Going offshore to escape the CFTC - Page 410
Page 410 of 412 FirstFirst ... 310 360 400 408 409 410 411 412 LastLast
Results 4,091 to 4,100 of 4111
  1. #4091
    Join Date
    Apr 2017
    Location
    chicago suburb
    Posts
    7
    thank you for your time and explanation. especially concerning the fees built into the spread vs. commission per trade. your time is much appreciated

  2. #4092
    Join Date
    Nov 2007
    Location
    chicago
    Posts
    40
    I have visited the site but can't seem to find any list of what CFD's are offered? Does any one know if they offer indices? DAX? Bonds?

    Thanks in advance.

  3. #4093
    Join Date
    Apr 2017
    Location
    chicago suburb
    Posts
    7
    hey dude. and happy springtime to a fellow chicago area resident.

    i don't know the answer to that. i find CCM's website a little bit lacking also. i would try 2 things. open up a demo account and see what's offered to trade. or email them. they have responded to several of my emails in very timely fashion.

    in fact, i'm gonna quote one of their emails here in a second. i apologize, enochbenjamin, that it's not concerning your question. but in reference to earlier discussions on this thread, i'm only pointing out that capital city market's leverage computation system seems to be e-x-a-c-t-l-y like tallinex's. when i emailed CCM asking if the advertised 1000:1 leverage applied to all account sizes, they responded:

    "Hello,

    Leverage options available are from 1:1 through to 1:1000 for Micro accounts (the default is 1:400) and from 1:1 through to 1:500 for Standard accounts (the default is 1:200).

    You can find more information about our account types from our website Capital City Markets – Welcome to Forex under the "Accounts" tab. There you can choose an account that meets your needs.

    In order to allow leverage above the default level, our system needs to assess your trading and determine how much of a financial risk it poses in the event of large weekend gaps, significant news events, etc. In order to reach a conclusion, things like your account balance, trading style, average floating P/L and whether positions are held over weekends are considered. The assessment is ongoing and reviews activity over the most recent 30 trading days. The maximum leverage available to you based on the latest assessment can be seen if you hover your mouse over the Leverage field in your profile. Please note that there is no option to request higher leverage than our system has allowed

    Regards,

    Support"

  4. #4094
    Join Date
    Nov 2007
    Location
    chicago
    Posts
    40
    Quote Originally Posted by NewGuyToForex View Post
    hey dude. and happy springtime to a fellow chicago area resident.

    i don't know the answer to that. i find CCM's website a little bit lacking also. i would try 2 things. open up a demo account and see what's offered to trade. or email them. they have responded to several of my emails in very timely fashion.

    Support"
    I did just what you said and got a response in about 10 minutes. If anyone else is interested, this was the reply:

    Hello,

    We offer:
    AUS200s
    SPX500s
    US30s
    FRA40s
    GER30s

    Regards,
    Support

  5. #4095
    Hi All,

    What do you guys think of Oanda's new commission structure? I believe they just announced it in March.

    I know they are frowned upon as they jack up their spreads all the time but I am really trying to avoid have to go thru the offshore hoops. Still up in the air about it.

    Also looking at TD Ameritrade but have not check out their fees (I believe they are commission based as well?).

  6. #4096
    Join Date
    Feb 2011
    Posts
    14
    Quote Originally Posted by CantThinkofaUsername View Post
    Hi All,

    What do you guys think of Oanda's new commission structure? I believe they just announced it in March.

    I know they are frowned upon as they jack up their spreads all the time but I am really trying to avoid have to go thru the offshore hoops. Still up in the air about it.

    Also looking at TD Ameritrade but have not check out their fees (I believe they are commission based as well?).
    I've traded with OANDA using their micro accounts for years and am happy with them. You've already mentioned the biggest downside, which is that the spread on their micro accounts can get big during news announcements. On the positive side, you can open trades with as little as "1 unit", which amounts to practically nothing. With this model, you can live trade and scale up gradually without incurring significant losses. This is really useful, because Demo accounts often do not represent actual pricing and execution. The ability to start small with a live account is quite nice.
    Another place where they excel is in their API. They have a REST API, which makes it easy to code in practically any language you like without running a proprietary GUI.
    The spreads don't bother me much, since I have started concentrating on larger time frames. Scalpers would be more affected.

    Spreads and leverage are going to be a lot better at the top offshore brokers listed here.
    If you use MT4 and tight spreads are important, scroll back a few pages and read through Hyperscalper's posts. Some of the foreign brokers here have excellent spreads, execution, and customer support. You really can't beat their stats.

  7. #4097
    Thanks for the input Xana.

    I like Oanda, mainly since I have been doing good with it in their demo. Need to check out their new commission structure to see if that would benefit me better though as I like to make several trades an hour. They are best for longer trades probably as you say.

    Also looking into TradersWay...one of the two offshore left that seem to be trusted.

  8. #4098
    Join Date
    Jan 2016
    Posts
    6
    Those who are trading with Trader's Way can sign up with paybackfx.com and get rebates on their commissions.

    Code:
    0.225 pips for currency pairs and 0.003% for other trading instruments.
    18.75% of paid commissions for MT4.ECN.

  9. #4099
    Join Date
    Apr 2017
    Posts
    4
    Hi Clint! My existing broker is the one that I found from this list, thank you mate! I know US residents are not allowed trade retail FX outside of the US unless the broker is registered with the CFTC. What happens to the US resident/citizen who doesn’t adhere . I’m not sure about the implication. Just to be on a safe side, I have started trading via Bitcoins. . I read through this entire thread and US bitcoins brokers aren’t discussed much and are not on the list too. Am I missing something here? I think bitcoins are the best way to stay at safe distance from CFTC. Inputs and advice will be appreciated if you guys think otherwise. Thanks in advance

  10. #4100
    Join Date
    Mar 2009
    Posts
    4,662
    Quote Originally Posted by scalpingjack View Post

    Hi Clint! My existing broker is the one that I found from this list, thank you mate!
    I'm glad that you found our little thread to be helpful.


    Quote Originally Posted by scalpingjack View Post

    I know US residents are not allowed trade retail FX outside of the US unless the broker is registered with the CFTC. What happens to the US resident/citizen who doesn’t adhere . I’m not sure about the implication.
    The CFTC has jurisdiction over forex brokers, not over their customers.

    In other words, the CFTC can attack and prosecute any unregulated broker (either domestic or foreign) which (1) is operating within the U.S. (that is, has a so-called U.S. "presence"), or (2) is soliciting and/or accepting U.S. clients while operating from a foreign country that cooperates with the CFTC.

    Example: A broker domiciled in Switzerland would be sanctioned and possibly shut down for soliciting U.S. residents (via a website, print advertising, or other means). The Swiss broker would be attacked by the CFTC in coordination with the Swiss regulatory authority, because Switzerland has entered into an agreement, called a Memorandum of Understanding, with the U.S, which essentially says that the Swiss will enforce U.S. regulations against Swiss brokers in cases involving U.S. clients.

    And Switzerland is just one of a long list of countries that have entered into these Memorandum agreements with the U.S.

    Nasty buggers, these regulators.

    The U.S. residents who opened forex accounts with this Swiss broker (in our hypothetical example) would not be pursued, charged or prosecuted by either the CFTC or the Swiss regulator, because neither the U.S. nor the Swiss has any authority to do so.

    Bottom line for U.S. forex traders: The only risks associated with opening an account and trading with an offshore broker which is not CFTC-regulated are (1) that the offshore broker will yield to threats and harassment from the authorities in the U.S. (or in their home country), and close the accounts of their U.S. customers, or (2) that the CFTC's ongoing attacks on money-transfer mechanisms will become so burdensome to the offshore broker and to their U.S. clients, that the broker or their clients will simply give up, and close the U.S. accounts.

    When the broker/client relationship between an offshore broker and their U.S. clients breaks down, and the clients' accounts are closed, it's generally the case that prior notice is given to the clients, and arrangements are made to return deposited funds to the clients or (with the clients' approval) to another offshore broker willing to accept these U.S. clients. (See, for example, the recent case of Tallinex closing all of their U.S. client accounts and offering transfer to Capital City Markets.)

    Such an outcome is likely only if the offshore broker (Tallinex, in this case) is honest and reputable ---

    --- and finding such honest and reputable offshore brokers is what this thread is all about.


    Quote Originally Posted by scalpingjack View Post

    Just to be on a safe side, I have started trading via Bitcoins. . I read through this entire thread and US bitcoins brokers aren’t discussed much and are not on the list too. Am I missing something here? I think bitcoins are the best way to stay at safe distance from CFTC. Inputs and advice will be appreciated if you guys think otherwise. Thanks in advance
    Bitcoin did not exist when this thread was started 6½ years ago. When Bitcoin was invented and became talked-about, it was viewed with suspicion by many people. Eventually, a number of threads on the subject of Bitcoin sprang up here on Babypips, authored by people enthusiatic about the new crypto-currency (as well as a few people with commercial interests in promoting Bitcoin). Discussion of Bitcoin on this thread came a little bit later, and has generally been subdued, but increasing.

    As the CFTC continues to orchestrate U.S. government attacks on intermediary banks (and other money-transfer businesses) which facilitate the movement of money to and from offshore brokers, alternative forms of money and alternative methods of moving it around will become increasingly necessary and popular.

    If you have found Bitcoin to be your best option at the present time for dealing with your present offshore broker, then by all means use it. But, don't be shocked if, sometime in the future, you read that the CFTC is attempting to interfere with your Bitcoin deposits and withdrawals.

    Our fight with the Nanny State is an ongoing fight.

    Unless and until the U.S. Congress and the U.S. president take action to bring the CFTC to heel, we will continue to slide down the slippery slope that we are on. That slope is nothing less than the CFTC's campaign to become the World Forex Police, and to destroy off-exchange forex trading.

    That's as deep into my rant as I feel like going at this particular time.

    Good luck to you. Thanks for posting here. Keep us updated on your success with Bitcoin.

    .
    Last edited by Clint; 04-20-2017 at 11:46 PM.

Forum Sponsors

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
"The only reason I made a commercial for American Express was to pay for my American Express bill."
Peter Ustinov