And now that I finally have 5 posts on this site, I can post links!
Trader’s Way page on EarnForex: Trader’s Way Forex Broker, Trader’s Way Review, Trader’s Way Information
-Incorrectly classifying the broker as non-US friendly.
Sensus Capital Markets: https://www.sensus-capital.com/en/
Further StrategemFX located in Belize is gone too. Their site doesn’t work. Upon checking with the Belize government Financial Services Commission site, it appears their license has been revoked, suspended, etc.
Office of the International Financial Services Commission,
Sir Edney Cain Building,
Belmopan,
Belize, C.A.
3 October 2012
WARNING NOTICE
It is hereby notified for general information that StrategemFX LTD, an international business company incorporated in Belize, is no longer licensed by the International Financial Services Commission of Belize (IFSC) for providing Brokerage/Consultancy/Advisory services for trading in securities and Forex, or to provide any other international financial services.
All persons concerned are asked to take note and exercise caution.
Thanks, Tom. We appreciate the applause.
I’ll check into these guys, and add them to Group 1.
Thanks.
Edit:
Here’s an interesting article about [B]Sensus,[/B] which I just dug up from [I]Forex Magnates[/I] from 1½ years ago.
I’m sorry to see this one fall by the wayside — initially, they looked promising. Thanks for digging up the particulars.
I’ll look into this, and make the necessary changes to the List.
Edit:
I’m surprised to see that the IFSC Warning Notice that you linked to was issued [B]almost 2 years ago,[/B] — and we didn’t catch it.
[B]EasyForex (Cyprus)[/B] has gotten some bad press lately for flouting the law in Israel.
We have never listed EasyForex in the Offshore Broker List, and I can’t recall any discussion of them in this thread. However, that being said, they do not accept U.S. clients, so they should be listed in Group 2, and I will add them today.
I realized I should adopt your convention at making [B]bold [/B]the names of brokers we are discussing.
I was surprised too. I see that you have added[B] Sensus Capital[/B] to the list. I think they are decent. While I don’t have a live account with them I thought that they were pretty courteous over the customer service.
Further, [B]FinFx [/B]told me a couple of months ago that they were “in the process” of becoming regulated. When I asked them if that would preclude them from taking US clients in the future, they were unable to give me a direct answer. They ended up saying after I pressed them that it could possibly affect their current US clients as well as their ability to take on new ones but they have no definitive answer. I told them that I would not consider opening an account with them until they became regulated and had an answer rather than having to possibly withdraw all of my funds in the event that the Finnish authorities cooperate with the CFTC/NFA. They said that they understood my position and thought it may be a good idea.
Just wanted to let everyone know about this in case they consider opening an account. If you carry trades or hold open equity drawdowns in your accounts, you may not be given ample time to close your trades down if Finland and the USA cooperate. Be careful.
The following is from their site:
We at FinFX were very happy to find out about the Finnish Financial Supervisory Authority’s decision to require authorization for investment services relating to foreign exchange trading.
This is a very positive change and having the possibility to be regulated in Finland would provide a different level of security to our clients.
FinFX has been communicating with Finnish FSA for a long period of time in search for a possible regulation to be applied to Forex Brokers in Finland. Therefore, the decision made by Finnish FSA is exactly what we have been looking for. FinFX is one of the first ones to apply for Finnish FSA regulation and at the moment we are waiting for the application to process.
Which can be found here at the [B]FinFx [/B]FAQ page under “Is FinFX regulated?”
Finland is one of the signatories to the infamous IOSCO MOU’s that we have discussed previously in this thread.
Just to refresh the memory of anyone who has forgotten — the CFTC (and other U.S. regulators) enter into cooperative agreements called Memoranda of Understanding (MOU’s) with the regulatory authorities in other countries, ostensibly to “harmonize” their cross-border regulation of certain financial activities.
In actual practice, the CFTC ends up gaining bully-power over [I]offshore banks and brokers in sovereign foreign countries[/I] — which is precisely why (and how) the CFTC is able to prosecute these banks and brokers for certain “violations” of CFTC regulations.
I’ve said frequently that the CFTC wants to be the World Forex Police. And these MOU’s take the CFTC a long way toward achieving that goal.
Here are two references, for anyone wanting to read up on this nasty bit of work:
Memoranda of Understanding - CFTC
IOSCO Library Section — go to the alphabetical “Jurisdiction” column and scroll down to Finland
There is discussion of [B]some sort of mechanism for the worldwide regulation of retail forex[/B] among regulators in various countries.
[I]Forex Magnates[/I] has released the first part of a 2-part article on this subject, which you can read here.
The second installment is due out this week
Difference with Finland and other nations is that Finland has a neutral stance with America. Others in this thread have voiced concern that all their trades would be closed off without any prior warning, etc. I think that would be absolutely ridiculous. If Finland agreed to co-operate with America, they would likely work out a grace period so you would have, say a week to end your trades, and have your money withdrawn by the end of the month. People are a little paranoid sometimes. People that think their accounts would just get shut down asap 'cuz America says so need to take off their tin foil hats. Companies have a right to protect their reputations. Shutting down trades without warning could very well damage future business for them. They wouldn’t do that. America doesn’t want americans to lose money to finland, america wants americans to lose money to america.
The biggest thing comes down to Finland’s vote in May. Do they side with NATO? Or expand trade with Russia? If it’s the former, then yes, consider your trading in finland over and done with. If it’s the latter, keep trading. THIS is the biggest factor IMO.
I know politics are a little daunting to people that don’t follow them, but they’re not as iron-fisted as some believe. It’s one thing to have an MOU, but it’s another to try and pressure a nation that you have nothing to offer to. America’s power is waning, and so is their ability to force other nations to do their bidding. The reason why Finfx has not been certain with their reply is well, probably because of the factors I just described.
You only find out if you try. If you’re really hesitant, open up a $100 micro account, and put the rest of your cash elsewhere.
I’m not aware that anyone in this thread has said that.
Of course. That’s the way forced closures of U.S. accounts are typically handled.
Except in cases of broker fraud or insolvency, whenever an offshore broker comes under attack by the CFTC for dealing with U.S. clients, the pattern is that [I]the broker[/I] is nailed with sanctions and fines, but [I]the U.S. clients[/I] of that broker are allowed to walk away with their funds intact.
However, if it’s likely that U.S. clients of FinFX (or any other Finnish broker) are going to be faced with the forced closure of their accounts in the next few months, then it makes perfect sense for a prospective new client to wait for the dust to settle before getting involved with one of those brokers.
According to my reading of the current conversation, that’s all that has been suggested.
No one in this thread is wearing a tin-foil hat. So, I don’t know what you’re talking about.
Thank you for that information. I will read up on the matter.
This is my stance on the matter. I do not want to place a long term trade and find out I have a time limit on the thing. Further, I don’t want to waste my money sending a wire transfer only to pay to receive a wire back in a few months. Then I will have to pay to send a wire transfer somewhere else and in the end it cost me three wire transfers to fund my latest forex account.
Not ASAP. I was forced out of my last broker and was given a grace period like you said. I closed the account well before the grace period as I found a new broker willing to take me. It isn’t comfortable trading when you know you have a deadline, even if that deadline is in a couple of months.
Here is Part II of the [I]Forex Magnates[/I] 2-part article on Global FX Market Regulation.
This isn’t light reading. The subject of worldwide regulation of the FX market is all tangled up in the larger subject of worldwide regulation of all the various OTC derivatives markets — a subject which probably requires a textbook, not just a couple of articles.
And the subject matter is made all the more difficult to follow by the use of mind-numbing abbreviations.
Most forex traders are fully familiar with abbreviations such as EU, ECB, FCA, OTC, G20, LIBOR, UBS, RBS, and HSBC — all of which appear in the [I]Forex Magnates[/I] article.
But, in this article, you’ll also have to cope with MiFID II, EMIR, ISDAfix, SSM, SRM, SRF, SPV’s, OTF’s, and MTF’s — terms which may not be so familiar.
You may just want to cut to the bottom line, which is this:
“The FX market has enough trouble regulating itself on a national level. For the FX market to be globally regulated is simply unfathomable at this stage. In the meantime, central banks such as the Bank of England and ECB are taking an increasingly influential role in supervising financial markets with special powers to intervene or assist significant institutions – the same institutions that happen to be the largest providers and intermediaries of FX liquidity. The role played by central banks is often underestimated when it comes to regulatory matters, but that could all change as their market influence grows.”
I have a question that probably no one here will reply to, but since I am a risk taker, I thought I would try anyway. I am trying to develop a higher and higher level of faith and trust in Tradersway. Has anyone made a withdrawal from Tradersway of $ 200,000 or more without difficulty, taking the money from trading profits or a previous deposit? The money I am trading with them presently is far, far less than that amount.
Well I must say I wish I was able to say I withdrew $200,000 from ANYWHERE. However, I do know someone who currently has $95,000 invested in Trader’s Way and he withdraws around $1,500 - $2,000 every two weeks. I went to college with him a while ago and he is a full time trader. At first he was a bit wary so he slowly deposited his money and made slow withdrawals. He has since stopped depositing his funds. He has a personal account manager with Trader’s Way and also has a “VIP” account according to him which he said they don’t give to anyone with balances less than $50,000. It isn’t advertised on their site though but I can get any details you’d like as I still talk to him a couple of times a week. He turned me onto Trader’s Way to begin with. My impression is that he has had no problems at all getting his money because he hasn’t really said anything about it. I will ask him tomorrow and let you know as you now have me curious.
Thanks, tomd100, for that kind of information that usually is not readily available unless a person asks for it. I’m sure others appreciate what you said, too. Traders with the big bucks understandably like to keep quiet about the size of their accounts. I wish they would do a little more open bragging, though, to help inspire and motivate others, to remind them that currency trading CAN be very profitable, and that a person can even make a career out of highly leveraged currency trading, too.
You’re welcome. I agree with you actually. I hear about people who open up $100 or $1000 accounts but those who have really large accounts are nowhere to be found. Those claiming to have very large accounts are also probably full of crap. I spoke with my friend today but he had me on speakerphone in the car so he couldn’t take a picture of his computer screen for me. He said he is going to be making a withdrawal early next week and would do it then. Let me know what kind of information you want me to ask him. I will probably talk to him on Monday or Tuesday of next week.
I think that with such a large account you could definitely live off of 5% growth a month!
Well, tomd100, I guess you can ask your friend if his personal account manager at Tradersway has said or hinted that Tradersway has client traders with accounts of one million dollars or more. They probably do.
I have a question for this offshore stuff. I have been with Nonko trading since january. I was up big this summer, but now I am close to even again.
I am wondering if anyone knows how I should report these taxes? The reason I am sort of concerned now is that I am about a year and a half away from a finance degree and I will be taking Finra exams upon completion, I am concerned that they may ask for Tax information, and if I report taxes from trading and but from a offshore account that gives leverage for stocks. I am wondering if this might affect me being able to get licensed after.
Anyone with any experience on this?
Hey compounder. Sorry it took so long. He ended up not being near the computer when I spoke with him on Tuesday. I talked to him again last night and he said he had sent in a withdrawal request from two of his accounts. He sent a picture of his screen to my phone and asked me to blank out his account information.
Sorry if the quality is not too good as it was taken with a phone camera. As far as his account manager goes, he said the manager does not talk about any other clients with him at all, so he has no idea how high some of their deposits may be. What he did tell me though was that he managed to negotiate free Skrill withdrawals from them. They normally charge a 1% fee. He also said he had some trades open right now so wouldn’t be taking a picture of his trading terminal just yet.
Let me know if you need anything else. I have been lurking around this website for a long time and have since decided to start giving back to the community.
Edit: I have cropped the above picture and posted it below so you can more easily see the transactions
Thanks for the Info.
You’re very welcome. Let me know if I can help out with anything else regarding this broker or any of the others I have mentioned in the past.
