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Opinions wanted: Choosing Broker after SNB Floor Removal
Hello, I am conflicted about the options for a brokerage account that I am now facing in light of recent events and would enjoy hearing others opinions. Pertinent Information:
I am a trader located in the USA
I trade several technical strategies, all of which revolve around tight breakouts and trend riding.
I have never needed to use more leverage than 1:50
I have had accounts with Forex.com and more recently held all of my funds in a Finfx account
My accounts have a combined value of ≈ $30,000
I recently received an email from Finfx stating that they could no longer accept US clients but had secured a deal with a broker in Grenada called "Tallinex". All of my funds, open positions, and accounts are to be moved automatically to a Tallinex server the first of next month. I have long considered hedging my risk by holding accounts with multiple brokers, and because of recent events I am more inclined than ever to do so. The only issue I am facing is selection of brokers. I have always known that if i were to open a US account it would be with FXCM but I am not sure about how safe that would be now, especially if my goal is to hedge risk; However, as far as US accounts go they are by far the least expensive to trade. So my questions are:
Should I keep my funds with Tallinex? I am conflicted about their reviews and regulatory standards.
Should I open an account with FXCM? They are by far the least expensive broker I know of and are very well regulated and known, but would my funds be safe there if they close down?
Should I open accounts at two different brokers to hedge my risk? Perhaps one in the US as a primary account and one off shore that allows hedging and higher leverage. And if so should those two brokers be FXCM and Tallinex?
I prefer being able to be able to hedge and have access to high leverage, however i would weight the cost of daily trading lower than the risk of having my funds in an account where it would not be safe. My current Opinion is that I should open an account with FXCM as I do not necessarily need to hedge or use high leverage, however I am unsure of the relative safety of doing that. If it is to risky than perhaps another US broker like OANDA would be good because I can feel safe with my money being there as well as their prices (though they are not stellar). Thanks for any and all responses! I have lurked this sub for almost a year for entertainment and relaxation, but I hope to be more active in the future.
The brokers is out of business; Website: www.finfx.fi, www.finfx.com Year since: 2010 Headquarters: Cyprus Company registration:Best Choice FBC Ltd. (reg. HE 311543), Cyprus Regulation: not regulated Notes: CySEC (license 234/14) license suspended in 2016 FinFX Forex Broker — Forex broker information for FinFX, find the latest trader's reviews for FinFX, get the details and information about advantages and disadvantages of this Forex broker. FinFX is a forex broker stemming from Finland that was acquired by Best Choice FBC ltd in 2015, an International Investment and Brokerage Company registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC). The company also operates the brokerage BCFXBroker.com. FinFx Trading is the leading forex and commodities broker in Finland. The broker specializes in trading services for traders from all over the world. During the years of operation the company gained quite important status on the international financial markets. Since 2010 th FinFX is a forex brokerage with a difference. This global broker partners with clients on an individual basis by adhering to 4 core tenets. These include rapid executions of trades, tight liquidity, expert customer support, and transparency. FinFX Global Markets Ltd is based in Malaysia, and the broker runs MT4 (real and demo) accounts.
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