WHO IS FINFX?
According to research in South Africa FinFX is a Swiss company founded in 2010 with headquarters in Imatra, Finland.
FinFX has made a name for itself during the years of successful operation. It offers simple online trading services for the Forex and commodities for the individual or corporate trader.
It provides trading with the renown MetaTrader4 platform as the main platform which serves traders from around the world.
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SAFE OR SCAM
FinFx is not officially regulated as a Forex Broker, however, it is controlled by Finnish Authorities (Companies Act, Tax Law, and Domestic Commercial Code & Consumer Protection Law).
It is currently in the process of getting regulation by Finnish FSA. It claims that the brokerage does adhere to the highest ethical and business standards.
PRO AND CONS
|1. ECN Trading starts from 0 spreads||1. Not Regulated Forex Broker|
|2. Mobile Trading for all iOS (Apple) Devices and Android||2. CFD trading is not available
|3. Low trading cost for ECN Accounts|
|4. Free VPS Service for ECN Accounts|
Leverage enables a trader to get a much larger exposure to the market the person is trading than the amount deposited to open the trade. Leveraged products, such as forex trading, magnify a trader’s potential profit – but also increase the potential loss.
Leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1 000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.
Margin is the collateral to cover any credit risks that may arise during trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to ensure sufficient margin.
For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
With FinFX, although it is not regulated by any authority, the maximum leverage it offers is 1:100.
FinFX offers the following types of accounts:
- Micro Accounts with $100 as the minimum deposit
- ECN Accounts with $1 000 as the minimum deposit
- ECN Pro Account with $10 000 as the minimum deposit
The Micro accounts are suitable for the beginner traders and for small trades, whereas the ECN and ECN pro accounts are for the more experienced trader.
FinFX also offer demo accounts which are free and limitless, and you can have as many as you want before switching over to a live account.
The most popular market instruments available from most brokers for trading include:
Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
FinFX offers the following of the above:
- 45 Forex currency pairs
Cost and fees depend on different factors, like spread and margins, and FinFX clients may also experience different fee structures according to their country or place of residence.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
With FinFX’s spreads offered are tight. Micro accounts spread on EUR/USD starts at 1.6 pips with no commission. ECN accounts, the spread starts from 0.0 pips plus commission of $7 per traded lot.
DEPOSIT AND WITHDRAWAL
Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.
In the case of FinFX, the following methods for deposits and withdrawals are provided:
- Wire transfer
- Credit/debit card
- Bleue, and other options
One of the extra benefits with FinFX is the Integral FX Grid that allows a trader to transmit funds and trades simply, quickly and safely.
Traders can trade in the following currencies:
For Bank Wire withdrawals, FinFX change fees of $20 and it usually takes up to 2 – 5 business days to reflect in a traders account.
The forex trading platform provided by FinFX to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
FinFX provides four trading platforms. They are:
- FinFx MetaTrader4
- FinFx Currensee
- FinFx API
- FinFx Signal Trader
The MT4 platform is the most popular platform used and is offered in 32 languages.
For the more experienced trader and advisors with ECN accounts the platforms allow:
- Automated trading, scalping and hedging
- Free VPS for ECN Pro Accounts
- Very Low slippage for ECN Pro Accounts
HOW TO OPEN AN ACCOUNT
Similarly to a bank, to register a forex trading account with FinFX for the first time, you will be required to go through a basic “know your customer” process, which will allow FinFX to ascertain that your submitted details and ensure the safety of your funds and account details.
It is not clear on the web what the process is to open an account with FinFX as the site was under construction.
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of FinFX customers can reach the support team in real time 24/5 by phone, live chat, or e-mail.
The company’s customer service is quick, efficient and polite and available during market hours. Professional staff provide support in English, Russian, and Finnish languages.
Before starting to trade, potential clients of FinFX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
It is not clear what education tools is offered by FinFX as the site is under construction.
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With FinFX it is not clear what research tools are available as the site was under construction.
Being an awarded company instils extra confidence by traders.
There is no indication on the web whether FinFX has received any awards since its inception.
FinFx is a Finnish Forex Broker, which at the stage of reviewing it, was not regulated by any authority. This is reason for some concern.
FinFx performance is absolute ECN and it offers a Forex Asset Index containing 45 currency pairs.
The platforms offered include MT4, which is a plus for all traders, as well as several automated trading platforms available for all Apple mobile devices and Android.
Overall, this broker is specialized in automated Forex Trading, and offer a free VPS service for ECN Pro Accounts.
Your capital is at risk. Trading on margin involves high risk and is not suitable for all investors. Before deciding to trade forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
All Forex prices are not provided by exchanges but rather by market makers. Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.
Therefore, FinFX does not bear any responsibility for any trading losses you might incur as a result of using this data, according to research in South Africa.
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FINFX AT A GLANCE
|Countries not accepted for trade||US|
|Islamic Account (Swap Free)||No|
|Deposit Options||Credit cards, Wire Transfer, MoneyBookers, Giropay, Bleue|
|Withdrawal Options||Credit cards, Wire Transfer, MoneyBookers, Giropay, Bleue|
|Platform Types||FinFx MetaTrader4, FinFx Currensee, FinFx API, FinFx Signal Trader|
|OS Compatibility||Mac, Microsoft Windows, Mobile, Web, iPhone|
|Tradable Assets||45 currency pairs and commodities|
|Languages supported on Website||English, Russian|
|Customer Support Languages||English, Russian, and Finnish languages|
|Customer Service Hours||24/5|
Frequently Asked Questions
How many instruments can I trade with FinFX?
You can trade several different instruments with FinFX, incl:
- 45 currency pairs
Which platforms are supported by FinFX?
FinFX provides the following popular trading platforms:
- FinFx MetaTrader4
- FinFx Currensee
- FinFx API
- FinFx Signal Trader
Does FinFX offer leverage?
Yes, FinFX offers a maximum leverage of 1: 100
Is FinFX regulated?
No, FinFX is not regulated, but it is controlled by the Finnish Authorities and in the process of being regulated by the Finnish FSA
What is the overall rating out of 10 or FinFX?
Overall rating for FinFX is 6/10
Featured SA Shares Writer and Forex Analyst.