liquidity providers in Timbuktu? Or do you want to take your chance, hoping that they will not be shut down and their funds seized, including your trading account? It has happened a few times already this year with plenty of retailers out of pocket.

Even as a non US based retailer, do you really want to do business with an unregistered broker that accepts US clients?


But heh, it is your money, p!ss it away anyway you want to, don't let me, let alone Dodd-Frank stop you, go ahead take on the might of the US government. I will just get the popcorn out and wait for the inevitable trainwreck to happen.
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