I’m currently living in Puerto Rico (US Territory), I want to trade Forex. Stock account in the US consider PR to be international so brokerages in the US place it under their US division. I can’t seem to find a Forex brokerage that handles it the same way. Has anyone else run into this problem or have suggestions?
[U]Playing catch-up.[/U]
• Finally, I have updated post #7 (LINKS pertaining to specific Group 1 brokers).
Here are the updates:
FinproTrading (UK) — posts #3501, #3542, #3569, #3741, and #3744
LMFX (Macedonia) — posts #3501, #3551, #3552, and #3709
ForexBrokerInc (The Marshall Islands) — post #3529
Tallinex (SVG) — posts #3519, #3623, and #3720
FX Choice (Belize) — post #3720
Trader’s Way (Dominica) — posts #3542, #3560, #3692, #3708, #3720, #3736, and #3744
TradeWiseFX (SVG) — posts #3498, and #3709
As I have noted previously, LINKS consume a lot of the 15,000 characters allowed in any one post in this forum. The links listed above put the total size of post #7 over the limit, requiring some removals. As a work-around, I have changed some of the oldest post numbers to plain text, while listing the newest post numbers as live links.
• Also, I have updated ForexBrokerInc and Trader’s Way in the Group 1 List to reflect the corrections noted by Spyderman in post #3733.
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lol @ the intelligent remark - very much so! Really appreciated this post and the time you’ve taken here. Thank you.
I don’t understand your question. Please clarify.
Are you looking for a U.S. forex broker (for example: FXCM in New York), or an offshore forex broker (for example: Tallinex in St. Vincent and the Grenadines)?
Both of those brokers (FXCM and Tallinex) will welcome your business as a resident of Puerto Rico. And there are many others — Trader’s Way in Dominica, for example.
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hey I believe FX Glory is now regulated in two different countries (Georgia and Bulgaria).
As things ramp up in my trading operation, I’m getting more
experience with FinProTrading.com . I don’t think I’ll be telling
any “secrets” which are not publicly available.
They emailed a client letter advertising “lower latency” and I think
I already addressed that by measuring right around 60-70 MSEC
round-trip Order Times (and that’s subtracting out our 105 MSEC
ping round-trip time from our Miami, FL server).
THE “PRO” IN FinPROTrading is very definitely true. This is a brokerage
for specialist scalpers and other “PRO” traders in the retail space
at least.
The MetaTrader 4 Tick feed is so detailed and FAST that it’s actually
possible to “read” market direction off the Tick Chart on MT4 and
“see” when the BID is dropped due to a large Retail Seller. With a
bit of Analytics, this can help Scalping to determine when a market
is about to turn, even without a Market Depth to watch.
They did Offer a Colocated VPS Server, available to all clients, which
will offer a Latency to their servers of ONE MSEC or less. I looked
into this, but our software needs more Power than a VPS can deliver.
So we needed a Dedicated server. Their rep “George” looked into
this for me, as they are working with Webzilla in their Colocation
of servers at their data center.
Ultimately, however, going with their quoted Dedicated Quad Xeon
offering was going to require a $200 / month fee, and so I thanked
him for getting the quote, at least. Note that their basic VPS colocation
offerings are much less expensive for less demanding applications.
Which brings me to our solution to this Latency issue by situating
a dedicated server in Amsterdam. Both Tradersway.com and FinProTrading.com
say their backend data centers are in Amsterdam.
SO I FOUND A DEDICATED HOST in Amsterdam, QuickServers.com
and they are offering a Intel Xeon E3-1225 - 16GB RAM - 250GB SSD
plus a basic DirectAdmin console for recovery, etc., and 25GB of
local on site storage for backup ISO images all for… wait for it !!!
Euros 58.00 / month so I think we’ll shortly be situating a server there, and
expecting to eliminate much of our current 100 MSEC ping times…
I’ll get back to you on how this works in a month or so…
Getting back to FinProTrading.com I’d just like to continue to support
them as just about the best I’ve seen for really Demanding retail
scalping, if that is part of your strategy. Their support is very good,
and they are able to offer leverages in the 400:1 range. Other
performance stats, I could tack on here, but just to say I have NEVER
had any “off quotes” Order Rejections, and so this is simply a very
good brokerage, RESTRICTING my comments only to FOREX .
Good Trading !
hyperscalper
wow what non sense they have a rule 6.11 that says trades around news release will be invalidated. but it does not say anything about how long before news you can enter or how long after news you can exit. lots of profits were cancelled due to this :((((((
also if you hold a trade less than 7 minutes it will be cancelled. i had one for 6 minutes and 30 seconds closed in profit cancelled.
will never do business with them, hoping to withdraw everything and try another broker. But most are not regulated. Seems like only FX Choice in Group 1. :31::31:
Any broker with any sort of stipulations/rules like that should be avoided 100%. Can’t believe something like that even exists. Talk about a bucketshop.
I’ve been seeing alot of talk of tradersway lately and how great they are.
Has anyone looked in their accounts at the withdrawl section.
I don’t see “wire transfer” listed anywhere.
How in the world is anyone supposed to get their profits out after they reach the limits of withdrawing back to their card based on their deposit. Every other “processor” is pretty much useless/not working for U.S.A
EDIT:
Sent an email to tradersway, wire transfers withdraw requests can be issued directly by emailing TW after all previous card deposits have been refunded.
[B]Tallinex Bails Out of the U.S. Market[/B]
The following notice now appears on the opening page of the Tallinex website —
If you go to the Tallinex sign-up page and attempt to open a live account, you’ll get this notification —
I have not spoken with Paul Callen (Tallinex rep) about this issue.
I do not yet know whether Tallinex will be closing the accounts of existing U.S. clients.
More information, as it becomes available.
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HI
Just talked to them. US existing clients are good. Who knows for how long?
THE DAY OF RECKONING IS HERE.
Just found out some pretty sad information regarding Tradersway.
Aside from their swap rates being pretty bad, which I’ve known for a while and accepted, their withdrawal fee for wire transfers is $95 usd! That is absurd.
My understanding, having spoken with them is that the $95 fee has been the case for
several years and is due to “banking tariffs”. Their recommendation is to use a credit
or debit card transfer for individual amounts < $10k. Again, if you’re doing a lot of
business with any broker, you may be able to get special terms.
Again, this appears to be the “overreach” of U.S. regulation imposing these conditions.
Consider that you may operate with 1000:1 leverage, as opposed to the 50:1 limitation
in the U.S. which may be a counter weight consideration…
hyperscalper
Tallinex and FxChoice both offer wire withdrawals at $25 USD, somehow they figured out how to work around “banking tariffs”.
[B][U]Tallinex[/U][/B]
The criterion for inclusion in Group 1 of our List is clear —
Sadly, Tallinex no longer qualifies to be included.
So, barring any dramatic, new developments regarding this issue in the next day or two, I will remove Tallinex from our List, no later than the end of this week.
[B][U]Trusted Brokers[/U][/B]
I would like feedback from as many of you as possible on the following question —
Should we consider adding additional offshore brokers to the group we call “Trusted Brokers”?
If so, should we use a polling/voting method, like the one we used back in March 2015, to designate one (or more) Trusted Brokers?
I won’t rush to judgement on this question. Give it a few days. Think about it. Then, weigh in on whether we should re-open the Trusted Broker debate.
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Sorry, but that is misleading. Certain other brokerages have wider spreads, and/or
higher commissions and that’s how they offer transfers at a “price point” which
is attractive to traders like you. (I’m not specifically naming the brokerages.)
The idea is simply to make much more money on your trading, and then make you
think you’re getting a great deal on a wire transfer fee… Think about it.
A brokerage relationship is more than a superficial factoid…
hyperscalper
Hi everyone,
Long time since I posted here but I wanted to add another thing as Clint is going to be doing some housekeeping with the list. [B]Forexbrokerinc[/B] seems to not be accepting ANY new clients, let alone US. If you go to their website and click on the open an account link, it redirects you to [B]FXChoice[/B]. It seems that they have struck an IB arrangement of some sort and [B]Forexbrokerinc[/B] is not opening any accounts under its own business entity anymore.
Opinions? Maybe this disqualifies them from the list too now…
To add to what I just said above, the [B]Forexbrokerinc[/B] main webpage banner says “New trading environments are on the way”.
Could be that this is a temporary business arrangement, or perhaps [B]Forexbrokerinc[/B] is restructuring/selling its brand to [B]FXChoice[/B] ultimately. Who knows. They had stopped accepting all clients for 1 month during August/September, began briefly to accept again and then this.
Thanks for the heads-up on Forex Broker Inc, Tom.
In the Forex Broker Inc listing (on page 1), I have added links to your posts.
The situation with this broker bears careful watching.
Please keep us updated on any additional information you are able to dig up.
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Hi Clint,
Its been long I have posted but I always remain in touch with the developments over here. I strongly believe that we should certainly go for the new developments. Regarding your questions-
Yes we should consider adding additional offshore brokers to the group of Trusted Brokers.
And in my view polling would be a great method to designate any existing offshore brokers as trusted one.
Thanks