Going offshore to escape the CFTC

[jaredt]

@Clint

As for a bigger internet presence, I disagree. We are right where we belong, in my opinion. Babypips runs a tight ship, and doesn’t tolerate trolls, advertisers, or scammers. Those reprobates can be found disrupting and polluting less “regulated” sites. (Can you believe that I’m speaking highly of regulation?)

You have a point. I wish there was a better way to review things on the net in general, to avoid fake reviews, like linking reviews to Facebook/Twitter/Amazon to increase the chances the reviews are real people and not shills. I saw reviews of brokers on other sites and realized they might all be nonsense.

@Clint

Size matters is some things, but not necessarily in a broker’s country of domicile. An honest broker, operating with the highest ethical standards in a tiny country like Dominica, where forex brokers are not regulated, is a safer place for your money than with a wheeler-dealer in a big headquarters building in Manhattan.

I actually visited Dominica and got a little bit of a feel for the people. But it sounds like TW’s presence might just be a corporate registration and mail drop (that unfortunately seems to comes up on google as being shared with scams.) I was also disappointed it doesn’t seem to show up on Google Maps. It is nice a mini-celebrity (Wayne McDonell) and regular youtuber who won some award is on board, but if TW tanks, I don’t see what’s stopping him from shrugging and saying he wasn’t involved in operating the company (his role looks like “Chief Market Strategist”.)

I agree that I’d rather find some trustworthy people than some supposedly “well-regulated” operation in NYC that is rotting from the inside out with high-risk crackheads and various shenanigans. I just don’t put it past people in any part of the world to be up to shenanigans, or be high risk/incompetent.

@Clint

There is a seething undercurrent of contempt for the Ruling Class in the U.S., and it runs wider and deeper than the Ruling Class can even imagine. That contempt explains the Donald Trump phenomenon. The Ruling Class keeps asking, 'How can dumb American voters support an obnoxious bully like Donald Trump? And the answer is, ‘He’s our obnoxious bully — and he’s going to dismantle your dictatorial Ruling Class.’

Even when this is explained to the Ruling Class, they can’t comprehend it. The next 9 or 10 months are going to be very unruly in this country.

Thanks for the welcome!

I have been in the camp that thinks Trump is a clown and the right is just as hopeless as the left when it comes to falling for a cult of personality for someone who should be unfit to be leader of the free world, but I am slowly seeing the Trump appeal. He has seemed unpalatable as a politician, but more and more I’m seeing the opportunity he represents to upset the probably greater unpalatable status quo with the ruling class and politically correct groupthink in general, not to mention the professional agitators who seem to unfortunately be effective tools of nefarious actors. It definitely will be an interesting election year!

(Not that Canada matters, but our new drama teacher turned Prime Minister thinks deficits are “investing” in the economy and traipsed in and opened the all the spigots to the max for no apparent reason, and we elected a government to our main oil province that generally hates oil and is run by the kind of people who want to ban cars.)

My very early review of Trader’s Way so far:

I don’t think I’m worth listening too – I’m a newbie, trading forex only since January. But I decided to go ahead with a Trader’s Way account this morning and can report a few things. I was surprised how fast the personal and credit card verification was (within a couple hours from when I submitted info at 5am -0600, and basically instantaneous for CC) and funding the account with a small amount (also virtually instant.) If people I know see gold making big, predictable moves, I plan to sell them on this opportunity: “within a couple of hours you can be trading gold at small spreads and big leverage!”

Hopefully this broker turns out well for all of us who are using it. Timely withdrawals of large amounts (including large amounts from large gains) seems to be a good test. If I get a lot of funds I may try another one as well just to not have all my eggs in one basket. It is nice that other brokers are on here making an effort to engage the community.

I don’t care about spreads or commissions – they are already way lower than what I was used to trying to trade gold stocks and instruments on the stock market, but I notice Trader’s Way (cTrader) seems to have a consistenly lower spread on gold – I saw it go down to 8.0 cents, and the lowest I saw my FxPro (also cTrader) go down to was 14.0 cents. (I have them running side by side.) Silver spread seems higher this morning though: staying at 8.0 vs 2.4 most of the time (but percentage-wise, the silver spreads are so bad on silver on both brokers that you might as well just trade gold most of the time anyway.) Commission is also 30 per mil vs 45 for FxPro, and swaps are lower by an order of magnitude but I’m not sure I know how to read that. Ping seems about the same: 40/75ms for both, both reporting NewYork-2 as the server.

One thing that I am not used to is minimum purchase is 10oz, up from 1oz for FxPro, which may limit me from learning & making tiny training-wheel/moneyball trades. I believe I tried for 1:1000 leverage but only got 1:100 – not sure why, but I see that’s the max for gold/silver trading so maybe that’s what I want anyway. It’s plenty for me right now. I don’t have any stock indices in TW’s cTrader – I am going to miss that, mainly for having the charts all in one application but also for the rare times I wanted to trade them.

I’m considering signing up for bitcoin for the first time to avoid fees and limits with this broker. That seems like a plus to me to have this option. (Of course then there’s the hassle of finding a good bitcoin broker, and their fees.)

[Clint]

[B]I propose to remove two brokers from Group 1 of our List:[/B]

• [B]Forex-Metal[/B] (Panama)

I have attempted, off and on, over many months to contact Forex-Metal regarding their withdrawal issues, and (more recently) the shut-down of their toll-free U.S. telephone line. I have never received a reply to any of my inquiries.

We have carried a WARNING regarding Forex-Metal in our List for a long time. I have been unable to find any information indicating that the issues mentioned in that WARNING have been resolved, or even addressed.

Personally, I have no confidence in this broker, and would not consider doing business with them.

I’m not aware of any participants on this thread who trade with Forex-Metal — but, I could certainly be wrong about that. If any of you trade with this broker, please tell us your first-hand experience with them.

If anyone has information, comments, or opinions regarding my proposal to remove Forex-Metal from our List, please join this conversation.

I will wait a week (until Thursday, March 31) for comments from the community. If there is no support for keeping Forex-Metal on our List, I will remove them on that date.

• [B]SmartTradeFX[/B] (St. Vincent and the Grenadines)

As in the case of Forex-Metal, we have carried a WARNING regarding the financial situation at SmartTradeFX for some time. And this issue remains unresolved. In fact, SmartTradeFX has not replied to my email requests for information.

This broker has moved around the world over the past few years, most recently from Canada to SVG. In the course of moving around, they have switched from accepting U.S. clients, to not accepting U.S. clients, to once again accepting U.S. clients. Here is a post from June 2012, during one of the times that SmartTradeFX was dumping U.S. clients — SEE HERE.

Once again, there seems to be a problem with U.S. clients attempting to open new accounts with this broker. My attempt to do that failed a couple of days ago. It’s ironic that now, apparently, U.S. clients cannot open accounts with SmartTradeFX, but “clients” in North Korea can. “United States” does not appear in the SmartTradeFX drop-down menu, but North Korea does. I was going to send them an application showing my country of residence as North Korea, but I reconsidered and didn’t send it.

I have no confidence in this broker, and suggest that we remove them from our List.

As in the case of Forex-Metal, I will wait a week for comments from the community. If there is no support for keeping SmartTradeFX on our List, I will remove them on March 31.

---

Like you, I hate to see the List shrink. But sometimes, I think, we need to do a little house-cleaning.

Please weigh in with your comments.

.

[Tallinex]

In the province of Alberta and maybe some other provinces (I think BC is bad too), unless you have income of $200,000 and financial assets of $1 mil or net worth of $5mil, you cannot trade Forex at all with local brokers. Thanks, nanny state.

Fear not!.. Tallinex only need you to have $100 in your pocket

We’ll be happy to welcome you to St Vincent “…land of the (Forex) free, and the home of the brave (trader)”

[Shatners_Last_Stand]

[B]
• [B]SmartTradeFX[/B] (St. Vincent and the Grenadines)

As in the case of Forex-Metal, I will wait a week for comments from the community…

.

Hello Clint,
I highly recommend deleting SmartTradeFX from the list. I had opened an account with them shortly after discovering this forum back in 2012. No problems until last year when I noticed my funds had been mysteriously deleted from my MT4 account. Of course, I inquired about this. That’s when I got the sob story about SNB related losses and how the company was trying to avoid bankruptcy.

Well, 9 months later my account value is still zero (though the website still allows me to log into my account in the back office). What I find most annoying is that there has never been any notice about this on their website. Have they really been accepting new unsuspecting clients all this time? Sounds a bit fraudulent to me.

Anyway, US resident or not, I recommend avoiding this broker. Assuming they are still even in business, they absolutely cannot be trusted.

Shatner

[Clint]

I highly recommend deleting SmartTradeFX from the list.

Shatner, my friend, where have you been hiding? — It’s good to hear from you!

Thanks for your input on this broker.

.

[HyperScalper]

Here’s some more Bid/Ask spread data for Tradersway.com and FinProTrading.com
MT4 ECN Live accounts. While pricing is by no means the only criterion for brokers,
it can be important for scalping or short term strategies.

timestamp is GMT/UTC and I’ll just pull the sample at 08:00 GMT when the
London Session opens. The last data column is supposed to be the
average number of milliseconds between ticks, and does not show
the maximum incoming “burst” data rate.

These are MetaTrader 4 incoming tick streams, as measured through an
NJ4X.com BulkTickListener across the 28 Currency Pairs listed.

Tradersway.com MT4 ECN

timestamp,2016-03-22 08:00:07,1458633607770, symbol min|avg|max|ratemsecs spread pips
AUDCAD,1.3,1.7,2.2,1170.0
AUDCHF,2.1,3.1,5.6,1233.3
AUDJPY,1.2,1.7,2.3,1120.0
AUDNZD,2.2,2.8,4.1,1230.0
AUDUSD,0.5,0.7,1.0,1476.7
CADCHF,1.4,2.5,4.5,1253.3
CADJPY,1.0,2.0,3.2,1150.0
CHFJPY,1.2,3.0,7.8,1123.3
EURAUD,1.7,2.7,5.3,1110.0
EURCAD,1.5,3.7,6.6,1113.3
EURCHF,0.7,2.5,5.2,1370.0
EURGBP,0.7,1.2,2.2,1173.3
EURJPY,1.0,1.5,2.5,1070.0
EURNZD,2.3,4.0,8.5,1080.0
EURUSD,0.2,0.6,1.3,1230.0
GBPAUD,2.0,3.1,4.9,1100.0
GBPCAD,2.8,4.9,6.4,1090.0
GBPCHF,2.0,4.5,11.1,1093.3
GBPJPY,1.0,1.9,2.7,1073.3
GBPNZD,5.7,6.6,8.5,1113.3
GBPUSD,0.5,1.0,1.4,1283.3
NZDCAD,3.2,4.2,6.9,1213.3
NZDCHF,3.0,3.4,4.7,1276.7
NZDJPY,2.0,2.6,3.6,1133.3
NZDUSD,0.9,1.2,1.6,1393.3
USDCAD,0.8,1.1,1.6,1250.0
USDCHF,0.6,1.1,2.0,1593.3
USDJPY,0.3,0.6,0.9,1206.7

FinProTrading.com MT4 ECN
(NOTE: their tradable EURUSD is designated as “EURUSD_”, oddly enough…)

timestamp,2016-03-23 08:00:30,1458720030602, symbol min|avg|max|ratemsecs spread pips
AUDCAD,0.5,1.3,2.1,1800.0
AUDJPY,0.4,1.1,1.5,1430.0
AUDUSD,0.3,0.7,0.9,1430.0
CADCHF,1.1,1.7,2.1,1913.3
CADJPY,0.9,1.4,1.8,2000.0
CHFJPY,0.7,1.7,2.2,2023.3
EURAUD,0.5,1.7,2.2,1490.0
EURCAD,0.7,1.2,2.2,1543.3
EURCHF,0.7,1.1,1.2,1846.7
EURGBP,0.3,0.7,0.9,1720.0
EURJPY,0.1,0.6,1.1,1290.0
EURNZD,2.2,3.5,4.2,1980.0
EURUSD,0.2,0.3,0.5,2070.0
GBPAUD,1.2,3.0,3.7,1500.0
GBPCAD,1.2,2.5,3.0,1986.7
GBPCHF,1.7,2.5,3.0,2103.3
GBPJPY,0.7,1.6,2.0,1680.0
GBPNZD,2.3,3.9,4.5,2130.0
GBPUSD,0.4,1.1,1.5,2130.0
NZDCAD,0.7,1.3,1.9,2183.3
NZDCHF,0.5,1.4,1.9,2466.7
NZDJPY,0.9,1.5,2.0,2033.3
NZDUSD,0.5,0.9,1.1,1823.3
USDCAD,0.2,0.8,1.1,1613.3
USDCHF,0.4,1.0,1.5,2116.7
USDJPY,0.1,0.4,0.5,2000.0

Here are links to some more extensive data in these files, where
the timestamps are GMT/UTC and 08:00 should be the
London Session open time since they are not yet on BST…

http://xscalp.com/data/bidaskspreads_tradersway.log
http://xscalp.com/data/bidaskspreads_finprotrading.log

Both of these offshore U.S. friendly brokerages offer some of the best retail pricing
around, I think you’d agree.

hyperscalper

[jikkie]

@HyperScalper

Here’s some more Bid/Ask spread data for Tradersway.com and FinProTrading.com
MT4 ECN Live accounts. While pricing is by no means the only criterion for brokers,
it can be important for scalping or short term strategies.

timestamp is GMT/UTC and I’ll just pull the sample at 08:00 GMT when the
London Session opens. The last data column is supposed to be the
average number of milliseconds between ticks, and does not show
the maximum incoming “burst” data rate.

These are MetaTrader 4 incoming tick streams, as measured through an
NJ4X.com BulkTickListener across the 28 Currency Pairs listed.

Both of these offshore U.S. friendly brokerages offer some of the best retail pricing
around, I think you’d agree.

hyperscalper

I have my live account at TradersWay and am generally very happy with them. However, their spreads at rollover are appalling, tho Joe Carney did warn me, and it’s not much of a problem to avoid opening or closing trades at that time. But today, which is a holiday in many countries and volumes are therefore low, the spread on gbpaud is awful, variable of course, but has been consistently bad for at least 5 hours now. As I write this, it is 14.4. I don’t believe they use fewer liquidity providers than the average ECN broker, so I really do not understand the justification for it.

[compounder]

Yes, Clint, I think it would be wise to remove Forex-Metal from the list. I opened an account with them 4 or 5 years ago attracted by their gold trading opportunities shortly after FXCM caved in to Dodd Frank, but abandoned them a year or 2 later because they were [B][I]consistently[/I][/B] unresponsive to my emails and I think even their chat window, if they had one. I read that some woman either owned the company or had a major controlling interest in it. I believe I had only 8 to 12 dollars in the account and if I did not withdraw it, never bothered to since I wanted to keep the account open to maybe use as a last resort if they became the only high leverage broker available accepting US traders. Now, of course, there are much better brokers around.

[challisto]

However, their spreads at rollover are appalling

When New York session closes Futures markets are closed for 45 minutes and accounts are settled.

But today, which is a holiday in many countries and volumes are therefore low, the spread on gbpaud is awful, variable of course, but has been consistently bad for at least 5 hours now. As I write this, it is 14.4. I don’t believe they use fewer liquidity providers than the average ECN broker, so I really do not understand the justification for it.

It’s irrelevant how many liquidity providers are used if the majority of them are not providing liquidity due to a holiday. Not everyone observes good friday so the FX markets remain open but the “major” institutions are closed so the markets are very illiquid hence you get enormouse spreads, price gaps, little volatility, and almost no price movement.

[HyperScalper]

@HyperScalper

Here’s some more Bid/Ask spread data for Tradersway.com and FinProTrading.com
MT4 ECN Live accounts. While pricing is by no means the only criterion for brokers,
it can be important for scalping or short term strategies.

timestamp is GMT/UTC and I’ll just pull the sample at 08:00 GMT when the
London Session opens. The last data column is supposed to be the
average number of milliseconds between ticks, and does not show
the maximum incoming “burst” data rate.

hyperscalper

CORRECTION
OOPs, sorry, the values are in Nanoseconds between ticks, so 1233.3 is Nanos,
and Milliseconds is actually 1.2333 MSECS

[pipfreak]

I have a question. Between FX Choice, Tradersway, and Tallinex, which of those 3 brokers have the best spread at rollover? My trading system just happens to involve entering trades each day at the time when rollover occurs (at 5:00pm EST). I can wait as long as 15 minutes later (as late as 5:15pm EST) … meaning I need to place my entry on my trades anywhere between 5:00 - 5:15 pm EST. So, between those 3 brokers, which one has the lowest rollover spreads and which one is most likely for their spreads to return to normal 15 minutes after rollover?

[HyperScalper]

@pipfreak

I have a question. Between FX Choice, Tradersway, and Tallinex, which of those 3 brokers have the best spread at rollover? My trading system just happens to involve entering trades each day at the time when rollover occurs (at 5:00pm EST). I can wait as long as 15 minutes later (as late as 5:15pm EST) … meaning I need to place my entry on my trades anywhere between 5:00 - 5:15 pm EST. So, between those 3 brokers, which one has the lowest rollover spreads and which one is most likely for their spreads to return to normal 15 minutes after rollover?

I do not know about “rollover spreads”, but I can tell you that Tradersway.com MT4 ECN spreads are much narrower (as much as 2x better) than those at Tallinex.com. I don’t know about FX Choice, but I can say that FinProTrading.com has the best spreads of all offshore brokers (and it is direct server connection). All of these comments apply to MT4 ECN accounts with variable spreads.

If someone wants to run a detailed study on Tallinex spreads, contact me privately, and I will arrange to run some data on your account, which we can post. If you’re paranoid, then skip it But I would use only LIVE accounts for this purpose, as I don’t trust DEMO accounts.

hyperscalper

[HyperScalper]

@HyperScalper

I do not know about “rollover spreads”, but I can tell you that Tradersway.com MT4 ECN spreads are much narrower (as much as 2x better) than those at Tallinex.com. I don’t know about FX Choice, but I can say that FinProTrading.com has the best spreads of all offshore brokers (and it is direct server connection). All of these comments apply to MT4 ECN accounts with variable spreads.

If someone wants to run a detailed study on Tallinex spreads, contact me privately, and I will arrange to run some data on your account, which we can post. If you’re paranoid, then skip it But I would use only LIVE accounts for this purpose, as I don’t trust DEMO accounts.

hyperscalper

I guess I do know something about getting Rollover Spread data…
OK, so you want to know what happens to pricing in the region of 5pm Eastern Standard time, and now that the U.S. is on Daylight time does this mean 6pm Eastern Daylight (Spring forward, Fall Back) is when it happens? In any case, is it a specific GMT/UTC time, such as 21:00 GMT ? Anyway, one way you could look at it would be to get a Dukascopy Community Membership DEMO account, and examine the Bid/Ask pricing on a Tick chart in the region of 21:00 GMT. But I realize you want to know the spreads on the brokerages you mentioned, and I could currently give you answers only for Tradersway.com and FinProTrading.com if that helps. Do you need 5 minute inter-sample resolutions on the sampling before/after 21:00 GMT? I could tweak some software to get that data… For brokerages other than that, on a case by case basis, with MT4 accounts, given the login credentials I could also provide such data… hyperscalper

EDIT: Added this data from Tradersway, for 20:00, 21:00, 22:00 GMT I think Thursday night rollover…
It shows spreads in PIPs. Symbol, Min, Avg, Max spreads for 28 major symbols I look at… Since I’m sampling
only at the top of each hour, you’d probably want to look at the MAX values in the 20:00 hour which
would probably spike at the tail end of the hour?..

Tradersway MT4 ECN variable spreads
timestamp,2016-03-24 20:00:45,1458849645775, symbol min|avg|max spread pips
AUDCAD,1.4,1.9,2.2
AUDCHF,2.1,2.4,2.8
AUDJPY,1.5,2.3,2.7
AUDNZD,1.9,2.6,3.3
AUDUSD,0.4,0.9,1.2
CADCHF,1.7,1.9,2.2
CADJPY,0.9,1.5,1.8
CHFJPY,2.1,2.5,2.9
EURAUD,1.7,2.3,2.8
EURCAD,1.6,1.9,2.4
EURCHF,1.0,1.3,1.7
EURGBP,0.5,0.7,1.0
EURJPY,0.8,1.2,1.4
EURNZD,2.7,3.1,3.8
EURUSD,0.1,0.4,0.6
GBPAUD,2.4,3.1,3.8
GBPCAD,2.7,3.4,4.0
GBPCHF,1.7,2.1,2.6
GBPJPY,1.5,2.1,2.7
GBPNZD,6.4,7.0,7.9
GBPUSD,0.6,1.1,1.4
NZDCAD,3.2,3.9,4.6
NZDCHF,3.1,3.5,3.8
NZDJPY,2.7,3.1,3.4
NZDUSD,1.0,1.3,1.5
USDCAD,0.7,1.2,1.7
USDCHF,0.8,1.1,1.5
USDJPY,0.3,0.6,0.8
timestamp,2016-03-24 21:00:48,1458853248575, symbol min|avg|max spread pips
AUDCAD,1.9,4.6,15.2
AUDCHF,2.6,5.8,8.8
AUDJPY,2.0,4.4,11.1
AUDNZD,3.5,6.8,12.2
AUDUSD,0.9,2.4,9.0
CADCHF,1.9,4.1,10.3
CADJPY,1.0,1.7,7.5
CHFJPY,1.7,3.2,12.4
EURAUD,3.9,7.6,17.0
EURCAD,2.8,4.2,13.8
EURCHF,1.7,3.4,5.6
EURGBP,0.3,2.3,7.0
EURJPY,1.1,1.7,2.6
EURNZD,6.3,8.7,12.6
EURUSD,0.7,1.2,2.0
GBPAUD,5.8,10.5,23.2
GBPCAD,4.8,8.4,28.4
GBPCHF,2.4,5.2,12.0
GBPJPY,1.7,4.8,15.0
GBPNZD,11.2,16.2,27.0
GBPUSD,1.9,4.2,8.9
NZDCAD,5.6,8.0,18.8
NZDCHF,5.3,7.0,10.2
NZDJPY,3.4,4.8,12.6
NZDUSD,0.5,1.3,3.0
USDCAD,0.8,1.4,5.0
USDCHF,1.1,2.4,3.6
USDJPY,0.3,0.7,1.2
timestamp,2016-03-24 22:00:48,1458856848656, symbol min|avg|max spread pips
AUDCAD,4.1,5.2,6.6
AUDCHF,5.3,6.0,6.8
AUDJPY,2.6,3.4,4.0
AUDNZD,4.8,6.8,7.8
AUDUSD,1.1,1.9,2.7
CADCHF,4.7,5.5,6.4
CADJPY,2.5,3.3,4.4
CHFJPY,4.7,5.5,6.6
EURAUD,3.6,6.2,7.7
EURCAD,4.6,6.0,7.1
EURCHF,3.6,4.2,5.2
EURGBP,1.5,2.1,2.4
EURJPY,1.5,2.7,3.3
EURNZD,9.2,10.4,11.9
EURUSD,0.4,1.4,2.0
GBPAUD,4.4,6.4,10.4
GBPCAD,8.4,9.9,11.8
GBPCHF,6.6,9.1,10.9
GBPJPY,3.7,4.6,5.3
GBPNZD,12.1,14.4,18.3
GBPUSD,2.1,2.4,2.5
NZDCAD,8.4,9.1,9.8
NZDCHF,7.1,8.3,10.1
NZDJPY,4.5,5.3,5.9
NZDUSD,1.2,2.5,4.3
USDCAD,2.3,3.1,5.0
USDCHF,2.7,3.5,4.7
USDJPY,0.9,1.4,2.0

FinProTrading.com “rollover” data?

FinProTrading.com spreads around Rollover
timestamp,2016-03-21 20:00:02,1458590402448, symbol min|avg|max spread pips
AUDCAD,0.6,1.4,1.8
AUDCHF,1.0,1.5,1.7
AUDJPY,0.5,1.1,1.4
AUDUSD,0.3,0.8,1.0
CADCHF,0.7,1.4,1.9
CADJPY,0.2,0.7,1.2
CHFJPY,1.0,1.8,2.1
EURAUD,0.8,1.5,2.0
EURCAD,0.2,1.3,1.9
EURCHF,0.2,0.8,1.4
EURGBP,0.4,0.7,1.0
EURJPY,0.6,1.0,1.3
EURNZD,1.8,3.8,4.7
EURUSD,0.1,0.4,0.5
GBPAUD,1.4,2.4,3.2
GBPCAD,1.2,2.4,3.0
GBPCHF,1.0,2.2,2.8
GBPJPY,0.2,1.5,1.8
GBPNZD,2.3,4.2,5.5
GBPUSD,0.3,1.0,1.4
NZDCAD,1.8,2.3,2.7
NZDCHF,0.9,1.4,2.0
NZDJPY,1.2,1.7,2.1
NZDUSD,0.4,1.0,1.3
USDCAD,0.5,0.6,1.1
USDCHF,0.1,1.0,1.3
USDJPY,0.1,0.5,0.7
timestamp,2016-03-21 21:00:02,1458594002586, symbol min|avg|max spread pips
AUDCAD,0.9,2.6,4.7
AUDCHF,1.0,2.2,3.5
AUDJPY,0.8,1.6,3.8
AUDUSD,0.6,1.4,2.1
CADCHF,1.2,2.2,3.4
CADJPY,1.2,2.1,3.5
CHFJPY,1.5,2.3,4.1
EURAUD,0.6,2.4,6.4
EURCAD,0.9,2.8,6.9
EURCHF,0.8,1.5,2.4
EURGBP,0.5,2.2,3.5
EURJPY,0.8,1.8,3.6
EURNZD,5.3,10.0,14.9
EURUSD,0.3,0.6,1.0
GBPAUD,3.6,5.3,8.7
GBPCAD,2.5,4.6,8.8
GBPCHF,2.5,3.6,5.0
GBPJPY,2.1,2.8,3.3
GBPNZD,2.8,10.4,19.9
GBPUSD,0.7,1.4,2.2
NZDCAD,5.1,7.3,14.3
NZDCHF,2.4,4.3,11.0
NZDJPY,2.4,4.3,7.4
NZDUSD,2.0,3.7,7.4
USDCAD,0.6,1.4,3.2
USDCHF,0.7,1.2,1.8
USDJPY,0.2,0.7,1.3
timestamp,2016-03-21 22:00:02,1458597602723, symbol min|avg|max spread pips
AUDCAD,1.1,2.6,4.4
AUDCHF,1.7,2.9,4.6
AUDJPY,0.8,2.1,3.5
AUDUSD,0.2,1.3,1.6
CADCHF,1.8,2.7,4.8
CADJPY,0.3,1.5,2.3
CHFJPY,2.0,3.2,5.3
EURAUD,0.9,3.3,5.4
EURCAD,0.8,2.3,4.1
EURCHF,1.2,2.4,3.7
EURGBP,0.5,1.6,2.6
EURJPY,0.5,1.2,2.1
EURNZD,3.4,5.6,7.2
EURUSD,0.2,0.4,0.6
GBPAUD,5.1,8.4,10.6
GBPCAD,2.9,4.8,7.3
GBPCHF,2.2,4.4,7.0
GBPJPY,0.3,2.0,3.0
GBPNZD,4.4,5.9,7.9
GBPUSD,1.4,2.5,3.3
NZDCAD,3.5,4.8,5.6
NZDCHF,4.4,4.7,5.1
NZDJPY,1.3,2.7,3.7
NZDUSD,1.3,2.1,2.6
USDCAD,0.5,1.2,1.2
USDCHF,0.7,1.6,2.6
USDJPY,0.1,0.5,0.9

I hope I haven’t completely misunderstood what you’re after?

[sw88]

What’s FinPro’s commission rate?

[Clint]

What’s FinPro’s commission rate?

$4 per standard lot, round-turn, according to their website — equivalent to 0.4 pips.

.

[HyperScalper]

$4 per standard lot, round-turn, according to their website — equivalent to 0.4 pips.

.

Yeah, it’s either (0.4) $4 or (0.6) $6 , since we’re going to start trading hard this week, I can tell you.
Also, I believe we’re seeing 100:1 leverage and I believe they advertise 200:1 but I can certainly
update y’all once I find out what’s negotiable, and what ain’t We’re using only MT4 so if they have
another platform, could vary. Lots down to 0.01 and proportional commish anyway.

I should add that Commish is offset by better bid/ask pricing, of course, since both are costs to the Trader.

hyperscalper

[sw88]

Clint, hyperscalper, thank you very much for replying quick.

Hyperscalper, can you please get some spread stats between Trader’s Way and FinPro during Asian trading hours? Thanks!

[Jack72]

Hi guys,

I see that there is a conversation about LMFX being added as one of the trusted brokers. I am giving my positive vote for LMFX. I did one withdrawal and it was processed in less than 24 hours. It appears that they follow very strict procedures for depositing funds as I had to complete 2 different checks before I had my first card deposit processed. Their back office wanted to make sure that the deposit was done by me which is actually a good thing. I also did a wire transfer which was sent to a bank in Bulgaria (EU country next to Romania and Greece) so I believe their banking is very stable.

[Clint]

• [U]Last call[/U]

I will remove [B]Forex-Metal (Panama)[/B] and [B]SmartTradeFX (SVG)[/B] from the List on Thursday —
— having, so far, heard no objections from the community.

If you disagree with the decision to remove these names from the List, speak up now.

• [U]Another request[/U]

The home-page of the [B]Berndale Capital (Australia)[/B] website is still down (“under construction”).

Does anyone (specifically, anyone who trades live with Berndale) have any additional information?

• [U]An addition to the List[/U]

On Thursday, when I update the List, I will add [B]TradeWiseFX (SVG)[/B]. — Welcome to our new broker!

Their listing will look like this —

• [B]TradeWiseFX[/B] (St. Vincent and the Grenadines)

Type: ECN/STP/NDD. – Regulator: Financial Services Authority (FSA) of SVG.
Other products: metals, oil and gas. — Platform: MT4.
Min. initial deposit: 25 EUR or USD (STP or ECN Pro), 1000 EUR or USD (MyFxBook Autotrade).
Max. leverage: 500:1 (STP or ECN Pro), 200:1 (MyFxBook Autotrade).
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD: _____ (STP), _____ + commission (ECN Pro), _____ (MyFxBook Autotrade);
GBP/JPY: _____ (STP), _____ + commission (ECN Pro), _____ (MyFxBook Autotrade).
Website: TradeWiseFX | ECN/STP Forex Broker | Trade Forex Wiser
Email: <[email protected]>
Telephone: Skype: tradewisefx

If you can provide specific spread numbers, please do.

• [U]Additional comments?[/U]

Regarding [B]LMFX (Macedonia)[/B] — their request to be considered for Trusted Broker status is still open.

Here are the comments on LMFX that have been posted, so far:

…it seems like we have no members who have traded with them and in that case it is hard to put someone in a trusted broker spot without having enough experience with the brokerage. Maybe we should wait a little until people start writing about them.

I have a live account with LMFX, been a little over a month. I started with a very small account and have been growing it steadily.

Overall, I have no complaints so far and vote for LMFX to be a trusted broker and if I do come across any problems I will report and update the thread promptly.

I do have a live account with LMFX and have been using them daily without any issues and I believe they should be given trusted broker status as long as they continue to address issues our readers bring forward.

I could very well be wrong, but my “gut feeling” is that no Trusted Broker vote for any offshore broker should be accepted yet until the voter has had at least 6 months of live trading experience with the broker. That includes LMFX. If the broker really is good, they can wait to be approved.

I see that there is a conversation about LMFX being added as one of the trusted brokers. I am giving my positive vote for LMFX.

Do we have enough of a consensus to come to a decision?

Should we wait a couple of months, to gather more information from Babypips members with live trading experience at LMFX, before making a decision?

Are there any further comments from the community at this time?

Your thoughts, please.

.

[SatchFan]

• [U]Last call[/U]
Do we have enough of a consensus to come to a decision?

Should we wait a couple of months, to gather more information from Babypips members with live trading experience at LMFX, before making a decision?

Are there any further comments from the community at this time?

Your thoughts, please.

.

I’d like to see replies that mention good results of account withdrawals. Also, maybe some members would be willing to prove to Clint in private that they have had good/timely withdrawals?? Setting up an account in a timely manner and good fills etc is great, but if they don’t send out [B]YOUR[/B] money in a timely manner [B][U]CONSISTENTLY[/U][/B] then it’s not a trusted broker [B]IMO[/B].

The better spreads at TradeWise has me looking at them. Maybe I’ll switch to them from Tallinex at some point?? I’ll post my experience if that happens.

Tallinex had server problems today. Lasted less than half an hour and was already being worked on aprox. 5 mins after I noticed the platform was not getting new quotes. A pretty decent response time IMO. Just passing on my experience with the issue today. Also, I currently have 2 accounts with Tallinex. One of them is used as a Non Trading account, basically a wallet that I transfer money to/from to my real trading account. ALL transactions between accounts have taken place in a minute or less. Very quick to respond to transfers. No issues so far (other than the down time on the trading servers today), but the better spreads at TradeWise are intriguing to say the least.

Clint, [B]Thank You [/B]for all you do in this [U]Awesome[/U] thread! :35::35:

Rob