I was trading with FinFx (now Best Choice FBC Limited) for over 4 years. Now I told them good bye. The main reason at the beginning to choose this broker was to have a Scandinavian broker with quality and regulations by Finland official finance rules. Now they are changed to Cyprus and their bank is in ex Russia Lithuania which doesn’t have trust for me anymore. For example,only the bank fees, what was 25USD at the beginning for withdrawal moved up to 59EUR which is ridiculous. 59EUR for a withdrawal inside Europe? Sorry my bank in Germany charge for that 12 EUR, no more. I called up their bank in Lithuania and they said to me for a transfer like that normally they charge 25EUR. So I asked my broker how they can charge 59EUR from their customers? I asked them for a receipt from the bank. Over 5 chats and more emails they were not able to show me any proof or receipt for that high amount. For me that’s a scam of customers with no doubts.
Another reason why I stopped with them was, that they offer only currency pairs and gold silver for trading and no more. Once I asked them when they going to put oil or other indices? They told me very soon. After 2 years I asked them what’s going on now with oil?? I don’t see anything after 2 years. The answer was, we never wanted to put oil or more things or are going to do in the future. We just offer currencies and gold silver and no more. Big question came up. Why you lie at your customers?
In all this years I never came in a big win, so I can’t tell you if they really pay you out at the end, if you are a successful trader. I had always a big slippage on the real account when I accessed the trades. The worst execution was a late trade and the curve was not moving. So I waited 12 minutes till the next move and finally the buy of the price was executed on the next worse price of cause. That is bullshit on the real account. The execution on the demo is very good, why so bad on the real account? Big slippage entering the trade and exit the trade I was asking the customer service, they always said, its my bad internet connection. But I tried different internet connections all around the world from medium till very good connections, it was from everywhere a bad slippage. So cant be my internet connection.
If you trade with them at news time just forget it. Once I put a sell stop on the GBPUSD pair before the news came out, the curve moved down a lot but I saw only my money going in the lost negative numbers. Contacting the customer service i was only listening excuses and we are right and the customer is wrong was the result, blaming some reasons nobody could really proof at the end. They said, the ask line went down meanwhile the bit line moved up, and it came out in negative numbers, till the bit line hit the far away stop lost. So for me another scam.
Chat is good also emails they answer fast. If you do a withdrawal you must remember them with minimum 2 emails to not forget it. I had it often that I withdrawal on Friday once and on Tuesday the money was still in the account. I asked what’s going on now. Oh big excuses I heard, we forgot it. So I must wait till Wednesday for the action of a withdrawal. Ridiculous sorry.
There are better choices on the market now. With a bonus and free VPS and free withdrawal fees.
FinFX has none of it. I can tell everyone to look for a better broker not stay with this cheap bucket shop!
DANGER !!!! FinFx-SWINDLERS !!!!! YOU WILL CRY...SHE THINK PEOPLE.S-FOOLS...
I literally just found out when checking my email this morning that I have been transferred to Tallinex (although I did receive an email from FinFx about the transfer to Tallinex due to regulations on January 19th, I just checked my email today). As a U.S. trader, although I am not pleased with this transfer, it's understandable given the U.S. regulations threatening international brokers, that these international brokers protect themselves. What is not understandable and what is truthfully outrageous, in my opinion, is the U.S. regulations and restrictions themselves---if a trader wants to trade and risk his money with whatever maximum leverage they choose to trade with, and gains a lot or loses all his trading money, what does it have to do with the regulators? IT IS NONE OF THEIR BUSINESS, TRADERS SHOULD BE LEFT ALONE TO TRADE WITH WHATEVER LEVERAGE THEY WANT, IT'S THEIR MONEY. But that's another topic.
Anyway, I have been with FinFx for the past 3 years up until i found out my account has been transferred this morning. The reason why I joined them in the first place was to free account from the stupid U.S. restrictions on leverage. I have to admit that while most offshore brokers were caving in to the ridiculous U.S. restrictions on U.S. traders, FinFx has admirably stood firmly on their ground and defended my account up until the last second when they no longer could.
As for my review, I have nothing but high praises for FINFX. This broker has been unequivocally, the best forex broker that I have had the pleasure of doing business with. They have been absolutely the most reliable, most trustworthy and most professional broker I have dealt with so far. I did not even have to do anything for my (unfortunate) account transfer to Tallinex. So for those of you who are able to join FinFx without U.S. restrictions, I absolutely recommend FinFx. Now I am concerned with my newly transferred account with Tallinex and can only hope that Tallinex is as leverage-friendly, as reliable and as professional as FinFx.
No complaints about this broker at all. I have account with 4 different companies and this is the best. Customer service, deposit/withdrawal, execution, etc. I will say their website scares me at times. Sometimes the site doesn’t come up, other times the graphic are way off (different PC’s). The only downside is now they are no longer supporting US residents. It has defiantly been a pleasure dealing with them.
I had a Pro trading account with FinFx for about two years now and Monday Jan 19,2015 they sent out E-mails to all US citizens informing them that do to regulatory conditions they could no longer offer trading accounts to US citizens and they had made arrangements for all US client accounts to be transferred to Tallinex automatically by 1/30/2015 and there wasn't anything that had to be done on our part for that to happen. They said Tallinex would offer the same trading conditions also. If you didn't want this to happen you needed to close your account before that date.
I was already in the process of closing my account with them the Friday before and had all my funds by Tuesday of the next week. Keep in mind this is the week after The Swiss Franc surprise announcement and as we all know there are a few less brokers in the world now because of it.
FinFx is a solid company and in the two years of trading with them I have nothing bad to say about them, sure I've had a few requotes and some dropped connections from time to time and been slipped during news trading but nothing excessive like 20 30 50 pips or more. I can remember being slipped 10 pips a couple of times with tight stops before a news release. All in all they are an excellent broker with good customer service and quick response, the fact that they promptly closed my account and sent all funds to me by the Tuesday the following week after the Swiss Franc announcement should put anyone's fears of trusting them with your money to rest.
For those of you who can still trade with FinFx I highly recommend them.
2012-03-26 No Rating I have had several practice accounts with Fin and everything seems to work just fine! They send you monthly and daily statements threw E-mail just like they would if you were trading with a real account.I've never had any problems contacting them threw online chat and they are always more then willing to answer any questions you have (dumb or not). They have never made me feel stupid or like I was bothering them,I even questioned a charge on my practice account statement and when they girl on the online chat couldn't answer it she sent it up to a higher authority and they replied back to me respectfully threw a E-mail with a explanation, keep in mind this was for a practice account! While I was trying different leverages and different amounts of money and different types of accounts they always opened them up for me and added money to them when I requested without delay! They have helped me with questions about MT4 and have showed me how to do a few things. I have experienced some MT4 connection drops but not a lot,and have never had a problem accessing there website like some have posted,now I don't go there every day but I am online with MT4 a lot! My experience with them so far has been very good,if not for the fact that they are in Finland I would have opened a account with them already! Needless to say I'm a little scared of sending my money over there. If you are trading with Fin and live in the USA please do a detailed review of your experiences using this broker,most of the reviews are a little dated and I'd like to see something more resent.
They really do what they say and they even allow American clients. I am very happy with the spreads, customer support, and the way the broker works. Happy account holder!
I have been very impressed with Fin FX since I started trading with them in October, excellent spreads, execution and very fast international wire sent home. Most professional broker I have come across in years, with many pairs and even spot metals.
They are sticklers on paperwork as someone else pointed out but that is because of the PATRIOT Act, not because they are jerks. They clearly note in their back office you need to state origin of funds in certain situations.
And after jumping through all the hoops...Spending an hour at the bank getting them to remove the "POD" designation from my checking account... Finfx opens the new account as a regular old ECN account (not the ECN Pro account I requested). Mind you the whole point of this little exercise was to save a buck on the commissions and get the account on their NY server with low latency to CNS rather than their european servers. I already have an ECN account from their early days years ago. Totally and completely unsatisfactory.
2013-09-23 1Star The Finfx saga continues. After spending a week justifying my income from 3 years ago to their satisfaction, I really tempted fate by trying to open an "ECN pro" account after holding a low 4 digit ECN account with them for over 3 years. Now 4 days after submitting the application & resubmitting all my documentation, the account is still not approved. My passport & utility bill shown as approved in their back office. My bank statement still frozen on the screen as "pending verification". You see, my bank account is titled as a POD ("payment on death") account with my brother as beneficiary, a rather common method in the states of passing a bank account balance after death while avoiding months of probate. I'd expect anybody who hadn't just fallen off the turnip truck in financial services to be intimately acquainted with this, and understand the bank account is absolutely mine as long as I'm alive. But not Finfx. Eating dinner with them means catching the cow, and slaughtering it before you cook it. They've gone from terrific to horrible in a simple 3 years being consumed by mindless bureaucracy and paperwork without a tiny little bit of thinking.
2013-09-05 2Star Finfx used to be a really good broker but has really lost the spirit. My previous review was 5*. Recently, I tried to restart my forex trading with them after taking a hiatus of a couple years. They demanded not only documentation of the source of funds I wanted to place with them now, but documentation of the source of funds from 2 years ago with pay stubs from that time (outrageous). They clearly don't want the business.
2011-07-22 5Star I have to upgrade my preliminary impression of these guys to 5* from 4*. Yesterday at rollover, there was a huge spike in USDCHF that caused one of my EAs to repeatedly open bogus positions that weren't present in my hotforex ECN platform (currenex). Fortunately, I was there watching when it happened & closed those positions immediately for a small net loss ($145). Obviously this is not good! When I got them on a chat immediately, the usual BS explanation was, "well we often have increasing spread at rollover as does everybody...", I replied that a 150 pip spike at rollover wasn't just normally increasing spread & no such thing happened at hotforex with currenex. The person on the other end at support requested I email them with documentation which I did. Without further explanation or anything else, my account was quietly credited for my loss within 24 hours.
While the amounts of money weren't huge & I'd rather this didn't happen, I give FinFx very high marks here for doing the right thing without major headaches on my part. By contrast, with CollectiveFx one time I was left with a trade hanging for over 2 minutes & no execution to have it executed at a $2000 loss. I spent maybe half an hour documenting my case only to find no follow-up and no explanation, let alone making me whole.
I previously stated that an honest, straight-shooting unregulated foreign broker may be ideal because such would not be susceptible to the blackmail, threats, or "agreements" with US regulators who serve the interests of the lying, stealing, asymmetric slippage - virtual dealer plugin wielding, unannounced leverage reducing causing margin liquidation based REGULATED brokers we have on this side of the pond, when they demand no competition from abroad in their mafioso fashion. I mentioned it might be possible FinFx is such a broker. Now there is some weak affirmative evidence that might in fact be the case.
2011-03-30 4Star So far, so good. I've been with these guys for a couple months now. Withdrawals handled promptly. There have been a number of technical issues with their liquidity provider during this time. However, they have always been relatively easy to reach online. I've used a "normal" account & spreads on major pairs have been quite reasonable. I have not encountered the slippage issues mentioned by others, but then again, I trade primarily cable, at relatively high volume times for this pair (london pre-open & early london session), and in moderate sizes (typically 3-4 standard lots). I have been exiting via TP parameters, and have encountered slippage in my favor more often than adverse slippage. In any case, it certainly does not appear there are any schemes at work behind the scenes to create asymmetric slippage against me as Gain Capital was busted for in the US (a "regulated" brokerage!). On balance, I'm pretty happy with these guys and plan to stay. We'll see if things stay good as I ramp up my trade volumes. Only problems have been technical & with their liquidity provider. At least I'm somewhat reassured they HAVE an external liquidity provider whose identity is known & who acknowledges finfx as a client!
2011-01-28 No Rating Regulation is a double-edged sword. GoMarkets closed accounts of all US citizens because of a memorandum of understanding between ASIC and our own beloved CFTC. The CFTC in our country has been less than useless for retail forex traders and either incompetent or willfully negligent to the benefit of big banks in the commodities markets allowing them to accumulate massive, concentrated, manipulative positions in commodities where a price squeeze could really damage the economy (e.g., JP Morgan and silver). They've driven me offshore with my trading and now they're trying to sue the foreign brokers they've driven americans to do business with. The ideal situation is an honest unregulated broker having no connections with the US, and who'll do business with US citizens and operate with impunity from US regulators. Is Finfx such a broker?
I'm not rating them yet, since it's early days. I just made my first $5K with them & have requested a withdrawal. I'll see how that goes. I echo the other poster in that trading conditions are quite reasonable, spreads are fairly tight even on their "normal" platform, which I use. Account setup & funding is swift. The one time I had a platform freeze, which was from a glitch with their liquidity provider, I got them in an online chat & it was ironed out within 10 minutes. No harm done. I've not witnessed any spikes, suspicious platform disconnects, or anything else that would suggest they are cheating. If they are true STPs using Integral, I shouldn't. But I would add some claim to be STPs and when push comes to shove they sure act like they're taking the other side of your trades. I traded happily with Vantagefx for 3 months and made $30K only to get a phone call from them out of the blue one day announcing they were cutting my leverage effective immediately! So, I'm reserving judgment and time will tell. Sure, you behave differently at an unregulated broker. That's just common sense, paying yourself frequently to rapidly get to the point where you're playing with the house's money. So, "thumb's up", but it's early days yet for me.
I am 4 year full time trader and I can only say that Finfx is an incredible company. Excellent support service. Spreads and commissions are fine. Pro accounts have fill or kill limit orders, so no slippage. No issues yet. Payments received quickly and on time.
I have traded at finfx one year, superb support, fast withdrawal, good spreads, sometimes slippage but its ok.