I agree with you. Hopefully for the smaller traders that the strong stand continues and grows from these off shore brokers.
Here’s one I didn’t see on the updated list: Windsor brokers
They’re in Cyprus, regulated by FSA/CySec.
They have MT4 and mobile, accept US clients, allow hedging.
They have 5 different account types but the Mini (10,000 contract size) offers 400:1 leverage / $25 margin. The only thing is that they limit lot size per ticket to 5 lots and total open lots to 30.
Here’s a response I received from the Panamanian CNV (the financial services authority of the Republic of Panama):
According to your email dated October 20th, 2010, I can inform you that Forex Market is not an activity regulated or supervised by the National Securities Commission of Panama, neither another financial authority.
Therefore, all retail Forex brokers operating out of Panama are not subject to any specific industry regulations other than the general compliance with the country’s law. If they continue servicing US customers strictly in place of their corporate domicile, there won’t be anything the US CFTC could do to them, since there’s even no local regulatory body through which the US CFTC would be able to put pressure on them.
And here’s what Panama-based InovaTrade wrote to me:
Dear Jacob,
We verified with our Legal Team and liquidity providers, and we do not have any inconvenience to allowing US Customers. All new trading of US Citizen or Resident, must be have a copy of the Social Security Card.
Sincerely Yours,
InovaTrade
Customer Services
I’ll do a quick review of this one, and add them to the list.
Thanks, I’ll add them to the list.
I did a quick review of this whole thread, and found 3 brokers which have been vetted, but failed to make it onto the list
(I wonder who the hell screwed up?): RV Markets (Hong Kong), Forex MMCIS (Panama), and Arab Financial Brokers (location?).
I will add them to the list.
Once again, I will move the list to the front of the queue on this thread.
The Offshore Broker list has been updated and moved. For the current list, go to the most recent page on this thread.
Thanks for your list.
I’m not able to confirm Forex MMCIS (Panama), so I’m holding off adding them to the main list.
They have offices (or telephone numbers, at least) all over the world, but not in Panama. As near as I can tell, they are either Russian or American.
I ended up on their Russian-language website — MMCIS investments - FOREX MMCIS group — which is kind of cool, if you like to listen to Russian women talk. (I understood “incorporated”, “forex”, and I’m sure she said something about “naked”.)
But, I digress.
I found their English-language website — FOREX MMCIS group | Top Forex broker — and it seems to indicate that their corporate address is: MMCIS inc., 410 Park Avenue, 15th Floor, New York, NY 10022 USA.
Anyway, until I get some further clarification, I’m putting them in the 4th grouping (more info needed).
Can anyone help me out, here?
Another problem I’m having: I can’t find the basic info I’m looking for on the [B]IG Markets (Australia)[/B] website. Is it just me, or is that the world’s worst website?
Anyway, I’m looking for: What platforms they offer, the minimum to open an account, the maximum leverage they allow, and their pip-spreads for EUR/USD and GBP/JPY.
Can anyone help?
Edit:
In addition to the problem with IG Markets, I can’t seem to find all the info on [B]WSD Global Markets (New Zealand)[/B].
If you check these two brokers in the Offshore Brokers list, you will see blanks which I hope you guys can help me fill in. Thanks.
Edit again!
Here’s [B]another[/B] problem with [B]another[/B] New Zealand website — [B]OMFinancial[/B].
I think this is the new front-runner for “World’s Worst Forex Website”.
These people seem determined NOT to tell us anything about their platform, how much cash it takes to open an account, how much leverage they offer, or what their usual spreads are.
If anyone can find out this basic info, please post it here.
Clint, not only is it the worlds worst website. But the service is terrible. I got one response from them, and then a basic email, so I do think they belong on the list, but it is near impossible to find viable info. I dont think they have mt4.
Nobody in the world can answer that question, except you.
But, — “no complaints really” — why do you want to switch? Do you just like change for the sake of change?
mj2009, my feeling is yes you should switch to an off shore broker. You should also tell them why you are leaving. Obviously my reasoning is clear I want all american forex brokers to suffer huge losses in traders and profits.
You have to do what is right for you, but closing your american forex account is the only real option left to try and correct the horrible problems we are facing.
From my ‘research’, it seems there will eventually be a problem with them, I want to avoid that if possible.
So there are companies that look good to the new guys & then companies that ARE good to vets, I was seeing the overall {opinion based/experience based} best company.
Clint,
Arab Financial Brokers is based in Kuwait.
Brokers to complement the list:
OMFinancial (New Zealand)
HotForex (Mauritius)
IKOFX (Cyprus)
All confirmed they continue to accept and service US customers with no restrictions.
mj,
I hope my previous answer didn’t sound rude. If it did, I apologize.
I understand where you’re coming from. If you’re having doubts about your current broker, then you should do some serious
"due diligence", and find some alternatives.
But, don’t think that veteran traders agree on which brokers are good, which are better, and which is best. I can point to one or more traders who will tell you: Oanda is the best; IBFX is the best; Dukascopy is the best; FXCM is the best; and so forth.
Which only proves that due diligence is a very personal thing. And that’s what I was trying to say in my previous comment.
There are so many things to consider when choosing a broker. I’ve thought about making a check-list for newbies; but, quite honestly, the task is too big for me. In addition to the obvious things, like how much money is required to open an account, and how much leverage will I be allowed to use, there are matters of “taste”, and there are psychological and subliminal factors which I can’t begin to sort out.
But, when you look at a particular broker, and you realize that you like their size and strength, their reputation, their platform, their account types, their leverage and spreads, their location, their regulatory authority, the way they treat you, even their user-friendly website — then maybe you’ve found the broker that’s right for you.
Here’s the email response I got from them:
As FOREX MMCIS group is regulated under the laws of the State of Panama, the new US CTFC regulations will not affect our company. After October 18, 2010 you’ll be able to open an account and trade with FOREX MMCIS group on the current conditions stated on the website.
If you have any other questions, please contact us. We will be happy to help you.
Thanks, Jacob.
I’ll put them on the list as a Panama-based broker.
FXOpen still remains the best option offshore.
Smart Trade FX main office is in Hong Kong with customer service in Canada and a couple of other countries. I called them and it also says it in the FAQ.
I went ahead and opened with the minimum $100 using PayPal.
May the pips be with us;)