FinFX is a European currency and commodities broker, based in Finland, which was established in early 2010.
Effective from June 1st 2015 FinFX sold their retail business to the broker Best Choice FBC Limited. Existing clients will be migrated to the new broker.
Forex brokers in general are not subject to supervision according to the rules of the Finnish Financial Supervisory Authority (FIN-FSA), the independent supervising authority of Finland.
In Finland compensation schemes are in place covering bank deposits up to EUR 50,000 and up to EUR 20,000 in case of payment defaults of financial service companies. However, according to FIN-FSA these two schemes do not cover foreign exchange trading in principal.
By its own accounts, FinFX is obliged to keep clients' funds on separate accounts as required by current Finnish legislation, thus ensuring that creditors do not have access to clients' deposits in case of bankruptcy. Partial amounts used as a margin at the time of the bankruptcy are not subject to this regulation. The implementation of these procedures is periodically verified and confirmed by the audit firm PwC; the last review took place in February 2014.
Support is available in Finnish, English, German, Russian and Spanish with most quick response times.
For the opening of an account, FinFX requires a proof of identity (personal ID or passport) and a proof of address (account or credit card statement, utility bill). A social security card might be required as well in some cases. Documents can be scanned in and emailed to customer support. Provided that all required documents are fully submitted, the account opening procedure can be completed within just one hour.
Deposits on a customer account can be made by bank transfer (2-3 business days), by credit card (online, within a few hours) or via Moneybookers or PayPal (online, within a few hours). Pay-outs are allowed by bank transfer and via Moneybookers to the customer's account only; pay-outs to third parties are not permitted.
Integral (access to more than 18 banks, including: Bank of America, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P.Morgan, Morgan Stanley, MUFG, Natixis, Nomura, RBS, SEB, SMBC, UBS).
The FinFX trading servers are located in Helsinki, Finland. A further server is located in the U.S.; however, this server does not work autonomously and forwards all orders to the main server in Finland. The trading server for ECN Pro accounts is located in New York.
Customers who open and fund a FinFX ECN Pro Account are eligible for a free VPS provided by BeeksFX, reducing the latency to about 0.35ms.
Summer time: GMT+0
Winter time: GMT+0
|Micro account||ECN account||ECN Pro account|
|Spreads:||variable, starting from 1.6 pips||variable, starting from 0.0 pips||variable, starting from 0.0 pips|
|Currency pairs:||46, gold, silver||46, gold, silver||46, gold, silver|
|Decimal places:||five, accuracy 0.1 pips||five, accuracy 0.1 pips||five, accuracy 0.1 pips|
|Leverage:||variable, max. 1:200||variable, max. 1:100||variable, max. 1:100|
|Minimum deposit:||EUR 100||EUR 1,000||EUR 10,000|
|Minimum contract size:||0.01 lot||0.10 lot||0.10 lot|
|Account currencies:||USD, EUR, CHF, GBP||USD, EUR, CHF, GBP||USD, EUR, CHF, GBP|
|Commission:||n/a||USD 7 per round-turn lot||USD 6 per round-turn lot|
Special trading conditions in form of a direct commission discount are automatically applied to all FinFX ECN Accounts opened using one of the below listed links. The commission for ECN Accounts is reduced to USD 6.25 per round-turn lot, while the commission for ECN Pro Accounts is reduced to USD 5.25 per round-turn lot.
To make the account opening process easier, it is advisable to select the most suitable link regarding account type and account currency, as otherwise the account opening procedure might be delayed and FinFX support might have to contact you to confirm these parameters.
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