Going offshore to escape the CFTC

[Clint]

ProfiForex.com.....

fxGlory.com.....

I've been delaying doing anything about these two recommendations, pending more information.

RE: FXGlory

I couldn't find them listed on the UAE Securities website.....

Something is not right here?.....

Thanks for looking into this broker.

I agree that more vetting is needed. I tried to dig up some information, and came up with a number of contradictions.

The reply to etrade360 from FXGlory (which he posted above) seems to say that there are regulatory issues for U.S. residents, but that he (etrade360) can go ahead and open an account.


However, Earn Forex, a generally reliable forex site, says that FXGlory does not accept U.S. residents.

Edit (6/6/12) --- Earn Forex has updated their listing, which now shows that FXGlory does accept U.S. clients.


Then, there's this Babypips page saying that FXGlory was banned from the Forum in April. Don't jump to conclusions about this --- there's no way to know, without more info, who the banned party was. It could have been an I.B. of FXGlory (Dubai), or it could have been someone who was not affiliated in any way with FXGlory (Dubai).

I will forward this info to the Babypips Administrator, and ask whether they can tell us who the banned Forum member was --- or, at least, what country the banned Forum member was from.

Edit (5/30/12) --- The Administrator refused to give me any info. "Privacy issues" was the reason given.



There is a company in the U.K. called FXGlory Ltd. But, I haven't been able to find out anything about them. They might not even be involved in the forex market --- FX can mean lots of different things.

This is as far as I got trying to find out about FXGlory Ltd:

FXGLORY LTD --- and --- https://www.jordanwatch.co.uk/report...xgloryltd.html

If anyone else has information on FXGlory (Dubai) and/or ProfiForex (Seychelles), please share.

[akatom2u]

I am planning to go live with Profiforex Dealing Center next month. If any US residents or others have relevant information on them now would be a good time to let me know.

[goldylox]

I am planning to go live with Profiforex Dealing Center next month. If any US residents or others have relevant information on them now would be a good time to let me know.

You are a game man

[fohexfosho]

I am a U.S. resident, and I just signed up for Traders Way. In sum, so far, so good. Some comments:

- Execution is good/average. Sometimes its faster than other times. No complaints on this end.
- Spreads are really low, but a commission is charged. About ~7 USD per 100,000. All in all, it averages out be 1-2 pips per order, at least on the MT4 ECN account.
- Their approval process was very fast. (I initially registered at FinFX, but their client processing department is s l o w. As a result, they lost me as a client before they ever approved my application.)
- Funding the account was relatively easy. They charged ~4% for the transfer from my credit card. I wasn't going to fund with a bank account or anything until I knew it was legit.
- I've not done withdrawals yet, but I'll let everyone know how they go.

Ultimately, I sided with Traders Way because of the legal documents. The trader agreement was extensive, and it was written very well. I didn't catch any grammar or spelling errors, and it covered all of the bases. Also, when I funded my account, I had to agree not to do chargebacks on the credit card because it's fraudulent, blah blah. In other words, if this company were interested in taking my money and running for it, they'd probably not put too much effort in writing the legal documents. I think it shows willingness to run a good business. Of course, I can't judge this yet 100%, but I will post again if anything happens to the contrary.

The written English from their customer service staff was OK. No capitalization, odd sentences, etc. I pay attention to this stuff because I think it reflects on the professionalism of the company itself. I only used live chat, so I have no idea how well spoken they are.

At any rate, thus far, it's a good off-shore broker, and a good alternative to the brokers in the U.S. that won't let me do what I want with my own money.

[Clint]

I am a U.S. resident, and I just signed up for Traders Way. In sum, so far, so good.....

Thanks for this feed-back.

I have added a reference to your post in the listing for Traders Way, in our List of Offshore Brokers (post #2 on page 1).

Welcome to this thread, by the way.

"forexforsure", eh? --- interesting accent.

[2os]

Axi Trader (Australia) is no longer a prospect. I just received this reply:

Axi Trader is a good broker with quality education and resources. Wish I could open an account with them. I saw on this thread what list they were on but wanted to toy with it and see where will the red flag come up. It did on the first step. Look at the countries on their ban list, I think what they have in common is that they are all dictatorships. Look who is listed first. AxiTrader - Open a live account



"Don't blame me, I voted for the one from Arizona, not the one from Kenya"

[richie1701d]

Hi Jasonswindow. I am a US citizen and Dukascopy was my broker before the rules changed. I want very much to trade with dukascopy again. So how do we get around this. If I open an offshore company they still ask for a utility bill etc. Will a nominee director work? If I start an offshore company with a nominee director will they provide a utility bill also? Dukascopy is the best broker. There has to be a way around this STUPID rule.

[Clint]

Odds and ends.

1. Over the next several days, I'm going to update the List (ProfiForex, FXGlory, etc.), and clean it up (remove all the red ink, etc.). If you guys have any other info to be included in an update, please post it here.

Edit (6/6/12) --- the List has been updated.

2. richie1701d --- I don't mean to butt into your conversation with jasonswindow, but I wanted to ask: Have you contacted Dukascopy directly to find out what sort of offshore company set-up they would accept (given their strict interpretation of the current rules)?

3. akatom2u --- have you opened a live account with ProfiForex, as you said you intended to do? Can you report on your experience with them?

4. etrade360 --- do you have any more to report regarding your live account with FXGlory?

5. LogicaLucidity --- when I add FXGlory to our List, I will include the usual warning regarding their unregulated status.

6. goldylox --- I like your avatar.

7. 2os --- regarding your post, did you see this?

8. GypsyTrader --- I gather that, after much discussion, we tossed ForexBrokerInc into the recycle bin, and there they shall remain (rather than appearing anywhere on our List). Do you agree?

9. If I have overlooked any "odds" and/or "ends", please point them out. Thanks.

[2os]

6. goldylox --- I like your avatar.

7. 2os --- regarding your post, did you see this?

No Clint, I did not catch it earlier. I ran a quick search on the thread to verify that I was not a Johnny come lately and found the post I quoted. Johnny came lately anyway. I agree with your statement there 100%. This list is a remarkable teller. I also agree with you that goldylox's avatar is hard not to like.

[Clint]

Johnny came lately anyway.

Good one!

I love expressions which are both clever and original.