Going offshore to escape the CFTC

Broker Discussion Forex Brokers
4859

Hello aaceofspades,

We would like to inform you and all of those concerned, that FXChoice is doing just fine and is not “getting ready to shut down” as you have commented. Simply, we are offering our EU clients the possibility to switch over to EBH (European Brokerage House) which is registered and regulated in the European Union, providing benefits such as:

• Compliance with strict EU regulation
• Enhanced fund security
• Complete transparency

FXChoice is continuing business and accepting International clients in the same way as before.

Should you have any questions, please feel free to contact us.

Kind regards,

The FXChoice Team

1 Like
4860

thank you, i can sleep much better now

4861

Yeah, I have to agree with trusting in Pax Forex as well. Have been with them for some time myself. So far only 2 test withdrawals nothing serious. But they did go through swift & flawlessly. Customer Service seems to bend whenever possible to the satisfaction side even in the greyish areas. Meaning if it doesn’t exactly fit site guidlines but makes common sense they’ll get it done. Just takes a couple lines in an email. They also seek suggestions at every opportunity. This US domiciled resident is quite pleased with Pax.

1 Like
4862

EVOLVE.MARKETS and other BitCoin funded Brokers

The Frenzy in BitCoin has meant I am reluctant to purchase
BitCoin to increase funding in Evolve.Markets or other
BitCoin denominated brokers…

As I write this, BTC is about $17,500 … Scary. But, along with
others, I hope this is a sign that BTC is “maturing” and we know
that CBOE now has a Futures Contract on BitCoin, as I understand
it…

hyperscalper

1 Like
4863

Totally agree with both your observations. BitCoin is maturing and its expensive. In current situation FinPro is still my favourite because I can fund the account with bitcoins while keep my account in USD so I dont have any irsk to BTC price fluctuation.

However, the best situation will be to have a broker who can let us deposit via Bitcoins, Etherum, LiteCoin, Ripples among other coins and also allow to change the account denomination into other currencies as and when required. I have been searching around but will not much luck. Will be happy to know if anyone knows any such broker yet. I will share if I find such a combination.

4864

In other news —

The European Securities and Markets Authority (ESMA) intends to further restrict retail trader access to CFD’s and spot forex, and to ban altogether retail trading of binary options.

In particular, notice the threatened leverage restrictions in the Statement reproduced below.

ESMA continually uses the phrase “CFD’s including rolling spot forex”. Rolling spot forex is the technical term for our spot forex market – and, although we normally don’t consider our trades to be CFD’s, ESMA clearly does.

This move by ESMA is just the latest attempt by nanny government bureaucrats worldwide to eliminate the retail trading of products they deem to be too risky for us little folks.

Soon, retail forex traders in Europe will need a thread like this one to help them make their escape from the Euro Nanny State.

Here is the ESMA statement:

ESMA - 1.png1000×659 71.4 KB
ESMA - 2.png1001×664 62.1 KB

Our beloved CFTC has added Capital City Markets to their so-called RED List.

The RED List is the CFTC’s list of forex brokers (and some other entities) which are outside the U.S., and beyond the reach of the CFTC, which nevertheless are suspected of doing business with U.S. clients – gasp !! :scream:

This brings to 4 the number of brokers on our Offshore Broker List that the CFTC has singled out for this special recognition. The other three are Trader’s Way, FX Choice, and Finpro Trading.

Our congratulations to Capital City Markets for earning this prestigious award.

If you like reading CFTC press releases – and, who wouldn’t want to waste a Friday evening doing that? – then this will give you a thrill:

http://www.cftc.gov/PressRoom/PressReleases/pr7663-17

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4865

Hi Clint,

[EDIT] Disregard this post. I got confused, in a rush… :frowning:

On the press release link for the RED list, I did not see FinProTrading ?

R U Sure? Is it under another name?

Thanks for all this great work !!

hyperscalper

1 Like
4866

Do you think it’s a “Nanny State” issue @Clint or do you think it’s an attempt to keep us as wage slaves ?

After all - if we all became “Traders” - then who is gong to "Work the fifty to get two weeks off ? "

1 Like
4867

This is a very long discussion topic, you have to know if you enter the market is to train as such, not to play!

4868

REDUCED REGULATION PROMISED?

Has anyone heard of any followup on these campaign promises of Trump
to ditch the retail FX regulatory overreach ??

hyperscalper

4869

[quote=“HyperScalper, post:4868, topic:35612, full:true”]

REDUCED REGULATION PROMISED?

Has anyone heard of any followup on these campaign promises of Trump
to ditch the retail FX regulatory overreach ??[/quote]

@HyperScalper

I can’t make sense of that article, published by Finance Magnates on April Fool’s Day 2016.

If Trump actually said this –

“I say we have to license all binary options and forex brokers that are willing to operate in the U.S. legally, but we also have to build a firewall to block all unregulated companies from accepting deposits. Canada is going to pay for it, cause they have a similar problem.”

-- then he's advocating exactly what we've been fighting against for 7 years.

And then there’s the last line in this article –

Quote:

“Unfortunately for many of us, this article is purely the byproduct of a fictional scenario which could unfold only if the current republican frontrunner becomes president of the U.S. – Happy April Fools’ Day.”

Was this whole article supposed to be a joke? If so, it shows the hazards associated with trying to tell jokes in a language that’s not your first language.

4870

It’s been a while since I’ve checked in here, but I thought I would post a quick update on LMFX. Up until this point I’ve been happily trading with them. However, due to the super-low commissions at FinPro, I’ve been trying to transfer a large portion of my funds out of LMFX to use at FinPro, which would save me hundreds of dollars per month. Now I’m sitting here 24 days after having my wire transfer request approved by LMFX, and zero funds have arrived at my bank yet. LMFX support remains communicative but ultimately unhelpful. So far I’ve been impressed with LMFX operations, but those good feelings have rapidly deteriorated. If I ever do receive my funds, the prospect of waiting weeks for withdrawals makes me loathe to continue business here. I am also worried about the remainder of my funds at LMFX and if I will ever have a chance to successfully withdraw those.

Has anybody currently with LMFX been able to successfully withdraw funds from their account?

2 Likes
4871

Thank you Clint.
Methinks I may have wasted your tyme !.. :frowning:
Is there any way we can “keep hope alive” for a lessening
of the current restrictions on U.S. persons ??
hyperscalper

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4872

Capital City Markets Update.

My bank recently got back to me literally after 2 whole months an says its been too long and they can not help . I spent hours going through all the info with my bank manager and the fraud department . I went or called weekly until the head of the fraud department told me these things take time and to be patient , I believed those liars until today.

I would like to hear if any one has reached out the Payment Provider that CCM says is the thief of all our funds ? I would like to consider also multiple class action law suits and would like to hear back to my personal email to go in depth on how to proceed . By the law we have 1 year to go after our stolen funds , our banks , Visa etc. ------------------------ In new light I also understand that the bank and Visa are charged with the responsibility to keep our funds safe at all times and they have to prove they did , and they did not.

If a merchant refuses to refund your money, your issuer may turn it back to you. If you believe the merchant is wrong and your complaint is valid, don’t take no for an answer.

“A lot of people just give it up,” Sherry says. “The issuer may come back to you and say, ‘The merchant said X, we can’t give you the chargeback.’ But that’s not a time to give up, that’s the time to get your dukes up and go in for another round because the merchant may be saying something that’s false. Any proof you can bring to bear at that point will help.”

  1. File under 'claims and defenses’
    If the standard dispute process fails, you have another chance – filing a complaint under “claims and defenses,” a process instituted by the Federal Trade Commission in 1975. Unlike billing errors, claims and defenses can be filed up to one year from the time of purchase. However, they must meet these four criteria:
    • The amount in dispute is more than $50;
    • You must not have paid the disputed charge;
    • You must make a good-faith effort to get a refund from the merchant, and;
    • The merchant must be within 100 miles of your home and within your state (this requirement is waived for online purchases).
4873

@Clint.
Being the forefather of this category is there any agency you might suggest in going forward to recoup our thefts ? I know we have Forex Peace Army to post on which I am about to do .The only reason I stupidly waited was because I believed my bank had it under control , big wake up call .

4874

BITCOIN INFO – ELECTRICAL POWER CONSUMPTION

“…each individual bitcoin transaction uses almost 300KWh of electricity – enough to boil around 36,000 kettles full of water.”

Gosh, and we know there are scalability issues with BitCoin transaction rates which are being severely stressed during the current frenzy…

hyperscalper

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4875

Thanks for that @HyperScalper - I’ve nicked this for my thread "Bitcoin to fall off a cliff ? " - hope you don’t mnd

atb

F
https://forums.babypips.com/t/bitcoin-to-fall-off-cliff/117389/137

4876

FINPRO LIQUIDITY PROVIDERS MIS-BEHAVING

On a very regular basis, FinProTrading’s Market Makers
are seriously mis-behaving in GBP/NZD specifically…

When I get around to it, I’ll try and bring it to their attention…
They “spike” the BID downwards erratically…
If I showed you a screen shot of the BID it’s embarrassing…
Mostly during the Asian session.

[EDIT2] OK, I submitted a Support Ticket to FinPro pointing out that the GBP/NZD
pair is consistently and significantly misbehaving. We’ll see what they say…

[EDIT] I’ll post the image anyway; a picture worth 1k words…

FinPro-Shenanigans.PNG1306×694 15.8 KB

symbol min , avg , max spread pips
AUDCAD, 0.8 , 1.0 , 4.1 #
AUDCHF, 1.3 , 1.4 , 1.8 #
AUDJPY, 0.6 , 0.7 , 0.9 #
AUDNZD, 0.7 , 1.2 , 1.8 #
AUDUSD, 0.1 , 0.3 , 0.4
CADCHF, 1.3 , 1.7 , 3.5 ##
CADJPY, 0.7 , 0.8 , 1.0 #
CHFJPY, 1.5 , 1.6 , 3.1 ##
EURAUD, 0.5 , 0.9 , 1.4 #
EURCAD, 1.0 , 1.2 , 1.3 #
EURCHF, 0.9 , 1.1 , 1.3 #
EURGBP, 0.5 , 0.7 , 1.0 #
EURJPY, 0.2 , 0.4 , 0.6
EURNZD, 1.9 , 2.8 , 3.4 ###
EURUSD, 0.1 , 0.3 , 0.5
GBPAUD, 1.6 , 2.3 , 2.9 ##
GBPCAD, 1.9 , 2.2 , 2.7 ##
GBPCHF, 1.4 , 1.7 , 3.0 ##
GBPJPY, 0.2 , 0.6 , 1.1 #
GBPNZD, 15.5 , 18.5 , 24.8 ##################
GBPUSD, 0.4 , 0.6 , 0.9 #
NZDCAD, 1.2 , 1.8 , 2.1 ##
NZDCHF, 1.2 , 1.6 , 1.9 ##
NZDJPY, 0.8 , 1.2 , 1.6 #
NZDUSD, 0.3 , 0.8 , 1.2 #
USDCAD, 0.4 , 0.5 , 0.8 #
USDCHF, 0.6 , 0.8 , 1.0 #
USDJPY, 0.1 , 0.2 , 0.4

hyperscalper

4877

I think this is “normal” behavior for most brokers during low liquidity hours. If you stick to the H1 / M30 during London hours when the liquidity is higher, you don’t get these kind of wonky spreads.

If you want to see something really interesting… watch the gbp/nzd tick chart (market watch box) during a news release. Then you’ll really see the spreads widen.

Best of luck to you. :slight_smile:

4878

sknight1,

Thanks for that, but I disagree that it’s “normal”. I watch this stuff all the time, and FinProTrading claims that they pride themselves on their Liquidity Providers’ behavior, etc. So let’s see whether they care enough to fix this… And of course I know about News Release related spread behavior as well… That’s why I get in BEFORE the News Event. Thanks again !!

hyperscalper

1 Like