FinFx Broker Review -OUT OF BUSINESS-
FINFX GENERAL INFORMATION
■ Foundation: FinFx was founded in 2010
■ Headquarters: FinFx has offices in Finland
■ US Residents: FinFx does not accept US traders anymore –No-
■ Islamic Accounts: FinFx does not provide Islamic Accounts –No-
■ Regulated: FinFx is not officially regulated as a Forex Broker, but it is controlled by Finnish Authorities (Companies Act, Tax Law, and Domestic Commercial Code & Consumer Protection Law). FinFX is currently in the process of getting regulated by the Finnish FSA.
■ Languages: FinFx website supports 5 languages (English, German, Finnish, Spanish, Russian)
FINFX TRADING INFO SUMMARY
■ Broker Type: ECN / DMA
■ CFD Trading: -No-
■ Platforms: MetaTrade-4, Currensee, SignalTrader, and FIX API
■ Trading Time Zone: GMT/UTC+0 -Office Hours GMT+2 winter and GMT+3 Summer
■ Demo Account: FinFx is providing a Demo Account –Yes-
■ Typical Spread EUR/USD: for the ECN Account, the spread starts from 0.0 pips plus commission $7 per traded lot / for Micro Accounts, FinFx spread on EUR/USD is 1.6 pips (no commission)
■ Leverage: Leverage at FinFx is up to 1:200
■ Scalping/Hedging: allowed –Yes- (Free VPS for ECN Pro Accounts)
■ Minimum Account: $100
💱 FULL FOREX ASSET INDEX
-FinFx is providing 45 Forex Currencies:
SPREADS, COMMISSIONS & LEVERAGE
FINFX TRADING SPREAD & COMMISSIONS
FinFx Spread on EUR/USD starts from 0.0 pips on ECN accounts and from 1.6 pips on Micro accounts
■ ECN Accounts EURUSD spread starts from 0.0 pips plus commission $7 per traded lot ($100,000) round turn
■ Micro Accounts spread on EUR/USD starts from 1.6 pips, and there is no commission charge on Micro accounts
FINFX TRADING LEVERAGE
Leverage at FinFx can be up to 1:200
TRADING PLATFORM & MOBILE
FINFX TRADING PLATFORM FinFx is offering a good variety of Trading Platforms: ■ Demo account is available at FinFx. ■ Online Platforms include: 1) FinFx MetaTrader4 2) FinFx Currensee 3) FinFx API 4) FinFx Signal Trader ■ Expert Advisors: -Automated Trading, Scalping and Hedging are allowed -There is also a Free VPS for ECN Pro Accounts -Very Low slippage for ECN Pro Accounts
FINFX MOBILE TRADING FinFx offer a mobile version of Metatrader4 for iPhone, iPad, iPod and Android. MetaTrader 4 Mobile Features
NEW ACCOUNT INFORMATION
FinFx Minimum Account: The minimum initial deposit required for opening an account on FinFx is 100 USD. Account Currencies: EUR, USD, GBP, CHF TRADING ACCOUNT TYPES Here are all the Account Types at FinFx: ■ Micro account: 100 USD minimum account size | ■ ECN account: 1,000 USD minimum account size | ■ ECN Pro account: 10,000 USD minimum account size DEPOSIT FUNDS AT FINFX FinFx Deposit Methods: ■ Credit / Debit Cards ■ Bank Wire ■ MoneyBookers FinFx Withdrawal Methods ■ Credit / Debit Cards ■ MoneyBookers ■ Bank Wire -Bank Wire withdrawals fees of $20 | Withdrawals via Bank Wire take 2-5 Business Days.
FINFX NEW ACCOUNT DOCUMENTATION 1) Trading Accounts These copied documents are required by FinFx 2) Corporate accounts These copied documents are required by FinFx:
🏁 FinFx Review Conclusions:
FinFx offers pure ECN execution and provides a wide Forex asset index with 45 currency pairs. CFD trading is not available. The platforms offered include MT4 and several automated trading options such as Currensee and Signal Trader, as well as a FIX API platform and an MT4 mobile trader for all Apple and Android devices. Both scalping and hedging are allowed. Traders can also use external signals or take advantage of PAMM/MAM accounts.
Funding methods include bank wire, credit/debit cards, and MoneyBookers. FinFx also offers segregated bank accounts, with audits performed by PWC (PricewaterhouseCoopers).
Overall, FinFxr specializes in automated Forex trading and also provides a free VPS service for ECN Pro accounts. The minimum deposit for a standard account is $100, while ECN accounts require a minimum deposit of $1,000. Micro accounts offer EUR/USD spreads starting at 1.6 pips with no commission. ECN accounts offer spreads from 0.0 pips, with a $7 commission per full round lot traded. A full round lot means $3.5 to open and $3.5 to close a position, totaling $7 per $100,000 trade.
CONTACT INFORMATION
FinFx Trading Oy, Tainionkoskentie 14, 55100 Imatra, FINLAND -Business ID: 2306687-0 ■ Customer Service: mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Tel: +358 10 281 0100 ■ Back Office: Tel: +358 10 281 0101 ■ Institutional Clients: mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Tel: +358 10 281 0102, Fax: +358 98 565 7168 ■ Marketing: E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Tel: +358 10 281 0100
⚖️ FINFX REVIEW PROS & CONS (According to competition)
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FINFX REVIEW CONCLUSIONS |
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FINFX PROS |
FINFX CONS |
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√ ECN Trading starts from 0 spreads (Commission $7 per lot) / 45 Forex Currencies √ Low trading cost for ECN Accounts (spreads & commissions) √ Segregated Bank Accounts √ Automated Trading and Scalping √ Free VPS Service for ECN Accounts √ PAMM / MAM Accounts √ Mobile Trading for all iOs (Apple) Devices and Android |
X Not a Regulated Forex Broker X Withdrawal Fees X Only Forex Assets (no CFDs)
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■ FinFx Review
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