Going offshore to escape the CFTC

More details regarding the ATC bankruptcy filing —

Investor Suing over Losses Led ATC Brokers to File Chapter 11 | Finance Magnates

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Hello everyone,

We wanted to post a quick update about the supported payment methods for US residents. Since Neteller and Skrill are not processing deposits for US based traders the only option for depositing for them with LMFX is Credit/Debit cards and Wire Transfer. We wanted to inform you that the maximum single transaction limit for deposits via Credit/Debit cards has been raised to $2500. Our clients can make up to 4 deposits of $2500 every 24 hours. We are working on another e-wallet solution and will post more information here when it’s available.

I have been telling you they are garbage ATC/FXCM, but you ignored me.
I pulled my 5Ok last year after the Swiss bonanza. At that time fxcm almost
went bankrupt.

Want to give my outsider perspective. I think your points were well-taken and very reasonable. In my opinion this thread serves as a list of available brokers, not a suggestion for where to trade. Clint does a nice job of warning clients of potentially shoddy brokers on page 1 of the thread, but they are still there on the list because they are ultimately able to accept US clients.

I agree that the swaps are high but the spread is the lowest so I just try to avoid the high swap pairs. One thing my account manager mentioned when I asked about these swaps was that the swaps quotes for FXChoice are in pips while TradersWay are in points, so you have to divide TradersWay’s by 10 to get a real comparison. What you pay in swap is more than made up by what you pay in commission IMO.

John do you have any info about your experiences with these guys? I am worried to have my account closed like it was at ForexFS when they stopped accepting US. I was grid trading and didn’t want to close my trades :smiley:

The effort is appreciated.

Still more details on the ATC bankruptcy filing —

Churned and Burned: The Emerging Picture behind ATC Brokers’ Bankruptcy | Finance Magnates

Unfortunately, this article is very badly written (by someone whose first language doesn’t appear to be English), and very badly edited. But, if you read (and reread) it slowly, you can probably gather the essential details contained in it.

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I have had Accounts with ATC for almost 5 years. They were always a great broker for me. I hope everything pans out. I have an account with Berndale. I was only able to fund with wire. The only thing I can say, is Berndale is always trying to get more money from you.

I have had account with FXCM, still have 1. Being with ATC is basically the same as with FXCM. ATC allows a lot more flexibility with their MT4 and orders.

I have opened accounts with TradersWay and FxChoice. I will fund with about 1k each to see who I prefer. If I decide to swing trade, I will probably go with FxChoice. Thanks to the info provided here.
I will look into LMFX now though.

Thanks for all the info in this thread.

What are the criteria for a trusted broker? Should I at all be worried if I register for a trusted broker that you’ve listed here, such as TradersWay?

That question was asked and answered 6 weeks ago in this thread. Here are the answers —

http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc-post744386.html#post744386

Worried? — No.

Cautious? — Of course.

Caution in vetting and selecting a broker is called [I]due diligence.[/I] Due diligence is your responsibility, and yours alone. Nobody else can do it for you. Due diligence consists of determining whether a particular broker meets [I]your[/I] particular criteria for size, strength, and reputation; and for the products, platforms, and trading conditions [I]you[/I] need and want.

Neglecting due diligence would just be stupid.

When you do [I]your[/I] due diligence, if a broker doesn’t pass [I]your[/I] tests, then by all means avoid that broker.

If a broker does pass your tests, is that a guarantee that everything will always be perfect, and nothing will ever go wrong? — No, of course not. There are no guarantees in this business.

But, you can improve your odds of success, if you focus your search on brokers that have been vetted and recommended by knowledgeable and experienced traders.

Over the past 5½ years, this thread has been created by several dozen knowledgeable and experienced traders, many of whom participated in designating three of the brokers on our List as Trusted Brokers. That designation doesn’t mean you should blindly sign up with any of those brokers. Instead, it means you would do well to take a look at all three of them, and determine for yourself whether they meet your needs.

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Hello, though I have never posted before, I have been following this thread for years. Thank you very much for maintaining it, it has been very helpful to me. I just tried to open an account with IKOFX, and they said they are no longer accepting US clients. Just wanted to let you know.

I have confirmed your information. Thanks for the heads-up.

Both BVI and New Zealand have long been problem areas for U.S. residents — so I guess it was inevitable that, sooner or later, IKOFX would be pressured into rejecting U.S. clients.

I will remove IKOFX from Group 1 of our List.

Nice list there, wow! Good work babypips and Clint.
I can recommend Tallinex as I traded there and it was with no problems.

Well, let me be the first to “eat my hat” :slight_smile:

Just received notice that ATC Brokers is no longer being recognized
by FXCM as an IB. FXCM wants to take over their clients, but it’s
bye bye for us…

So it’s back to Tradersway, and the Carribean alternatives for me !!

U.S. Forex market has been so devastated by these CFTC regulations,
it makes me want to vote for Donald Trump if he could get rid of
these regulations !!! …just kidding, of course…

hyperscalper

Here’s FXCM’s statement to clients:

Dear Client,

Please be advised as of the close of trading on March 18, 2016, FXCM is no longer recognizing Avail Trading Corp as a Referring Broker with FXCM as FXCM is terminating its relationship with Avail Trading Corp.

Your trading account with us will remain open as an FXCM retail account and your login information will remain the same. Please visit MyFXCM.com for any account maintenance needs.

If you are currently using FXCM’s platform you will experience no change. If you are currently trading on ATC’s platform your account will be transitioned to FXCM’s Trading Station platform in order to avoid interruptions in your trading. Effective after the close of trading on March 18, 2016, your current account will only be accessible through the FXCM Trading Station platform. Your account number will not change and any open positions will remain. Your current read-only login will convert to a login with full trading access to the Trading Station platform.

If you prefer to continue trading with the MT4 platform, you can request a portion or all of your funds be transferred to an MT4 account at Error: JavaScript disabled. Please note that in order to transfer to FXCM’s MT4 platform, your account will need to be flat (no open positions).

… that’s the main portion… sad, isn’t it ? hyperscalper

I’m not John but have opened an account with Berndale Capital since my post and I have no complaints, its only been a little over a month. Deposit was with bank wire, first profit withdraw was the same to test the waters, it took 5 days total for money to hit my account. Deposit was ready to trade within 24hrs.

can someone provide a screenshot of the email they received or an article detailing this very recent FXCM decision to discontinue ATC brokers as a Referring Broker?

edit: I’m having some people look into this, but any additional proof would be great.

Any thoughts from those who have formed an offshore and are presently
trading thru that…?

Leaprate has broken the story now: FXCM drops ATC Brokers as an IB - LeapRate Exclusive

It is unclear whether it only affects ATC US or it will affect ATC UK also. I assume more details will follow in the coming days.