They are IB of FXCM, since you use their back office, you deposit your money to FXCM company who almost went out business last year, and I almost lost 50k. During the SWISS bonanza last year when I called ATC, they said I need to call FXCM about my account money.
It doesn’t concern us that FXCM holds the money. You say they “almost” went out of business. What is important to us is that we are not using FXCM’s platform so, in that sense, they are not a simple IB for FXCM at all. They simply choose this business arrangement in the U.S. and provide traders with a nearly perfect MT4 implementation. A simple “IB” arrangement would mean clients use FXCM’s platform with all of its defects. So I think that in some sense, yes, they are an “IB” for FXCM; but in the areas that matter to traders, it’s not FXCM. And so I think you don’t actually know ATC’s plans, or the precise business arrangement between ATC (a separate company) and FXCM.
I’m an optimist, and if I were unconcerned about placing $50k in an offshore brokerage, do you think it makes sense to worry about it at a regulated U.S. brokerage?
Read the previous threads, man. The regulation does not mean anything, if the broker goes out business you get cents on dollar.
It seems you got some business with ATC, and you try to promote it or something, at least be honest. It is better to open offshore broker with less money and higher leverage.
Hey, man, I’m a trader like the rest of you. I’m just giving info; and as I use it, I’ll share some more with this forum… Like i said, I’m just giving you the facts, and how “the devil’s in the details” when it comes to broker choice. I’m as disgusted with the situation in the U.S. as everyone else; but it ain’t the end of the world, thanks to this CFTC Offshore thread, and some creativity by the collective audience.
Quick question, what was the criteria used to specify a broker as trusted on the front page?
• Discussion about designating Trusted Brokers began almost 1 year ago.
Here is the first post in which I proposed the idea:
• Based on discussion (not formal voting), I concluded that the consensus (among those participating in the discussion) was that FX Choice and Tallinex deserved the Trusted Broker designation. Here is the post where I announced that decision:
• Then, we — [I]meaning those members who chose to participate[/I] — discussed, vetted and voted on several additional brokers from our List. Our voting process resulted in a ranking of 6 additional brokers, with Trader’s Way at the top of the ranking, and ProfiForex running a close second to Trader’s Way.
Here is a summary of the voting:
• Based on that polling result, I added the Trusted Broker designation to the Trader’s Way listing. Here is the post where I announced that decision:
That’s where we stand today.
• Take note of the last paragraph in the second link (above), which reads:
Trusted broker status should not be a “lifetime appointment”. A broker who deserves this designation must continue to deserve it in the future, in order to retain the designation. To the extent that it’s possible and practical, this thread should be a democracy. As such, we can vote brokers into — or out of — the trusted broker category.
Thanks for the info Clint!
May I ask what the status is on Skrill / Neteller / debit card deposits for US customers…?
One thing I’ve learned when probing for available funds transfer arrangements is that the “cat and mouse” game where CFTC and/or NFA seeks to starve these offshore brokers, has as a necessary consequence that NOT ALL FUNDS TRANSFER ARRANGEMENTS may be published on a broker’s website.
So, if you have a concern about money transfer arrangements; it is best to contact the broker and have a conversation as to the range of available options.
Being public and transparent about these arrangements causes these offshore brokers, who are constantly under threat from CFTC-related compliance actions, to become tight-lipped, knowing that U.S. regulators are mostly likely listening on forums such as this one for further ways they can put pressure on non-compliant brokers through squeezing their money transfer options. 'Nuff said here… WINK
Thanks. That’s why posted my question with one of Paul’s (Tallinex’s) quote where he spoke of funding options in one of his prior posts. I appreciate your feedback but, I’ll wait for Paul’s response.
I can chime in here on part of your question as I used to use Skrill a lot.
Neteller does not allow US persons to deposit/withdraw money with any FX brokers. Skrill now is the same way. It is a USA regulatory problem and not a Tallinex issue.
Skrill and Neteller are dead in the the water - feel free to thank Uncle Sam for that.
Debit / credit cards are fine.
We are currently investigating a fully-regulated eWallet service that may provide a much better option than Neteller / Skrill - fingers crossed.
Thanks Tom. I realize it’s a USA regulatory problem. I wasn’t trying to imply that it was a Tallinex problem… hope my question to Paul didn’t get misinterpreted. I have a Tallinex account and sometimes Paul gives us a bit of info here at babypips that may not yet be posted on the “official” Talinex website. So when he said Tallinex were working on Neteller / Skrill options and then didn’t mention it again, I began to wonder about the status of those potential options.
Damn. Well, thanks for trying Paul. I used Skrill with FinFX, before they dumped their US customers, which is how I ended up having my account migrated to Tallinex. Skrill was very convenient… I was hoping Tallinex might find a way to make it work. Grumbling & cursing under my breath about the US reg’s
I should just expatriate. That would probably be the easiest solution.
It might well be! I did hear that a big group of Americans got caught trying to tunnel their way into Mexico
well as a US resident i have account with Berndale Australia excellent service as above mention brokers like profiforex fx choice rensource pax forex horrible cust support even their demo accounts freeze & also if u close the MT4 u cant login again its bad the Berndale demo & live trades almost the same super fast no issues so for & also verified its legit broker as i have ppl in Australia verified it
That was me ! Now where did I hide that shovel ??? :8:
I can confirm that Skrill and Neteller are not an option for deposits. Just spoke with John at LMFX and he confirmed that the only option for us is either wire or cc deposit which I’m currently using.
By “cc” I guess you mean either Credit or Debit cards? I’m not sure that “trading on credit cards” would be a generally smart approach… hyperscalper
Yes I used my credit card and deposited 1K, before I did my first wire to them, but I got your point and you are absolutely right.