Going offshore to escape the CFTC

Broker Discussion Forex Brokers
3809

Hi, Tim

In point of fact (and for various reasons), the very vast majority of managed clients join schemes after doing little to no prior research, so I won’t retract my comment regarding that. My point is that people mostly consider the “headline” and ignore the main article. If you’ve considered all the facts and are comfortable with the risk of a particular manager’s strategy then that’s fine, but if you’re one of the many people who join a clearly riskier managed scheme and then start ranting because your account is down 30% then the fault is entirely your own.

As for the two links you mention, one is the verified feed from the manager’s PAMM and the other reflects an unverified account - possibly a previous account with a different broker that appears to trade a different strategy.

As for “bad reviews”…

First of all, there are are at least two sides to every story, but those who post bad reviews only ever present the facts as they see them.

In the main, these reviews are left by people who suddenly decide that various stated and/or common-sense rules should not apply to them. We frequently encounter people who refuse to provide requested ID and/or proof of address and/or card ownership, or get angry because we do not allow 3rd-party funding of accounts.

Similarly, people have joined managed schemes that stipulated various participation rules… and they electronically signed their acceptance of said rules, only to scream and shout when they wanted to breach those rules and were refused.

Ultimately, experience has shown that people with insufficient knowledge of trading and/or market behaviour will post bad reviews about any and every broker on the planet, but many times the review lacks substance, so you need to read between the lines… for example:

"xxx broker opened my trade at 1.45250 when the price was 1.45000"
What the poster omits is that their broker is ECN and their trade was opened 5 seconds into NFP (few people appreciate that the Bid/Ask prices shown by an ECN broker reflect the last prices transacted, not the price they will be filled at … this is entirely different to the Bid/Ask prices shown by market makers, as they reflect the prices the broker is offering)

"xxx broker triggered my buy stop order but price didn’t reach my level"
Typically, the poster will be unaware of the fact that buy stops are triggered by the Ask price, but charts are drawn from the Bid price

"xxx broker closed my trade early - price never reached my SL"
Many clients are totally oblivious to the concept of stop-out and cannot comprehend that they actually need an adequately-funded account to trade unhindered

Basically, 99.999% of bad reviews (especially related to Tallinex) are due to abject stupidity / ignorance on the part of the poster and, sadly, the vast majority of posts / complaints come from US residents who really do themselves no favours in that regard.

3810

The profiles do not list USA as a country of residence. So you can have troubles to do the funding even if they like you. Maybe the bank wire will still work. Most payment options are blocked by USA I understand. Hurry before Trump builds the wall and seals you in!

3811

I would suggest Forexbrokersinc they offer small accounts: micro ecn where 1 lot is equal to 1000 1/100th of a standard ecn, not to mention very low spreads almost as good as a non micro account, and they accept all clients and are highly rated! On another note i am suprised nobody has mentioned the problem with many brokers disabling MQL5’s signal providers, tallinex allows them but i tried lmax and assetsfx even a ib of dukac does not have the ability to copy signals, note: signal tab will show in demo accounts but will be removed in live and there is no work around, as you can see in the forums at MQL5.com i also contacted them, apparently it is broker dependent just like VD plug ins the broker chooses their MT4 options.

3812

If a broker is not genuinely ECN/STP then a good signal provider spells big potential losses for them - this may be the reason.

3813

Hi Tallinex, can you give any sort of estimation as to how long it will be before the bank card option for funding will be available again at Tallinex? Thanks!!

3814

I just funded a small live account with a broker called Simple FX. They allow U.S clients as long as account is funded with bitcoin. Leverage as high as 1/500 with decent spreads. Reviews found online from U.S residents sound positive from what I have read so far. I also checked the website out with scamadvisor.com as I usually do and it passed with flying colors.

3816

Whoever posted about Berndale here a few days ago can you plz post it again. I believe your post was removed but it was good info.

3817

I checked into SimpleFX. The thing that I don’t like is that they do not allow you to use your profits for margin. So you’ll have to exit your position and enter again with a bigger position. This is just churning in their favor. Good idea with the BitCoin, but bad execution. Would be better if they used Dash anyway. :wink:

3818

Tallinex, why do you hate American residents? I don’t live in USA but I know the bad reviews might be other nationalities too. I have read a lot of other nationalities like Malaysian, Indians etc are writing complaints about several forex brokers not necessarily your company but FXCM, Hotforex and Instaforex too. Asians are more inclined to use FXCM, Hotforex and Instaforex. Maybe due to same time zone, more Americans are your clients and some of them have written those bad reviews but honestly people who get involved in forex are not stupid and ignorant, They study for months first and play with demo accounts. Unfortunately, demo accounts show immediate executions which are not available in real world environment. There are many factors involved here. Yes you are correct that an adequately funded account is needed to trade unhindered but unfortunately not everyone has hundred thousand dollars lying around. Some people are trying to do day trading and making forex trading to support themselves.

3819

Please excuse my mentioning, Tim, that it would probably be a [I][U]very[/U][/I] bad idea indeed to re-post something the moderators have already removed once! I don’t know what the policy is here, but in most forums that would fairly automatically result in some kind of ban/suspension. I’m “just saying” … :33:

3820

I agree, it would be better to ask for a PM than a repost. Not sure why TimAllen would think if it was removed once that it would stick a second time?..

3821

Well, if they could just PM me that info, I would appreciate it. I don’t remember the screen name of that person or I would PM myself. I forgot to write that info down as I didn’t think the mods would remove the post. I believe it was removed due to email contact on the post.

3822

Wanted to drop a note to Clint and say thank you for the service you provide. This thread has been so helpful. After MB trading got bought by the bucket shop that is Tradeking, I was really down in the dumps and didn’t know what to do. Then I found this thread. Its been great. Using the power of voluntary interactions is what I’m all about. I have just opened my account with Traders way. I feel fully comfortable with them after reading every page of this thread. Excited to get trading again with an ECN and try to make a little bit (lot) of money :13:

3823

Hello Libertarian,

Welcome to the forum, and welcome to this thread. I’m glad you have found our thread to be helpful.

I’m sure you will be satisfied with [B]Trader’s Way[/B] as your new broker. As you have discovered in reading this thread, Trader’s Way is one of three brokers we have designated as Trusted Brokers — and we made that designation after a lot of careful vetting based on feedback from live-account customers.

I wish you successful trading, and look forward to your participation in this thread.

.

3824

If you can show any post stating that I or Tallinex hate Americans then you win a $100 funded account.

That fact is never disputed.

If only that were true!

Nor do they need to… but if you have a $100 account and you open ten 0.2 lot trades hoping to fade the market, it should come as no surprise when your account stops out… however, this reality seems to elude a lot of people - many of whom cannot grasp the difference between balance / equity / free margin.

Bottom line, the vast majority of traders have no clue what to do in order to trade profitably, and the most common solution is to blame a 3rd party for their failure. Sorry if that flies in the face of your assumptions, but fact is fact.

And that’s a great goal in life, but one they will only achieve through study… and most people have zero desire to study - that’s why sales of Forex courses fell through the floor back in 2007 and sales of $97 EAs went through the roof.

3825

Instaforex is an outright scam, I’m highly doubtful they allow their clients to slip a hand in their pockets. FXCM and Hotforex are much better options for traders, I tried both of them and had only positive experience.

3826

Well, most people are using EAs even most of your managed accounts are handled by EAs. EAs cannot handle market dynamics all the time and fail if not monitored properly. Yes they are great tools and yes agreed that $99 EAs are not good for doing forex accounts. The more commercial tools not readily available are better but still all these EAs require still humans to properly monitor as I am learning slowly from forex gurus. Forex is a 24/5 market and personally now I know a lot of people running one managed account. Using very conservative approaches the most they can get is a 2 percent return average per month. When I see the higher results from managed accounts on your website as well as others, I get confused. The more I am reasearching and getting forex training the more I am learning.

3827

What on Earth makes you imagine this, Tim?! :eek: :eek:

3828

Looking at myfxbook and other brokers I see all of them using automated strategies. Manual or mixed trading are somewhat very few. Forex gurus tell me these tools are bound to failure if no human supervision is present. They tell me to avoid any EAs and do manual trading only.
These tools help in instantly realizing pip changes as they are much faster than humans but ultimate decision should be under human control.
I am completely new to forex and I am currently taking courses in forex trading. I have not opened up a live account yet only demo accounts that I blew up after sometime. There is a lot of patience and a lot of training required as Tallinex rep stated earlier.

3829

I have a personal friend who trades forex… granted she trades her own money, not a managed account of other people’s money, therefore, she can set her risk as it suits her. She consistently pulls 20% per DAY out of the market, and often times more than 20%. She’s not a one hit wonder, she’s been trading profitably for years. I’ve seen her broker statements and her stats.

Always be willing to question what you think is possible.