Going offshore to escape the CFTC

[FxPatriot]

Hi there Aaceofspades. I was just getting ready to post this information, but you beat me to it
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 I’ve never heard of. Here’s to hoping DoddFrank can get repealed soon, otherwise the few brokers that are left will likely continue to drop off one by one…

[cipher03]

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

i can’t find any information on this broker. if you are switching to another broker, who will you go with?

[moe41]

Hi there Aaceofspades. I was just getting ready to post this information, but you beat me to it
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 I’ve never heard of. Here’s to hoping DoddFrank can get repealed soon, otherwise the few brokers that are left will likely continue to drop off one by one…

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

[aaceofspades]

FxPatriot- I’ve never heard of Capital City Markets either. I don’t see them on Clint’s list and nothing on Google. Maybe Clint has some insight. I’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?

I’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, I’ll take my money and see what happens. I didn’t trade with Tallinex much during the last couple of years. Their spreads didn’t stay competitive.

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

[JDSmith999]

I also just received the Tallinex email about moving to Capital City Markets. I didn’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 trader’s resource out there.

[sknight1]

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

[HyperScalper]

I also just received the Tallinex email about moving to Capital City Markets. I didn’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 trader’s resource out there.

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. I’ve also asked them where their back-end data centers are located.

hyperscalper

[Clint]

@TheCoolDrop

Hello,this is my first post and I would like to share my experiences with all of you…

… 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 “big news” 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.

You’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.

@aaceofspades

From an email just received:

"… Tallinex has concluded that it is no longer viable to continue offering services to residents of US and Canadian territories…

"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.

“That company is Capital City Markets - a regulated brokerage …”

From what I’ve been able to find out, Capital City Markets is “registered” in Vanuatu, but that’s not the same thing as being “regulated”.

More on Capital City Markets in the replies below.

@FxPatriot

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 I’ve never heard of. Here’s to hoping DoddFrank can get repealed soon, otherwise the few brokers that are left will likely continue to drop off one by one…

As I’ve said in several previous posts, I don’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 President’s hands – it’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.

@cipher03

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

i can’t find any information on this broker. if you are switching to another broker, who will you go with?

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

@moe41

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

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

• Domiciled in Vanuatu (that’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.

• Phone number in London. That’s probably their physical office. They do not claim any sort of registration or regulation in the U.K.

• They claim to be a true ECN broker. That claim needs to be verified.

• 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 “a global leader in online trading”.

• Spot FX, CFD’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 – I’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 – that’s a long way down the road (if it even happens).

@aaceofspades

FxPatriot- I’ve never heard of Capital City Markets either. I don’t see them on Clint’s list and nothing on Google. Maybe Clint has some insight.

See above.

@aaceofspades

I’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?

I think your guess is correct. Money transfers to offshore brokers seem to be one of the Nanny State’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 what’s been going on, without fear of any sort of U.S. reprisals.

@aaceofspades

I’m not holding my breath on Dodd-Frank. I think Trump will be focused on Obamacare and Tax Reform this year.

Agree. See my rant, above.

@aaceofspades

Maybe CCM is a hastily setup broker to service the U.S. accounts? All I can do is speculate. For now, I’ll take my money and see what happens.

I can’t argue with that decision.

@aaceofspades

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

Your “good word” has been noted.

I’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?

.

[FxPatriot]

FxPatriot- I’ve never heard of Capital City Markets either. I don’t see them on Clint’s list and nothing on Google. Maybe Clint has some insight. I’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?

I’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, I’ll take my money and see what happens. I didn’t trade with Tallinex much during the last couple of years. Their spreads didn’t stay competitive.

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

Aaceofspades-

Similarly my initial “Knee-Jerk” speculation on CCM is that Tallinex has some type of strategic partnership with them OR they’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 it’s too bad they’ll no longer be there. I started taking a gander at CCM’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, you’re basically getting reimbursed your trading commissions, but still it’s quite nice.

It’ll be interesting to see if we have any people from this thread with any experience with CCM willing to comment…

[Clint]

I also just received the Tallinex email about moving to Capital City Markets. I didn’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 trader’s resource out there.

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

I’m glad you find value in this thread.

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

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

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. I’ve also asked them where their back-end data centers are located.

hyperscalper

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?

.

[FxPatriot]

You’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.
.

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 isn’t to take away from, or discount what happened to others where that was the case.

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 “a global leader in online trading”. .

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

“Greetings,
You are most welcome.
Capital city markets was established in 2016.
Feel free to look trough our website https://capitalcitymarkets.com/
With regards,
Support”

[HyperScalper]

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. I’ve also asked them where their back-end data centers are located.

hyperscalper

CapitalCityMarkets in Vanuatu have their MT4 servers “in the UK”, and they feature variable spreads down to “0.0 pips” spread for EURUSD; according to their info support desk.

hyperscalper

[Clint]

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 isn’t to take away from, or discount what happened to others where that was the case.

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.

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

Thanks. – Slowly, but surely, we’re filling in the details.

CapitalCityMarkets in Vanuatu have their MT4 servers “in the UK” …

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

Thanks for the info.

.

[Clint]

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.

.

[moe41]

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

[moe41]

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

just downloaded there platform the spreads are horrible, my mistake i was on there micro account feed when i switch to there standard account feed there spread was better but still not the best compare to the rest of offshore brokes

[Clint]

Hey, Moe

I haven’t downloaded the [B]Capital City Markets[/B] platform, so I haven’t seen their actual spreads.

Can you tell me what spreads their platform is currently displaying for:

• EUR/USD

• GBP/JPY

Thanks.

.

[moe41]

Eur/usd 1 pips and gbp/jpy 2.6. I Was on there micro account feed i just swich to there standard account feed, spreads are much better but there still not that good

[shepherd]

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

I thought that $95.00 seemed a little high, so I just went to chat - twice - just in case I misunderstood, and this is what I was told - twice:

Bank Wire transfer fee for withdrawals is 0.5% (minimum fee is 150 USD, max fee - 2500 USD).

It was recommended to use an alternate method such as Payza, Neteller, etc…

Compare this with FXChoice: Fees and commissions: You will be charged a commission in amount of USD 25 or EUR 15 depending on the currency of withdrawal. Please note that wire transfers are subject to intermediary fees.

The minimum amount that can be withdrawn via wire transfer is 100, if your account currency is USD, EUR, CHF, GBP and 150 if your account currency is AUD, CAD. If your account balance is less than the minimum withdrawable amount, please consider using an alternative withdrawal method.

Having said that, the Spread and Commission is slightly higher for FXChoice than TW.

[HyperScalper]

@moe41

Eur/usd 1 pips and gbp/jpy 2.6. I Was on there micro account feed i just swich to there standard account feed, spreads are much better but there still not that good

Please give us numbers. It is common for “more reactive” brokerages to have wider spreads at
times, as compared to the more “common brokerages”. Without disparaging anybody, I can tell
you that FinProTrading’s spreads are far more “reactive” and often are wider than, say,
Tradersway’s spreads. There are many reasons for that, and you may also see a “better” or
“narrower” spread which may not be offering much liquidity at that price point. But I
digress. Give us numbers, I attached a zip containing an INDICATOR for MT4 which displays
the spread in points (1/10th PIP) on the chart. Try that. Must be in your MQL4\Indicators subfolder
of your Data Folder area.

EDIT: MAKE SURE IT IS A VARIABLE SPREAD ECN TYPE ACCOUNT, and not a “micro account” or one
where commission is included in the spread pricing. Otherwise it ain’t valid

hyperscalper

Spread.zip (8.57 KB)