I never got the email about this from them my live account is still active currently. I also have not found anything on FinPro site mentioning this. Did they tell you this in a live chat session?
fin pro platform is horrible & cust service is a mess i trade with Brendale & tradewise & LMFX so far so good all live accounts LMFX & tradeiwse has good spreads on ECN so cross my fingers .
Is there an activist group or petition that involves lobbying the CFTC/NFA to change their attitude towards offshore brokers?
I’d like to join, donate money and sign petitions if possible.
@Clint
If there is a sensible, professional type advocacy group, would you consider adding that info to this thread? I’d hazard to say creating a separate thread and linking to it probably the best idea to keep this thread lean and mean.
Food for thought.
Chewing on it.
.
Cool!
Uhmm, is that with the cigarillo, the poncho and the six shooters or the tie and blazer combo .44 magnum?? Please answer with text and not lead. On second thought and for safety’s sake…nevermind. :22:
More info on[B] FinPro[/B]…
I am considering opening an account there. Spoke with a customer rep today via email regarding acceptance of US residents. He replied, “I would like to confirm that we do accept US clients and we have many clients from US who are actively trading with us.”
Still, the UK is probably not an ideal location for brokers wishing to avoid the “long arm” of the CFTC. Wouldn’t expect this situation to last over the long term.
I think ForexExlax has a really excellent, long overdue suggestion. Just complaining for years without actually trying to do something about it makes little sense, even if some kind of activist activity or petitions fail to get results. I think a petition should be created that traders can somehow sign, carefully explaining and “spelling out” to lawmakers the [B]ludicrousness and many outright evils[/B] of what the leverage decreasing, economy stifling Dodd Frank legislation has done to currency traders and even to many small, community banks. Clint’s passion and ability to be unusually, intelligently articulate, when fully unleashed, should make a lasting, strong impression on legislators. Traders on this forum can be asked to sign the petition and also encouraged to get their mates, relatives, friends, fellow church members, and maybe even their dog to sign the petition, too. Even if it takes almost a year to get a substantial number of signers, a petition, delivered by certified mail, might at least speed up the process of rescinding Dodd Frank. Polls keep showing that Hillary will beat Trump in the final election, and she probably will leave Dodd Frank intact.
Thanks for the compliment. If a movement does not currently exist, let’s start one here. The idea of press coverage and reporters having to reference and credit the website BabyPips tickles me in a delightful way!
As far as the results of the Presidential election…it will likely have zero impact on Dodd-Frank. This is a matter of the U.S. Congress. I’m no expert on D-F. I’ll assume it should not be completely withdrawn, just amended. I’m sure there are some excellent protections and rules in it that would be best left intact. A national petition and movement is what is needed with websites and trader’s groups getting behind it. Possibly sympathetic brokers to fund some media exposure and commercials? On the individual trader level, hand-written letters, emails and phone calls to their Senators and Representatives is an absolute must. Maybe well written, clear and concise phone call scripts and form letters could be posted here (or wherever the petition may be found) and made available for that purpose.
One look at Clint’s first couple of posts should turn your blood to ice. The reality is scary! None of us can add anything that Clint hasn’t already stated in post #5.
Good Morning, Mr. Clint.
I searched the Forum but couldn’t find it…
So, I would like to ask you:
What does it mean the green spots beside some brokers saying “TRUSTED BROKER” ? Did you test them ?
I hope hearing from you as soon as possible.
Thanks for your time and attention.
Green pips for all,
MrJinks.
In the very first post, under the NOTES section - the very last paragraph explains the TRUSTED designation.
[B]ForexExlax,[/B] thanks for stepping up, and answering MrJinks’ question.
[B]MrJinks,[/B] here is some additional information on how our three Trusted Brokers came to be designated —
http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc-post744386.html#post744386
.
Hi guys,
as the DF is always a loved topic and the political guesses are also coming back time to time, the following article might be interesting for you:
Wall Street bearish on Trump’s call to scrap financial reform law | Reuters
FE
This is very strange since I’m still actively trading with them. In fact, I have several open trades at this very moment. Been with them since January 2015 so not sure if that makes a difference. Never any problems.
Btw, I’ve been following this thread for a long, long time and really appreciate all the work put in. Thanks to all, especially Clint.
Well, this is a mystery to me, too, TheDirtySerb. (interesting name) If you really are a US resident, then try to make as much money as you can as fast as you can with Profiforex before they close your account. Apparently Profiforex will do whatever it wants to someone whenever they want to do it.
I have been using SIMPLE FX for two months, with no problems. Very fast deposit and withdrawals. You have to use bit coin.
I like them because you can trade silver or S@P 500 with just 0.01.
Check it out.
I wanted to share something else with you guys. I also have an AssetsFX account which I am still able to use but don’t because I tried some risky things and ended up blowing up the balance. Since Profi and Traders Way have been so reliable, I’ve stuck with those two. Nevertheless, I found this interesting. This is copied straight from the email I received with no modifications except for URL’s because I can’t post those as a new member.
[I]
Dear AssetsFx Client,
We are upgrading our system and changing our servers. For you this will mean more symbols to trade including CFD’s.
This process will require that you activate a new account on our new system.
Please read carefully and follow the instructions below as they have been updated since our previous email. If you account has already been transferred, you can ignore this:
-
All open trades in your account need to be closed by 5/27/2016.
-
After having closed all trades, please go to assetsfx/Account/Open-Live-Account and fill out the form. Submit the form and you will receive an activation link in email. Once confirmed, you will receive a user name and password to our new Client Area and in a separate email your new account credentials. Since we already have your documentation, you don’t need to upload verification documents.
-
Once we see that you have opened the new account, we will transfer your funds to your new trading account as soon as possible. If you want to expedite the funds transfer, please email to accounts@assetsfx
-
Login to you current trading account and take All History from it as soon as possible.
-
All open trades will be closed by us on Friday May 27th at 3pm ET.
-
Our new MT4 can be downloaded from download.mql5/cdn/web/7389/mt4/assetsfx4setup
Thank you,
AssetsFx Trading Team
[/I]
Which was then followed up with this email less than an hour later.
[I]
Dear AssetsFx Client,
If your country is not listed in the country selections at assetsfx/Account/Open-Live-Account(for example USA), please choose Australia as the country.
Thank you,
AssetsFx Trading Team
[/I]
Seems a little fishy to me. I gotta a kick out of it so I thought I’d share.
Cool.
It’s not fishy, at all. — Actually, it’s very clever.
Reading between the lines, I think [B]AssetsFX [/B]is telling you that their “official” public position is that they don’t accept clients from certain countries — but, as an existing AssetsFX customer, your position is secure.
Nobody (read: CFTC) will ever know that you trade with AssetsFX.
•
FUCFTC
.
[QUOTE=Clint;767399]Cool.
It’s not fishy, at all. — Actually, it’s very clever.
Reading between the lines, I think [B]AssetsFX [/B]is telling you that their “official” public position is that they don’t accept clients from certain countries — but, as an existing AssetsFX customer, your position is secure.
Nobody (read: CFTC) will ever know that you trade with AssetsFX.
What about US citizens who live overseas for years. Are they still banned by these fx companies based upon their citizenship only? I want to open up a managed account at Berndale Australian firm which is more reliable but they don’t offer managed accounts to new account holders (not sure even if they open up accounts for US citizens ). I am new to fx and would like to which firm is best for me for a managed type account since I am quite new to this forex business and simply reading up on your posts is making me realize I need to get up to speed to learn something new but due to health issues I can’t devote my full time to learning new right now. But I would like to have a small managed type account free in offshore jurisdiction. Read about fxglory but they don’t offer managed accounts. Tallinex I am still wondering about since I have read forex peace academy reviews on them. Berndale was the only one that I liked from your recommendations.
To Clint, thanks for keeping a wonderful post and all your work and dedication to put all the information in very detailed manner.
Any help on managed forex account in stable jurisdiction regulated off course is most appreciated.
Hello Guys,
I logged in to my account to say thanks to the thread starter. I found my broker via this thread. I am regular member of forexfactory.
My broker is Berndale capital.
Broker is regulated by ASIC and is accepting us clients as of now. It looks like they have same feed or liquidy providers as tickmill. Commisions are little higher but not that bad. Execution is pretty fast …average 70 to 90 MS and my vps is 20 MS away from nearest server.
I would gladly provide any questions you guys might have.
I am in no way just promoting this broker …if you want i will provide my Myfxbook link to this broker.
Thanks again for this wonderful thread.
Always use a LIVE account. Demo teaches you very little, because the lion’s share
of “learning to trade” is learning to cope with the uncertainty when in a trade, coupled
with the pain or pleasure at the trade outcome. Learn how not to stop out too soon,
and to tolerate the discomfort associated with being (temporarily) underwater. I advise
a limited amount of “adding to a losing position” or “averaging in your favor”. A limit
amount, mind you … Work on a multiple entry VWAP position, not on a single price point.
OK, aside from the issues of “learning to trade” and whether that’s even a legitimate concept
in general… I would advise you to use high leverage, e.g. 500:1 leverage offshore brokers,
such as Tradersway, with modest account sizes so that you will “learn emotionally” from your
actions by having a small amount of “skin in the game”. At the same time, although you must
be careful using leverage, you can do 10x as much with the same money offshore.
So keep this in mind… No (real) pain, no real gain. DEMO accounts are an "academic exercise"
so always aim to use (small) risks in Live accounts. IMHO.
Now, as for “how can I win at trading?” that’s a question which involves much more than
what standard traders typically use… 'nuther topic, 'nuther time 
hyperscalper