Hi Clint I asked on Live support and the guy gave me these answers, he has forwarded the 2 he wasn’t sure of to his manager who will contact me by email with the answers:
where is this broker domiciled (incorporated, registered or licensed)? Anguilla
who (or what) is Libra Innovations Ltd? — and how is Libra FX affiliated with them? Live chat wasn’t sure, he has forwarded to manager
how long has this broker been in existence? Since 2013
is this broker regulated? — and, if so, by which regulator? No, it’s an unregulated broker
which “top tier” banks hold the segregated funds of this broker’s clients? Live chat wasn’t sure, he has forwarded to manager
To answer your question, yes I’m from the U.S and have opened an account with them and am trading fine.
Hello [B]bsby0613.[/B] Welcome to the forum, and welcome to this thread.
Thanks for your input on [B]ForexBrokerInc[/B] (Malta). After you’ve had a little more experience trading with them, and had the opportunity to make a few withdrawals, please post your experiences here, and update your evaluation of this broker.
I agree with you on the comparison between [I]MT4[/I] and FXCM’s [I]TS-II[/I] platform and [I]MarketScope[/I] charts. I prefer the FXCM package to any other that I have seen. I will always maintain an account with FXCM — for the excellence of their platform and charts — no matter what offshore brokers I may get involved with.
When you get answers to the remaining 2 questions, please post them here. I’d like to see those answers, before adding this broker to our List.
As you may have noticed, we list one other broker which is domiciled in Anguilla — [I]Pellucid FX.[/I] That broker, like yours, is unregulated. Being unregulated won’t necessarily exclude a broker from our List, but it’s something we should know about, as a matter of good [I]due diligence.[/I]
As far as the charting and trading station FXCM is the best that i have ever used.
UPDATE(2nd day): So far I’m enjoying their informative and swift online customer service.
Execution is fairly fast, faster that some other companies i know. Changed my account type from one to another, took about 15-20 min. these guys working really fast and really hard.(my impression at least)
Hey guys, thanks for posting this thread. i also am not a big fan of the cftc regulations. just severely limits the amount trades i can have open at once which actually hurts u more than ‘protects’ you as they cftc says they are ‘protecting’ consumers with these regulations. more lots allows for diversification which helps hedge against losses. Plus you can build your account up faster with more leverage provided you’re a good trader and you know what your doing.
As far as Traders Way goes, I’ve traded with them. Pretty good, sent daily reports whenever i traded. I’ve been inactive with them as i lost my entire $200 account not knowing what i was doing. Completely my fault. I like them though, just want to be careful because I don’t know what’s going to happen as far as US citizens goes. They do cover their ass on their site in the terms and conditions with the following:
Distribution and responsibility of visitors: The information on this website is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. None of the services or investments referred to in Trader’s Way Sites are available to persons residing in any country where the provision of such services or investments would be contrary to local law or regulation.
It is the responsibility of visitors to this website to ascertain the terms of and comply with any local law or regulation to which they are subject. Nothing on the Trader’s Way Sites shall be considered a solicitation to buy or an offer to sell any product or service to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.
I opened an account with Oanda, a US broker with 1:50 leverage. Did a couple trades with them witha $50 account, like them too. no commission either. I think i’d like to make another deposit in Traders Way account and just mirror trade my Oanda account with my Traders Way account through MyfxBook if I can. Traders Way’s leverage is just really tempting but i dont want to get into a situation where I make a lot of money with them and can’t make a withdrawal because I’ll have no one to back me up and help me get my money other than traveling to dominica with my pose and acting a damn fool in their offices lol
Hi, I am not sure if anyone has discussed this in previous post. But where and does anyone have a link to an offshore bank and or LLC formation company that I can use to open an offshore LLC and bank account for a few hundred bucks?
UPDATE(8th day): So I’ve made some money trading Forexbroker and wanted to withdraw, here’s how it works.
If you credited your account with credit/debit card then the maximum withdrawal is the amount you put in.
Basically if you credited $200 then they would be able to give you back maximum $200 back to you and thats it.
The rest you have to do through bank wire. Bank wire minimum is $100. So far no problems.
If amenable, I’d like to add StratFX to your list.
We are a white label service provider that is regulated by, and good standing with, the Financial Services Authority in Seychelles (IBC #127118) and our WL clients are regulated by the same. Our software is through X Open Hub and we have over a dozen Tier 1 LPs.
We are registered as a Foreign Entity LLC in the US and able to support clients internationally, including those that are US-based.
If you need any additional information, please let me know.
Thanks,
Dean Gebert, COO
StratFX: White Label Services
I have visited your website, and I have taken note of the following statements there:
• WHITE LABEL AND LIQUIDITY
We are a straight through processor (STP) [B]for IB’s and FX Managers operating in the US.[/B]
• TAKE US FOR A TEST DRIVE
You will instantly see the benefits of our cloud-based system…
It’s ideal [B]for firms that want to improve their current offering or expand their services.[/B]
• NOTICE
…The information contained in this site is ONLY intended for information purposes. [B]The purpose is to find firms and/or other businesses interested in our White Label Forex opportunities.[/B] It is NOT for the purpose of seeking to engage U.S. entities, residents, or individuals to serve as their direct trader and/or money manager…
Regarding your inquiry: This thread — Going Offshore to Escape the CFTC — aims to assist U.S. retail forex traders who are interested in finding reputable offshore retail brokers that are beyond the jurisdiction of the CFTC. The forum members who read this thread and post here are typically [B]retail traders[/B] (with varying amounts of actual trading experience) — not IB’s, FX Managers, or firms interested in White Label forex opportunities. And the firms listed in our Offshore Broker List are all [B]retail brokerage firms[/B] domiciled outside the U.S.
We don’t list firms, such as yours, which provide services or infrastructure to the brokerage industry.
As to whether there might be an appropriate place for you elsewhere on the Babypips site, I can’t speak directly to that, because I’m not part of the Babypips administration; but, I can direct you to someone who is: his screen-name is [B]Pipstradamus.[/B] If you start here, you can post a public Visitor Message, or send a Private Message, to Pipstradamus, telling him the nature of your business and what sort of exposure you hope to achieve on the Babypips site. He will be able to advise you on the advertising opportunities available here.
I have no idea what’s going on with Arab Financial Brokers. If you try to visit afb.com, or afbinvest.com, you end up going in circles. Those two websites seem to link to the same page containing a disclaimer that AFB is not AFBinvest. Neither website appears to be part of a functioning forex broker.
Note that AFB (Arab Financial Brokers in Kuwait) is currently in Group 1 of our List.
Meanwhile, afbfx.traders-experts.com appears to be the website of an actual broker in Cyprus, and they claim to be regulated by CySEC; however, if you go to their website and click on “Open an Account”, you get redirected to the Orbex website (orbex.com).
The Orbex site is the only one in this confusing mess that looks like an actual forex broker website.
I’m tempted to remove Arab Financial Brokers (Kuwait) from Group 1, and ignore the rest of these afb/orbex “brokers”, until they get their act together. But, I’m open to other suggestions, if anyone has a better idea.
Hello all. It’s been awhile since I wrote here and I can say is nothing but a vast experiences within the year. After much reading and considerations though out this post, I would like inform those who are U.S. Citizens to take extra precaution over Russian based brokers. Due to the current circumstances, it would not be logical and feasible to have associations with Russian entities of any sort, despite the brokers being located in Islands and other offshore places. As much legitimacy we would like to exercise, it would raise red flags and create unnecessary problems.
Personally, I’m looking for a broker that offers high leverage in standard lot accounts with high deposit limits and not a decrease in leverage as soon as you reach a small limit. The brokers mentioned here, [I]Profiforex[/I] seemed very interesting until I noticed that their leveraging drops significantly upon reaching a certain amount (just a personal matter), also the [I]Open a Real Account[/I] page does not have encryption (https; ssl) whatsoever. Their positive reviews I do not doubt but these things I find very important and crucial for anything that has to do with finance and privacy, also they seem to be Russian affiliated. I do like their non heavily required document submission process, who likes to submit papers? The notion of “document submission” indicating the broker as ‘legitimate or not’ is quite silly.
It seems that for high leveraging, Forex Brokers Inc. is the one to look for? Their [I]accounts[/I] and limits upon changing the leverage is decently high and acceptable, great reviews also not only on this thread but from several online sources in excess. Pellucid FX looks transparent, describes the founder and links to it clearly.
Anybody also recommend or have good feedback on current brokers? Thanks.
While we wait for that information, I’m going to go ahead with a listing for Libra FX (Anguilla) in Group 1, in the Caribbean category. I will reference the posts in which we discussed this broker (including the request for more information). And I will indicate that anyone looking into this broker should exercise extra due diligence.
Regarding [B]Arab Financial Brokers[/B]
It’s been 5 days since I asked whether anyone has opinions on whether the List should retain or delete Arab Financial Brokers (Kuwait), and there have been no replies. So, hearing no objections, I will move that broker from Group 1 to Group 2.
Later, we might take another look at Arab Financial Brokers, after they sort out the “identity theft” which allegedly occurred regarding their name. Also, we might consider AFBFX — a different entity altogether, apparently now using the name Orbex. But, let’s wait for the dust to settle on both of these, before adding either of them to the List.
I like FxChoice, foretradex. They have about the lowest bid ask spreads you can get, and their charts don’t sometimes get 3 to 6 minutes behind when major economic reports are released. Their EUR/CAD spread is tight, which I trade often. Their maximum leverage is only 200 to 1, but that’s good enough for me since that’s about what I use anyway. They also seem eager to have their traders rate them on the forex review forums, which is a good indicator that they value the trust placed in them.
Thanks for the recommendation, their spreads are indeed really low and competitive. Do you happen to know at what point or amount of capital the leverage lowers?
No, I don’t know when FxChoice lowers the leverage when your account reaches a certain size, but their chat window should be able to tell you that. While we’re on the subject of big accounts, I have not yet reached multi-million dollar trades, but if and when I do I plan to put all or most of it in FXCM which I think is the safest currency broker in the world to park the money in. I believe even their higher leverage UK division, though, lowers the leverage to 50 to 1 or probably even lower for trades with that kind of money. I don’t know of any offshore broker that offers leverage of over 50 to 1 for million+ dollar trades. If any reader knows of one, let us know.
Hi Clint, really nice job / service you’re doing here to US fx traders. Kudos to you and to the contributors as well.
The recent update you have of Forex FS just saved me future headaches. But onward with my search for a better broker using your links. My current broker, FinFx which I was so high on for a couple of years has been showing its true colors, if you know what I mean.