The listing for [B]Trader’s Way (Dominica / Dominican Republic ?)[/B] has been updated.
Appreciate the info. I tried the demo on AssetsFX several months ago. They seemed very good. Plus I like the fact they take Paypal. These guys would probably be my next choice.
One question though, do they give you micro-lot access to gold, silver and crude in the live account? Their trading conditions page says mini-lot for these but I had micro in the demo. Just wondering…
Clint, I am glad to hear it. I will keep searching for another source for the “Russian” claim that Gypsy Trader made a couple of years back.
Actually, I signed up with them specifically to trade gold and can tell you first hand that they do not offer micro lots on metals. I also confirmed this on chat with them as I was kind of disappointed (I did not read the fine print on their site as I am prone to doing. Instead I simply used the demo account and assumed it would be the same as real…)
However, I cannot speak as to whether or not the minimum order for crude is 0.01 or 0.10 as I have never traded it yet. I can place pending orders of 0.01 lots on XTIUSD.afx but I can do the same on gold and silver so this tells us nothing. I will find out in chat though when they come on and report back.
I funded my account using PayPal and they actually credited back half of the PayPal fees charged during the transaction. I believe I had to ask them to do it in a message or something (ask chat support before sending the payment as I did this over a year ago and don’t remember exactly how the process worked to get them to cover half of the fees).
That’s great info! Thank you. It is a bit disappointing they don’t offer microlots for precious metals and (probably) crude. But a lot of brokers do the same.
Anyway, I should mention one more broker from Clint’s list I’ve been particularly satisfied with over the past two years – FX Choice. Bank wire is the only withdrawal option for US residents. But they do offer excellent FOREX spreads, particularly on the ECN accounts. Always have experienced good customer service. Also I like how they continue to expand their offerings and services. For example, accounts over a certain amount get free VPN service. Last year they added MT5 accounts. More recently they added Binary Options accounts. And they continue to add to their list of CFDs – all available in microlots. Interestingly, they appear to be in the process of adding some agricultural commodity CFDs (corn, wheat, sugar, coffee). These have just been added to the CFD list on their webpage, but aren’t showing in the MT4/MT5 accounts yet. I’ll give 'em a few more days and ask on chat.
Happy Trading!
SLS,
Thanks for your critique of [B]FX Choice.[/B] I will reference your post in the FX Choice listing.
Please add 1billionforex , They are accepting usa and canadian clients. I’m using them
Regarding [B]1BillionForex (Belize)[/B] —
According to their website, they are an [I]Introducing Broker (IB) for FX Choice (Belize),[/I] which is one of the brokers on our List.
This statement appears on the 1BillionForex website:
ABOUT US
We are an IB Partner Broker of FXChoice, regulated by the Belize Financial Authority. We are a Forex Brokerage located in Belize. Currently we have thousands of clients and are known for our helping traders get the best trading conditions. Our specialists team of FX market professionals have built strong relationships with more than 20 top tier banks and we are therefore able to offer you the best spreads and service. Our Execution is second to none and traders receive 100% satisfaction.
In answering questions about their company, 1BillionForex repeatedly refers to the FX Choice license and registration numbers:
4.Company Information
Are you a full brokerage?
Yes, We work as a Full Brokerage however we are affiliate partners with a main brokerage called FXChoice.
Are you Regulated?
1BillionForex is a partner of FX Choice Limited is authorised and regulated by the IFSC (Licence number: IFSC/60/191/TS/14)
1BillionForex is a partner of FX Choice Limited registration number: 105,968.
From the FX Choice website:
FX Choice Limited is authorised and regulated by the IFSC (Licence number: IFSC/60/191/TS/14)
FX Choice Limited registration number: 105,968
To the best of my knowledge, we have no Introducing Brokers on our List.
Should we consider an exception in this case? — Comments?
Anybody has extensive experience with forexbrokerinc? I signed up with them two months ago and have a limited amount of money there (under $100). Before committing more I was wondering whether anybody had withdrawals of several thousands from there. I am concerned by their never ending promotions for US citizens, loyalty bonuses of 50% etc. I remember similar things from Arab Financial Brokers (my previous broker) and it did not turn out too well.
Since most people lose money, if a person deposits $1,000 and get a 50% loyalty bonus, the $500 has to come from somewhere. At best it suggests a bucket shop operation ($500 is really imaginary) at worst something else altogether.
Have you checked the [B]references[/B] listed in post #2 for ForexBrokerInc ?
There are 11 posts referenced, altogether. A link to each one appears at the bottom of post #2.
Those links will take you to posts in this thread where ForexBrokerInc is discussed.
So FXChoice is a a legit broker for US citizens? How safe is the regulations in Belize? I would love to go offshore, but it scares me to send money where I might not be protected.
yeah FXchoice and 1billionforex IB are regulated in Belize. The good thing about Belize is that its not legal to operate a brokerage there without regulation which means the government takes protecting us clients seriously i think.
In my experience, these bonuses aren’t simply handed to you so that you can withdraw at any time. They are added into a new column in your trading account as a credit and not to your balance. Then as you trade, the credited bonus slowly converts into your balance based on how many lots you trade. So in the beginning, it is a way of adding leverage to your account. You earn it as you trade (kind of like paying less commissions when trading). I thought the very same thing as you until I read the fine print =]
Just want to bring this to attention as JoseKanuc was looking to trade with this broker:
[B]SmartTradeFX[/B] is located in Saint Vincent according to this webpage: SmartTradeFX - Contact Us
Their payments are processed in Hong Kong, but their offices are located here:
Suite 305, Griffith Corporate Centre, Beachmont
Kingstown,
Saint Vincent and the Grenadines
Perhaps I should dig further to see if the Saint Vincent FSA claims that they actually aren’t located there at all, much like [B]Pax Forex[/B].
I reviewed my account application for this broker from early 2012. The document stated they were regulated by IFSA (of St Vincent) license #19738. Their website still refers to this license. So, they are consistent in that respect.
Okay, that is good to know. The reason I brought this up today is because they are currently classified as being from Hong Kong on page one of this thread. Now we have some good information regarding their whereabouts.
Regarding regulation, the information with which you have been provided is incorrect. This is a misrepresentation. Please see the below statement from the Saint Vincent Financial Services Authority:
“The Financial Services Authority (the “Authority”) wishes to advise that it does not ‘Regulate, Monitor or Supervise” International Business Companies (IBCs) which engage in FOREX Trading or Brokerage. Statements of this nature are a misrepresentation of the Authority’s supervisory powers with respect to IBCs.
The Authority does not approve or sanction the business activities of IBCs upon their incorporation. The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies Act. The Authority also does not license the activity of FOREX Trading or Brokerage and any IBC purporting to be licensed by the Authority to conduct this business activity is making a false statement
[B]Issued By:
Financial Services Authority
5th June, 2014[/B]
Source: The Finanical Services Authority - St. Vincent & the Grenadines
Further, the [B]SmartTradeFX [/B]says it is regulated by the IFSA (and not the FSA) of Saint Vincent. However, apparently they are the same because on the FSA website it says:
The Financial Services Authority regulates and supervises the [U][B]international financial services sector[/B][/U] and the non bank financial institutions in accordance with the various governing legislation and best international practices to ensure that these sectors are reputable and contribute to the economic and social development of St. Vincent and the Grenadines
Lastly, a quick Google search of their address brings up various other entities sharing that same address:
Suite 305, Griffith Corporate Centre, Beachmont
Thus, as we have been concluding as of late, this is an indication that [B]SmartTradeFX [/B]is indeed an IBC and is thus under no regulation in Saint Vincent.
Therefore, the license number is simply made up. If anyone has any information from any reliable sources that speak to the contrary, I would be happy to hear it.
Yes, I think this can be a useful section. Many brokers operate as White Labels and this is a similar sounding arrangement.
I will be updating the List.
The first step, as usual, will be to remove all the previous red highlighting.
Next, get caught up on the new information posted on this thread over the past 2 weeks, as follows:
• [B]EvenForex (India)[/B] - this broker appears to be domiciled in Mumbai, India, with a “mail-drop” address in Dominica. [I]tomd100[/I] reports that they do not accept U.S. clients. However, their live account registration page offers “United States of America” as a valid selection in the drop-down menu for “country”. (I did not try to open an account with this broker.) For now, I will go with Tom’s info regarding [U]no U.S. clients[/U]. I will list this broker in Group 2, as EvenForex (India) in the Pacific / Asia section.
• [B]SmartTradeFX[/B] - we have been listing this broker in Hong Kong, but according to [I]tomd100[/I] and [I]Shatner’s Last Stand,[/I] this broker is domiciled in St. Vincent and the Grenadines, with a back-office operation in Hong Kong. Also, their claim of being regulated in St. Vincent seems sketchy. For now, I will move this broker to the Caribbean section in Group 1 of our List, and show them as SmartTradeFX (St. Vincent and the Grenadines) - not regulated.
• [B]1BillionForex (Belize)[/B] - this broker has been suggested for inclusion in Group 1 by [I]pipstraderUSA.[/I] However, I’m not satisfied with their representation that they are I an independent broker[/I] operating in Belize, [I][U]and[/U] (2) an introducing broker[/I] for FX Choice. Either they compete for business with FX Choice (in which case they may deserve a place in our List), or they simply represent FX Choice (in which case we don’t need them, because FX Choice is already represented in our List). For now, I will not add 1BillionForex to our List.
Digging back even further, to posts in early September, I found some unfinished business with the following brokers. In each case [I]tomd100[/I] alerted us to the problems:
• [B]FX Company (Mauritius?)[/B] - evidently, their website has been permanently deleted from the internet. I will remove this broker from our List.
• [B]StrategemFX (Belize)[/B] - evidently, their website has been permanently deleted from the internet. I will remove this broker from our List.
• [B]PaxForex[/B] - slight correction: this broker purports to be domiciled in St. Vincent, which is geographically in the British West Indies (although not in the British Virgin Islands, which is where we currently show them in our List). I will change their listing to read PaxForex (St. Vincent and the Grenadines).
(Who can keep track of all these British Overseas Territories ?)
Edit: The List has been updated.
It makes me very disappointed when I see your updated list because with each revision, the number of brokers keeps going down :31:
I will speak with them in chat again regarding US clients and report back with their response. They are currently offline.
This one still bothers me. It is so easy to set up an IBC in St Vincent yet this broker, according to the SVG FSA is not even registered as an IBC down there and just uses a generic IBC address that other companies use. I know you mentioned my post #2261 in the broker list, but I just wanted to stress this point one more time because it raises so many red flags. Perhaps you could bold the “#2261” next to the PaxForex listing so people don’t look over it? I believe it is very important and may speak about the character of the company as a whole.
According to their website (and according to the beneficiary information on their bank account), their company is called [I]Laino Group Limited[/I]. However, since I have no idea where the St Vincent IBC Registry is online (or if there even if one), I cannot verify if this company is actually registered in St Vincent.
This is where they accept US wire transfers:
Bank: ABC Banking Corporation Ltd
Bank Adress: 2nd Floor, ABC Centre, Military Road, Port-Louis, Mauritius
Surprising to see that Mauritius hasn’t closed their account yet; it’s only a matter of time.
There’s a simple solution to this problem: Prospecting – just like salespeople do, when they need new customers.
There are hundreds of forex brokers out there that we have never considered.
Sixteen months ago, I tried to generate some interest in finding new candidates for our List, when I posted THIS:
Over the past 3 years, Group 1 in our List has been shrinking, and Group 2 has been growing. We need to find some replacements for the brokers we’ve lost. If we do some searching, I think we should be able to find new brokers to add to our Group 1. At last count, there appeared to be over 400 retail forex brokers worldwide, of which almost 350 are outside the U.S. We’re probably overlooking some good prospects.
It occurred to me that we aren’t the only website sifting brokers to find those who will deal with us. So, I did a quick search of 4 other sites, and copied their lists of brokers who will accept U.S. clients. In my next post, I will give you those lists.
The lists are in “raw” form, unfiltered and unedited. They include U.S. brokers (which we will have to screen out), and they all include brokers which we have already vetted and eliminated from our List. Although each of these 4 lists is longer than our Offshore Broker List, I believe that ours is the most accurate of the bunch.
Nevertheless, there are brokers in these lists which we have never discussed. There are some names that I’ve never even seen before, and possibly you haven’t either. So, maybe we can get a few folks on this thread to scan these lists, and hunt for prospects for our List.
Then I posted a long list of prospects — brokers who supposedly will accept U.S. clients — in the hope that there might be folks on this thread who would take the challenge, and start vetting some of them for inclusion in our Offshore Broker List.
Aside from a couple of comments about how we ought to divide up the list, and share the work-load, nothing materialized. Evidently, everyone was content to leave the work to someone else. Or, maybe they just wanted to leave it to me.
With that sort of apathy all around me, I just let the whole matter drop.
We can try again. The list I compiled 16 months ago is not as fresh as it was then, but I’d bet money that it contains brokers who should be on our List.
Salespeople pay for lists of prospects — they’re called “leads”. We don’t have to pay for anything. And we don’t even have to do any work to find our “prospects”. They’ve been dropped in our laps. All we have to do is “qualify” them. In most cases, this should take no more than a few minutes per prospective broker.
Maybe there are now some people on this thread who would like to tackle this challenge. If so, I’ll re-post the LIST from 16 months ago, here —
List copied from
EarnForex.com
Forex Broker Inc.
FxGlory
eToro
ACM
Alpari
CMS Forex
Forex.com
FX Solutions
GFT Forex
IBFX
Interactive Brokers
MB Trading
Oanda
RTFX
FXCM
Forex Club
MIG Bank
iForex
FXDD
VarengoldBankFX
Noble Trading
FXCM
FXD24
FXT Swiss
ATC Brokers
Windsor Brokers
FOREX UKRAINE
Bulbrokers
ATG Marketplex
Advanced Markets
CitiFX Pro
Forex Capital Trading
Global Futures
FXGM
AAAFx
Markets.com
Profiforex
FinFX
Forex-Market
uTrader
Nefteprombank
BlackstoneFX
Goldstein Brokers
Goldboro
FXVV
BeamFX
NatureForex
Vector Securities
Tallinex
UMOFX
ATIG Securities
Forex Optimum
PaxForex
FastBrokers
List copied from
100ForexBrokers.com
ADM Derivatives (ADMD)
Advanced Markets
AL Trade
Alpari US
Alpha Trading CM
Arab Financial Brokers (AFB)
AssetsFX
ATC Brokers
ATG Marketplex - Aaron Trading
Barclays Stockbrokers
Baxter FX
BeamFX
BMFN - Boston Merchant Financial
BMFN Europe
Bulbrokers
BulldogFX
CitiFX Pro
City Credit Capital UK
City Index
Citypoint Trading
CMS Forex
DormanFX
Easy Forex
eToro USA
Exto Capital
FastBrokers
Finexo
FinFX
Forex Club
Forex FS
Forex-Metal
FOREX.com
Fortress Captial
FX Choice
FX Services
FXCBS (Fienex Group)
FXCM
FXDD
FXFlat
FxGlory
FXM Financial Group
FXVV
Gain Capital Group
Goldstein Brokers
GreenFX Traders
IBFX
IHI - Investment House Int’l
Interactive Brokers
Liquidex
Lucror FX
M2 Forex
MB Trading
MRC Markets
N2 Capital Market
Noble Trading
Oanda
PaxForex
Persepolis Capital Management
PFG FX - Pro Finance Group
PipFixed
Profiforex
Real Trade
Real-Forex
Renesource Capital
Saxo Bank
Shaw Markets
SmartTradeForex
SmartTradeFX
Solidity Brokers
Strategem FX
Sun Hung Kai Forex
Swiss International (swissfs.com)
thinkorswim
TradeKing
Traders Way
TradersChoiceFX
TradeStation Securities
United Forex
UPME Group
Victory International Futures
X-Trade Brokers (XTB)
List copied from
ForexBrokerGuide.com
EXNESS
Profiforex
Forex Broker Inc
Real Trade Group
PFG Best Direct
Trading Point
IntelFX
TradeOrbitz
Traders Way
IBFX
Vantage FX
FXW
Titan Financial Group (TFG)
Back Bay FX
FX Choice
EES FX
Market Investments Team (MIT-FX)
Solidity Brokers
PipFixed Forex Broker
FIBO Group Holdings Ltd
VertiFX
Hoard-fx
Lucror Foreign Exchange
4RunnerForex
4UFX
AAAFx
GloCap Markets
4xbank
Paragon FX
Equilor Trader
Persepolis Capital Management
IncoNeon
FXM Financial Group
AL Trade
SmartTradeFX
BTrader
2 Pip Fixed
Black Stone
Monex Investindo Futures
Advanced Markets (AMIFX)
Alpari US
eToro USA
Forex FS
Lite Forex
MB Trading
MVP Financial
WSD Global Markets
M2 Forex
Binary Options Trading
Fortress Capital
Forex Investment Pros
Frontier Forex
BMFN EAD EU
List copied from
Forex-Third-Eye.com
1pipfix
2pipfixed
4XP - Forex Place
ACM
ADM Derivatives
Advanced Markets
AFB (Arab Financial Brokers)
AL Trade
Alpari US
Apex FX Trading
ATC Brokers
ATG Marketplex
Baxter FX
Bloombex
Bulbrokers
CIM Bank
CitiFX Pro
City Credit Capital
Dorman FX
Dukascopy
Easy Forex
EFX
eToro USA
Exto Capital
FalcoFX
FastBrokers
FIGfx
Finexo
FinFX
Finotec
FOREX.com
Forex FS
Forex Ltd
Forex Metal
Forex Yard
FX Solutions
FXCM
FxCompany
FXDD
FXM Financial Group
GFT
IC Markets
IKON Global Markets
Institutional Liquidity
Interactive Brokers
Interbank FX
LiteForex
London Capital Group
Mandus Invest
Marketiva
MB Trading
MFFX
Noble Trading
Nord Markets
NTWO CM
Oanda
Persepolis Capital Management
PFG Best
Real Forex
Real Trade Group
Renesource Capital
Saxo Bank
SmartTradeFX
Swiss
Tallinex
The Collective FX
TradeStaion Securities
UWC - United World Capital
XTB - XTrade Brokers
You’re right, hopefully some other members can chime in about some new brokers we can take from those lists to put onto page 1. I have condensed all of the lists above into one list and removed (hopefully) all of the duplicates. There are some (For example: Real Trade & Real Trade Group) that had similar names but were not pruned from the list yet as I have not looked at them yet.
Current Prospect List:
1pipfix
2 Pip Fixed
4RunnerForex
4UFX
4xbank
4XP - Forex Place
AAAFx
ACM
ADM Derivatives (ADMD)
Advanced Markets (AMIFX)
AFB (Arab Financial Brokers)
AL Trade
Alpha Trading CM
Apex FX Trading
Arab Financial Brokers (AFB)
ATG Marketplex - Aaron Trading
ATIG Securities
Back Bay FX
Barclays Stockbrokers
Baxter FX
Binary Options Trading
Black Stone
BlackstoneFX
Bloombex
BMFN - Boston Merchant Financial
BMFN EAD EU
BMFN Europe
BTrader
Bulbrokers
BulldogFX
CIM Bank
CitiFX Pro
City Credit Capital
City Credit Capital UK
City Index
Citypoint Trading
CMS Forex
Dorman FX
Easy Forex
EES FX
EFX
Equilor Trader
eToro
eToro USA
Exto Capital
FalcoFX
FastBrokers
FIBO Group Holdings Ltd
FIGfx
Finexo
Finotec
Forex Capital Trading
Forex Club
Forex Investment Pros
Forex Ltd
Forex Metal
Forex Optimum
FOREX UKRAINE
Forex Yard
Forex-Market
Forex-Metal
Fortress Captial
Frontier Forex
FX Services
FX Solutions
FXCBS (Fienex Group)
FxCompany
FXD24
FXFlat
FXGM
FXM Financial Group
FXT Swiss
FXVV
FXW
GFT
GFT Forex
Global Futures
GloCap Markets
Goldboro
Goldstein Brokers
GreenFX Traders
Hoard-fx
iForex
IHI - Investment House Int’l
IKON Global Markets
IncoNeon
Institutional Liquidity
IntelFX
Interbank FX
Liquidex
LiteForex
London Capital Group
Lucror Foreign Exchange
Lucror FX
M2 Forex
Mandus Invest
Market Investments Team (MIT-FX)
Marketiva
Markets.com
MFFX
MIG Bank
Monex Investindo Futures
MRC Markets
MVP Financial
N2 Capital Market
NatureForex
Nefteprombank
Noble Trading
Nord Markets
NTWO CM
Paragon FX
PaxForex
Persepolis Capital Management
PFG Best
PFG Best Direct
PFG FX - Pro Finance Group
PipFixed
PipFixed Forex Broker
Real Forex
Real Trade
Real Trade Group
Real-Forex
RTFX
Saxo Bank
Shaw Markets
SmartTradeForex – Same as SmartTradeFX?
Solidity Brokers
Solidity Brokers
Strategem FX
Sun Hung Kai Forex
Swiss
Swiss International (swissfs.com)
The Collective FX
thinkorswim
Titan Financial Group (TFG)
TradeOrbitz
TradersChoiceFX
TradeStation Securities
Trading Point
UMOFX
United Forex
UPME Group
uTrader
UWC - United World Capital
Vantage FX
VarengoldBankFX
Vector Securities
VertiFX
Victory International Futures
Windsor Brokers
WSD Global Markets
XTB - XTrade Brokers
X-Trade Brokers (XTB)
Removed From Prospect List:
Does Not Accept US Clients-
Alpari/Alpari US – Left US Market
Dukascopy
EXNESS
Forex FS
FXDD – Left US Market
IBFX
IC Markets
Interactive Brokers
Accepts US Clients/On Page 1-
AssetsFX
FinFX
Forex Broker Inc.
FX Choice
FxGlory
Profiforex
Renesource Capital
SmartTradeFX
Tallinex
Traders Way
Regulated by the CFTC-
ATC Brokers
BeamFX – Website no longer works. LinkedIn says they are an IB registered with the CFTC.
FOREX.com/Gain Capital Group
FXCM
MB Trading
Oanda
TradeKing