i have not fund my finpro account because im still confuse on some things like there relationship and when will the U.K. authoritiest find out there is a unregulated broker operation in the EU / the U.K. and what will be the penalty
TURNKEYFOREX.COM AND FINPROTRADING.COM
These are two competitive brokerages using a common
service provider. When you ask “what will be the penalty”,
what “penalty” are you expecting for using these brokers?
Do you think it is “illegal” in your local jurisdiction??
You will have 400:1 leverage (on request) on funds, so
that reduces the funds levels you’ll need to maintain at
the brokerage.
You get the very best performance and reliability (although
there was a VERY RARE outage yesterday… knock on my wooden
head…) LOL so I don’t see the downside of this “regulatory
threat” being proposed.
hyperscalper
there operation in a country that require every forex broker be regulated, it’s like operating a forex broker in the U.S. sooner or later the regulators will find out, altho there register as another type of business. lets not be stupid here
and BTW turnkeyforex is HEADQUARTERS in the U.K. but there is no register company at the compnay house, this is where you find every compnay thats register in the u.k. and turnkey forex can’t be find nowhere, only finpro trading and turnkeyfx can be found
OK, well I’d say “let’s wait and see what happens…” and
then we’ll know what’s going to happen.
hyperscalper
One of our members sent me a copy of an email she received from Trader’s Way regarding problems with a credit/debit card processor she had used to make deposits to her account.
This sounds suspiciously like the problem she and others encountered with CCM last fall
(a problem which has never been resolved to anyone’s satisfaction).
I’m posting a copy of the email here, and asking Trader’s Way clients to write back and tell us whether you have received a similar email, and whether you can shed any light on what’s going on there.
Here is the email –
– click the image to enlarge it –
yeah i got the email, i have deposit by CC but the difference with capitalcitymarkets is that tradersway got there money i believe, because i made a withdraw using another method and it went thru with no problem.
just got a email from tradersway there now taking CC deposit thru Vload.
Update on CCM, they have said the money was wired Friday and gave me the bank details. Fingers crossed that I’ll get it tomorrow. Put in an additional withdrawal request last week, so we’ll see how long that one takes. I’ll let you all know if/when I receive the funds. Hoping this was just a temporary snafu.
On the subject of TURNKEY FOREX:
Yes, they are unregulated and there offices are in the UK, but they are domiciled in (doing business out of) Seychelles according to their website and the documentation they’ve provided to me. I’m currently in an arm wrestle with them about providing details on where funds are held after deposit. CCM is very transparent about providing this information (this list which banks are holding your funds and how much each one has), so I don’t know why Turnkey is being difficult about this. They told me that:
"we are partnered with more than 16+ Tier 1 Liquidity Providers.
All the clients funds are kept in segregated bank accounts in trusted jurisdictions and funds are sent directly to our Tier 1 LPs."
I’m holding out on finding who these liquidity providers are because I think transparency in this area is absolutely necessary since Turnkey is unregulated.
2 Likes
THats really exciting FW. I put in my request last week with CCM. Please let us know if/when you get the $$. Wanted to thank Clint and everyone who keeps this thread going strong. It’s a great resource. Regards!
Got one of my withdrawals from CCM today - the request I initiated Feb 22, 2018. I put another request in April 3, and it’s yet to be processed. If I receive it soon then I’ll trust CCM a lot more. Was very close to yanking the plug on all funds and investors held with them.
1 Like
Hey Clint,
Good to see your post, wow!
I’ve been racking my brain where to get this type of conversation, and am glad to be
here.
Thank so much for that.
My question is; are you currently using any of the listed unregulated brokers or any one
here in the community?
I must confess that I’ve been very careful for years learning from different brokers
demo account still not sure where to grab one.
Although, after using their APPS. promising to be the “Holy Grail” ended up not to,
now I use one like StrategyQuant Pro. APPS. I feel it’s an amazing one shooting out
good Robustness Testing results.
Tech. Support there is frustrating due to language barrier, and not willing to spend on
professional Remote Access APP. like Team Viewer for those outside their region.
Please any feed back about the Offshore Account you feel that will benefit Clients from
US on the listed brokers will be appreciated.
Keep info flowing!
Take care.
Hello tikegwu,
I think this thread speaks for itself. You should spend some time reading what’s here.
You don’t even have to read all of the 4,800 posts in this thread, in order to get the recommendation you are looking for. The entire thread, representing more than 7 years of work, is summarized in the first 5 posts.
Over the years, we have investigated a huge number of brokers, and sifted that number down to 13 brokers which currently welcome U.S. clients. We have dredged up pertinent information on each of those 13 brokers, and listed it as concisely as possible in post #1. Laid out for you in post #1 is everything you might need to begin your own due diligence regarding these brokers.
We can’t, and we won’t, do your due diligence for you. That’s your job.
To further refine the List, we have singled out four brokers from the basic group of 13, and designated those four as Trusted Brokers. The top portion of post #1 describes what that designation means, and refers you to another post where you can find even more information on the designation of Trusted Brokers.
As for a personal recommendation from me – Nope, not gonna do it. I decided years ago that this thread was not going to be about me, about my brokers, or about my personal experiences in the offshore trading world. It’s not my job to pick the winners and losers – that’s the job of the participants on this thread, interacting with one another.
This thread has always been, and will continue to be, a community where every opinion is welcome and every vote counts. The winners and losers are chosen by the consensus of that community. And we’ve even organized that consensus for you – in post #2, you will find links to almost every comment made by our members over the past 7 years regarding the 13 brokers listed in post #1.
If all of that is not enough to point you in the right direction, then we have failed in our mission, and we apologize.
6 Likes
Hey Clint,
Thanks so much for your prompt reply and update. I appreciate your opinion on the issue.
Let me take a glance at the areas I can sense some post with negative experiences of some.
Again, thanks for your comments.
Hey Haperscalper,
Thanks so much for your incredible post I don’t mean to resurrect an old post.
I’m really flabbergasted about your kind explanation how to establish and maintain good
relationship with brokers e.g. for execution speed at Tradersway,ETC.
I’ve been learning but haven’t started due to nervousness in the market; from one demo account
to another till I came across community blogs.
I may sound foolish, however pardon me because I need the confidence and tools to begin with;
And I came across Smart Quant, couldn’t afford the APPs lol, meant for institutions, and finally
came across this one Strategy -Quant to help me in Automated Trading, because I don’t feel
comfortable with manual type.
For few months simulations it’s Robustness testing has been encouraging especially In-Sample &
Out-Sample result gives one good figures to rely on.
The software you mentioned, to initiates orders over the NJ4X framework using multiple Java
threads, do you know if the above can be used with Stragyquant in auto-mode?
The amazing thing you explained it does; " each thread is able to report when it started, and
finished each order operation" tells me what I really need in Auto-mode.
As you are one of their favorable clients with Trader’s Way; is there any recommendations
towards integrating NJ4X framework softer with mine when am ready to use their services?
Other advice/updates in opening account and maintain a lasting relationship with the broker can
be of great help in general.
Thanks in advance for all you do.
TIkegwu
Hi,
Well the NJ4X based software I wrote myself, so it is
purely custom. I don’t know about the Stragyquant
system you mention, so I can’t say whether anything
could usefully be interfaced with it…
I have moved away from Tradersway because they are
not able to compete in commissions with TurnkeyForex
and FinProTrading.
For the type of trading I am doing, which is “micro scalping”,
I need the speed and precision of those two brokers based
in the UK. We are looking at MT4 Market Fills in the range
of 120 milliseconds average, with limit placements in about
80 msecs typical. Execution is very accurate, and that is
what I need so TurnkeyForex.com and FinProTrading.com
provide that speed and accuracy in the 28 major Forex
pairs.
[EDIT] these response times are measured from the time
our software says “go” and the time we get confirmation, but
the software is very complex, and the control process has to
use interprocess communication to the NJ4X terminal server
and thus to the “pool” of terminal.exe (MT4) processes to
do the work… the box is in Amsterdam < 3 msecs ping time
from the London services, and this is a dedicated (non-VPS)
Intel® Xeon® CPU E3-1230 v6 @ 3.50GHz, 3501 Mhz,
4 Core(s), 8 Logical Processor(s) running Windows 2008 R2
and Java is Oracle Java 8 server. So… actual response times
of the brokers could be better than what I posted.
[Removed for Forums Policy violation]
hyperscalper
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Oops violated Facebook or BabyPips forum policy by giving out my email info. Sorry ! Please give me another chance. Forgiveness is divine … hyperscalper
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tikegwu,
First of all you may want to clarify your thoughts on
what you’re looking for… This thread on offshore brokers
represents the collective group’s best efforts to ensure
that the brokers are evaluated as “safe” and to monitor
their behavior as regards dealing with U.S. clients specifically,
and their business practices in general.
As for trading tools, I think all of the brokers offer basic
MetaTrader 4 (some MetaTrader 5) as the [EDIT: FREE,
i.e. “no cost”] low cost and
fairly universal platform. Given that, and also given that
the “ECN” model has replaced brokers trading against
their clients as Dealers, all of these brokerages are "fair"
in executions. Differences exist on speeds, commissions,
business practices and, in particular, for U.S. clients,
funds transfer mechanisms.
But, as for “how to trade” and “tools” beyond what the
MT4/5 platforms offer, that’s not really what this CFTC
thread is set to address. But there are other threads on
BabyPips which do address issues of “how to trade
profitably”…
hyperscalper
Has anyone heard of or trade with IC Markets?? Looking at trading with them when the new ESMA rules take hold.
Update on CCM and Turnkey (at least from my world haha).
CCM:
-
They’ve been on the CFTC’s watchlist since Dec 2017 (google search: “CFTC has added 21 brokers and robots to the RED list”). While this has happened to many other brokers in the past I’m not sure what impact this could to have to their services. If someone has some historical examples of what’s happened to other good broker who’ve been “RED Listed” that would be helpeful to know.
-
I’m still waiting for my 2nd withdrawal request to be processed at CCM. I put it in on April 3, it was confirmed April 4th, but has been in processing ever since. I’ve followed up one, and will follow up again this Wednesday.
Turnkey:
So far I’m really liking Turnkey Forex and the support services they offer. My contact has been extremely helpful. Here’s a couple of updates that differ from what’s listed at the beginning of this thread. Please note that I trade accounts for others (account manager) so I may have gotten some special rates since I also act as a introducing broker (IB).
- Round Turn Commission per Lot: $2 (f you’re an IB then you get $1 rebate).
- Leverage: Able to get 400:1. Good for deposits up to $50k, but will cut off when account reaches $100k.
- Funds are held with up to 16 Tier 1 liquidity providers, but when questioned who those providers are Turnkey said they cannot say because it’s against their internal policy. I pushed pretty hard to get details on how funds are segregated, with whom, and what happens in a worst case scenario (closure and they run with the money). Wasn’t able to get satisfactory answers, but what I was told is that funds are segregated and cannot be used by the company under any circumstances. If the company were to be shut down there is a department in place to handle account liquidation (basically sending the funds from the Tier 1 liquidity providers back to clients). This all sounds good, but I think you’d all agree it’s a little vague. I’m still fairly new at asking these questions of off-shore brokers. If anyone has comments on how normal this situation seems, I’d appreciate your comments!
Best,
FW
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