Going offshore to escape the CFTC

ItsJoeyTheTrader · January 23, 2021, 5:23pm

So I’ve created an account with FairForexFX… while my deposit went smoothly and I was able to trade, some things about this broker are shady as hell.

First thing first, I first tried to deposit via Cash app, which was blocked. Cash app does this when someone is flagged as a scammer.

2nd things second, all their payment methods are atrocious. If you deposit via bitcoin, you have to send a screenshot via email so they know exactly which account to allocate it to, and how much. If you deposit via Cash or Skrill, you have to include your email address so they know which account to allocate the funds to. So this seems 100% manually done, which is alarming.

Another thing to add is that they have “reviews” on their website (which are obviously glowingly positive). Reverse searching the profile pictures of the “reviewers” makes it obvious that at least one of them is just a stock image.

Now, the trades go through almost instantly, and they have a crazy amount of markets. That’s a huge positive. Another positive is their CEO and some of their representatives are very active on social media. They also say on their website that they’re applying for regulation (which I don’t mind as long as it’s not the CFTC).

I’ll update when I try to make a withdrawal. All I deposited is $100, which is the minimum deposit.

Clint · January 23, 2021, 9:18pm

Excellent review, Joey!

The sort of due diligence and vetting which you have done with this broker is exactly what this thread seeks to encourage.

Thanks for sharing your experience with FairForexFX. Please continue to keep us informed.

HyperScalper · January 24, 2021, 6:22pm

THE GREATEST FRAUD EVER PERPETRATED ON A NATION

Hi, it’s Hyperscalper here; and I’m hoping that I have
some remaining credibility so I am relying on that liberty
in this post. Russian brokerages are, in my experience,
often reasonable and fine brokerages; but this post has
nothing to do with that fact.

The video link I’m posting represents (and this is not
an exaggeration) the greatest fraud and theft of Russian
resources, that the world has ever known; and the verifiable
facts are simply stunning. You know that I would not
mislead you; and that if I recommend you view this, then
you really should dedicate some time to it, as a citizen
of the world.

Issues of offshore accounts; and of confusing corporate
entities are involved here; on a scale that has never
been seen in history; no doubt whatsoever.

To view this video you’ll have to rely on CC subtitles,
unless you are a Russian speaker.

As a human being; and as an intelligent citizen of the
world; you will feel outrage at this; and you may even
disbelieve the claims. However, stick through the video
and you will see the undeniable facts.

It is a LONG video; and you will be tempted by TL;DR
but resist the temptation to stop watching. Subtitles
are tiring; but stay with it until the end.

SPREAD THIS VIDEO LINK EVERYWHERE, PLEASE.

“Putin’s palace. History of world’s largest bribe”

presented by Alexei Navalny, Putin’s greatest rival
who was poisoned and, I fear, will be murdered for
these revelations !..

Thanks in advance for not deleting this link; and for
speading awareness everywhere you can.

[edit] Use Google translator, or other similar tools; when you want
to translate the Russian into English… But the CC subtitles,
though fatiguing, are well done.

All the best,
hyperscalper

WolfeTrader · January 25, 2021, 10:47am

Thanks for the update. This is the reason why I am scared of moving from my present brokers. They have been exceptional. But I definitely want to open accounts with other brokers as well, since I do not believe in putting all eggs in one basket. Keep us updated about your experience, especially about slippage and withdrawal.

jessoprules · January 25, 2021, 4:51pm

Plenty you can use though

jessoprules · January 25, 2021, 4:52pm

All in all I cannot see why anyone would choose these, based off what you have said.

ItsJoeyTheTrader · January 25, 2021, 5:47pm

No problem, this thread is a crucial resource to the trading community. I’m happy to contribute.

JamieHouston · January 25, 2021, 11:03pm

Do you mind sharing the names of your brokers? Also, are they regulated? This thread mainly discusses Offshore brokers.

greenflash808 · January 25, 2021, 11:07pm

Greetings from FX Brew.

As you are in no doubt aware , the Covid-19 pandemic has presented significant challenges to businesses worldwide . Many financial and business constraints have forced us to re examine our operations .
With deep regret we notify you that Fxbrew will be closing for business on the 31st Jan 2021.
We will not be taking anything further orders/trades with immediate effect .
Over the next few days we will be reviewing our accounting records and request you to kindly close all your trades by the 27th Jan 2021 (GMT+3). .
Please place your withdrawal requests , providing your crypto currency wallet address to process the balance amount left from your trading accounts to your crypto wallets.

Once again we would like to thank you for your business and continued support.
If you have any questions please do not hesitate to contact us on our live chat or drop us an email at [email protected].

Clint · January 25, 2021, 11:38pm

Well, that’s a shocker!

I just confirmed this news with Live Chat at FXBrew –

Pam Smith 18:25
Hello, how may I help you?

Visitor 18:25
Hello Pam,
I just heard that FXBrew is going out of business. Is this true?

Pam Smith 18:27
Yes, you must have received everything in the email

Visitor 18:28
No, I’m not a customer of FXBrew. I heard it from a friend. Anyway, best of luck to all of you, and thanks for the info

Pam Smith 18:28
No problem, thank you
Have a good day

I will place a NOTICE on the FXBrew listing in Group 1 (post #1 of this thread).

I will leave the FXBrew listing up for a few days, and then permanently remove it.

Clint · January 26, 2021, 12:44am

Well, Brent, I tried.

But, after about 40 minutes of reading fast-moving subtitles, my eyes were bleeding, and I bailed out.

Maybe I’ll pick it up again later, after my eyes have recovered.

In the meantime, I noticed this (really good) article from (a really bad magazine) The New Yorker, which you might find worth your time (ten minutes, or so) – and no subtitles, by the way –

jessoprules · January 27, 2021, 9:43am

One of the best threads on here no doubt.

Christian_David · January 27, 2021, 5:32pm

Hi, this is not related but related to the tread, just went to check my Paxforex account and found this. Didn’t have much money in it though.

Christian_David · January 27, 2021, 7:24pm

I miss the email letting me know they changed the domain from .com to .org , I was trying to login into the old paxforex domain that is the one that has been seized. But after signing in found this.

WolfeTrader · January 27, 2021, 10:30pm

Yes, I saw this a month back. Paxforex has also stopped accepting US clients.

WolfeTrader · January 27, 2021, 10:39pm

Hi, just saw your question. Presently I am with Turnkey Forex and Coinexx and quite happy with them but I prefer to put my money with three brokers at a time to minimize my risk.

Clint · January 28, 2021, 5:05am

I have confirmed your information.

I attempted to open a Standard Account with Pax Forex, and received a similar message –

I sent an email to info@paxforex .org asking for confirmation. Pax Forex replied with the same information given in the message above.

I will place a NOTICE on the Pax Forex listing in post #1, regarding this change in policy.

In a few days, I will remove Pax Forex from Group 1.

We have now lost 2 listed brokers in one week – FXBrew and Pax Forex.

We need to rebuild our List!

perryjohn765 · January 28, 2021, 5:30am

thats a good strategy. one should not put money with one broker. have multiple option to compare.

juniorsworld · January 28, 2021, 8:03pm

Can Skrill be used to deposit funds into foreign brokers even though you are a US resident? I’m running out of OPTIONS!

RoboForex didn’t accept my credit card because it was linked to a US bank. I swear these rules are stringent.

juniorsworld · January 28, 2021, 9:01pm

Also, how much are you guys withdrawing? I’ve seen a lot of reviews of people withdrawing 4+ figures, and these typically were either slow or they had problems.

Because when I choose a broker, I get testing with a small amount but after that, I need to put in larger amounts or else, it’s not worth my time trading, high leverage or not.

Anyone here withdrawn large amounts from TurnkeyFX, EagleFX, etc? If so, how did it go?