yea that article is fictional if u read all the way through
They have not given any specific timeline as such, just mentioned few weeks…
Yes, Turnkeyforex accepts US clients
Potential bad news for FCA-regulated STP/ECN brokers.
We need to find out whether this will have any impact on our two UK brokers –
Finpro Trading and Turnkey Forex **(both STP/ECN, but not FCA-regulated).**
Ben from Turnkey says they are not affected by it. I’ve been leaning towards towards setting up an account with them. I got a little skittish of LMFX after I got the details for wire transfer and it had this in there twice:
We would kindly ask that you do not state “Forex/Investment/Stock trade/Foreign exchange/Currency trading” or anything finance related in the Wire Transfer form, or else your funds might bounce back to your bank account.
I don’t like to lie or be dishonest so I asked them for some suggestions (it wasn’t Maria), I was told, “anything else.” I know they switched banks/beneficiary, assuming to fix some of the withdrawal problems, but it scared me off.
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Like philsimon24, I also talked to Turnkey Forex, and they said they are not affected by the FCA compliance upgrade. Here’s their reply:
Thank you for contacting Turnkey Forex!
In regard to your query we would like to inform you that we are not regulated by FCA, so the article you have mentioned with regard to FCA does not affect us.
Let’s hope for smooth sailing.
I know this is not a VPS thread but quick question- Does your statement of using Windows 2008 versus Windows 2012 still hold true?
REMOTE SERVER SYSTEMS
Well, it’s just obvious if you are using a VPS that available
memory may be an issue. The less memory used by the OS,
the better. So 2008 should be chosen overe 2012 for that
reason alone.
Further, the 2008 GUI is probably simpler, requring less I/O
if being used interactively than 2012 through Remote Desktop
or VNC so, again, use the older OS…
It’s largely a question of available memory and "fancy"
features you may not want. But if you do want them, by all
means, use the more recent OS on your VPS server…
Just be aware of the trade-offs !!
hyperscalper
You had me at the memory component/advantage lol. I use EA’s so having optimal memory at any given time is paramount. Will be switching to 2008 upon your recommendation. Might look into another VPS provider too, maybe the one you recommended in Amsterdam. Currently I’m only running, at most, 4 MT4s. I’ve been told it’s best to upgrade to higher RAM (I think that’s the term) versus getting multiple CPU (I think that’s the term) but perhaps it’s a marketing tactic? Not sure as I am not an IT expert by any means (isn’t it obvious?) Appreciate your knowledge and your contribution in the threads. It’s impeccable! I’m learning a lot!
The key these days is “dedicated resources” and then
secondarily how much CPU and importantly RAM, which
is also “dedicated” to your computing processes.
Running a few MT4 instances is not a big load, but I was
running nearly 30 of them, plus a multi-threaded Java
control process over NJ4X.com’s API… so… Ultimately
the VPS provider messed up by failing to execute some
of my threads !!! When I pointed that out, they kinda laughed…
Immediately, I got a dedicated machine and, Big Surprise,
it was the VPS thread mapping which was at its limit !!!
Problem is, you can get a 3 Xeon CPU / 6 gb RAM VPS
setup for $30 / month. But a dedicated machine will cost
you upwards of $90 / month, albeit with 8 processor threads
and maybe 16gb RAM but it’s a significant increase for
a dedicated bare metal machine, if you’re not really gonna
need that Horsepower and Torque ! LOL
[EDIT] The guys at SeedVPS.com provide real value for
money, but they are into “commodity” computing and are
not gonna offer you much, if any, support… So you need
to find an “I.T. guy” who can help; learn it yourself, or move
up to a more “full service” provider; but, then, you’re into
some serious cash outlays…
hyperscalper
know anyone that uses them? their building is basically in the FX hub of U.K
I use them. I’m based out of Florida and operations have been good with them so far. I’ve used Turnkey Forex for about 2 months and FinPro Trading for about 5 months. Both have really good market execution, deposits via Bitcoin is very fast, and the customer service is by far the best I’ve had when dealing with any broker. Zero problems with them **(knocks on wood).
My next thing to do is to test the withdraw process in 2 ways.
- Withdraw via Bitcoin
- Withdraw via Wire Transfer
Based on HyperScalper’s experience, withdraw via bitcoin seems to be the fastest way.
Trade Well!
-D. Mo
1 Like
FINPRO (AND TURNKEYFOREX) VERY GOOD, BUT …
No broker is perfect. I am especially irked at the
extremely wide spreads we get at rollover, and for
a considerable time thereafter…
So, officially at 22:00 GMT for 10 minutes, no trading
is permitted. That’s fine, but when trading resumes…
…as we move into the Asian session, there
are spreads on FinProTrading MT4 which are unacceptably
wide. Their liquidity providers I guess, don’t cover some
things very well. GBP/NZD, for example is one that really
sticks out often. We’re talking here about 20-30 PIPs wide
until things stabilize. I wouldn’t complain if their normally
tight spreads expanded by a “reasonable” amount…
This has 2 or 3 consequences: 1) For Traders who use brokerage
stops, the extremely wide spreads can actually trigger those
stops. So I don’t use brokerage stops anywhere close to
the market, or you may be unintentionally stop-triggering…
2) I have to code BOTs to avoid any trading during these
wide-spread conditions, and 3) For STOPs, I try to use
the MID-price between Bid and Ask and have an algorithm
use that to determine whether to Close a positioin… instead
of using brokerage stops.
I can prove all of this because I monitor the 28 major
pairs Spreads constantly throughout the 24 hour period,
although I don’t log all of it…
I’m complained about these allegedly unreasonable spread
anomalies but, in the end, you just have to know that’s
what is going to happen in certain Currency Pairs… During most conditions, these
guys (FinProTrading and TurnkeyForex) have the best
pricing, and the best executions of the brokerages available
to U.S. persons …
I am planning to push more volume through TurnkeyForex because I
want competitive brokerages; however, since they use the same
infrastructure provider ( TurnkeyFX.com ) from a technical
perspective, for Forex, they are likely to be similar or identical.
We do see executions via MT4 from start to confirmation for
Market Orders, which are as low as 100 milliseconds. They
claim to execute in 50 msecs, and so I complain that orders
are being held by at least 50 msecs, sometimes 100 msecs
beyond that, but then with a “retail”
connection, I’d say that’s pretty darn good !
These timings are from a fast computer less than 1 millisecond
from their London servers, located in Amsterdam. As a U.S.
person you might have to add transatlantic transit times if a
signal is initiated state-side ! … LOL
[EDIT] What I mean here is that we have triggers which initiate
automatically, but if you have an interactive session with a “cloud
computer” across the Atlantic, and you manually initiate something,
then obviously you have latencies associated with your
interactive session to the server… I like to initiate a trigger
request, and allow software on the server, to decide exactly when to strike,
so that Transatlantic latency is eliminated. Or, obviously, if you use
Pending or Limit type orders where the controller platform is close to the
brokerage, then you have no issues either…
hyperscalper
[EDIT2] Here’s what I mean right now…
symbol min , avg , max spread pips
AUDCAD, 1.3 , 1.4 , 1.5 #
AUDCHF, 0.8 , 0.9 , 1.2 #
AUDJPY, 0.3 , 0.3 , 1.0
AUDNZD, 1.5 , 1.8 , 2.2 ##
AUDUSD, 0.3 , 0.4 , 0.5
CADCHF, 1.8 , 2.0 , 2.1 ##
CADJPY, 0.9 , 1.0 , 1.3 #
CHFJPY, 2.5 , 2.6 , 3.8 ###
EURAUD, 1.2 , 1.4 , 1.7 #
EURCAD, 1.5 , 1.6 , 1.8 ##
EURCHF, 2.2 , 2.4 , 2.5 ##
EURGBP, 0.6 , 0.9 , 1.1 #
EURJPY, 0.8 , 1.0 , 1.2 #
EURNZD, 2.4 , 2.6 , 3.2 ###
EURUSD, 0.1 , 0.4 , 0.5
GBPAUD, 2.6 , 2.9 , 3.1 ###
GBPCAD, 2.5 , 2.7 , 2.8 ###
GBPCHF, 3.1 , 3.4 , 4.8 ###
GBPJPY, 1.5 , 1.7 , 2.1 ##
GBPNZD, 10.7 , 12.0 , 14.5 ############
GBPUSD, 0.5 , 0.9 , 1.3 #
NZDCAD, 1.6 , 1.8 , 2.2 ##
NZDCHF, 2.1 , 2.3 , 3.1 ##
NZDJPY, 1.1 , 1.3 , 2.0 #
NZDUSD, 0.9 , 1.1 , 1.3 #
USDCAD, 0.5 , 0.8 , 1.0 #
USDCHF, 0.9 , 1.1 , 1.4 #
USDJPY, 0.2 , 0.3 , 0.4
1 Like
i found some information that links finpro trading to turnkeyfx as being own by the same people
https://beta.companieshouse.gov.uk/officers/C7ybVZJCQxY_yCuS2JzXdiC8G5g/appointments
https://beta.companieshouse.gov.uk/officers/NoEbIzKkDVV5AdV77062NkfSkkY/appointments
3 Likes
Regulatory over-reach in the EU is forcing some EU-regulated brokers to relocate offshore.
And they are facing the same offshore banking problems that we have become familiar with.
Welcome to our world. We’ve been living with this sort of thing for nine years.
One of the executives of TigerWit Ltd (UK), formerly Mercor Index (UK), has left that firm to set up a new brokerage — GQ Capital Inc. — in Belize.
[U]Excerpts from the Finance Magnates article[/U]:
“The raft of new regulations that are set to come into force later this year in the EU could force a lot of brokerages to go offshore.”
“On their part, offshore brokers are facing big difficulties in securing a bank account and some are typically operating via intermediaries that serve as custodians to the funds that brokers receive as deposits.”
1 Like
As I read those Companies House entries, there is no indication of ownership.
We seem to be looking at 3 different companies, and 2 different individuals.
Those 2 individuals have similar names, but different nationalities and birth dates. Both serve (or have served) on the Board of Directors of one (or more) of the 3 companies listed.
It is not unusual for individuals to serve on more than one Board. Some Directors serve on the Boards of two (or more) different (non-competing) companies, in what’s called interlocking directorates – which may or may not be good practice, but is perfectly legal.
• FINPRO (UK) LTD (09068020) appears to be the broker we list as Finpro Trading (UK), although the address (in London) given in the Companies House listing differs from the address shown on the Finpro Trading website.
– Gurbir SINGH (German national, born March 1988) has been an active member of the Board of Directors of FINPRO (UK) since November 2014.
– Gurpartap Singh MALHI (British national, born September 1981) resigned from the Board of Directors of FINPRO (UK) in December 2017.
• FINPRO FX LIMITED (SC567763) is a name I haven’t seen before. Company address is Edinburgh, Scotland.
– Gurbir SINGH has been an active member of the Board of FINPRO FX LTD since July 2017.
• TURNKEYFX (UK) LTD (09913223) appears to be the service provider to both Finpro Trading (UK) and Turnkey Forex (UK), two of the brokers in our Offshore Broker List.
– Gurbir SINGH resigned from the Board of Directors of TURNKEYFX (UK) in April 2017.
– Gurpartap Singh MALHI was appointed to the Board of Directors in December 2017.
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Hi Everyone
I just want to let everybody know that we have just made withdrawals from TW and Finpro and both of the brokers processed the requests within 24hours.
On the different note. We have just started slow migratation to crypto trading. It seems that’s where the volatility is for now not Forex.
I know some forex brokers already offer crypto trading through MT4.
These forex brokers that offer crypto trading experience lots of quotes freezes, huge spreads and bad execution. Thats how forex trading used to be like 10 years ago.
Maybe we need new thread for MT4 crypto brokers.
I think crypto trading is not going anywhere and there is lot of opportunities.
Marcin
2 Likes
im good either way my friend
anybody who has account with finprotrading you can go to deposit page and select bank transfer and you will see your money is going to TurnkeyFX (UK) at HSBC bank you don’t even get finpro logo on there mt-4 platform it’s TurnkeyFX