Going offshore to escape the CFTC

Hello, Tim

Here are 3 more posts you might want to read.

Post #2201 ā€” 7/23/14

Post #2822 ā€” 4/2/15

Post #3005 ā€” 7/19/15

These posts were written as replies to questions from three different members, over the course of a year, so a lot of the material is repeated from one post to the next. Iā€™m sure youā€™ll be able to boil it down.

Welcome to this thread, by the way.

Wow - youā€™ve posted 3 times in 9Ā½ years. Youā€™ve been busy! :slight_smile:

.

1 Like

Terrific - all of this covers exactly what I was hoping to find. Thanks again for the help. It amazes me how much info is here and furthermore, how much I see youā€™ve invested into the matter. I canā€™t help but wonder if thereā€™s something you get out of all of this, being so helpful - or is all of this simply coming from the goodness of your heart? :slight_smile:

Ha! Right - not too active on the forum front, but definitely involved with FOREX trading ever since I created that babypips account 9.5 yrs. ago. Iā€™m one of those types of guys that sits on the sidelines and watches all the action, soaking it all in. As you mentioned in one of your posts, something to the effect ofā€¦ there are lots of other people reading this thread who simply arenā€™t postingā€¦ Iā€™m one of them.

I appreciate the welcome! Regardless of the motive behind your efforts, I enjoy any gesture of kindness, which is a quality that seems to be in short order these days. Fear, anger, and blame are crazy cheap and the public is buying it up in droves!!

Youā€™re welcome.

.

Hello,this is my first post and I would like to share my experiences with all of you.I know it is suspicious but I will try to not praise anyone too much.

I tried following brokers out of the list : Tallinex,FxChoice and TradersWay.Here is what I have to say so far.

I tried all of the brokers on demo.I trade exclusively news and events,thus slippage and freezing is obviously a problem for me,but the one which I can not avoid.

First off I will start with Tallinex.A friend of mine uses them on live for ECN - Micro and I used them on demo for a while.I must say they are really reliable.They never freeze,they do not stop and go,no disconnects,fast support answers and all that,BUTā€¦there is always a but.The spreads on ECN-Micro are huuuuuge.I have no idea why he stuck with them,it is just pain to pay those spreads.For ECN-Pro account (20000 USD deposit) the spreads are good and normal,and for all those with such amounts available to risk,I think Tallinex is great.

Next up is FXChoice.Nice broker,thin spreads,fast execution and timely news.Seems too good to be true for me.And it was.As soon as the ā€œbig newsā€ like GDP data and CPI started hitting the whole platform literally froze.Usually the freeze would last anywhere between 5 and 30 seconds.Last time I traded the Eur/GBP on UK Services PMI when the platform froze for whole 9 minutes.That is when I decided that it is not good for my trading style.I checked on Tallinex terminal,and it was qouting the price just fine.

Now I am on Traders Way,hoping to have hit the gold.I notice that it does not provide MT4 news feed like other two,but I can live with it.Spreads seem acceptable.I will keep you updated.

From an email just received:

[I]ā€œDue to consistent pressure by over-reaching entities and repeated policy changes by banking institutions, Tallinex has concluded that it is no longer viable to continue offering services to residents of US and Canadian territoriesā€¦ā€

[/I][I]"In order to accommodate that desire, Tallinex has identified a brokerage that is willing and able to provide the same excellent service and trading conditions that Tallinex has provided you up to now.[/I]

[I]That company is Capital City Markets - a regulated brokerage committed to providing the same high standard of service that you have grown accustomed to."

[/I]Ironic that I was sent to Tallinex when FinFx orphaned US clients a couple of years ago. I feel like a cheap bottle of wine.

Hi there Aaceofspades. I was just getting ready to post this information, but you beat me to it :slight_smile:
I was also in the same boat as you. I had a live account with FinFx, and was then transitioned to Tallinex, and will now potentially be transferred over to Capital City Markets, whom Iā€™ve never heard of. Hereā€™s to hoping DoddFrank can get repealed soon, otherwise the few brokers that are left will likely continue to drop off one by oneā€¦

also just got the tallinex email. how many of you are staying to be transferred over to Capital City Markets?

i canā€™t find any information on this broker. if you are switching to another broker, who will you go with?

yep just got the email today, on march 31 there moving my account to https://capitalcitymarkets.com/, maybe clint and do some research on them and maybe they become a trusted broke because tallinex was very good to me and i trust this move so far lets see what happens when i try to withdraw my money

FxPatriot- Iā€™ve never heard of Capital City Markets either. I donā€™t see them on Clintā€™s list and nothing on Google. Maybe Clint has some insight. Iā€™d like to know how the CFTC applied pressure to dump us? My guess is through the banking system. Maybe Paul (Tallinex) will let us know? Is he still lurking here?

Iā€™m not holding my breath on Dodd-Frank. I think Trump will be focused on Obamacare and Tax Reform this year. It might be a while. It would be a miracle to trade in the U.S. again. I remember the days when I would submit a withdrawal request to MB trading and get a check in the mail the next day. No delays and wire fees. We can dream.

Maybe CCM is a hastily setup broker to service the U.S. accounts? All I can do is speculate. For now, Iā€™ll take my money and see what happens. I didnā€™t trade with Tallinex much during the last couple of years. Their spreads didnā€™t stay competitive.

Iā€™ll also throw in a good word for Finpro here. Perhaps itā€™s time for them to be trusted based on the positive comments Iā€™ve seen here lately, that I think are accurate.

I also just received the Tallinex email about moving to Capital City Markets. I didnā€™t have much left in my account. Not worth the wire fees. I will go with it and maybe even try out their credit card deposit method and report back.

P.S. - Thanks for keeping this thread going. In these days, this is the single best source of information and traderā€™s resource out there.

I just got the same email as the rest of you. What a shame. :frowning:

I have an inactive Tallinex account, due to their wide Forex spreads, but have decided to allow the account to transfer to CCM in Vanuatu, in the hopes there will be better Forex pricing.

I see they will have a minimum lot size of 0.10 with increments of 0.01 beyond that. This will enable me to do some evaluation on the Forex performance and feeds to report back here. Iā€™ve also asked them where their back-end data centers are located.

hyperscalper

Youā€™re the second member to raise this issue regarding FX Choice.

MarcinFX said essentially the same thing in his post #3928 back on January 30. Three weeks later, the FX Choice rep refuted the allegations made be MarcinFX (attributing his problems to a glitch which FX Choice claimed to have fixed), but MarcinFX remained unconvinced.

Now it would appear that FX Choice still has some explaining to do.

From what Iā€™ve been able to find out, Capital City Markets is ā€œregisteredā€ in Vanuatu, but thatā€™s not the same thing as being ā€œregulatedā€.

More on Capital City Markets in the replies below.

As Iā€™ve said in several previous posts, I donā€™t think our issues with a dictatorial CFTC will be resolved by any action taken to trim, gut, or even repeal the Dodd-Frank law.

And my guess is that Dodd-Frank will not be repealed, now or ever. I think it will be tweaked and fiddled with, and will possibly end up bigger and more bloated than it already is. This process is not in the Presidentā€™s hands ā€“ itā€™s in the hands of Congress. Five hundred and thirty-five politicians, each one beholden to constituencies, special interests, and donors. Each one with his/her own agenda. Good luck getting anything resembling common sense out of that bunch.

End of rant.

Sorry.

I had never heard of this broker, until this discussion started today. See my comments below.

Thanks for posting that link, Moe. Iā€™ve learned a tiny bit about Capital City Markets from your link:

ā€¢ Domiciled in Vanuatu (thatā€™s an island in the western Pacific). Domiciled simply means they are registered as a company there. The address they give in Vanuatu may be nothing more than their registered agent on the island.

ā€¢ Phone number in London. Thatā€™s probably their physical office. They do not claim any sort of registration or regulation in the U.K.

ā€¢ They claim to be a true ECN broker. That claim needs to be verified.

ā€¢ How long this broker has been in existence I have yet to discover. Of course, like every other broker in the world, they claim to be ā€œa global leader in online tradingā€.

ā€¢ Spot FX, CFDā€™s, commodities and metals. MT4 platform. Micro account: $100 minimum to open, 0.01 minimum position size, up to 1000:1 leverage, variable spreads / no commissions, etc.

As for research ā€“ Iā€™m not the only person on this thread able to do basic due diligence. You guys need to roll up your sleeves, and pitch in. 'Nuff said, I hope.

As for the Trusted Broker suggestion ā€“ thatā€™s a long way down the road (if it even happens).

See above.

I think your guess is correct. Money transfers to offshore brokers seem to be one of the Nanny Stateā€™s favorite targets.

Good suggestion regarding an update from Paul Callen (the former Tallinex rep here in the forum). Now that Tallinex has severed all ties with the U.S., they should be free to tell us whatā€™s been going on, without fear of any sort of U.S. reprisals.

Agree. See my rant, above.

I canā€™t argue with that decision.

Your ā€œgood wordā€ has been noted.

Iā€™d like to hear from even more members who actually trade live with Finpro. Are there enough of you to put the question of Trusted Broker status for Finpro to a vote?

.

1 Like

Aaceofspades-

Similarly my initial ā€œKnee-Jerkā€ speculation on CCM is that Tallinex has some type of strategic partnership with them OR theyā€™re a direct subsidary of them, and Tallinex simply waited for everything to be in place and finalized before making the announcement, because no doubt about it they are very new. I would also have to agree with you regarding DoddFrank no doubt taking a back seat to Obamacare and Tax Reform.

My experience with Tallinex was good, so itā€™s too bad theyā€™ll no longer be there. I started taking a gander at CCMā€™s website, and submitted a couple inquiries through their support page, which by the way, I will say they did respond very fast to each. Interestingly, they do have a 100% matching bonus cash program that has no time limit, nor deposit limit (according to their response to my ticket) so long as one trades enough volume. As I look at it, youā€™re basically getting reimbursed your trading commissions, but still itā€™s quite nice.

Itā€™ll be interesting to see if we have any people from this thread with any experience with CCM willing to commentā€¦

Welcome to this thread. Please do ā€“ report back on your experience with Capital City Markets.

Iā€™m glad you find value in this thread.

Thanks for weighing in, SK. What are your plans regarding the account transfer?

Looking forward to the results of your fact-finding, hyperscalper.

I think the minimum lot size is 0.01, not 0.10. Am I wrong?

.

All I can do is chime in my own personal experience with FxChoice, which has been nothing but a pleasant one. I trade on a daily basis, and quite regularly trade news events. Up to this point, I have not had any freezing, or problems placing any trades during high impact news events/announcements (So far at least) That isnā€™t to take away from, or discount what happened to others where that was the case.

Based on the response I received from their support today, they were established in 2016. Below is the exact response:

ā€œGreetings,
You are most welcome.
Capital city markets was established in 2016.
Feel free to look trough our website https://capitalcitymarkets.com/
With regards,
Supportā€

CapitalCityMarkets in Vanuatu have their MT4 servers ā€œin the UKā€, and they feature variable spreads down to ā€œ0.0 pipsā€ spread for EURUSD; according to their info support desk.

hyperscalper

Thanks for that info, FxP.

Maybe the FX Choice rep was correct in claiming that the freeze-up problem was an isolated situation, experienced by only a few customers.

We shall continue to watch for more news about this.

Thanks. ā€“ Slowly, but surely, weā€™re filling in the details.

HyperScalper, I knew you would be all over their [I]server location,[/I] and [I]signal latency[/I] :slight_smile:

Thanks for the info.

.

I have added [B]Capital City Markets[/B] (Vanuatu) to Group 1 of the List.

Details will be added to the listing later this evening.

.

that last few months when i send a wire trasfer to tallinex i had to send it to a company call EAST ASSETS PLC / East Assets Plc, they are register with the FCA in england also i think they brought out tallinex