Some one people require using the offshore brokers because they are US residents and wish to avoid FIFO and/or the 1:50 leverage cap. Don’t belive there is any way around it for US residents.
Totally agree.
The US are hard on all regulation when it comes to crypto, forex & CFDS. Sometimes it can stop people making any decent money.
Iv found Hugosway to be great.
I’m with Hugo’s guys and they have been pretty great. My friend who has just gone full time trading recommended them to me and they are always helpful.
So,now youre agreeing that it does protect.
Given that the vast majority of new traders lose money, doesnt it seem reasonable to protect them in any way possible, even if that restricts how much they can make?
I use Hugo’s Way. Admittedly I signed up before looking into lots of others as I signed up on a recommendation.
As I live in Europe and shitty EU regulations don’t allow decent leverage, therefore maybe some brokers are not regulated simply so they can offer high leverage to customers.
I have been using Hugo’s Way without any problems so don’t see a reason to change.
Stick with a US regulated broker… That leaves you to the following:
Forex.com
Oanda
IG US
TD Ameritrade
Interactive Brokers
The top three actively market towards forex traders. The bottom two not so much.
As a new trader, you want as much protection as possible from external factors outside of your control. It’s not bullet proof, but going with a regulated broker is a step in the right direction.
Hugosway has a business registration in the Seychelles. I’m guessing that means they’re regulated in that same country by the Financial Services Authority (FSA), but I can’t confirm that from their website. Wouldn’t they want to say so if that were the case? Well, they don’t.
Also, read what the US State Department has to say about Seychelles and the Financial Services Authority, the financial regulatory organization of Seychelles. It’s a post from 2015, but it’s still active on their website:
