finex.com Review

SCAM! This bucket shop makes it's money by constantly cutting off your internet connection or making it impossible to log on. How many times, how many times have I accessed the site only to receive an error message (theirs, not my computer) that reads "YOU ARE NOT AUTHORIZED TO PERFORM THIS OPERATION"! If you are lucky enough to log on, then their system automatically logs you off every thirty minutes.
I have found it impossible to close positions- a caption box says "YOUR QUOTE IS TOO OLD" or some other nonsense. The quote screen freezes up frequently. This is done intentionally
and more often than not. Winning positions are difficult if not impossible to close out on a timely basis. Losing positions seem to close like lightning, however. The charts are god awful and the pip spread inevitably widens after you enter between 1-3 ticks even in a dull market. On Sundays the market openings can be delayed an hour or two, usually when the market has opened way down. Customer service?
Don't count of it. They know every excuse in
the book to justify why it is you're losing money.
If you enjoy anxiety filled trading, never knowing whether or not you'll be able to exit the market you'll love these guys. They'll rack your brain and rob you blind. This one is for suckers only!

I faxed my withdrawal request since beginning of oktober (see my earlier posts in this review section).
Still saw no money. This week they answered my mail saying they still wait for approval from EBK.

So, lord Albertus, I don't think you are telling the truth here.

2007-10-13 Scam
Still couldn't withdraw my money.
They say they mergered with a German investmentbank and after approval of the Swiss bankcommission they can wire the money.

Don't know if I can believe this.

2007-10-17
I faxed a withdrawal request 2 weeks ago.

"Somewhere next week" they should send the wire because now they have no control over their accounts due to swiss bankcommission investigation.

Seems like the same trick TRADEX was playing.
Looks very tricky to me.

Stay away from finex.
I had accounts running with several brokers.
all running on the same strategy.
Finex suddenly made a huge loss in September.
While the other brokers continued making profit.
Margin call the claimed, while a margin should have happened on the other accounts with different brokers also.

Finex does some weird stuff, and its sure as hell ain't legit.
If you like to keep your money stay away from them because sooner or later they take off with it.

Dear Guys,

the problem does not lie in "good or bad" brokers. The SFBC is currently kicking ALL FX brokers of any siz and any reputation out of Switzerland. I do NOT say that FX shops are ok or not. It is a political thing there which is initiated by the Swiss Banking Lobby to have only traditionla banks in Switzerland. EACH broker will be closed. After shutting down the first 3 the rest will go out now automatically. The accuse of the SFBC was ALWAYS the same: YOU - Mr. Forex Broker - took money from customers. So you do banking business! The question how a broker shall make this business without taking money they did NOT answer.

This - as mentioned - is a pure political game they play and they do NOT care for their own law and rules. Place a lawsuit against the mighty SFBC in Switzerland against them if you have some million USD to waste and you will see how they act. Swiss banking is simply traditional and nothing else. They do not want brokers. ALL brokers there will come into troubles and people are forced to get back to FX brokerage with Swiss banks with 20 pips spread and higher.

This is the story - it started with Neuimex and is actually with Finex. The rest will follow if they do not get out of this country. Even a limited banking license as Dukascopy has does not help at the end.

Games of mighty and ruthless authorities. But they have the power there.

Well, I was going to open an account with them. I sent them an email with specific questions i wanted answered. The next day I sent another with a few more general questions and to this minute I have received no email or and kind of communication from them.

Now I am not saying they are good or bad but If it were me I surely would make an attemp to answer a question to gain a persons business.

I wouldn't go so far as to call them a scam but I will not put my money in a company who I cannot reach or gert a hold of. No thanks.

The search goes on.

the weirdest company ever! i mean i have send an email like three weeks ago, and no responses till now?! (resend it couple of time again!!).. Guys, when you open a forex company, think about your customer value and support..
Biggest joke ever!

I have just emailed Finex to ask them some things that I thought would be useful to know.
===============================================
We are not an ECN broker. We have an automatic dealing desk. We are
regulated in Switzerland.
Regards,
Finex Group Support
-----Original Message-----
From: arto [mailto:?@yahoo.com]
Sent: Friday, October 05, 2007 9:45 AM
To: support@finex.com
Subject: Need info please
1. Are you an ECN broker?
2. Process order through Dealing Desk or automatic?
3. Are there any regulations like NFA?
thanks,
arto

I heard they are becoming BANK and willbe offering Futures, CFDs and Mettals. I have account with them, and I really like their execution.

Finex is temporarly shut down. The swiss banking authority (sfbc) is shutting down brokerage after brokerage (globex, tradex, finex,etc.) for no real reason. Although i have never traded at Finex i mostly heard good things about them so this gets me very concernd about swiss brokerages in general!

I am new to trading and I have had a great experience with Finex customer support. I have worked with other brokers and found myself in situaton at the end of the day. I find in my experience the trade execution is fast and I do not receive requotes like with other brokers. I am happy with execution because there is no dealing desk intervention. With other brokers I received constant requoted orders and do not experience this with Finex. Customer service is courteous and thoroughly answers questions about my account.