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.
I have done very deep search in google in order to find you a solution really for all that matter anyway. You can find a ton low spreads but do not serving US clients anyway, let’s see something like Forex Brokers with Low Spreads — Brokers for Lowest Spread Trading
I’m really not interested in all the name-calling and arguing on this thread so please just answer my questions if that’s possible. Thanks…
I’m in the US. I’m willing to use a broker who doesn’t require verification (KYC) such as drivers license, etc if anyone knows of a broker that fits my criteria below. Of course I’m also willing to provide verification to a broker who will accept US customers.
I’m looking for a very low or no spread ECN broker. I’m willing to pay commission based on lots traded. I need this type of broker to run a scalping EA that only takes 4-8 pips profit per trade. I have tried Coinexx where I usually find good spreads but during the time I want to trade GU (late night GMT during asian session) the spreads jump up to 5+ which makes it impossible to run my EA. I’ve also tried turnkeyforex and their spreads are a bit worse than coinexx. I’m currently testing spreads on paxforex on a demo account but it doesn’t look like they will be any better than the other two.
I understand the broker may be a scam, unreliable, may take my money, may shut down, etc. But I’m not going to put a lot of money with them - just a reasonable amount - say $1000.If they shut down and take my $1000 I’ll survive it.
Anyway does anyone know of such a broker with very very low (max 2 pip any time of day) spreads on GBPUSD who either accepts US clients or doesn’t require verification to sign up?
So on a very serious note… I would love to trade with a highly regulated broker who INSURES my money. Not sure if you guys are in US or not, but that option is not available. I have been trading offshore for 5+ years, I use 2 different brokers, I’m sure you can figure out which ones by my time offshore.
I am not offshore for high leverage, no FIFO or hedging, I am offshore for exactly the reason you say we shouldn’t be…CAPITAL PRESERVATION.
As I stated above, there is nothing in NFA/CFTC regulations which insures my money, of course not offshore either. So i choose to keep 70-80% of my trading capital in my FDIC insured bank, if something happens I am still in business with a majority of my capital intact. I trade with US regulations, I have to put up 10 times more what I deem unnecessary margin to execute the same trade. So with all my money sitting at gain, oanda, IG, whatever, they go bankrupt…SO DO I.
Once again, if that money was insured, earning interest, I have no issue parking it there. Matter of fact, if these regulations are intended to “protect” us, why not require these funds be insured? Or better yet, let me trade with a regulated broker in another country who does protect my money.
The reason is simple the regulators have THEIR OWN BEST INTERESTS in mind, not mine.
On a side note, I have never had a random price spike (not seen on another broker at same time), frozen platform, price delay or any withdrawal issue…EVER. My commission is lower, my spreads are tighter.
Do a google search on the US regulated brokers, see how often these things happen with the “regulated” brokers.
THE NFA/CFTC is regulating the trader not the brokers.
Once again, this is not intended to start an argument. Just sharing my thoughts on why I prefer to be offshore. I do not want to be…I am forced to be
I believe Trader’s way is not accepting US clients anymore. and FXbrew shut down. So we are left with Turnkey Forex, Coinexx, and LMFX. There are few more brokers like AAFX, but they are comparatively new, hence my trust factor is low with them right now.
I have been a loyal customer of Coinexx (and they have done nothing to lose my trust) but I feel I should diversify my funds and planning to try Turnkey Forex now. Will keep everyone updated with their trading conditions.
So I created my account with Turnkey Forex and have also taken a withdrawal which was processed in 3 hours. Spreads were excellent, customer service good, deposits fast. But the best thing till now is the trade execution. I have not faced any slippage till now. But yes, it is too early to conclude everything. I will again post my review after a month or so.
There are brokers that don’t charge you anything to open a demo account and that is really the easiest way to check the spreads and prices offered by a broker. I am sure [removed for Forums violation] and Oanda do not charge US clients anything for opening an account. Coming to spreads, spreads are not my concern anymore as with [removed for Forums violation] and Oanda it is the lowest I could find in the market.
I think it’s better if you go for an international broker. There are many of them that accept clients from the US and a few of them are better than the regulated ones. You can look for them and please research before trading.
I understand that it is important to select a broker whose spreads are low specially when you are a scalper. Well, 2 pips is quite high, you must be losing aclot with this one. I normally trade forex and I use Oanda, turnkey forex and IG. Their spreads are compact and trading conditions are flexible.
