One of our readers asked us to look into Cyprus Forex broker FXFINPRO, founded in 2013 and offering trading in a range of instruments on both MetaTrader 4 and the ProTrader platform. Read all details about the broker below in our FXFINPRO review.
Review Posted:
19th of June 2014
Review Updated:
-
Website:
FXFINPRO Website
Alternative Names:
FXFINPRO Capital, PFX Financial Professionals Limited
Headquarters:
82 Nikou and Despina Pattichi Avenue, Maritania Court, Office 101, Kato Polemedia, 3070 Limassol
Country:
Cyprus
Regulator:
CySEC
Founded in:
2013
Platforms:
MetaTrader, FXFIN Protrader
Instruments:
Forex, CFDs, Futures, Options, Stocks, ETFs
Website Languages:
English, Russian
Account Currencies:
USD, EUR
Deposit and Withdrawal Methods:
Visa, MasterCard, Bank Transfer, Skrill/Moneybookers
Accepting US Customers:
No
E-mail:
support@fxfinpro.com
Telephone:
+357 2526 2102
Analysis
Regulation, Background and Structure
FXFINPRO (or PFX Financial Professionals Limited) received its license as a Cyprus Investment Company in April 2013 and seems to have been started operations for real very recently.
Apart from having its CySEC license, FXFINPRO is registered with many of the other EU financial regulators, among other BaFin in Germany and FCA in the UK (details here). This doesn’t mean that FXFINPRO is regulated by these (possibly more strict regulators than CySEC), but FXFINPRO doesn’t claim to be, unlike many Cyprus-based brokers who seem to be confusing clients about this on purpose.
Like many online Forex brokers, FXFINPRO seems to have its origins in Russia. We don’t know this for sure, but we found an address in Moscow (which is not included on the broker’s website).
FXFINPRO has following to say about its main company, PFX Financial Professionals Limited:
We couldn’t find much background information about PFX Financial Professionals Limited so the above might be an overstatement.
The broker could generally consider including more information about its background, management, owners and so on.
We had a look at the broker’s current vacancies and at the time of writing there were several in Limassol, Cyprus, indicating that the broker has a real, physical office on the Island. It is a pretty good sign that the company has its operations where it claims to have them. From time to time we see that brokers have vacancies just to be seen as serious (often we see that a broker encourage people to send a resume even though it’s impossible to understand from its website in what part of the world its located!).
Terms, Technology and Marketing
It’s quite comforting to us that FXFINPRO, apart from MetaTrader 4, offers trading on the ProTrader platform. We’re fully aware that MetaTrader 4 is by far the most popular Forex and CFD trading platform on the market, but from our point of view there are certain problems with the platform and many of the brokers offering it.
First of all, like we have written about before, MetaTrader 4 has built-in functionality, enabling a broker to requote trades, manipulate pricing and so on. All this is only used by dishonest brokers, of course!
Secondly, a broker can acquire a MetaTrader 4 platform very cheaply and set up a broker practically without funding. There can be many advantages in working with a smaller broker, but it also makes it (too) easy for scammers to set up a bucketshop and scam away.
It’s obviously nice for FXFINPRO’s clients that they have the possibility to try out an alternative platform, which in many ways (in our humble opinion) is a better and more advanced platform than MetaTrader 4 is. But most important for us is that it shows that the broker has some solid funding behind it.
The broker has following to say about the way it executes orders (from the website’s about section):
It’s almost impossible to confirm how a broker executes orders and whether it actually passes on trading to its liquidity providers to remove all conflicts of interest. We haven’t seen anything on FXFINPRO’s website, indicating that it should not execute trades like it claims to do. Often it’s pretty clear when a broker is being untruthful about this, especially if we have access to user reviews about a broker.
FXFINPRO has a a partners page where it lists following prime broker partners:
A Prime Broker has relationships with main Liquidity Providers (banks and ECNs for example) and pass this liquidity on to retail brokers. The broker then shows these prices in its trading platforms and sends trades back to the Prime Brokers when its clients trade (unlike market makers who keep the trades inside the brokerage).
The names above are pretty solid and we’re certain that FXFINPRO has some kind of corporation with them. It would be too problematic for a regulated firm to lie about something like this.
It’s impossible to say how large a part of its trading it passes on. A broker can choose to send only part of its trading if it wants to. But even if it is so, it isn’t necessarily a problem and this issue is the same for all brokers we review.
FXFINPRO has a number of other investment services like investments in diamonds and property funds (details here), managed accounts and more. It seems like some of these services are still being started up.
User Reviews and other Sources
As mentioned above, FXFINPRO is a newly launched broker and we haven’t been able to find many user reviews about it. Sometimes we get worried if a broker doesn’t have much feedback – it can be an indication of a scam. We are certain that this is not the case with FXFINPRO and we have found some reviews and forum posts (nothing that changes anything on what we have written in our FXFINPRO review, but it shows that the company has “real” operations).
Conclusion
FXFINPRO is a new broker and we don’t believe it has a large number of clients yet. Because of this it’s hard for us to say anything conclusive about how the broker treats clients.
What we can say is that we’re pretty sure that the broker runs an ambitious and well-funded operation, most probably with actual straight-through-processing execution, thereby removing conflicts of interest with its clients. We base this on FXFINPRO’s partners and on its platform offer which includes the ProTrader platform and not only MetaTrader 4.
We do not recommend against trading with FXFINPRO, but we will need to update this review when we can access more user reviews and feedback. If you have experience with FXFINPRO, our readers will surely be happy if you comment below!
After working for a couple of Forex brokers, we got tired of seeing traders and investors getting scammed. At Forex Conclusions we review brokers and other financial firms and post warnings when we see anything suspicious. In case you want us to review a specific broker, or need advice in picking a reliable one, let us know. If you want to make sure you avoid scammers in the future, join our weekly newsletter!
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