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FinFX opinions

  • #321
  • Feb 15, 2012 4:46am Feb 15, 2012 4:46am
Jomi, thanks for reply.
Yes, backup server works now but it was a downtime more than 1 hour.

I contacted them also waiting for reply.

trade safe,
iak
  • #322
  • Feb 22, 2012 4:42am Feb 22, 2012 4:42am
I am trading with them since December 2011 and I am very satisfied with them. If I have any issues, they are usually fixed within hours, spreads are low, no connection problems..... I was using Oanda before and FinFx are much better in comparison.
  • #323
  • Feb 23, 2012 1:07am Feb 23, 2012 1:07am
Quoting Erebus
I can't find any reference to ASIC on their website; where did you get that information from?

Only the NZ authority, maybe they have another website?

Thanks, E.
I have just recently found out that they do not accept US traders. Too bad, as their MT4 platform works well (in demo).
  • #324
  • Feb 24, 2012 8:41am Feb 24, 2012 8:41am
finfx still is accepting us individuals as clients. i contacted them this morning and there was no problem with opening an account for a us citizen in us dollars.
  • #325
  • Feb 24, 2012 4:38pm Feb 24, 2012 4:38pm
FinFX is breaking the US securities market law by accepting US citizens as customers. It is a matter of time when they will be taken down by CFTC. I would not be surprised if it is a ponzi scheme.
  • #326
  • Feb 24, 2012 4:47pm Feb 24, 2012 4:47pm
Quoting Askandia
It is a matter of time when they will be taken down by CFTC. I would not be surprised if it is a ponzi scheme.
Right, because US jurisdiction in fact applies to the entire world and any company in the world that does not abide by US law is automatically considered a ponzi scheme.

If you are an american citizen then it's you who is supposed to follow american regulation. If you don't want to do that then that is your problem, no body else's.
  • #327
  • Feb 24, 2012 5:13pm Feb 24, 2012 5:13pm
After MF Global, I'm surprised that people still haven't learned anything, jees. So when the s.hit hits the fan don't blame anybody else but youself.
  • #328
  • Feb 25, 2012 2:11am Feb 25, 2012 2:11am
Quoting Marv
Right, because US jurisdiction in fact applies to the entire world and any company in the world that does not abide by US law is automatically considered a ponzi scheme.

If you are an american citizen then it's you who is supposed to follow american regulation. If you don't want to do that then that is your problem, no body else's.
I hate it but that's the world we live in. You don't mess with US law enforcement agencies. People should know what they sign up for. Read the Finnish press and you will realize that FinFX owner is a criminal. Now if you want to deposit your funds there then go ahead. Better buy a lottery ticket.
  • #329
  • Feb 25, 2012 3:38am Feb 25, 2012 3:38am
Quoting Askandia
I hate it but that's the world we live in. You don't mess with US law enforcement agencies. People should know what they sign up for. Read the Finnish press and you will realize that FinFX owner is a criminal. Now if you want to deposit your funds there then go ahead. Better buy a lottery ticket.
Could you please clarify, how in practice this US law can affect Finland's FinFx?

Few pages back there was some interesting info about wincapita's official trial, people should read and get the facts right before posting those generalized accusations. So...apparently the finfx ceo was just an unsuccessful FX-trader of wincapita, not actually knowing that he's trading for a fraud company. He lost money while trading and then started a FinFx brokerage (to avoid the trading part)
  • #330
  • Feb 25, 2012 3:39am Feb 25, 2012 3:39am
Quoting jyodeee
finfx still is accepting us individuals as clients. i contacted them this morning and there was no problem with opening an account for a us citizen in us dollars.
I reread the part of the thread just preceding this, too, and it seems to me that the writer was referring to another broker, not finfx, when they wrote saying that broker doesn't accept us clients.

I do know of someone who is an American finfx client, is successful with forex, and who does not have, at least that I know of, any problems reporting income. I have just written to that person to re-confirm a prior communication on that subject.

I would also want on the record that the people serving in customer areas of finfx are 100 percent available, responsive, helpful, honest, and entirely, to me, satisfactory. I've run into this thread of dishonesty before - supposedly connected with some history of finfx. AM not inclined to believe it. My own experience thus far in all respects positive.
  • #331
  • Feb 25, 2012 3:43am Feb 25, 2012 3:43am
Quoting Askandia
I hate it but that's the world we live in. You don't mess with US law enforcement agencies. People should know what they sign up for. Read the Finnish press and you will realize that FinFX owner is a criminal. Now if you want to deposit your funds there then go ahead. Better buy a lottery ticket.
Do you have any reference to where I can read about this alleged criminal?
  • #332
  • Feb 25, 2012 3:54am Feb 25, 2012 3:54am
Quoting dn1pro
Could you please clarify, how in practice this US law can affect Finland's FinFx?

Few pages back there was some interesting info about wincapita's official trial, people should read and get the facts right before posting those generalized accusations. So...apparently the finfx ceo was just an unsuccessful FX-trader of wincapita, not actually knowing that he's trading for a fraud company. He lost money while trading and then started a FinFx brokerage (to avoid the trading part)
Welcome to the Titanic! CFTC regularly fines such companies like FinFX, it is only a matter of time when they will be charged for breaking the law. Depending on the severance of the matter fines could go up to millions of US dollars plus charges against individuals running the company. Any person with at least a little bit of common sense clearly understands that FinFX does not have such capitalization to cover anything. Again, if anybody likes to play an idiot and deposit funds in this firm then enjoy it while you can.

For those who can read here's what's coming to a neighboarhood here you: http://cftc.gov/PressRoom/PressReleases/index.htm
  • #333
  • Feb 25, 2012 9:50am Feb 25, 2012 9:50am
Quoting Askandia
Welcome to the Titanic! CFTC regularly fines such companies like FinFX, it is only a matter of time when they will be charged for breaking the law. Depending on the severance of the matter fines could go up to millions of US dollars plus charges against individuals running the company. Any person with at least a little bit of common sense clearly understands that FinFX does not have such capitalization to cover anything. Again, if anybody likes to play an idiot and deposit funds in this firm then enjoy it while you can.

For those who can read...
Thanks for the intimidating link however your overlooking one major thing and that is every single one of those entities reside in the USA or its territory. To my knowledge FinFX doesn't have any ties whatsoever to USA (if I'm wrong I'll stand corrected). Because of this the CFTC's rules do not apply as long as they do not go and solicit clients from USA, which they don't. Sure the CFTC has already gone after offshore brokers but their just playing the bully, intimidation role. I really, really hope FinFX stands up to them in a court of law if need be as it will be an international court. Lets see who wins, I suspect it'll be FinFX. If/when this happens other foreign brokers who have shut down their services because of the bully practices of CFTC will once again be open for business to US traders. Until then the USA will remain the "Iron Curtain" of forex.
  • #334
  • Feb 26, 2012 10:39am Feb 26, 2012 10:39am
I have no information about anything illegal going on at FinFX and no reason to suspect it. One item I want to post in the interest of keeping the forum information accurate:

The FinFX ECN Pro server is located in NYC, but server location has nothing to do with regulators, etc..
BarrySDCA Commercial Network Services
  • #335
  • Feb 28, 2012 11:43pm Feb 28, 2012 11:43pm
As I understand it, forex is not regulated in Finland. Isn't that why FinFX can offer accounts to US residents? Most of the time regulation is helpful, though you wonder just how helpful after the MF Global debacle.

I believe this started a few of years ago with Dodd-Frank, which, if I remember correctly, made some outrageous requirement on overseas forex brokers. Overseas brokers responded by simply refusing to open accounts for US residents.

The overseas brokers that were effected were those that were regulated in their own countries, I believe. Perhaps by some reciprocal agreement they had to comply with the CFTC.

Anyway, now US citizens, or residents at least, cannot open accounts at almost any reputable broker out of the US.

FinFX seems to be an exception. I assume, because they are not regulated in Finland. Good for leverage and no FIFO or hedging restrictions, but risky if they decide to take the money and retire in Mauritius!

I was thinking of opening a small account and see how it goes, but the withdrawal fees seem a bit steep at $30.
The mind thinks, the heart knows...
  • #336
  • Feb 29, 2012 2:18am Feb 29, 2012 2:18am
Quoting Ever E. Man
As I understand it, forex is not regulated in Finland. Isn't that why FinFX can offer accounts to US residents? Most of the time regulation is helpful, though you wonder just how helpful after the MF Global debacle.

I believe this started a few of years ago with Dodd-Frank, which, if I remember correctly, made some outrageous requirement on overseas forex brokers. Overseas brokers responded by simply refusing to open accounts for US residents.

The overseas brokers that were effected were those that were regulated in their own countries,...

In essence in all the European Union the laws still remains as the "past" USA CFTC laws. Meaning, it was not mandatory to adopt regulation if the company pass all orders thru. The logic behind the law is that if a brokers pass "all" orders to Regulated Banks/ Liquidity providers there is no risk for the client, thus no need to require such brokers to be under regulation.

In other words, to be under regulation is almost getting a license to mess
around with the pricing and hold orders from clients.

Obviously, this non-mandatory law created a way for many "ghost" European brokers to ripoff American clients , thus causing the CFTC changing the rules but at the same time making sure they could get into the action...something like.. we give you license to screw your clients but keeps us in the loop (case of fine to fxcm).

Finland Financial authorities have the same thinking that the Swiss and have re-stated many times times that Forex is not regulated. But the Swiss succumbed to USA pressure and little by little forced small brokers to get out (via "non-explicable" money laundry audits) and also forcing Dukascopy to get a Bank License.

Being a naturalized USA citizen but residing in Europe, I am lucky to have have many options, but still ventured with a DMA account with FinFX. I monitored them since opening in 2010, so they are past the "ghost" stage. At the end ,I think Finland autorities are the only reputable authorities that still will tell the CFTC to go and pound sand if the occasion arise. I think they are a good/better option to Dukascopy under 50K. I really like the trading conditions and considering very seriously to become an IB and maybe serve as sort of eyes on the ground as I live 4 hours drive from their offices. I have not visited their new but will do probably after snow season is over.

J.
  • #337
  • Mar 21, 2012 11:21am Mar 21, 2012 11:21am
Trading with FinFx as well and so far havent had any problems. Whatever I need, they provide...
  • #338
  • May 30, 2012 6:54pm May 30, 2012 6:54pm
Quoting Pommegranate
After MF Global, I'm surprised that people still haven't learned anything, jees. So when the s.hit hits the fan don't blame anybody else but youself.
The whole point is taking responsibility for your actions. And enjoying flexibility in the mean time.
Measure trends automatically with zero lag
  • #339
  • May 31, 2012 9:46pm May 31, 2012 9:46pm
I tried to access www.finfx.fi but the website seems down.

is this broker still alive?
Be the market
  • #340
  • Jun 1, 2012 12:01am Jun 1, 2012 12:01am
Quoting alvseek
I tried to access www.finfx.fi but the website seems down.

is this broker still alive?
Website opens as usual, no problems whatsoever. Customer service chat is also up and being very helpful..again, as usual.
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