I am a beginner with forex trading, my first broker (with a real account) is forex(DOT)com, which usually has spreads as high as 2 pips, which is very inconvenient since I use a scalping strategy. Sometimes the spread reaches to 7 pips when it is prime time for common pairs.
I tried searching for forex brokers with small spreads but in every site it appears that they don’t serve american clients. Anybody know an American broker that usually has spreads as low as 0.5?
There are few reliable offshores who are US friendly with very low spreads, mostly less than 0.5 pip in EURUSD.
Look at Turnkey forex, Coinexx, Evolve Markets, Tradersway, LMFX, FXBrew.
My main account is turnkeyforex, no major issues so far, only faced few issues which has nothing to do with trading. I don’t find any reason to change or leave them.
Does it not bother you at all that there’s a reason why regulated brokers (like Gain / FOREX dot com) have spreads, and variable spreads at that, that make profitable scalping almost impossible??? Just curious.
It would bother me
Don’t no how long you been in the fx market, but the fx markets was a unregulated business for years and we had no real problems. Now everyone wants to bash the unregulated companies. That’s bull@#$% as for as I’m concerned. As long as they do good business, the unregs are the best place to trade and I have been doing this since 1995.
I take it then that once you get your post count up you’ll be posting links to the bucket shop that’s paying you or for whom you work for??? And I’m guessing it’s FXBREW. You know: just a hunch.
For the record let it be shown that the post below was in response to this POS who, in a post immediately prior to my response below, was losing his ■■■■ with me. Somehow though and as if by magic: that (his) post has dissappeared. I leave my response below unedited.
About a nine on the tension scale there ■■■■ face. I didn’t call you names mother ■■■■.
So let’s just take it at face value then shall we. You live in Florida. But you’re looking for an offshore broker to circumvent the CFTC. Nice. And you’re going to do precisely what if you get screwed over by your offshore broker if I may be so bold as to ask. Then again: depends on how much we’re talking about here of course. A couple of K: who gives a ■■■■. Also amazing: you’re giving insight and yet you’re here to find a good offshore broker. Tells me you don’t have the insight to be providing insight. And you’re informing ME re: some truths about this business. I see. Alright then.
Anyways. What’s the problem. FXBREW seems to have already captured your fancy. Go wild. Contact info. in Ireland. But according to their terms and conditions “you irrevocably agree to submit to the jurisdiction of the federal and state courts located within the Commonwealth of Dominica and hereby waive any objection to the convenience or propriety of venue therein. Provided, however, that nothing herein shall prevent FXBrew from bringing any action in the courts of any other jurisdiction.”
When you know what you’re talking about feel free to take me on. Until then: go ■■■■ yourself. And stop posting misleading ■■■■ around here. As I’ve stated on many other threads: do people like you really think that the CFTC and the FCA just woke up one morning and decided that they’d just like to ■■■■ with this industry because they had nothing better to do. Or could it be there’s some VERY good reasons for PROPER REGULATION of this industry.
Of course I’m also taking another flyer here: been trading since 1995. Cannot be doing too well then let’s face it. Because nobody that’s had their ■■■■ together for that long would be looking to replace their broker after all this time not so. You run out of funds so more leverage required or what. Bummer.
It gets better, Dale.
From FXBrew website
“FxBrew is dedicated to providing security and safety of customer/partner’s fund. The customer/partner funds are housed in segregated accounts across the top global banks. FxBrew is registered with FSA of St. Vincent”
However, forexbrokerz.com found
" Actually, the FSA itself stated that it does not issue any licenses for forex brokers, nor “does it regulate, monitor, supervise or license international companies, which engage in such activities“. In addition, the FSA warned that some financial institutions falsely claim to be registered or licensed by the it and that “their purpose for doing this is more than likely for illicit reasons“."
and also…
“the Privacy Policy of the broker mentions TW Corp – a company registered in the Commonwealth of Dominica, which operates Trader’s Way. Actually, the Privacy Policy of FXBrew is exactly the same as those of the Dominican broker, except for the email address. We suspect that the people behind FXBrew have simply copied the contents of the document from Trader’s Way’s website, without having the right to do so. FXBrew is not associated in any way with TW Corp, nor with Trader’s Way.”
Don’t you just love it.
Look. At the end of the day it’s all free will and choice. But it upsets me when somebody comes along and with conviction states that there’s nothing wrong with unregulated brokers. It’s misleading especially in the context of a site such as this. I suppose there’s probably more than one unregulated broker out there that’s alright. But they will be the exception rather than the rule. And after how long and after how much money lost will a new trader find out that they’re being duped if they’ve not been fortunate enough to have just been lucky enough to find that one unregulated broker that isn’t taking them for a ride. This business is difficult enough as it is so it seems to me that before even placing a first trade that you’d want to try as far as possible to stack the odds in your favor. I mean to say: why would you go LOOKING for possible trouble before you even start out. Makes no sense to me whatsoever. And it’s not me having a holier than thou attitude. I’ve BEEN there. Took me a long while to find out that I was being toyed with by my first Belize bucket shop. Not saying things would have been different back then i.e. would still have lost big money for sure. But I don’t think it would have happened as quickly as it did. I distinctly remember sitting of some hugely profitable trades now and then but not being able to close them out until they had turned into big losses. And the infamous platform disconnects. But I didn’t know what was going on. And of course you start questioning yourself not the broker. And even when you start questioning the broker: they are so good at what they do that a new trader will end up thanking them for helping them understand what they were doing wrong meanwhile back at the ranch…
And my own personal opinions aside just think of the logic here for a minute. If you’ve chosen to open a brokerage and everything is above board and legit then why on earth would you just not go through the required procedures to be regulated. If nothing else it’s a feather in your cap and would for sure make it easier to solicit clients. And the old argument is that it’s much cheaper to conduct business in these exotic foreign places. I don’t buy into that. It may be true in that it’s cheaper to conduct business in these places. But if you, as a brokerage, are having to worry about costs well then there’s something wrong to start with. Then a whole bunch of other things must be called into question e.g. capitalization and financial stability are two just to begin with.
And of course there’s all the partnership offerings etc. These things have been specifically outlawed and no regulated broker is allowed to offer them unless to regulated and qualified business entities and individuals. The reason: this stuff has been a God send to scammers generally especially the likes of signal providers and mentors and whoever and whatever else. Send out signals or give advice but doesn’t matter if you know what you’re doing or not because you still get paid commission from the broker and even worse if you’re getting paid on the spread i.e. just get your clients to place as many trades as possible. Nah. There are far too many good reasons for regulation than there are bad reasons.
Anyway. Who knows what Mr. Attitude’s real story is. But anybody that’s been around in this business since 1995 would not be asking questions like this nor making such statements. So that kind of narrows the issue down a bit I’d say.
dpaterso,
He doesn’t look like working for FXbrew.
But you did look like working for CFTC.
I wish. Now there’s a thought.
Edit:
Oh alright. I see. It was you to whom he was responding i.e. you brought up FXBREW on the CFTC thread and he was replying to you. So maybe you’re right about him. If so: I apologize. I do, however, stand by everything I’ve said about regulation vs. no regulation.
So I ask you then: what are you going to do if an outfit like FXBREW (now just using them as an example and nothing else) goes out of business or for some or the other reason will not allow you to withdraw your funds or compromises your trades or just decides one day to close down. What are you going to do. I’m not being funny here i.e. I’m really keen to know what the solution would be.
Notwithstanding any answer to the above though:
Do you really believe that the above statement is a prudent statement to be making on a site such as this.
And even if there’s even the slightest bit of substance to that statement: pray tell why an unregulated broker is better than a regulated broker. Just read that sentence (and this only occurred to me while I was typing the sentence). Just read how absolutely ridiculous that even sounds.
Fact of the matter is this:
There is only ONE thing that makes an unregulated broker preferable to a regulated broker and that is leverage. And the only reason one needs leverage is if you are under capitalized. And if you’re under capitalized you shouldn’t be trading in the first place. The only exception here are seasoned and profitable traders that will not hang themselves due to excessive amounts of leverage being available to them. And that accounts for probably 1% of the forum members of this site.
It’s called asset allocation. I have four other accounts. And, yes I’m looking for low spreads and larger margins. What investor wouldn’t want that. Once again you make an ass of yourself assuming things little man.
P.S. - This will be my last response. I actually have a life.
Because I had being losing money at regulated US brokers and I have been winning big at offshare brokers.
For the simple reason that spread at regulated brokers is 5 times that of offshare brokers.
Are we looking at the same company that says they’re based out of Ireland? 
Yes, same company.
My guess is that they’re probably based out of some guys bedroom
Good morning.
Well. After last night’s friendly little discussion I’m opting out of giving input on brokers I’ll tell you that. I mean I just cannot believe the naivety that prevails (and believe me I’m being real nice by using the word “naivety”). Last night I spent some time reading through some posts on Clint’s CFTC thread. This character from Florida asks Mr. @wmwmw there if there are any withdrawal issues with FXBREW to which Mr. @wmwmw replies not that he knows of. Then I find that some months back Mr. @wmwmw has posted no less than two links to rating sites on which BOTH state very clearly that in their opinion FXBREW is a scam (and with concrete reasons for saying so). Then I look further on the Internet and I find complaints about people having tried to withdraw money and the same has not been forthcoming for weeks. But of course what’s the outcome: those rating sites are promoting regulated brokers so they are biased and the reviews and ratings are not to be believed. Then of course the elephant in the room is that my new friend there is trading with Coinexx who sure do seem to have their share of technical problems almost on a daily basis. And not to mention we’re talking about people funding trading accounts in ■■■■■■■ Bitcoin and the like. It’s an absolute joke. There is ■■■■ in some shape or form with Crypto. just about every other day for crying out aloud. Are these people deaf, dumb, and blind or what. And at the end of the day you know what the logic is??? Well: it’s not going to happen to me!!! Well good ■■■■■■■ luck with that one.
Nah. Total and utter waste of time and energy. With all this technology: people are getting dumber not smarter. Probably because they don’t want to nor need to think for themselves. And seems to me also that the biggest issue people have with regulation is the fact that somebody like the CFTC has decided to put the brakes on and most are seeing this as an infringement to their rights. And here we go. Better to stand up for your rights and lose money to some scam artist. It’s ridiculous. But it’s also indicative of the world we live in today too let’s face it.
But at the end of the day: it’s not my (our) money. So let 'em carry on.
LOL!!!
Absolute best part about it: you’d be hard pressed to find anybody that would deposit money into a bank that’s not covered by the FDIC.
dpaterso
you are a joke.
You have nothing valuable to contribute but only personal attacks.
Your posts showed that you know little about trading , you are not interested in trading, are not concerned on anything that traders are concerned.Certainly you are not a trader, but a paid poster.
Only thing you are interested is to make personal attacks.
What can I say. You got me. The CFTC pays well. Get a commission from the FCA and MiFID as well. Also the ESMA. Those regulators in Donkey Sh1t City, Republica de Las Paranoias don’t wanna pay me though. Go figure.
