Established in 2010, FinFX has quickly become the largest Finnish ECN/DMA broker and joined the list of the world’s major brokers.
Currently the company is serving traders and investors from more than 100 countries of the world.
The wide popularity of the Finnish broker is attributed to its highly professional team and tight cooperation with the world’s major banks. That is partnership programs with participation of major banks, insurance and hedge companies that allow FinFX forex broker to offer favourable trading conditions to its customers.
Deposits and Withdrawals
The company customers can use the following banking instruments to make a deposit or withdraw funds from trading accounts:
- Bank transfers;
- VISA, MasterCard;
Withdrawal procedures have one peculiarity, which is hardly considered pleasant. Under the company rules, customers can withdraw profits only if there are no open positions on the trading account. This applies to not only the moment of filing a withdrawal request but also the entire period of the request processing and execution. At the same time, irrespective of the method, the company ensures withdrawals are made within 3 banking days.
In practice, all payments are made within one banking day though, which improves the impression a bit.
The company management says this rule is aimed at ensuring high level of safety of the customer assets.
FinFX is a regulated broker. Its activity is regulated by the following organizations:
- CySEC. The Cyprus Securities and Exchange Commission;
- FSA. The Financial Services Authority UK.
According to its internal regulations, the company is using a broad range of innovative programs to manage risks and ensure high level of safety of customer funds.
The law of Finland regarding financial markets regulation is one of the strictest in the world, which is another proof of FinFX high reliability and liquidity.
Bonuses and Promotions
FinFX is offering a permanent promotion – free VPS service. Owners of ECN Pro accounts with over $10 000 USD deposit can participate in the promotion. They can use VPS everywhere any time they want. The advantage of VPS is a possibility of round-the-clock uninterrupted work of trading advisors with fast execution owing to short physical distance to MT4 servers.
Trading Accounts Types
FinFX customers can open the following accounts types:
- Micro Account. Obviously this type of account suits beginners and traders testing new strategies. Minimum deposit of $100 USD, variable spread starting from 1.6 pip, Market Execution;
- ECN Account. Minimum deposit of $1 000 USD, variable spread starting from 0 pip, Market Execution, $7 commission per 1 lot round turn;
- ECN PRO Account. Minimum deposit of $10 000 USD, variable spread starting from 0 pip, Market Execution, $6 commission per 1 lot round turn;
Owners of ECN PRO accounts have a free access to VPS.
Clients can open a live account using following currencies:
- US Dollar (USD);
- Euro (EUR);
- British Pound (GBP);
- Swiss Franc (CHF);
- Japanese Yen (JPY).
Trading Platforms Types
FinFX customers are using a popular trading platform MT4 with some modifications (or rather supplements) made by the company’s IT specialists. FinFX MT4 is powerful software with a number of unique indicators and advisors.
The broker is also offering Signal Trader corporate platform, which is the best possible solution for automated trading.
Customer support center serves clients around the clock, five days a week in four languages:
Customers can contact highly qualified support team representatives in the following ways:
- Phone (callback);
- Live chat.
The company’s corporate style stands out among its competitors as the broker is not propagandizing its trading tools. FinFX presents information in an “educational” rather than “missionary” manner.
Pros of Trading with FinFx
The list of the broker’s main advantages looks as follows:
- Narrow real ECN/STP spreads (from 0.0 pips);
- Various order types for all trading styles;
- Scalping allowed, absolutely no restrictions;
- Hedging (locking) allowed.
All orders are referred to the world’s largest banks through Integral Multi Bank FX Grid. Its main advantages are high liquidity and a possibility of trading with direct market spreads.
The broker cons arise from its competitive strengths. Its desire to be among the first when introducing innovative technologies leads to their incomplete adjustment.
Xaver Awera: It’s a good reliable broker. I’ve been working for over a year and have no complaint. Orders are executed accurately, without slippage. Withdrawals are made in due time, with no exceptions and delays. In one word, I’m glad to work with FinFX forex broker and recommend it to all.
Fred Zapor: I’ve been working with FinFX since its foundation. It’s a reliable company. Still, there are some peculiarities. First of all, money withdrawal. You can withdraw the funds only when all positions on the trading account are closed. However, this not always works – it often happened that positions are open but the money is easily withdrawn. It seems that this norm is aimed at securing the company against any emergencies.
FinFX is a rare combination of high innovation technologies, professional personnel and a wide range of trading instruments. Few of modern Forex brokers managed to pay equal attention to these fundamental (for any broker) issues.
Along with active participation in different international partnership programs, FinFX is very careful in choosing trading tools offered to its customers.
The company is actively participating in Multi Bank FX Grid and at the same time is committed to the old platform MT4, which is regarded as the most popular but is not always able to quickly adapt to changing market conditions.
In summary, the above “hitches” is a result of the company’s young age. To tell in short, it deserves a solid B grade.