Going offshore to escape the CFTC

Interbank FX will have a webinar about the new regulations and how it will affect us. It starts in 15 minutes from this post. I’m not allowed to post links so you will have to find the link yourself. Sorry :frowning:

JS

The biggest drawback of Dukascopy is they have no MT4 feed. They have a betatest running, but no feed yet. There is a bridge, but didn’t try that. Just to mention that.

They also have not a real 5 digits price right now. The last digit is just 0 or 5. They want to change that in a few weeks, though.

Beside of that it would be a good choice, I guess.

I’ve been using their platform for the last couple of weeks, and it’s WAY less flaky than MT4. I like it much better. Plus, it integrates well with their ECN, and I haven’t seen any MT4 builds that have any meaningful interaction with an ECN past what you get with a standard STP or DD broker.

Thanks for all your efforts to complie the list still welcome US resident trader. It is better to add the margin request next to each broker. If the forex broker can only allow up to 1:100, there is no much difference for me compared to US local brokers allow 1:50.

MB Trading is ECN with MT4 feed. I like DC, but some ppl might go there because of mt4 and then after opening an account they may see it’s just in beta and demo. That’s why I mentioned that. MT4 is a standard platform while jforex is not. Particularly in using EAs, this is important.

One more broker to add to our list - United World Capital:

Dear Jacob
We have reviewed this subject with our compliance officer and the answer is that we do not have nothing to do with US regulations ( we are regulated by CYSEC which is a cypriot gov body )- we are accepting US clients and we have already many active traders from US working and making trades on daily basis .

best regards
ABDO SALIBA

FXCBS has also confirmed to me they will continue accepting and servicing US customers:

Sir, as we are not a US broker, so we do not adhere to any of the US rules. We do not have any restrictions on US Citizens trading accounts after 18th of October and we will not do any changes to our trading accounts or the US clients.
Should you have any more questions, please feel free to contact us at any time. You can contact us by phone, e-mail or live chat support (Live Support | Request a Remote Assistance | FXCBS)

FXCBS Customer Care
<[email protected]>

One more addition - InvestorEurope.com:

Apologies for the delay in my reply. It is a busy time for the company. Although we are a regulated company in respect of MiFID products, Spot Forex is currently not a regulated product in Gibraltar. Subject to keeping within the Laws of Gibraltar, where we are incorporated, we do work with US Persons, subject to respective due diligence and compliance requirements which are difficult to elaborate further in the absence of concrete details on your trading profile and for which specific spot forex solutions and platforms could potentially be matched.

Yours sincerely,
Pierre Boulle
investorseurope
745 Europort
Gibraltar GX11 1AA
T +350 200 40303
F +350 200 51795

[B]Internaxx Luxemborg clearly states No Us Clients on their web site.[/B]

Open a Forex Account Opening an Internaxx derivative account is quick and simple. Please note that we are not able to accept US residents or US citizens as customers
rs.

I am new to this, can someone explain the purpose of all of this.

Is it really to MAKE US watch over our own personal spending? or am I just over looking something?

even though I am a conservative in nature, was GLENN BECK right all along?!

So when it comes down to it, this is just making us insure our bets?

Before you know it, we are going to be required to prove there is a money to back up our spending in Vegas, I am from Missouri {don’t live there any more} but they have a limit on how much you can spend in the casinos in a 2 hour period, I want to say that you can spend up to 500-2000 of your own money. Once you ‘lose’ that, you are done for the night {unless you profited}.

Protecting the public may be 5% of the motivation for these new rules.

95% of the motivation is:

[ul]
[li]A MASSIVE POWER-GRAB ON THE PART OF REGULATORS. These people believe in total government control over all aspects of everyone’s lives (except their own, of course).
[/li]
They actually believe that they know best how to run the world. And they hate anything — in this case, retail forex — which they consider to be “unregulated”.

[li]JEALOUSY ON THE PART OF CFTC-REGULATED FUTURES AND OPTIONS EXCHANGES, who see the “unregulated” off-exchange spot forex market as a threat to the long-term profitability of their businesses. To them, it just isn’t fair that they have to play by the CFTC’s heavy-handed rules and regulations, but retail forex is free of all that.
[/li]
What the giant futures exchanges really want is for the government to give them CONTROL over spot currency trading, just as they have control over currency futures and options trading.[/ul]

Put it like that, they sound like they are socialists.

They ARE socialists.

The loss limits in missouri are a thing of the past.

Sure, that’s all true, but jforex allows you to write little java snippets for EAs. This is so much more powerful than MQL.

Right! Thats more powerful. I also agree that the reaction time is much better. But on the other side I do not want to code my EAs in two different languages. While mq4 is a bit like java, I have the gut feeling it is a lot of work …

As they have a betatest I hope they will make that production running in a few weeks. Until then I can just trade my EA in parallel while opening/closing manually the trades at the other broker.

As I said: I like DC. But I also like the Metatrader. :slight_smile:

Right on. I have a java-MetaTrader bridge, so I’m using the exact same code to access jforex as I would MetaTrader, so the advantages of jforex are even greater. If you’re interested I can tell you where I got the code to access MT via java.

java guy,

thanks a lot for your offer! :slight_smile: I know there is a bridge and I know where it is for download. I just don’t use other code if it comes to my money. If I do not know the code, I have fears there is a bug or something inside and then - flash - one day my money is gone, lol.

I also trade only big moves right now on that, so that it is not a big issue. If my new scalping robot becomes more important I will probably give it a try however. Plus if they get really 5 digits in price.

How does it work out for you? I mean the bridge.

It works wonderfully, actually. I’ve tested it very thoroughly against several different demo servers, and haven’t encountered any problems (that are specific to the java connection, anyway). As far as the meta trader server is concerned, you’re just running a plain old EA.

Switching to dukas has really shown the strength of my design, since the only piece of code I’ve had to write is the class the provides market access (querying prices, submitting orders, etc). I just plugged in the jforex version and all of my systems work in exactly the same manner.

Thanks for your feedback! :slight_smile:

I may come to it in the future. Right now my bots work with my mt4 trader. I just plan for the future, when my account will be bigger. :wink: That’s why I distribute my money now over several brokers. Then later on I can just switch or whatever I need to do. You never know …

A new addition for today - FXM Trade:

Hi,

The new US regulations doesn’t affect our company. We will still accept US customers.

If you have further questions do not hesitate to contact us.

Best Regards

FXM Broker Group
LONDON,N134BS
United Kingdom
Tel: +44 2032 390 695
Fax: +44 7005 805 260
e-Mail: <[email protected]>
Home page | FXM Financial Group | FOREX | FOREX Broker | FOREX Trading | ECN Broker