Hey am from kentucky in USA
Hey. I am in kentucky. Thats in USA.
I opened an account with fx choice about a month ago.
I need help coz yestday i tried to wire 2,000$ to Fx Choice (to their account in bulgaria) and just this aftnoon my bank (whitaker bank) called me to say the transaction was denied and they are closing my account forever. So tomorrow i have to go pick up a cheque with all my money on it. To take wherever i want to go.
That is weird.
Any help is welcome
Hello erkamap, I am seeing that you have spent very small time in forex and started trading. Two things might happened with you I guess. Whether you got scammed or the broker thinks that you might be cheated them somehow your account blown up. It happened with quite traders in this business. My suggestion is to next before join any broker first couple of months try their demo account. It will not only help you to understand your broker but also it will help you to improve your trading skills.
Broker didnt do anything. Its the bank that told me they are closing my bank account and denied the wire transfer.
I am wondering if anybody wired money recently from US banks to fx choice or whatever other broker not in USA
How come you need to transfer the money to Bulgaria? Don’t they have bank account in major US banks? This is very strange. And why would your bank close your account entirely, they should consult you first on the case before they make any actions.
Try to contact the broker’s support to clarify this issue, it sounds very odd that your bank will shut down your entire account for this…
Its not open to is resiidents
but they didnt mention anything about this in their page!
here is other options : oanda , ig market , cmc market , tradestation , saxo , ic market ,interactive
From your list only oanda accepts us residents.
But it sucks.its no ecn
no broker is sucks
forex is otc market you want ecn trading , trade the future currency market you need to trade one lot - one point $1000
there is some chances if you trade in london nyc session the volume are higher so you can scalp better maybe im not sure about this
Have you tried Forex.com? I’ve been with them for almost a year now; I haven’t had any problems with them. TD ameritrade does forex but you pay commissions, i think?.
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I think TD wants 2k minimum deposit for forex
You could also try depositing bitcoin to FX Choice. I planned on opening an account with them because they allow bitcoin deposits and withdrawals, but they kept emailing me my password. I have a hard time trusting sites that email my password to me.
I have no idea how bitcoin works.
But i opened an acct with fx choice from abroad and expect to be ready next week
Oanda says they make money when you lose it(that means on a bigger picture their algorithmm works against you) and when you place a trade they gain in spreads difrence.Ecns make profits on spreads differentials only
Hi again @erkamaps
Unfortunately, you’re not alone in having this misconception about market makers and ECNs. It’s important understand that even if a retail forex broker tells you they are an ECN instead of a market maker, that does not change the fact that they must still offset your orders with a market maker. That’s because market makers provide a vital function, not only in forex, but in many financial markets, including the major futures and stock exchanges.
Consider what the world’s largest stock exchange says about how their market model works:
The cornerstone of the NYSE market model is the Designated Market Maker (DMM). DMMs have obligations to maintain fair and orderly markets for their assigned securities. They operate both manually and electronically to facilitate price discovery during market opens, closes and during periods of trading imbalances or instability. This high touch approach is crucial for offering the best prices, dampening volatility, adding liquidity and enhancing value.
DMMs apply their market experience and judgment of dynamic trading conditions, macroeconomic news and industry-specific intelligence, to inform their decisions. A valuable resource for our listed company community, DMMs offer insights, while making capital commitments, maintaining market integrity, and supporting price discovery.
Since you live in the US, it’s also worth noting that the reason only four firms are currently approved as forex dealer members as of the latest data from the CFTC is precisely because the standards for forex brokers here are so rigorous both in terms of financial transparency and accountability regarding the price where each customer transaction is executed. Below is a quote from the CFTC site:
The final rules include financial requirements designed to ensure the financial integrity of firms engaging in retail forex transactions and robust customer protections. For example, FCMs and RFEDs are required to maintain net capital of $20 million plus 5 percent of the amount, if any, by which liabilities to retail forex customers exceed $10 million. Leverage in retail forex customer accounts will be subject to a security deposit requirement to be set by the National Futures Association within limits provided by the Commission. All retail forex counterparties and intermediaries are required to distribute forex-specific risk disclosure statements to customers and comply with comprehensive recordkeeping and reporting requirements.
Full disclosure: FOREX.com is a market maker, but that’s not why we defend this model. In fact, for institutional traders, our parent company, GAIN Capital, offers ECN solutions through the GTX marketplace. We are a market maker for retail forex traders, because we believe market making is the best way to provide retail clients with reliable pricing at retail trade sizes while effectively managing our own risk. We are fully accountable for every execution and don’t outsource that responsibility to a third party. It’s not our intention to make this discussion about ourselves, but we wanted to address the misconceptions some traders have about the market makers that play a vital role in financial markets.