Going offshore to escape the CFTC

Broker Discussion Forex Brokers
4352

Preliminary data about CCM Forex spreads,
minimum, average and maximum PIPs
but these observations are during the Asian
session.

[EDIT: Added Tradersway’s spreads during same
period further down, for direct comparison.

hyperscalper



CCM Spreads during Asian session
approx 03.00 GMT so wider than
would be seen in more active
conditions.

symbol min , avg , max spread pips
AUDCAD, 3.0 , 3.1 , 3.2 ###
AUDCHF, 2.9 , 3.0 , 3.0 ###
AUDJPY, 2.4 , 2.6 , 2.7 ###
AUDNZD, 2.9 , 3.2 , 3.4 ###
AUDUSD, 1.6 , 1.8 , 1.9 ##
CADCHF, 2.8 , 2.8 , 3.0 ###
CADJPY, 2.4 , 2.6 , 2.7 ###
CHFJPY, 3.0 , 3.0 , 3.1 ###
EURAUD, 2.7 , 2.9 , 3.1 ###
EURCAD, 3.0 , 3.1 , 3.2 ###
EURCHF, 2.1 , 2.6 , 3.0 ###
EURGBP, 1.9 , 2.1 , 2.2 ##
EURJPY, 1.9 , 2.1 , 2.3 ##
EURNZD, 3.5 , 3.8 , 3.9 ####
EURUSD, 1.1 , 1.3 , 1.5 #
GBPAUD, 3.9 , 4.2 , 4.4 ####
GBPCAD, 3.8 , 3.9 , 4.0 ####
GBPCHF, 3.5 , 3.6 , 3.8 ####
GBPJPY, 2.6 , 2.9 , 3.1 ###
GBPNZD, 7.8 , 8.4 , 9.5 ########
GBPUSD, 1.5 , 1.7 , 2.0 ##
NZDCAD, 3.1 , 3.1 , 3.2 ###
NZDCHF, 2.7 , 2.9 , 3.0 ###
NZDJPY, 2.5 , 2.7 , 2.8 ###
NZDUSD, 2.1 , 2.2 , 2.3 ##
USDCAD, 1.8 , 2.1 , 2.3 ##
USDCHF, 1.8 , 2.1 , 2.2 ##
USDJPY, 1.3 , 1.4 , 1.6 #

TradersWay Bid/Ask spreads during the same
Asian session by way of direct comparison:




symbol min , avg , max spread pips
AUDCAD, 0.5 , 1.3 , 1.6 #
AUDCHF, 0.8 , 1.1 , 1.3 #
AUDJPY, 0.4 , 0.9 , 1.2 #
AUDNZD, 1.1 , 1.4 , 1.8 #
AUDUSD, 0.3 , 0.6 , 0.8 #
CADCHF, 1.5 , 1.7 , 1.9 ##
CADJPY, 0.7 , 1.0 , 1.2 #
CHFJPY, 0.5 , 1.0 , 1.3 #
EURAUD, 0.4 , 1.1 , 1.5 #
EURCAD, 0.7 , 1.2 , 1.6 #
EURCHF, 0.5 , 0.8 , 1.1 #
EURGBP, 0.4 , 0.7 , 0.9 #
EURJPY, 0.3 , 0.7 , 0.9 #
EURNZD, 1.5 , 2.1 , 2.3 ##
EURUSD, 0.1 , 0.3 , 0.4 
GBPAUD, 1.1 , 1.8 , 2.4 ##
GBPCAD, 1.8 , 2.1 , 2.4 ##
GBPCHF, 1.6 , 1.8 , 2.1 ##
GBPJPY, 0.9 , 1.3 , 1.6 #
GBPNZD, 2.5 , 3.1 , 3.2 ###
GBPUSD, 0.6 , 0.9 , 1.2 #
NZDCAD, 2.9 , 3.2 , 3.4 ###
NZDCHF, 2.6 , 3.0 , 3.2 ###
NZDJPY, 2.7 , 2.9 , 3.0 ###
NZDUSD, 0.7 , 1.0 , 1.2 #
USDCAD, 0.5 , 0.8 , 1.1 #
USDCHF, 0.3 , 0.8 , 1.1 #
USDJPY, 0.2 , 0.4 , 0.6
4353

Thanks – I appreciate your willingness to pitch in. :slight_smile:

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4354

Thanks for this explanation, Paul.

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4355

Thanks, HyperScalper, for drilling down into the functional details of the CCM platform.

Your broker comparisons are thorough and informative.

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4356

Thanks for the info

4357

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The CFTC has just added 71 brokers to their HIT LIST – the so-called CFTC RED List.

Two of the 13 brokers on [I]our List[/I] – [B]FinproTrading[/B] (UK) and [B]TradeWiseFX[/B] (SVG) – are on this Hit List.

Here is a screen-shot of the additions to the RED List. (Note: this is not the complete RED List.)

Here is the CFTC press release, issued today.

CFTC Adds 71 Names to Its List of Foreign Entities that Illegally Solicit U.S. Residents to Trade Binary Options and Forex

More on the Red List in a later post.

At that time, we’ll talk about what the RED List means to the brokers on it, to us (their clients), and to the future of retail forex trading in the U.S.

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4358

It took four government staffers just over a year to update this? What’s worse, is they didn’t bother to remove the dead ones. Worse than that, they are missing a few new ones I recently found (and am still checking out).

Trader’s Way and FxChoice have been on the RED list since Aug '15. I’m not too worried. Here’s the link to the full list which can be sorted.

https://www.smartcheck.gov/REDList/

4359

Why pay 4% to use debit/credit? I sent TW $500 to open after Tallinex booted us and was charged $520. That was my last card transaction. Forever. Take the time to setup and understand Bitcoin. You won’t be disappointed.

4360

Wow, that’s an impressive thread! Big thanks to all the contributors, much appreciated!

4361

I have discussed bitcoins before on this thread but aaceofspades’s comment prompted me to do so again.I try to read as much as I can about the bitcoin and continue to harbour belief about its legitimacy. I’m surprised to see many here view that bitcoin is going to die and that FED/governments will shut it down. I think nothing could be further from the truth. I think in general any big company and any other currency can go down faster than Bitcoin today. As long as there is technological progress Bitcoin will be going up. Most tech companies submerged in Bitcoin believe its value will rise astronomically in decades. What makes them think that, perhaps time will tell. But as of date it is the easiest way send funds across and withdraw from offshore brokers for us, US traders, with CFTC choking offshore brokers/banks that accept funds from US traders. I think we should have a list of brokers that accept bitcoins or can research and let Clint know which brokers from the existing list accept bitcoins

4362

I had a weird request to finalize my deposit, broker wants a picture of me holding the card. Just a visual picture. Is that normal?

4363

It is normal. They are making sure that you are the owner of the card. When you upload the card you make sure that only the last four digits are visible. This will keep your card private and will prove to them that you are not using someone else’s​ card.

4364

tallinex does that and now capital city markets require you show picture of you holding the card

4365

Thanks for the replies, yea i did it and they finalized my initial deposit so no worries so far. I will let everyone know how this broker performs in my personal opinion.

4366

I spoke with all the brokers from the A list to see who all accept BitCoins.

Here is what I found

[B]FinPro Trading[/B] : BitCoins Accepted as a payment method. Their client support says that a much more integrated solutions is coming out shortly. Will look forward to see their “Integrated Solution” when it is released.

[B]FX Glory[/B] : they use OkPay method (While making a deposit client must choose Okpay and after clicking on it sub methods will appear.). It is not more advantageous than just having an OKPay account.

[B]FXChoice[/B] : BitCoins Accepted as a payment method.

[B]Adamant Finance[/B]: BitCoins Accepted as a payment method.

[B]LQDFX[/B]: Yes. BUT For Bitcoin, you will be provided with their Bitcoin address to which you will deposit your funds that are then transferred to your trading account. Very basic set-up.

So far, its a good progress to see that 5 out of 13 odd brokers we have on the “A List” accept bitcoins. But I dont really see them using the true potential of BitCoins. Ideally, if these brokers get “Truly Integrasted” they can extend the ability to send / receive / buy bitcoins as well as fund the trading account with BitCoins.

Its great to see that there is healthy progress and these brokers are accpeting bitcoins.

Anyone else out there with experience in actually using BitCoins as a transaction method with these brokers.

4367

Tradersway accepts BTC as deposits and withdrawals.

There’s also SimpleFX as well, the spreads are a bit high tho. However they do let you trade in the native BTC currency as well trade BTC.

4368

Thanks for the update.

But trading with BTC as your account denominated currency would be a disaster. Assume that you are using 100% of margin on your account and BTC fluctuates by 10% (which is normal). There are a few brokers for example whaleclub who only give you a BTC denominated account which means that your account is subjected to BTC volatility.

Given the characterstics of BitCoins, it will be the future of offshore forex trading (with total safety from CFTC). We need to have some decent brokers who support bitcoin wallets within their ecosystem. My search is still on :slight_smile:

Any inputs readers ?

4369

Yeah I wouldn’t want to trade FX in the native BTC currency either, but some do. 1broker.com has created a bit of a niche for themselves as well as simplefx. It’s just the spreads are higher then a cats a$$ lol.

4370

Actually, the spreads at SimpleFx are very fair on the Forex pairs. Better than Tallinex and many others.

4372

@whywescalp – Thanks for researching this.

I will add a [B]Bitcoin logo[/B] to the Group 1 Brokers that accept Bitcoin (when I get a Round Tuit).

@Cryptosurf – thanks for adding Trader’s Way to the Bitcoin list.

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