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  • #221
  • Aug 22, 2011 9:49am Aug 22, 2011 9:49am
Quoting cloggie
2 seconds on the CFTC website would have given you this:

http://www.cftc.gov/PressRoom/PressR...pr5974-11.html

http://www.cftc.gov/PressRoom/PressR...pr6087-11.html

Can't really be bothered to dig for more, you are taking a huge gamble in what you are doing, but you don't seem to want to listen to anyone here.

You are either a stooge for FinFx, or are not the brightest bulb on the string, either way, keep doing what you are doing, it ain't my money.

The CFTC doesn't care where they are, if they sollicit US clients,...

If you read the details of each of the actions taken by the CFTC, you'll see that every broker that was sued (and NOT closed) has a presence of some kind in the united states.

This presence can be a telephone number, a hosted server, an office, and so on... but without such a presence, CFTC cannot sue a foreign broker, of course.

However, I'm glad I'm not american, and I'm glad that me and my clients withdrawed more than €60k in profits from FinFX.
  • #222
  • Aug 23, 2011 3:47am Aug 23, 2011 3:47am
Quoting doji
Hi Alstural. He said 6 WEEKS, not 6 months. But it might still be a good idea to ask FinFx about this.
To: FinFX Customer Service
Subject: Re: account opening questions

be so kind ....give your comments

1.possible (20 pips?) slippage(not on the news of cause)

2.dispute resolution

what is below sounds very strange....

what is this....? just a web crap....?

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

(forexfactory forum)

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.

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

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....

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

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

Hi

All orders are STP Market Orders and they are sent to Interbank markets to be filled with best available price.

Unfortunately if the markets move volatile some slippage can happen. 20 pips slippage is possible but I assure you that it's very unlikely.

Some slippages are caused if the client has high latency to our trading server, but most slippages are caused if the markets move volatile.

Could you explain a bit about the texts you pasted and to which questions you wish to have comments and answers to.

Thank you

FinFx Trading Oy | SAMU
| Customer Service | +358 10 281 0100
| Tainionkoskentie 14, 55100 Imatra, Finland
| [email protected] | www.finfx.fi
  • #223
  • Edited 4:31pm Aug 24, 2011 12:04pm | Edited 4:31pm
-----Original Message-----
To: FinFX Customer Service
Subject: Re: account opening questions


first point is clarified

but the second is just sort of reflection of general distrust

to any unregulated broker (in sense of money safety)

let it be finland has no regulatory body

but when accounts are not segregated but only considered as such

the question arises

who in fact can supervise activities of a fx broker in finland

and one more important point

who is your auditor

because financial sustainability of finfx is not clear at all

and general bla bla bla can be suitable for marketing

but is not satisfactory for a serious trader

who seeks long term relations with service provider

-----------------
Dear Client!

Forex is not a subject of regulation in Finland and this is the reason why FinFX cannot get regulated by local Financial Authorities.
Even though FinFX does not have regulation, our company is obligated to comply with legislation of Finland.
To ensure security related issues all funds of our clients are fully segregated in bank accounts. That means if FinFX goes bankrupt all deposits will be returned to the clients. Corporate Terms of Use available for public review in our web-page clearly state that company shall not use clients' funds to cover its running expenses. Following Finnish law, FinFX will be audited by the international certified auditor after the end of corporate financial year.

We do also encourage you to study laws of Finland to get an idea how many strict requirements legal entity has to meet to run a business in this country.

Feel free to contact us should you happen to have other questions.


FinFx Trading Oy | MIKHAIL
| Customer Service | +358 10 281 0100
| Tainionkoskentie 14, 55100 Imatra, Finland
| [email protected] | www.finfx.fi
  • #224
  • Aug 24, 2011 12:28pm Aug 24, 2011 12:28pm
They really need to develop a solid and quick proprietary platform. Supporting only Metacrap 4 is not something I like about this bröker.

An affordable (or free like some brökers are doing) API access would also be nice.

Until one of these two things happens, FinFX stays off my list of usable brökers.
  • #225
  • Aug 24, 2011 4:49pm Aug 24, 2011 4:49pm
Quoting onu
BS talker like you/tea-party people making this country evil, nothing else...bloody hypocrite racists!
Oh great another jack ass lib calling me a racists because I stand up for god guns and freedom. Go move to china.
  • #226
  • Aug 24, 2011 4:54pm Aug 24, 2011 4:54pm
Quoting cloggie
2 seconds on the CFTC website would have given you this:

http://www.cftc.gov/PressRoom/PressR...pr5974-11.html

http://www.cftc.gov/PressRoom/PressR...pr6087-11.html

Can't really be bothered to dig for more, you are taking a huge gamble in what you are doing, but you don't seem to want to listen to anyone here.

You are either a stooge for FinFx, or are not the brightest bulb on the string, either way, keep doing what you are doing, it ain't my money.

The CFTC doesn't care where they are, if they sollicit...
All of your points make sense. But my style is scalping, sometimes I need to hedge and the first out rule is sometimes in my way. So FinFx makes sense for me. I will not be crying if I lose my money because its money i can afford to lose.
This thread is about the service of this broker. If this broker does not meet your "approval" ok you've made that clear and why. thx for the input. Time to move on and let those of us that use FinFx post our experiences.
  • #227
  • Aug 24, 2011 4:57pm Aug 24, 2011 4:57pm
Quoting tommbstone
All of your points make sense. But my style is scalping, sometimes I need to hedge and the first out rule is sometimes in my way. So FinFx makes sense for me. I will not be crying if I lose my money because its money i can afford to lose.
This thread is about the service of this broker. If this broker does not meet your "approval" ok you've made that clear and why. thx for the input. Time to move on and let those of us that use FinFx post our experiences.

That is the first reasonable post on the subject, well done. As long as you know what you are getting yourself into. It is your money. Just be careful. Withdraw your profits weekly if you can.

I think my point has gotten across, I will stand aside.
  • #228
  • Aug 24, 2011 5:00pm Aug 24, 2011 5:00pm
Quoting cloggie
That is the first reasonable post on the subject, well done. As long as you know what you are getting yourself into. It is your money. Just be careful.
I live in Ca and Fin is a long way to fly to beat some booty. so i keep the account small but again your points are well taken and if I had a large chunk of money in that accout.... well I would not be be able to sleep at night.
But again thanks for your input, It should help some pick good brokers in the usa.

much respect
  • #229
  • Aug 24, 2011 5:13pm Aug 24, 2011 5:13pm
Quoting tommbstone
I live in Ca and Fin is a long way to fly to beat some booty. so i keep the account small but again your points are well taken and if I had a large chunk of money in that accout.... well I would not be be able to sleep at night.
But again thanks for your input, It should help some pick good brokers in the usa.

much respect

I can see how the new Dodd-Frank bill makes it hard for some of you guys to continue working wihin your parameters and your strategy. One could either do what you do and find a broker that will accept you with all the pitfalls that come with it, or make the new rules work for you and adapt your strategy. You will not find a trader with 10-15 years in the business complaining too much about the rules.

Finding brokers like Finfx is not going to last forever.

If you have been trading for a while, now may be the time to re-evaluate your strategy and trading style. Use this as an opportunity and don't see it as a roadblock.

Good luck on your journey.
  • #230
  • Aug 24, 2011 10:08pm Aug 24, 2011 10:08pm
Quoting cloggie
I can see how the new Dodd-Frank bill makes it hard for some of you guys to continue working wihin your parameters and your strategy. One could either do what you do and find a broker that will accept you with all the pitfalls that come with it, or make the new rules work for you and adapt your strategy. You will not find a trader with 10-15 years in the business complaining too much about the rules.

Finding brokers like Finfx is not going to last forever.

If you have been trading for a while, now may be the time to re-evaluate your strategy...
ALL traders, no matter how long they have been trading, should be complaining about these new and VERY restrictive rules setout by Dodd-Frank and CFTC. They are a massive intrusion into our personal freedoms of those of us who live here in USA and are totally uncalled for and unwanted. Every trader should have the RIGHT to trade the way he/she prefers to trade and if our government feels the need to heavy hand the brokers in this country then at the very MINIMUM let us choose to trade outside the boundries of the USA. Even that is not allowed now. It's like living in the old East-Block of communist nations awhile back, behind the "iron-curtain". Unfreakinbelievable, sad, and pisses me off!
  • #231
  • Aug 24, 2011 10:18pm Aug 24, 2011 10:18pm
Quoting LEXngton
They are a massive intrusion into our personal freedoms of those of us who live here in USA and are totally uncalled for and unwanted.
What else is new?
  • #232
  • Aug 25, 2011 3:20am Aug 25, 2011 3:20am
Quoting tommbstone
I live in Ca and Fin is a long way to fly to beat some booty. so i keep the account small but again your points are well taken and if I had a large chunk of money in that accout.... well I would not be be able to sleep at night.
But again thanks for your input, It should help some pick good brokers in the usa.

much respect
I said it months ago, that finfx is good only for trading a small account .
If you're confortable with the deposit amount, finfx has indeed very good execution and fast withdrawals. Apart for not being regulated, it is the best mt4 broker that I tried so far.
Now we're with another broker, because our size has grown bigger than we feel safe with finfx.
  • #233
  • Aug 25, 2011 3:22am Aug 25, 2011 3:22am
Quoting cloggie
I can see how the new Dodd-Frank bill makes it hard for some of you guys to continue working wihin your parameters and your strategy. One could either do what you do and find a broker that will accept you with all the pitfalls that come with it, or make the new rules work for you and adapt your strategy. You will not find a trader with 10-15 years in the business complaining too much about the rules.

Finding brokers like Finfx is not going to last forever.

If you have been trading for a while, now may be the time to re-evaluate your strategy...

100% agree with this.
  • #234
  • Aug 25, 2011 3:32am Aug 25, 2011 3:32am
Quoting jagui
I said it months ago, that finfx is good only for trading a small account .
If you're confortable with the deposit amount, finfx has indeed very good execution and fast withdrawals. Apart for not being regulated, it is the best mt4 broker that I tried so far.
Now we're with another broker, because our size has grown bigger than we feel safe with finfx.
".......Now we're with another broker....."

curious to look at

is it mt4? regulation?

be so kind to name it
  • #235
  • Aug 25, 2011 3:39am Aug 25, 2011 3:39am
Quoting alstural
".......Now we're with another broker....."

curious to look at

is it mt4? regulation?

be so kind to name it
Interactive Brokers, with ninja trader.
  • #236
  • Aug 25, 2011 10:06am Aug 25, 2011 10:06am
The reason I opened an account with FinFx is because of the Margin changes here in the U.S. With the new, stupid, U.S. rules, I have to keep ALL of my money in one brokerage account just to try to trade nearly any system. With a higher margin ratio that I used to be able to get, I can keep a portion of my money in the account and the rest safe in my own bank or whatever, so either if the broker goes belly up or I suffer too many losses in a row, not all my money is at risk either broker-wise or emotionally. So if you do open an account with FinFx, as soon as you have doubled your account, withdraw your original deposit. Then you are no longer risking your own money, and of course, keep making frequent withdrawals. If in the future, I am no longer allowed to trade at FinFx, I will be just as screwed as all other U.S. based traders, unless I am able to amass enough capital that a 1% or less return is sufficient.
  • #237
  • Aug 25, 2011 11:13am Aug 25, 2011 11:13am
Quoting jagui
100% agree with this.
Pls let us know when you find a trader who isn't complaining of these new rules. Just curious if your statement is backed by facts. Highly doubt it.
  • #238
  • Aug 25, 2011 11:15am Aug 25, 2011 11:15am
Quoting ericjschroed
The reason I opened an account with FinFx is because of the Margin changes here in the U.S. With the new, stupid, U.S. rules, I have to keep ALL of my money in one brokerage account just to try to trade nearly any system. With a higher margin ratio that I used to be able to get, I can keep a portion of my money in the account and the rest safe in my own bank or whatever, so either if the broker goes belly up or I suffer too many losses in a row, not all my money is at risk either broker-wise or emotionally. So if you do open an account with FinFx,...
Is it permissible by US law for US residents to open a forex trading acct with FinFx? Is there some document to back this up?
  • #239
  • Aug 25, 2011 12:11pm Aug 25, 2011 12:11pm
Quoting forextrader9
Is it permissible by US law for US residents to open a forex trading acct with FinFx?

Nope.

Quoting forextrader9
Is there some document to back this up?

Yup

http://www.cftc.gov/LawRegulation/Do...waps/index.htm
  • #240
  • Aug 25, 2011 12:16pm Aug 25, 2011 12:16pm
Quoting forextrader9
Is it permissible by US law for US residents to open a forex trading acct with FinFx? Is there some document to back this up?

Actually it's kinda confusing. An attorney I spoke with in Chicago said the law did not ban U.S traders, but prohibited anyone not registered with the CFTC from offering U.S traders. How this works is still alittle fuzzzy.
Do your time and enjoy the ride...
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