Traders should be aware that there is no risk-free trading since every single trade carries its own risk and possibility of loss. No one can hide from the turbulent market and avoid the unavoidable; traders have been and will be losing in the capital market. Still, it is one thing to lose your investments due to movements in the market, and a completely other, if your loss is your broker’s fault. Scam brokers are especially dangerous since they frame traders to lose. Therefore, traders try out different brokers until they find “the one.” This is certainly not an easy task, and can even turn to an expensive one if a trader ends up with the wrong broker several times in a row who take all of their funds. Brokers, therefore, have to be under strict supervision in order to contribute to the well-being of market participants and the capital market in general. This review concerns the FXFINPRO broker who, as it turns out, does not get along always with its regulator. Read this FXFINPRO review to find out what the issue is about. Let me just mention that we take a neutral stand on this issue, and neither advise to register with the broker, nor advise against registration. Make up your own mind as a responsible trader.
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Background
FXFINPRO has existed for many years since 2004 already, but it started offering online services in 2013. FXFINPro secured first a CySEC license and later on the German BaFin license. The broker has been operating for three years now in the online world, but in 2016 it came to a clash with their official regulator CySEC. In November this year, CySEC announced to the public that FXFINPRO had been temporarily suspended. CySEC suspects that the FXFINPRO executives do not comply with the CySEC regulation. Reprimands mainly relate to business conduct violations which indicate that FXFINPRO should rethink about its organizational structure. The company was given a month to come back into the legal framework lines and reapply for a license. We do not know yet if the broker has initiated a new application process by now. During the suspension, the broker is not allowed to take on new clients, so if you should (despite everything) be interested in registering with the broker, you would have to wait until things get back in order. We also have to say that FXFINPRO is not the first broker to be suspended, and a lot of brokers have had incidents with their regulators. Before we discard the broker, we should see what will happen in the next few months. If the broker gets its license back, then the broker deserves a second chance. Despite the current delicate situation, we will further inform you on the FXFINPRO service package.
Trading Platforms
The broker offers:
- Meta Trader 4
- FXFIN Protrader
The MT4 is always the secure way to attract and keep customers since 90% of Forex traders (and 90% of brokers) are fans of the MT4. The MT4 features and options let traders choose whether to personalize the platform or to use it as it is. The platform offers many automatic features which help traders in general, whereby professional traders also like to take matters into their own hands and develop their own strategies with the MT4 tools and parameters. The FXFIN Protrader is the proprietary broker’s platform which includes around 60 built-in indicators, a matrix panel, analytical tools, etc. The platform also supports MAM trading.
Account Types
The broker offers ECN services only, and there are three ECN accounts available with FXFINPRO. Register with an ECN Micro, Standard, or ECN Professional account. The Micro account can be opened with a $50 deposit, while the others two require $500 of deposit. The first two accounts require a minimum trade size of 0.01 lots, while the Professional account requires 0.1 lots. The leverage drops with the account, e.g. 1:500 for the Micro, 1:300 for the Standard, 1:200 for the professional account. The average spreads are the same for all three accounts starting form 0.3 pips, which is very competitive, even for an ECN account. The broker offers direct market access and takes the role of the intermediary between its traders and the liquidity providers. This means that there is no conflict of interest with the broker, and the broker does not lose when you win, as in the case of market makers.
FXFINPRO Bonus
The broker is not one of the brokers who offer classic and traditional bonuses, but yet, contests and promotions are more FXFINPRO’s cup of tea. For example,t he broker organizes seasonal contests, and the best traders get rewarded. The 2016 contest included a demo trading contest where the demo account users could compete in order to gain trading credit in the amounts of $500, $300, and $200. This sounds exciting, and we hope that the broker will continue with even more lucrative contests (after they solve the license issues).
Funding Options
FXFINPRO offers rather a modest choice of payment methods. Still, we have seen brokers who offer less funding options, and they were quite successful. FXFINPRO accepts wire transfer, MasterCard and Visa, Neteller, and Skrill. Withdrawal requests are handled within the same business day.
Customer Support
The customer support is bilingual and tries to be as efficient as possible. The FXFINPRO team is available 24/5 via phone, call back request, e-mail, and live chat. The website of the broker is a little bit confusing, so you might need to contact the customer support for further directions, and the contact persons will be glad to help you out.