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FinFx.fi Review MT4 - MetaTrader Platform

Overall Rating: (3.472)
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Total Reviews: 54
Last Updated: 2014-06-30
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FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2010-10-28
Review: We haven't tried trading forex with FinFx.fi. If you have a forex trading account with this broker, please leave a review here.

Scott, North Carolina, USA

Rating:
Date of Post:2013-12-12
Review: 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.

Aaron, TX, USA

Rating:
Date of Post:2013-10-20
Review: 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.

Neal, London, United Kingdom

Rating:
Date of Post:2013-09-16
Review: 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.

Felix, Berlin, Germany

Rating:
Date of Post:2013-09-16
Review: I have traded at finfx one year, superb support, fast withdrawal, good spreads, sometimes slippage but its ok.

Andreas, Brussels, Belgium

Rating:
Date of Post:2013-09-03
Review: I have been trading with finfx for about 2 years already. Honestly I had no issues with them ever. I withdrawaled more than my initial deposit. Client support is one of best I have used so far - always fast and promt. I am really surprised of seening bad reviews.
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peter, riyadh, Saudi Arabia

Rating:
Date of Post:2013-05-15
Review: they dont honor SL. my Trailing Stop was bypassed and a trade which was +pips ended up a negative trade. is this a way of stealing from the people?

Matti, Karkkila, Finland

Rating:
Date of Post:2013-05-04
Review: At least the micro account is a scam. (nowadays I know that they all must be since the smallest real account is a mini). Don't know if the mini and whole lot ones are real. I have a live micro account from FinFx and while live trading record that window and a demo account window from a different provider. When I make a live trade the FinFx window seems to provide a different pip value and different looking chart than the other providers window, thus manipulating pip value and providing false info.
And FinFx nowadays uses a Lithuanian bank account and just changed their rules. Scam, stay away.

Aleksander Szydlowski, Warsaw, Poland

Rating:
Date of Post:2013-04-18
Review: I have been only using their services for almost two months as the trader I have chosen had them as his brokerage of choice.

First impressions very good. Very strict analysis of submitted documents, fast connection to the trader's master account.

After six weeks I have decided to discontinue with this trader as I was not comfortable with his trading style. This is where the problems begin.

Yesterday, I have formally revoked the LPoA for the trader - they have quite quickly confirmed receipt of my revocation.

...but the trader is still trading. When I have written e-mails they have started to explain technicalities that they cannot exit open trades if my trader does not exit them. I am completely confused and when I called them today (19:45 local time, by the way their web page claims their customer service should operate on a business day until 22:00 local time) the guy I talked to though admitted he has knowledge of my particular case said to me that I should call them again in 12hrs because some people are not at work at this hour and so he cannot help me.

I am writing this review before this issue is even resolved as I do not need to know how it develops further. FinFX is already at this moment in legal violation of the LPoA because the LPoA does not exist anymore but despite they still allow the trader to open trades in my name.

I have to say I was naive enough to assume that it is plainly not possible. That it can't happen in a brokerage that is regulated.

They have advised me to "ask" the trader to close my trades!

This is plainly an unethical behavior.

Alexandre, Geneva, Switzerland

Rating:
Date of Post:2013-01-24
Review: NEVER AGAIN.

I have been fighting for days to recover my funds, they have a team that is suposed to verify documents (like most brokers do), then for each new operation, like account opening, withdrawal they ask you to supply AGAIN supporting documents.

BE AWARE THEY ARE TRYING TO KEEP YOUR MONEY WITH A VERY UNETHICAL BEHAVIOR, THEN THEY TRY TO COVER THEMSELVES WITH REGULATIONS.

WRITTEN EVIDENCE AVAILABLE.
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