Going offshore to escape the CFTC

I’ve been researching bitcoin (and the blockchain platform on which it operates) for awhile, but this is my first foray into the bitcoin market with real money.

It’s my opinion that bitcoin is here to stay, and will rise to eye-popping levels over the coming months or years. So, I’ve decided to begin a dollar-cost-averaging program of buying each month. This is strictly buy-and-hold (not trading in and out of bitcoin). Accordingly, I will not try to time the market, or even look at charts.

If the price craters in a particular month, I’ll simply buy more (at the lower price) with my fixed-dollar budget. And, if the price skyrockets in a particular month, I’ll buy less (at the higher price).

I’m betting that 3 years from now I will have a substantial cache of bitcoin, purchased over time at an attractive average price – which is the whole point of dollar-cost-averaging.

I looked at so-called value averaging, as an alternative to dollar-cost-averaging, but decided to keep it as simple as possible for now. I’ll always have the option, in the future, of getting fancy with the monthly purchase amounts, if I so choose.

I don’t want to clutter this thread with any more about my bitcoin adventures, so I’ll shift the conversation (sometime later) to a new thread in the forum’s Global Markets category. I’m thinking of detailing, step-by-step, how I set up my account with a bitcoin exchange, and how I set up bitcoin wallets on that exchange, on my computer, and off the grid. For those thinking of getting into the bitcoin market, but unsure of how to get started, that walk-through might be useful.


Anyway, back to our discussion of offshore brokers.

I have read the recent comments here about problems with spiking prices at Trader’s Way. Sometime next week, I will add LINKS to those comments on page #2 of the List. (Note that LINKS, which used to be on page #7, are now on page #2, after the recent reorganization of the List.)

Let’s continue to monitor the way Trader’s Way handles this fubar, and report the outcome here. A couple of participants on this thread have suggesting withdrawing the TRUSTED BROKER designation from Trader’s Way. I think it’s too early to consider that step, but it will remain an option in the future.

The List has been cleaned up, meaning simply that the red symbols – denoting recent changes to the List – have been removed.


To our friends in southeastern Texas, our thoughts, prayers, and Red Cross donations are with you.

To the rest of our U.S. members, have a happy and safe Labor Day Weekend.

Still waiting for withdrawal
They did assure me it will be fine and I believe it will be fine. Probably they have a lot to do to fix feed issue.
Status of your withdrawal is Confirmed.

Withdrawals are processed within 48 hours during Finance Department working hours (8am-8pm GMT, Monday-Friday), other time - on best effort basis.

After withdrawal is processed it will reach your Skrill account within 24 hours, usually much faster.

Please note that TradersWay is fully liquid and continues its operations unobstructed.

Best regards,

Subject: Tradersway price spike

Date: 9/2/2017

As of now, I am still waiting on Tradersway to correct my account for the price spike on 8/29. I received this email and replied that yes indeed I wanted them to delete the orders. Come on man.

Dear Client,

The orders were stopped out at incorrect prices and therefore were reopened.

However, later on they were anyway stopped out.

We can delete all the order stopped out at 22:05 server time.

Please advise.

Best regards,
Dealing Department

TradersWay

Edit: I haven’t heard from them in two days and they don’t answere phone.

A couple updates from me:

I haven’t been able to log in to my Tallinex account (trading from USA)–their homepage yields this message:

Tallinex does not solicit residents of the United States of America, Canada, Puerto Rico, Guam, American Samoa, Northern Mariana Islands, US Virgin Islands, United States Minor Outlying Islands or St Vincent and The Grenadines in relation to the provision of retail Forex services, and no option exists for residents of those countries to apply for retail Forex services due to regulatory requirements.

Similarly, Trader’s Way notified me this:

Trader’s Way
_ _
Aug 31 (4 days ago)
_ _
to me
Hello,

Unfortunately the regulatory environment in the state of Missouri conflicts with our ability to continue keeping your account active. However we are happy to recommend another brokerage with similar conditions to our own that will be able to accept you. Let us know if you are interested. When you establish residence elsewhere you will be able to come back here after submitting a new proof of address.
_ _

Best,

SALES DEPARTMENT
T: +1 849 937 0815 | E: [email protected]

TW Corp.
_Twitter @TradersWay |

Interestingly enough, Missouri residents also lost the ability to trade binary options with Trade Thunder last year (and probably others), but can still trade on the Nadex exchange.

Just to add a few caveats to the master list. Thanks…

Wow, Trader’s Way won’t take you as a client due to state-level regulatory envirionment? Missouri must have some busy-body politicians who feel they must protect you from yourself. Disgusting.

Latest email from Trader’s Way regarding the problem on Aug 29.


Dear Valued Client,

We had previously informed you that one of our liquidity providers had sent incorrect quotes through our system on August 29th. While we resolved the issue and dropped the liquidity provider in question, many trading accounts were affected. Our goal was to ensure that we dealt with the situation both fairly and correctly, which required us to take some time in resolving it. We thank you for your continued patience.

If we have determined your trades to have been affected by the pricing issue, we have opened one or more live accounts in your Private Office on our website and made balance adjustments in the following format:

[Account Number] # [Ticket Number]

What this means is that on your new account we have opened will show some balance operations in it. The description shown for each balance operation will show your trading Account Number (the one on which you were trading on August 29th) followed by the trade ticket order ID numbers (Ticket Number) for which we are making the adjustment. In order to not interfere with accounts that may be currently trading, we have elected to make any balance corrections separately which can be withdrawn or transferred over to your other trading account(s) as needed. If there is a liability in your new account (negative balance) it must be covered before you withdraw funds from any of your trading accounts.

In order to access your new trading account which we have opened for you, please

  1. Log into your Private Office on our website - po.tradersway.com
  2. Click ‘View All’ next to ‘Live Accounts’
  3. Look toward the bottom of the list for all new account numbers we have created that show a balance and click on the account number itself

You will see all adjustments here, including the trading account number on which you were trading on August 29th and the trade ticket we have compensated for you. This will allow us to keep everything separate.

If you have any questions about your own trading account, we invite you to contact us an we will be happy to help. Note that volumes are still high so please refrain from sending multiple emails - we will get back to you as quickly as we can.

Best Regards,
TradersWay Team

1 Like

TradersWay handled this very quickly and professionally. As for the glitch, I made money on it so they gave me a another account with a negative balance. No big deal. They told me it will need to be zero’d out before I can make any more withdraws. Will do an internal transfer. I am very happy with this broker.

Open live accounts: FxChoice, Pax, Finpro, LMFX and Oanda.

Closed live accounts: ACM, Swissquote, Profiforex, Assetfx, SAX fx, FXCM, B Forexbroker Inc and Tallinex

1 Like

Hi,

i read the first page but didnt see anything, maybe i missed it but are there any cent account brokers that accept US clients?

FXChoice finally fixes their BTC accounts to BIT units

:"In an effort to provide our clients with the best trading conditions, from Monday 11th September we are converting all Bitcoin transactions to Bit (Microbitcoin). This is to provide a greater degree of precision to our clients’ Deposits/Withdrawals and to mitigate any inaccuracies with the larger denominations of the cryptocurrency.

Please note that from now on your balance will be shown as ‘Bit’ and your existing balance will be adjusted accordingly to reflect the change.
Should you have any questions about how the change will affect you, please do not hesitate to get in touch."

Well, at least they have done the right thing and are in line with Evolve.Markets in trading units. I was so turned off that I left them immediately when I had looked at their lost precision, which has now been corrected.

hyperscalper

TradersWay MT4 is completely shut down. Absolutely nothing is happening.
Tried restarting the program, but anyway, my phone is doing the same thing.

No one is responding to live chat either.
WTF???

Won’t answer the phone either…

Same here. I never learn. Positions open and locked up. They did finally fix my bad price situation. Totally restored my account. That was good but here we go again.

The same on all my ctraders accounts with them!

@Djeayzonne, @JDSmith999, and @togr

I contacted TW Live Chat, and spoke with Alan. He said he was unaware of the problem you guys have described.

He referred me a manager at this email address – [email protected]

I sent an email to that address, describing the problem, and asking him/her to reply with information about it. My email was sent at 4:00 am EDT (about 7 minutes ago). I am waiting for a reply.

Are you guys still experiencing the problem?

The most frustrating is they either
DONT KNOW about the issue
or DONT INFORM the clients
Both of these are very bad sign of brokers incompetency.
I have nice strategies running over a year with TW and it gets in a sh*shallow t due to this issue

Is your cTrader platform running now?

right now it is frozen

I don’t know any more about this situation than you do.

I’m still waiting for a reply to my email.

I got reply
But it is useless
Dear Client,

Please note, there was a temporary technical problem and IT department resolved the issue. We apologize for any inconvenience.

Best regards,
Support Department
TradersWay

Its actually bizarre that how can such a broker can simply take his hands off from this kind of big problem. It is their second major problem in this very month and look at the responses from their support that they are not aware of anything. Their platforms were frozen for nearly 1 complete hour and have a look on their charts , I just can’t believe, is it for a real? First the price feeds got manipulated and all of a sudden there were big spikes in the market which never happened with any other broker and now their technology screwed up. I was stuck with my open positions and now i have decided to close my account with them. This actually calls for the termination of their trusted broker designation now. They cannot call 1 HOUR FREEZE just a temporary technical problem.