What happened to FINFX? Please help

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Had an account with them and was very happy…

Then I got this message:[B]Through acquisition of FinFX’s retail business CySec regulated broker “Best Choice FBC limited” now operates under the “FinFX” brand.[/B]

So I tried to find reviews on line about “Best Choice FBC limited” or Finfx (after 1st of June 2015)… And can’t find ANYTHING???

Now I want to fund my account again… but I’m a little concerned… (maybe over paranoid as they are regulated?) but…

Anybody can advise me PLEASE?

What happened to FINFX is it still safe to use?

Thx a lot for any info…

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You are right — a bing (or google) search doesn’t turn up much on the Cyprus broker known as [B]Best Choice FBC,[/B] or BCFX.

As for [B]FinFX,[/B] they are no longer a retail forex broker, which probably explains why you can’t find any chatter about them.

Here’s what I can tell you —

Prior to this year, FinFX was an [I]unregulated[/I] retail and institutional FX broker, domiciled in Finland.

• FinFX was under severe pressure from the U.S. to (1) obtain CFTC/NFA registration (and comply with all the mickey-mouse regulations which that entails), or (2) jettison their U.S. clients. In January 2015, FinFX announced that they would close all U.S. retail client accounts. U.S. clients were given the option of (1) a seamless transfer of their accounts to Tallinex in Estonia (next door to Finland), or (2) the closing of their accounts and withdrawal of their funds.

Tallinex subsequently moved their corporate registration (place of domicile) to St. Vincent and the Grenadines in the Caribbean region, to further insulate themselves from attack by the CFTC. Tallinex has become one of the premiere offshore brokers available to U.S. residents, and has earned the designation TRUSTED BROKER in our Offshore Broker List.

• In April 2015, it was announced that the remaining [I]retail[/I] FX business of FinFX was being sold to Best Choice FX (BCFX) in Cyprus, a broker founded in 2014, which is now regulated by CySec. This affected the non-U.S. retail client base of FinFX, who — like their U.S. counterparts earlier in the year — had two choices: accept the transfer of their accounts to BCFX, or close their FinFX accounts. The FinFX [I]brand-name[/I] was part of the sale to BCFX, and BCFX will operate from Cyprus under the FinFX name (at least, for now).

• The [I]institutional[/I] FX business of FinFX will remain domiciled in Finland under the FinFX name, and is now regulated by the Finnish authorities.

Here are two articles from [I]Finance Magnates[/I] (formerly [I]Forex Magnates[/I]) on changes at FinFX this year —

FinFX Will No Longer Offer Brokerage Services to American Citizens | Finance Magnates

Breaking: FinFX Acquired by Cyprus Regulated BCFX Broker

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1 Like
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Thanks a lot Clint for the information…

I’m not from the US, so that’s not my issue… just looking for a good broker (why is it such a task?)

That’s also what I found searching… but I’m concerned that nothing comes out about BCfX?? Only that they are regulated by Cysec, but no reviews…? Would you guys say that I can trust them based only on their regulation?

Or I better start over with the gruesome project of finding a trusted broker?

Is good to hear that Tallinex is one…

I just like very much Finfx execution, spreads and customer service… And had no issues trading with them with real money before. And on Demo, nothing seems to have changed since the change to BCFX

Thanks again for your help

What would I do without babypips!

4

Honestly i don’t know much about this company, i just joined it long time back when 5star signal service were offering free signals for joining them under this company which i did, but the results were far from acceptable and many of their signals were horrible, so eventually i bailed out with taking out whatever was left and since then never search about this company again.

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The truth is FinFX, is no longer a retail forex broker, thats why you could locate them on bling as another member has just said. Another view can be, they were just trying FX market!

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the website finfx is down _`?=)

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Thanks for that explanation, I never knew why I was pushed out of both FINFIX and Tallinex. I liked them both. I am totally satisfied now with FX Choice.