Going offshore to escape the CFTC

Broker Discussion Forex Brokers
5001

Hi all,
I have been tracking activities on this thread for a very long time and been really amazed from the vast information provided in this thread which indeed has proved helpful in all respects.

Today, I want to post to agree with the view of using crypto currencies as a transfer mechanism. I strongly believe that brokerage houses shall not only support bitcoin but also support other altcoins including litecoin, ripple, bitcoin cash etc. transfers using these coins not only involves very low transfer cost but it takes very less time as compared to bitcoin. And from this, it reminds me of the recent fork in litecoin leading to new crypto currency litecoin cash and the main reasons claimed by the litecoin cash team behind this fork is of low transaction cost and fastest speed which we already experience in litecoin as well.

Do you know of any other broker who supports other crypto currencies for account funding instead of just bitcoin.

Thanks,
Charles :slight_smile:

5002

You can check out whaleclub, simplefx. These brokers also offer bitcoin denominated accounts and support payments in other cryptos as well. you might experience a higher spread with simplefx but their long list of deposit options acts as an advantage over other brokers

1 Like
5003

thanks ! much appreciate it. I will also add more to the list of brokers, if I find anyone interesting.

lets all try and find more brokers that fit the list of this thread

5004

Don’t have an account with any of these brokers except evolve.markets but agree with @whywescalp that they do hv execution issues. Anyhow, here’s the list of brokers that offer btc denominated a/c

-SimpleFX:
They are a “normal-fiat-broker” but also offer bitcoin denominated accounts. Can set up anonymous trading accounts with them

-Evolve Markets:
The broke offers no option to trade on fiat accounts. Only offers bitcoin denominated accounts.Can set up anonymous trading accounts with them

-Pipforex:
They are also a fiat-broker but offer bitcoin denominated accounts. Can set up anonymous trading accounts with them

-1broker:
CFD-broker, unregulated, offers anonymous trading accounts. you can deposit/withdraw and trade on BTC-based account. But they don’t have have a professional platform

-whaleclub:
Spreadbetting / CFD with bitcoin, Clean UI, spreads are OK (can be improved w/ some markets), liquidity is very high, You deposits in Bitcoin, Ether, Litecoin, or Dash, offers anonymous trading accounts.

Pls do your due diligence before setting up an account with them.

5005

thank you ! very helpful. @HyperScalper have you done any tests on any of these brokers ? , any inputs are much appreciated :slight_smile: like always

5006

TESTS OF THESE BROKERS?

Sure, “testing is my middle name” !!!

Here’s FinProTrading as we speak:
symbol min , avg , max spread pips
AUDCAD, 0.5 , 0.8 , 1.0 #
AUDCHF, 0.4 , 0.6 , 0.7 #
AUDJPY, 0.1 , 0.4 , 0.7
AUDNZD, 0.2 , 0.6 , 1.0 #
AUDUSD, 0.1 , 0.2 , 0.4
CADCHF, 0.3 , 0.5 , 0.8
CADJPY, 0.1 , 0.3 , 0.6
CHFJPY, 0.7 , 0.8 , 1.3 #
EURAUD, 0.4 , 0.6 , 0.8 #
EURCAD, 0.2 , 0.6 , 1.1 #
EURCHF, 0.2 , 0.7 , 1.0 #
EURGBP, 0.1 , 0.2 , 0.4
EURJPY, 0.2 , 0.4 , 0.5
EURNZD, 0.5 , 1.0 , 1.4 #
EURUSD, 0.1 , 0.2 , 0.3
GBPAUD, 0.1 , 1.0 , 1.4 #
GBPCAD, 1.0 , 1.5 , 1.9 #
GBPCHF, 0.8 , 1.0 , 2.1 #
GBPJPY, 0.5 , 0.8 , 1.0 #
GBPNZD, 1.5 , 1.8 , 2.2 ##
GBPUSD, 0.3 , 0.6 , 0.9 #
NZDCAD, 0.5 , 0.9 , 1.0 #
NZDCHF, 0.7 , 0.7 , 1.2 #
NZDJPY, 0.4 , 0.5 , 0.7 #
NZDUSD, 0.2 , 0.4 , 0.6
USDCAD, 0.1 , 0.1 , 0.2
USDCHF, 0.3 , 0.5 , 0.7
USDJPY, 0.1 , 0.2 , 0.3

During a fairly dead period between London
and New York Forex sessions.

And here’s some timed operations over a period of
time, some during slow Asian session, etc…

C:\HyperScalper\apps\tt-multi>tail -f ttbeta.log | grep -i elapse
[20180223-17:22:09.754(GMT)] OrderOp Sell Limit elapsed: 81
[20180223-17:22:13.345(GMT)] OrderOp Cancel All elapsed *: 2
[20180223-17:22:13.424(GMT)] OrderOp Cancel Order elapsed: 79
[20180223-17:22:16.783(GMT)] OrderOp Sell Limit elapsed: 88
[20180223-17:22:19.999(GMT)] OrderOp Cancel All elapsed *: 1
[20180223-17:22:20.080(GMT)] OrderOp Cancel Order elapsed: 80
[20180223-17:30:35.349(GMT)] Buy Market OrderOp elapsed: 136
[20180223-17:35:17.844(GMT)] Buy Market OrderOp elapsed: 184
[20180223-17:37:58.964(GMT)] Buy Market OrderOp elapsed: 212
[20180223-17:45:38.102(GMT)] OrderOp Close Position elapsed: 157
[20180223-18:11:03.341(GMT)] Buy Market OrderOp elapsed: 159
[20180223-18:13:30.999(GMT)] Buy Market OrderOp elapsed: 136
[20180223-18:18:32.856(GMT)] Buy Market OrderOp elapsed: 98
[20180223-18:32:00.071(GMT)] OrderOp Close Position elapsed: 212
[20180223-18:48:12.629(GMT)] OrderOp Close Position elapsed: 181
[20180223-18:52:30.313(GMT)] OrderOp Close Position elapsed: 147
[20180223-19:50:39.897(GMT)] Buy Market OrderOp elapsed: 125
[20180223-19:53:52.451(GMT)] OrderOp Close Position elapsed: 170
[20180223-20:13:28.114(GMT)] Buy Market OrderOp elapsed: 118
[20180223-20:21:16.367(GMT)] OrderOp Close Position elapsed: 113
[20180227-02:34:20.491(GMT)] Buy Market OrderOp elapsed: 123
[20180227-03:13:00.485(GMT)] OrderOp Close Position elapsed: 120
[20180227-17:42:00.144(GMT)] Buy Market OrderOp elapsed: 190
[20180227-17:43:46.626(GMT)] OrderOp Close Position elapsed: 591
[20180227-20:16:52.824(GMT)] Buy Market OrderOp elapsed: 200
[20180227-20:18:58.274(GMT)] Buy Market OrderOp elapsed: 172
[20180227-20:21:23.061(GMT)] Buy Market OrderOp elapsed: 436
[20180227-20:28:52.969(GMT)] OrderOp Cancel All elapsed *: 2 (none to c
[20180227-20:31:38.871(GMT)] OrderOp Close Position elapsed: 185
[20180227-20:47:38.947(GMT)] Buy Market OrderOp elapsed: 141
[20180227-21:04:15.536(GMT)] Buy Market OrderOp elapsed: 171
[20180227-21:44:24.206(GMT)] OrderOp elapsed *: 1
[20180227-21:44:24.412(GMT)] OrderOp Close Position elapsed: 206
[20180227-21:44:24.412(GMT)] OrderOp Close Position elapsed: 207
[20180227-21:44:24.413(GMT)] OrderOp Close Position elapsed: 207
[20180227-21:44:24.520(GMT)] OrderOp Close Position elapsed: 314

If you notice the last 4 entries closing a multi-trade position, just
before the 22:00 hour… you’ll see that the operations happened in
parallel since there are 3 MT4 terminal.exe processes allocated
under the NJ4X.com API framework.

[EDIT] some of those timings were due to automatic re-try in some cases
where an off-quote might pop up rarely. But Market fills in the 100 msec
range (full round trip with confirmation) is as good as it gets with a “retail”
Forex connection.

One more thing, since FinProTrading.com and TurnkeyForex.com share
the same infrastructure provider (not a broker TurnkeyFX.com) they will
deliver comparable performance. They do “pause” at 22:00 GMT for
about 10 minutes, and spreads can become stupid; but that’s fairly normal
on rollover… I speak only of Forex, remember…

You want more tests ?? LOL

hyperscalper

3 Likes
5007

This is troubling. Anyone else having similar issues? BTC withdrawals have been quick in the past.

5008

I will keep you guys posted about my current situation with Finpro Trading. No response yet from anyone @ #Finprotrading .

5009

hmmm strange! Never really had withdrawal issues with finpro. Infact had a withdrawal processed last week, well within the standard time frame. I even chatted with them this morning, no problem using the chat as well.

5010

I dont see any problem with Finpro trading at all. As vijay mentions that there is no chat available because I just went online and chatted with client support, infact I even made a call to their listed number and it was answered as normal. Whats very strange is that this guy who had put a post up here is a “new” member who just opened an account at babypips and his first post is dramatically against finpro. not only that if I look at his post he is using hashtags like “#finprotrading” which means he clearly understands SEO tricks and is putting these hashtags with negative reviews. To me he seems like some jealous broker’s marketing agent . How unfortunate !

regardless, I have an active trading account with them and I have asked finpro for a withdrawal. I will let everyone know if my withdrawal is delayed.

3 Likes
5011

An article that you might find interesting @scalpingjack

https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266

After cracking down on forex market for many years, Now SEC is moving its eyes towards bitcoin market and ICOs related to it. According to the WSJ, “The Securities and Exchange Commission has issued dozens of subpoenas and information requests to technology companies and advisers involved in the red-hot market for cryptocurrencies, according to people familiar with the matter”. SEC is now seeking information about the structure of ICO sales and pre-sales. Seems like cryptos are next on their list. Any thought!!

5012

@andrewfig7896 I can’t see the future anymore than anyone else. But I believe regulation is a good thing if it happens to cryptos. Cyptos are not penny stocks, its not something you buy one day and sell the other day, you have to be a long term believer that crypto currencies solve huge probs that paper currencies have. Whats going to happen is regulation will happen in cryptos and thats a good thing because than the masses will trust that if SEC/govt is involved, they will be protected. And the institution that are not yet exposed to this will finally start getting in, making it a valid investment class.

5013

:laughing::laughing::laughing:

Thanks mate - I needed a giggle ! :sunglasses:

5014

No worries mate :smiley: Yea just like any retail investor who weighs a regulated broker much more than an unregulated one. Govt/Reg = safety and unregulated = dodgy, thats how most investors/traders are conditioned. PS: I trade with a unregulated broker, far more credible than the regulated ones. But i just believe that regulation in cryptos will open doors for people who are sitting on the sidelines waiting to dive in

5015

I do not understand why SEC is behind all the traders who want to simple make money. First that Dodd Frank screwed up forex trading and made a nightmare for us to trade without any headache and now all this. After strangulating forex traders, seems like cryptos and everything related to cryptos is on hit list of SEC. They want to regulate, sorry “regulate” world will be inappropriate, they want to “control” everything which lets us make money. Regulating crypto market is all what is on their mind as of now. We are well educated humans who knows about the risks involved whenever we enter into anything then why all this? I do not understand at all!

You know, SEC is keeping a close eye on these ICOs now. It has also lodged inquiries in the past about ICOs as they believed many token sales and ICOs might be violating the securities laws. SEC has been fumbling lately on how to regulate these ICOs as they do not fall under the meticulous scrutiny like IPOs. Infact SEC has also suspended activities of some companies due to unclear associations with cryptocurrency and crypto business.

@scalpingjack and I believe regulation will swipe more capital out of the market instead of adding more (from the traders who are sitting sidelined)

5016

@Rushilsmith, @scalpingjack as of today, my pending withdrawal dated Feb 9th has disappeared from the withdrawal list and the chat box appeared when I used a different wifi/ip address. They have already withdrawn money from my trading accounts on Feb 15th. They are escalating the issue to compliance now. Just to let @Rushilsmith know, I don’t work for any broker. I have Forex.com account in USA and Finpro trading.

5017

So They withdrew money from your account and now “They” escalated it to “Their own” compliance. How dramatic is that :wink: , dont worry we dont think you work for another broker.

We have other brokers on our top list as well, you have any thoughts about them ?

My best wishes for your endeavours

5018

indeed. Just how CFTC protects us in forex trading :wink:

5019

@whywescalp Finpro trading was my first exposure to non-US broker. I not not going to open in an unregulated firm any more and am trying to open an offshore company (probably UAE since I know people who own businesses there) so that I can open a trading account in regulated non-US broker and have safety of my funds. In touch with IC Marktets and they did say that I can open a corporate trading account with them based in UAE.

Update regarding Finpro trading, I got email from compliance regarding submitting my bank statement, 3 year tax return, Account summary from other forex trading account for last 6 months and “No Objection Certificate” from my current employer. Will be sending them asap so that I can access my funds in Finpro.

5020

Swissquote I think accepts US clients now