I wonder what the rule is for people under $ 10 million but with allot of cash in a LLC…
FXVV is run by the same guy who ran IntelFX (big scam)
Also PaxForex has the demo and live servers on the same ip. Bad sign.
It appears Forex Trading Online, Online Forex Trading, Forex Trading System is a legitmate website. What’s wrong with it?
What’s wrong with YouTradeFX?
Well, let’s take a look.
First of all, we discover that there are at least 3 different brokers — one in the U.K., one in Australia, and one in Mauritius — all operating under the corporate umbrella YouTrade Holdings Limited, which appears to be domiciled in Mauritius, or Cyprus, or British Virgin Islands.
Confused? — Me, too. Maybe their websites will clear things up.
Next, we find the following websites: youtradefx.com, ytfx.co.uk, and ytfx.com.au
Presumably, ytfx.co.uk is a U.K. broker. And presumably, ytfx.com.au is an Australian broker. But, where is youtradefx.com?
I found this fine print at the bottom of one of their webpages:
YouTrade Capital Markets Limited is a UK company and is authorised and regulated by the Financial Services Authority (FRN 548033). Web site www. ytfx.co.uk
YouTrade Capital Markets PTY Limited is incorporated in Australia and is regulated by the Australian Securities and Investment Commission. www. ytfx.com.au
International YouTrade Investments MA Limited is incorporated in Mauritius and regulated by the Financial Services Commission . www. youtradefx.com
Okay, so youtradefx.com is domiciled in Mauritius, and it’s regulated there by the (Mauritius) FSC.
All three of these “separate” brokers seem to welcome U.S. clients, so let’s give it a try.
• Let’s open a live trading account with YouTrade Capital Markets Ltd (U.K.). The page for registering a new live account looks promising: the box for selecting “country” is already defaulted to “United States”.
But, wait. At the bottom of the page, in tiny, faint gray type, we find:
YouTrade Capital Markets LTD, New Broad street House, 35 New Broad street, London. EC2N 1NH
- Please be advised, the products, Trading Instruments and services detailed on www. ytfx.co.uk and offered by You Trade Capital Markets are not being offered within US and other embargoed countries as published from time to time.
So, what’s with “United States” in the “country” box? Is that some sort of come-on?
• Let’s try YouTrade Capital Markets Pty Ltd (Australia). The page for opening a live account has the same “United States” default in the “country” box. In fact, it’s exactly the same page we just saw on the U.K. broker’s website.
Oops. — Look at the fine print at the bottom of the page:
You Trade Capital Markets Pty Ltd, ACN 149 011 361, Level 2 of 19-21 Hunter street, Sydney NSW 2000, Australia.
- Please be advised, the products, Trading Instruments and services detailed on www. ytfx.com.au and offered by Youtrade Holdings, Limited. (YTFX) are not being offered within Canada, UK, Mauritius, US and other embargoed countries as published from time to time.
Jeez, the list of un-welcome countries is growing.
Another come-on.
• Okay, what the hell — I guess we’re stuck with Mauritius. Let’s try International You Trade Investments MA Ltd. What a surprise! The page for opening a new account is exactly the same page we just saw on the U.K. broker’s website, and on the Australian broker’s website.
But, there’s no fine print at the bottom excluding U.S. residents/citizens from trading with YouTrade (Mauritius).
So, let’s fill out the form, and get rolling.
Well, maybe we should read the “terms and conditions” first, since we have to accept them in order to open this account. We click on “terms and conditions”, and we’re directed to a document called “Terms of Use”. Skimming through it, we read the usual sort of broker boiler-plate legalese, until we get all the way down to section 25 in this document, where we come upon:
25.4 Access to this Web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing this site are required to inform themselves of, and to observe, such restrictions.
25.5 ACCORDINGLY: YouTrade services are not available to residents of USA, POLAND, Quebec and HONG KONG, since the local law does not allow persons not authorized by the local Securities Commission to carry on the business of dealing in futures contracts.
25.6 IF YOU ARE A US, HONK KONG OR A POLISH RESIDENT, PLEASE DO NOT USE OUR WEB SITE.
Damn. Now they’ve added Poland, Quebec and Honk Kong to the list of un-welcome locations. Honk Kong?
Oh well, screw it! I won’t waste any more time looking at this rat’s-nest of inter-related brokers.
Edit — for more on this broker, see this post.
Thanks.
Just a heads up, PaxForex appears to be a scam. While very new, it has demo and live accts on the same server. Sounds like it’s just a hoax to get people to deposit money for no reason.
FinFx announced their micro account now has same trading market hours as everybody else, used to be open 1 hour later and close 1 hour earlier for the weekends. I like this, just in case those fridays NFP trends go up\down some more for that last hour.
Why does this make them a scam. I would think that a broker would want demo to be alongside the live server (at least for their clients) so that the demo can completely simulate live conditions. But most people abuse the demo privilege anyway, which is why a separate server is usually necessary.
As for the ip for practice and real account servers, the info that they are the same is presented in their FAQ. Agreed, there is no reason why this is a sign of a scam. Besides, an ip does not make a server. Who knows how packets are directed behind the firewall.
I have mentioned the benefits of PayPal deposit and withdrawal already. With Profiforex, Paypal deposit is practically instant. Not guaranteed, but the one time I had a problem. it was resolved within 6 hours.
Has anyone experienced a lights on moment while looking at the charts? If so, you know how beneficial instant deposit can be.
If you are looking for low budget + high leverage along with timely execution, fast/instant deposit, fast withdrawal, transcript enabled customer service with good resolution, I suggest you take a good look at Profiforex.
I have never had a problem getting a response from their customer service, and I have contacted them at least 4 times, once because I didn’t remember my withdrawal password.
Just remember to save the withdrawal password on the registration ack page.
If not, you will have to provide notarized documents.
PayPal, as I already mentioned, is a US ASSET. Will the CFTC come after it also, as it probably did with Moneybookers aka Skrill? EBay owns PayPal.
I believe that one of the goals of this forum is to get newbies acquainted with the wild west world of forex. My posts are geared to help find the way. We are a nation of risk takers. I personally have crossed the Pacific and jumped ship to be a part of a community such as this.
I can’t think of any other ecological niche in the current times that offers the potential of forex, and CFTC wants to take that away. Do you agree?
Good Luck.
Recently what some might call the Dodd-Frankenstein people shut down to US traders Trading Point, one of the best brokers I have ever seen for low budget trades. TP offered Dow Jones and oil trading as well as gold and regular currency trading. I would appreciate it if anyone would let the rest of us know about a US friendly broker offering Dow and oil trading for small budgets. A broker like that probably no longer exists until Romney is elected, if he is elected. It doesn’t hurt to hope, though.
There are 2 brokers in Belize that you might want to investigate: FX Choice, and Strategem FX.
FX Choice offers spot forex, precious metals and CFD’s for stock indices, oil and gas. I’m repeating to you what I have read on their website — I don’t have personal experience with FX Choice. However, several other contributors to this thread have written positive things about this broker.
Strategem FX says on their website: “Trading in the CFD Markets Coming to Strategem FX in the Second Quarter of 2012. Check Back Soon.” Well, the second quarter of 2012 has come and gone, so maybe you should contact Strategem and find out what’s available.
Both of these brokers are listed in Group 1 of our List, on post #2 of this thread.
There may be other brokers in Group 1 that fit your requirements, as well.
Are people generally happy with Finfx in this thread? No troubles with platform, disconnects, withdraws? I confess I did not go through the whole thread.
Thank you for the this thread, btw. Canada is now going to be subject to WORSE rules than the USA, so some of these Brokers are likely to get more business.
I notice that IBFX Au already made some leverage and product offering restrictions to Canadian Residents. Do you have an article that actually details more specifically proposed Canadian regulations?
At least Canadian retail forex accounts are insured. US regulators are intentionally avoiding addressing proper customer fund segregation and preferred creditor status in the event of broker default for retail forex clients. Futures [U]does[/U] have this protection legally.
In another thread, Charles Delano, Director of Government Affairs at FXCM, explained that the problem is not with the regulators (CFTC and/or NFA), but rather with the U.S. bankruptcy law, which does not treat forex customers the same way that futures customers are treated.
Amending the bankruptcy law is something the Congress must do; it can’t be done by the regulators.
Here’s an excerpt from Charles Delano’s post:
The CFTC explained the reason for not including segregation of funds for retail FX as follows:
“… Several commenters maintained that the Commission should require segregation of customer funds by counterparties in order to provide some protection in the event of a counterparty insolvency. The Commission’s segregation requirements with regard to futures flow from Section 4d of the Act which, generally speaking, requires that customer property for trading commodity contracts be kept apart, or segregated, from the FCM’s own funds. However, as noted in the Commission’s proposing release, a segregated funds regime cannot be replicated in the context of off-exchange retail forex trading. Unlike segregation of customer funds deposited for futures trading, under the relevant provisions of the Bankruptcy Code, such amounts held in connection with retail forex trading would not receive any preferential treatment to unsecured creditors in bankruptcy.”
This hiccup with the bankruptcy code is what is currently holding up everything from seg funds protection to insurance. More in my next post.
I have never had any problems with them, and it seems they are continually improving things, recently, they changed the way the hold your deposit. It used to be nordea bank, now it shows it’s diversified among 5 banks, and moneybookers, who they use for money transfers. So my equity now shows exactly how much of it is divided at these different accounts.
I agree that it may technically be out of CFTC’s hands directly, why hasn’t any formal documentation been submitted to Congress by CFTC? And why do other western countries (Canada, UK, Australia, etc) do not have this problem? The answer to that would be interesting. I just find it hard to believe that this one technicality has their hands tied. This is not a minor issue by any means, yet the CFTC is bein awfully careless about taking corrective steps.
[QUOTE=Clint;315809]- 2 -
Mediterranean / Middle East / Africa
•ForexCent.com say will take US. part of United Forex Trading Corp. Czech, / B virgin Islands.
Finding cent accounts very useful for proving systems without risking much. Not everyone provides. Could use a subcategory for this type of broker.
Thanks for good work.
What you have posted is not a proper quote.
If you want to suggest a broker, to be included in our List, do it.
But, do not attach my name to something which I did not post, and do not imply that you are quoting our List.
Please edit or delete your post.
If you are looking for an honest broker with great customer service, fast withdrawals and deposits and super follow up with their clients then ForexBrokerInc has been a all of these things for myself.
J Lord
Hi Clint, great work. Thanks 