During Mid of August their license has been suspended by CySec.. I did not rush to withdraw my money on the BCFX account since I am happy so far with them in term of withdrawal process.. Yet I start to loose my confidence when till November still no resolve on their license so I begun to withdraw process on Nov It took me almost 3 weeks to get my money back safely on the account.. Even today, I am still checking their website to see whether the license has been back to business, too bad their still the same condition..
So for all BCFX clients, do not worry that the withdrawal money will not return.. It will, just need a little bit more time.. Their live chat is also still active and you could ask them to connect you with the back office support email. I have done it successfully.. Our licence has been suspended temporarily! Registration and a Deposit not available during this period! The license is already suspended for three months, so I am not sure if I will get my money back in any way.
Is there any place to complain about that, or to make them send my withdrawal? Now I told them good bye. The main reason at the beginning to choose this broker was to have a Scandinavian broker with quality and regulations by Finland official finance rules. Sorry my bank in Germany charge for that 12 EUR, no more. I called up their bank in Lithuania and they said to me for a transfer like that normally they charge 25EUR.
So I asked my broker how they can charge 59EUR from their customers? I asked them for a receipt from the bank. Over 5 chats and more emails they were not able to show me any proof or receipt for that high amount.
Another reason why I stopped with them was, that they offer only currency pairs and gold silver for trading and no more. Once I asked them when they going to put oil or other indices? They told me very soon. The answer was, we never wanted to put oil or more things or are going to do in the future.
We just offer currencies and gold silver and no more. Big question came up. Why you lie at your customers? I had always a big slippage on the real account when I accessed the trades.
The worst execution was a late trade and the curve was not moving. So I waited 12 minutes till the next move and finally the buy of the price was executed on the next worse price of cause. That is bullshit on the real account. The execution on the demo is very good, why so bad on the real account? Big slippage entering the trade and exit the trade I was asking the customer service, they always said, its my bad internet connection.
But I tried different internet connections all around the world from medium till very good connections, it was from everywhere a bad slippage. So cant be my internet connection. If you trade with them at news time just forget it.
Once I put a sell stop on the GBPUSD pair before the news came out, the curve moved down a lot but I saw only my money going in the lost negative numbers.
Contacting the customer service i was only listening excuses and we are right and the customer is wrong was the result, blaming some reasons nobody could really proof at the end. They said, the ask line went down meanwhile the bit line moved up, and it came out in negative numbers, till the bit line hit the far away stop lost. So for me another scam. Chat is good also emails they answer fast. If you do a withdrawal you must remember them with minimum 2 emails to not forget it.
I had it often that I withdrawal on Friday once and on Tuesday the money was still in the account. Oh big excuses I heard, we forgot it. So I must wait till Wednesday for the action of a withdrawal. There are better choices on the market now. With a bonus and free VPS and free withdrawal fees.
FinFX has none of it. I can tell everyone to look for a better broker not stay with this cheap bucket shop! I literally just found out when checking my email this morning that I have been transferred to Tallinex although I did receive an email from FinFx about the transfer to Tallinex due to regulations on January 19th, I just checked my email today.
What is not understandable and what is truthfully outrageous, in my opinion, is the U. But that's another topic. Anyway, I have been with FinFx for the past 3 years up until i found out my account has been transferred this morning.
The reason why I joined them in the first place was to free account from the stupid U. I have to admit that while most offshore brokers were caving in to the ridiculous U. This broker has been unequivocally, the best forex broker that I have had the pleasure of doing business with. They have been absolutely the most reliable, most trustworthy and most professional broker I have dealt with so far.
I did not even have to do anything for my unfortunate account transfer to Tallinex. So for those of you who are able to join FinFx without U. Now I am concerned with my newly transferred account with Tallinex and can only hope that Tallinex is as leverage-friendly, as reliable and as professional as FinFx. No complaints about this broker at all. I have account with 4 different companies and this is the best.
I will say their website scares me at times. The only downside is now they are no longer supporting US residents. It has defiantly been a pleasure dealing with them. They said Tallinex would offer the same trading conditions also. If you didn't want this to happen you needed to close your account before that date. I was already in the process of closing my account with them the Friday before and had all my funds by Tuesday of the next week.
Keep in mind this is the week after The Swiss Franc surprise announcement and as we all know there are a few less brokers in the world now because of it. FinFx is a solid company and in the two years of trading with them I have nothing bad to say about them, sure I've had a few requotes and some dropped connections from time to time and been slipped during news trading but nothing excessive like 20 30 50 pips or more.
I can remember being slipped 10 pips a couple of times with tight stops before a news release. All in all they are an excellent broker with good customer service and quick response, the fact that they promptly closed my account and sent all funds to me by the Tuesday the following week after the Swiss Franc announcement should put anyone's fears of trusting them with your money to rest. For those of you who can still trade with FinFx I highly recommend them. They send you monthly and daily statements threw E-mail just like they would if you were trading with a real account.
I've never had any problems contacting them threw online chat and they are always more then willing to answer any questions you have dumb or not.
They have never made me feel stupid or like I was bothering them,I even questioned a charge on my practice account statement and when they girl on the online chat couldn't answer it she sent it up to a higher authority and they replied back to me respectfully threw a E-mail with a explanation, keep in mind this was for a practice account!
While I was trying different leverages and different amounts of money and different types of accounts they always opened them up for me and added money to them when I requested without delay! They have helped me with questions about MT4 and have showed me how to do a few things. I have experienced some MT4 connection drops but not a lot,and have never had a problem accessing there website like some have posted,now I don't go there every day but I am online with MT4 a lot!
My experience with them so far has been very good,if not for the fact that they are in Finland I would have opened a account with them already! Needless to say I'm a little scared of sending my money over there. If you are trading with Fin and live in the USA please do a detailed review of your experiences using this broker,most of the reviews are a little dated and I'd like to see something more resent.
They really do what they say and they even allow American clients. I am very happy with the spreads, customer support, and the way the broker works. I have been very impressed with Fin FX since I started trading with them in October, excellent spreads, execution and very fast international wire sent home. Most professional broker I have come across in years, with many pairs and even spot metals.
They clearly note in their back office you need to state origin of funds in certain situations. And after jumping through all the hoops Spending an hour at the bank getting them to remove the "POD" designation from my checking account Mind you the whole point of this little exercise was to save a buck on the commissions and get the account on their NY server with low latency to CNS rather than their european servers. I already have an ECN account from their early days years ago.
Totally and completely unsatisfactory. After spending a week justifying my income from 3 years ago to their satisfaction, I really tempted fate by trying to open an "ECN pro" account after holding a low 4 digit ECN account with them for over 3 years.
My bank statement still frozen on the screen as "pending verification". You see, my bank account is titled as a POD "payment on death" account with my brother as beneficiary, a rather common method in the states of passing a bank account balance after death while avoiding months of probate. I'd expect anybody who hadn't just fallen off the turnip truck in financial services to be intimately acquainted with this, and understand the bank account is absolutely mine as long as I'm alive.
Eating dinner with them means catching the cow, and slaughtering it before you cook it. They've gone from terrific to horrible in a simple 3 years being consumed by mindless bureaucracy and paperwork without a tiny little bit of thinking. Recently, I tried to restart my forex trading with them after taking a hiatus of a couple years.More...