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  • FinProTrading

    I just wanted to throw out another broker option for US traders since it always helps to have alternatives in the ever-changing regulatory climate we have here. I've setup and been trading for the past couple of months with FinPro, and it seems pretty impressive. Biggest deal for me is probably the ECN account with ultra low commissions. I've been running the SFE Price Action EA which can generate a LOT of trading activity. With FinPro, you can request a lower commission, and for me that equals a little less than $3/lot vs the $8/lot I've been getting with the LMFX Zero account. That alone saved me hundreds of dollars through July. I'm not sure what's the criteria for this low commission, but I just asked for it, and they gave it. I also tried asking LMFX for the same, but was denied.

    A couple of other things about FinPro: banking is with HSBC in London, so you're not wiring your money to a borderline third world country. Not sure if this matters to anybody, but I always have a slight twinge when I'm wiring funds to a country I'm not at all familiar with. Also, you can fund in bitcoin, which enables super-fast funding if you already have some on hand.

    I'm still keeping my account with LMFX since I also want to continue with SteadyCapture, but given the constantly shifting landscape of US-affiliated brokers, it's nice to have another option open just in case.

  • #2
    How did the withdrawal go? I am guessing you have done few of them already.

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    • #3
      FinPro Trading (together with several dozen of other brokers) just lost their Belize license. I wonder what prompted the regulator clean house like this.

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      • #4
        FinPro is now a part of Coinexx and is no longer an entity. All my accounts got switched over to that broker. It was kind of a surprise, but so far no hiccups. I made several withdrawals to test the waters. It's an extra step because they only do crypto withdrawals. I'm not a fan of the crypto volatility, and it could be a crapshoot as to how much your crypto is actually worth by the time you get it and convert it to USD. I have an account at Bitstamp, and they have a feature where you can deposit crypto to your wallet and instantly have it converted to USD so as to minimize your exposure to crypto volatility. It seems to work fine.

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