de | cn | ru

FinFx-Pro Review - is it scam or safe?

FinFx-Pro Review - Is finfxpro.com scam or good forex broker?

RATING: 1.8 / 1 REVIEWS ForexBrokerz FinFx-Pro
FinFx-Pro is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS

Scammed by FinFx-Pro? Click here!

FinFx-Pro is a forex and CFD broker, offering five account types on the MetaTrader4 platform and accepting Bitcoin as a payment method. However, if you are about to open an account with them be sure to read this review first.

 

 

Account type Min. deposit Max. leverage Spreads
Micro Account $5 1:400 0,2 pips*
Standard STP Account $100 1:400 0,7 pips
Pure ECN Account $200 1:400 0 pips*
VIP Account
$25 000
1:100 0 pips*
Islamic Account $200 1:200 1 pip
*commission

 

FinFx-Pro Advantages:

 

Maximum leverage of up to 1:400

 

The maximum leverage, offered by FinFx-Pro with its Standard STP, Micro and Pure ECN accounts  is up to 1:400 and that is in the upper range of what most brokers offer. Just for the record, with the VIP Account the leverage is caped at 1:100 and with the Islamic Account you get 1:200. 

 

Basically, a leverage of up to 1:200 can easily accommodate even the most aggressive strategies. Still, having in mind that higher leverage can help you loose your funds much faster, here you can check our list of brokers, offering leverage of up to 1:500 and above:

 

>>Forex Brokers Offering 500:1 Leverage<<

 

Bitcoin accepted as a payment method

 

You can deposit or withdraw funds with FinFx-Pro via credit cards, such as VISA and MasterCard, e-wallets like Neteller and Skrill, bank transfer and Bitcoins, which is great as payments with crypto currencies are getting more and more popular.

 

Besides, FinFx-Pro says that no matter what account type you have chosen, if you decide to deposit Bitcoins, you will get a leverage of up to 1:400 as a reward. Honestly, this is the first time we see such an offer. 

 

Still, as we do not see PayPal among the payment methods, here you may check our list of brokers, where you can pay with PayPal:

 

>>PayPal Forex Brokers<<

 

Attractive spreads

 

As advertised in in the website, spreads with a Standard STP Account start form 0,7 pips, without a commission on the trade. With a Micro, Pure ECN and a VIP Account spreads get even better, but come with a commission. 

 

With a commission of 4 USD calculated per standard lot traded, starting for 0,2 pips with the Micro Account, you actually get 0,6 pips.  

 

With the Pure ECN and the VIP account spreads are advertised to be as low as zero, but when we calculate the commission – 4 USD per lot for the Pure ECN Account and 2 USD per lot for the VIP Account we get spreads starting form 0,4 pips and 0,2 pips respectively. Have in mind that a commission of 10 USD per 1 standard lot traded, increases the actual spread  with 1 pip, where 1 standard lot is 100 000 base currency units.

 

In the same time with the Islamic account you get spreads starting form 1 pip and there is no commission on the trade. Still when tested with a Demo Account the EURUSD spread fluctuated between 1 pip and 1,2 pips, so here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Lots of crypto CFDs offered

 

FinFx-Pro offers 36 forex pairs, including some exotic currencies, such as Singapore Dollar, Polish Zloty, Turkish Lira, Mexican Peso, Swedish Krone and Norwegian Krone. The broker also offers CFDs on  gold, silver, oil, indices and quite an impressive array of crypto currencies - Bitcoin, Litecoin, Ethereum, NameCoin, PeerCoin, Emercoin, Dash, BCASH, NEO, MONERO, ZCASH, IOTA, EOS, Santiment, OmiseGO, ETP, Eidoo and Ripple. Still you may want to check our list of brokers also offering Bitcoin CFD:

 

>>Bitcoin Forex Brokers<<

 

Islamic Account offered

 

Islamic or swap-free accounts are especially designed for Muslim traders, who under the Sharia Law do not have the right to take or receive interest. So with an Islamic account you do not have to pay interest for a position left open overnight, but the price you pay is calculated in a commission, fee or the spreads. Here you can check our list of brokers also offering Islamic, swap-free accounts:

 

>>Islamic Forex Brokers<<

 

MetaTrader4 available 

 

Along a web based platform FinFx-Pro offers the classic MetaTrader4, which is one of the most widely used trading platforms on the market. Characteristic of MT4 is the option to run an automated trading session using algorithms – Expert Advisors, which you can even compile yourself on a propriety scripting language – MQL4. 

 

In addition to that the platform offers great charting tools and more than 50 in-build market indicators and, which makes it attractive to beginner and experienced traders alike. Here you can check our list of brokers, offering MetaTrader4 as well:

 

>>Find other MT4 brokers here<<

 

Acceptable minimum deposit requirements

 

With FinFx-Pro you can open a Micro Account with just 5 USD and this is great news as well. In the same time for a Standard STP Account the minimum deposit is 100 USD, while a Pure ECN or an Islamic Account you can open with no less than 200 USD. The account, which will cost you most is the VIP account. Here you will have to invest at least 25 000 USD. Have in mind that with some big players such as IG you can open a standard account with just 1 USD.

 

FinFx-Pro Disadvantages:

 

Lack of regulation

 

FinFx-Pro has a contact address in the UK, but this is basically all that we were able to dig about the company. They do not mention anything about a license or regulation in their presentation and that is unfortunate. 

 

A regulatory certificate by a well respected financial authority is probably the most important factor in the forex industry, as this gives credibility to the broker and security to potential traders.

 

By definition, most often than not, unregulated brokers are involved in scam. On the other hand, brokers with licenses from institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) do provide sufficient security to investors.

 

Licensed brokers are subject to strict fiscal regulations, including the rule to maintain a certain level of operational capital. They are also obliged to keep all clients funds in a segregated, protected form creditors account and in some cases even to insure traders money.

 

FCA and CySEC brokers for instance, have to participate in clients' money compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while with a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Conclusion:

 

Great spreads, low minimum deposit requirement, generous leverage, crypto CFDs and the MetaTrader4 platform - despite the attractive trading condition we should not forget that FinFx-Pro is an unregulated broker and that significantly lowers its credibility. 

Latest news about FinFx-Pro
No news about FinFx-Pro. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

Traders` reviews for FinFx-Pro

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru