also, reviews for TradeWiseFX would be welcome too. I need them for their DAX product only.
You’ll have access to brokers like LMAX, Global Prime Au, Invast Au, etc which IMO will likely change your opinion of what a ‘real’ fx broker is. It is indeed a sad state of affairs when you must choose between Oanda and Gain/forex.com. Ironically, Fxcm may be your best bet now…you might not have to do anything if they end up buying the book of business from IB.
I suppose you could give Tallinex a try…entirely up to you.
edit: for those considering FXCM US, this article sums up a lot of what I have criticized FXCM for in the past:
FXCM charged by CFTC for undercapitalization and guaranteeing negative balance protection during SNB. I’ve called out FXCM for bull**** on numerous occasions, and it was grossly irresponsible, but CFTC I think is just holding a grudge in this case. You wait over a year to spank FXCM on this? When was the last time the markets moved 5000 pips in under 5 minutes on a major pair? Retail forex is officially dead in USA.
You are becoming wiser by the day (establishing some non-us residency, even if it takes a couple of months to do so). In regards to using family, it can be done and would be a faster way to start. How much do you trust that family member?
I can’t believe what a PITA it is to secure an offshore broker that you don’t have to jump through hoops to deposit with. US regulations make it damn near impossible.
I can wire transfer… $55 to send $250. Uh…no.
Credit or debit card? Good luck. Some aren’t even accepting that. Going to call my bank and pray they allow me to send money using it.
Skrill? It’s dead to US customers.
Everything else, dead.
I hate using my debit card in basically another country…it’s already been stolen enough in the US.
Wire transfers are typically for larger amounts. $2k+ If you aren’t depositing/withdrawing at least $1,000 at a time, it doesn’t make much sense. It would be difficult to trade on something less than $2k USD, unless you have 1:400 leverage or you can use nano lots (100 units of base currency) or smaller. Direct Market access will demand at least 1,000 units (micro lot) minimum order and in some cases 10,000 (mini lot). The leverage will typically be 1:200 leverage or higher with a retail broker who is connected to Prime of Prime or is just bucketing 100% of the flow. If you were to deposit directly with the Prime of Prime broker, 1:100 max leverage is not uncommon. With Micro lot minimum, you need at least 4-5k to hold positions long enough to speculate properly.
But I can say if you really believe in your strategy, the wire fee becomes less important as you will make it back 10x anyway with real trading.
Webmoney and to a lesser degree Neteller are off limits to US residents…although their payment process is pretty seamless and irreversible.
Some brokers like IC Markets Au, Exness, Forex4You, and a few others have ability to accept local deposit (usually via internet banking) based on the location of your bank. Even MB Trading had this in the USA. You make local deposit via electronic means and then when it clears it posts to your bank account. It can be instant or take up to 2 business days depending on the level of sophistication.
Direct Credit/debit card processing is more practical…and a 2-4% processing fee. But the broker has to evaluate chargeback risk, and might make either daily or monthly limits. Skrill is a big pain in the arse, but if you can get it to work without any holds, then that’s wonderful. Paypal is more seemless, but they work with very few fx brokers (I think only Oanda).
Wow thanks for the reply!
I contacted my bank and they said that Monday I can call 15 minutes before I attempt to use my debit card, use it, and then call them back to verify it was me making the payment. They seemed pretty cool on the idea.
I’m just going to be using 0.01 lots with 1:400 leverage at Tallinex. Yeah, it’s not going to let me retire or buy a new car but extra money is extra money. My goal (1-2 years) is that I can get to the point that my wife doesn’t have to work (it would require a profit of $50/day) and she can be a stay at home mom. She makes 1/6 of what I do, I’d rather have her home with the kid(s). So start small at 0.01, build my account, and start trading bigger/more lots. I’m in no rush!
The three Trusted Brokers are all good, I have small accounts with: Tallinex, FX Choice, and Trader’s Way.
I like the funding options at Trader’s Way. Personally, I like the Bitcoin option for deposits and withdrawal it is fast and convenient.
Hi guys,
I will be away from the forum and off the grid for 10 days beginning later today (Sunday 8/21).
Several of you guys on this thread are more than capable of handling any questions or problems which might arise over the next 10 days — and I will leave things in your capable hands.
If anything comes up requiring an update to the List, I will attend to that at the end of the month.
In the meantime, trade carefully and make lots of pips.
Clint
.
Wait what??? Only took 7.5 years and Clints finally needs a vacation… Enjoy man
I’ve been following this thread to help locate a new broker, and regardless of their crap website, FinPro has some aspects I like. However, why aren’t they a trusted broker? I don’t see any bad reviews, have I overlooked something?
Trusted broker was given to brokers that multiple users in this thread gave favorable feedback. We haven’t gotten much feedback for FinPro.
Tallinex rep thank you for your feedback on setting up an IBC. I really appreciate the info.
Trader’s Way should be updated they will no longer offer indices cfds citing very low demand.
FinPro’s CFD feed cost me the deposit; I sent them the logs in MT4 showing that they were at fault and they weren’t having it. The first error was credited back to me, but the second time they completely ignored it. It was a DAX move about an hour after the nonfarm report.
Shameful really, as when they were good, they were really good. I would suspect that they’d not like profitable traders though, but it’s complete hearsay on my part to suggest that.
Thanks for both answers so far. In doing some more research, and trying to understand difference between true and false ECN brokers, found one site which stated that true brokers should have bridge software. Not sure if that only applies to those brokers offering metatrader? Either way, I see some brokers mentioning PrimeXM, whereas Finpro live chat just told me they use a Fix bridge. Anybody understand the difference or what is preferable? Thanks.
So far so good with Tradersway (US Citizen here). I did have to call my debit card company to authorize an international payment but they were cool with it.
I’ll update if/when I try to withdraw funds. But everything has run smoothly so far.
Good to know on TradersWay. I know they’re a trusted broker and it seems that all complaints against them have been resolved in a satisfactory manner, or the claims were frivolous from the onset.
I am going to be funding with LMFX today as my main dealer and will keep TW as a backup. (LMFX has DAX access, which I really want). Margins aren’t the best with LMFX CFDs but it’s enough room to make it worthwhile.
I’ll keep you all posted on the withdrawal process. Their support & response times have been the best I’ve seen in a long time.
edit: failed too many attempts to fund via debit, so i’m sticking with TW.
1 Like
TradersWay’s execution speed is much slower than what I’m used to. 0.7sec to get an order through? ugh.
I suppose speed is important if you are trying to Scalp, otherwise .7 sec should be acceptable.
Have your tested many other broker for execution speed? What is the fastest speed you found? Certainly not faster than the speed of light. :20:
Finpro was 0.2, Profiforex is around 0.2-0.25, AssetsFX (where I am now) is around 0.3-0.35…
0.7 was on the fast side for TW. Most were over one second.
Many US banks block international transactions on debit cards (that’s a good thing). Just call accounts services and they’ll put a 24 hour lift on the block. With my bank I have to give them the country of origin (typically China in Trader’s Way’s case) and I’m good to go.
Clint, et. al.
FWIW…couple of edits my be needed on post #1 for brokers ForexBrokersInc and Tradersway.
Tradersway minimum deposit on ECN is $10. They’ve been running that as a “Promotion” for several years now.
ForexBrokerInc offers a mini account which has a .001 standard lot (100 units) minimum trade size. Only listed broker I’ve found with that option. They’re minimum deposit, however, is now $100
I wanted to follow up about Profiforex - they have fixed the issues that I was having with withdrawals (half of it was my mistake), and thus they’ll continue to be my primary dealer.