The world of Forex has been finding its place in every part of the globe, each country can boast at least one Forex trader and now brokers are propping up from all over. FinFX an FX broker based in Finland seems to be pushing the right buttons as they have been successfully positioning themselves as an alternative for FX and in particular EA trading.
Forexmagnates’ team discussed the firm, its history and what their secret ingredient is with CEO Jani Hjerppe.
Please provide a background to the firm.
I founded FinFX in 2010, I have been involved in the FX markets since the last seven years as a professional trader. Having worked with wide range of brokers I felt that there was a gap for traders from Finland to understand and enter the FX markets.
I created a business plan, met investors and here we have FinFX.
What is your Business model?
As I have been a trader with both market makers and ECN brokers I felt obliged to offer Forex traders the best conditions in the market, it gives us confidence that from the outset we are provident a clear, transparent and efficient service to our clients.
We have teamed up with a leading software provider that provides a interbank bridge to our MT4, it aggregates liquidity form the largest bank and ECNS and pools them out to our clients.
Is your firm regulated?
The current laws in Finland do not regulate FX as an asset class, however we as a firm are working on standards which include strong KYC, AML procedures and monitoring and most importantly full segregation of client money. The company funds and client funds are kept completely separated.
What are your unique selling points in this competitive market?
Our entry into the market was to provide a high level of service to clients from Finland however we have received a tremendous response from the global trader community and our core values of fast, timely and efficient customer service is paying off.
Who is your typical client?
We welcome traders who are looking for a professional and transparent service without restrictions and limitations. We have experienced a rise in automated traders from across the globe including Europe, USA, Asia and Japan. Most of the traders use Expert Advisors, we don’t put pressure on the trader in terms of length of trade or strategies like scalping, and all are welcome.
What kind of growth have you experienced and what are the client numbers and volumes?
The growth has been fantastic, from a handful of clients in the first few months we now have around 10,000 clients.
Trading and running a company are two complete different things, how have you found setting up and managing the company?
It has been an uphill struggle and continues to, I have faced many sleepless nights, rejections and dismay however I have been committed to my business objectives and have great plans for FinFX.
This leads me on to my final question, what can we expect from FinFX in the future?
We are developing our service and instrument range to include CFD’s, and other products. Keeping professional skills of our staff up to date. We choose our goal to be the Broker no 1 for all traders in the world.
Jani will be following the post and will be delighted to respond to any comments.
We would like to show our thanks to Jani and his team and wish them success in the future.
i agree
How is it possible to not be regulated as a financial service provider with in the EU? Did Finland not completely implement the MIFID directive? Is it legal to provide financial sercices to EU residents without a mifid passport?
Segregation without regulation means nothing – clients will still be unsecured creditors in the case of a bankruptcy.