FinFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FinFX Review.
FinFX Review
FinFX offers its clients a choice of four basic account types to trade over 40 currency pairs as well as silver & gold: Micro, ECN, ECN Pro and a special account for automated mirror trading, Signal Trader. Micro lots are available for trade on the Micro and Signal Trader accounts.
In addition, this broker provides PAMM account service.
The Company. Security of Funds
FinFX is a forex broker stemming from Finland that was acquired by Best Choice FBC ltd in 2015, an International Investment and Brokerage Company registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC). The company also operates the brokerage BCFXBroker.com.
CySEC applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730 000 as a proof of financial stability. In addition, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to cover losses up to €20,000 per person, If a licensed firm goes bankrupt.
Moreover, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.
Trading Conditions
Minimum Initial Deposit
In order to open an account with FinFX, traders have to invest a minimum of $100. Such minimum initial amount is considered average; however, other Cyprus-based brokers require less. For instance, FXTM demands just $ 5 from its clients as a start.
Spreads & Commissions
As FinFX uses STP-model, it offers floating spreads, varying by account type. The ones on the commission-free Micro account are rather high, starting at 1.6 pips on EUR/USD. ECN accounts, on the other hand, offer competitive interbank spreads, as low as 0 pips, but involve a commission of $6/$7 round turn, as well as significantly higher initial deposits.
For purposes of comparison, XM provides variable spreads from 1 pips on majors on commission-free accounts and spreads as low as 0 pips on its Zero account (available for just 100$), where a commission of $5 per standard lot per side is charged.
For more information, you may look up real-time spreads of 15 leading brokers here.
Leverage
The maximum leverage level offered by FinFX is 1:200, which is an average ratio. If you need higher leverage levels, many Cyprus-based brokers offer such – for example, FXTM provides leverage up to 1:1000. You may check out a list of brokers that offer leverage equal to or exceeding 1:500 here.
Nonetheless, we advise traders to be careful when trading on margin, as higher leverage involves greater risk of losses, which may even exceed the initial investments.
Trading Platforms
This broker offers its clients the standard forex market trading platform MetaTrader4 (MT4), plus Signal Trader.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and features: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or, if they are handy with code, create their own EAs and let the program do all the work. Like most brokers, FinFX provides VPS – a virtual server that you can use for hosting your MT4 EAs, providing extra protection when trading forex. The service is free of charge for ECN Pro account holders.
Traders can also automate their trades with a great choice of free and paid Trading Signals from the MQL5 Community. It couldn’t be easier to get started, because the MQL5 is actually built-in to theMT4 trading terminal.
Signal Trader is yet another automated mirror trading solution offered to clients of FinFX. Signal Trader’s innovative auto-execution system allows users to duplicate the trades of pro traders by automatically executing the orders in their trading accounts, based on signals provided, without any further intervention.
Methods of Payment
The following payment methods are available to FinFX clients: credit/debit, bank wire transfer and e-wallet payment systems Skrill, giropay, POLi, iDEAL, and Sofort.
Accepted currencies: EUR, USD, GBP, CHF.
FinFX is a well-regulated broker that offers online in more than 40 forex currency pairs and CFDs on precious metals through the MT4.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FinFX Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about FinFX Review.