Going offshore to escape the CFTC

The List has been updated.

With the addition of Coinexx to Group 1, we now have (once again) 13 offshore brokers who welcome our business.

And, with the addition of Turnkey Forex to the elite group, we now have 5 brokers who are designated as Trusted Brokers

My sincere thanks go to all of you who have contributed to this effort to find and vet offshore brokers that we can deal with and trust. This thread is the valuable resource that it is, because of your contributions.

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RE: FINPROTRADING WIRE TRANSFERS

Has anyone experienced delays? Personally, I use
crypto-based transfers, but I’m asking for a friend
who uses wire transfers and has noticed a long
delay to his bank.

[EDIT] my friend lives in Hawaii and I understand
they have banned crypto there, which leaves
wire transfers in fiat currency as the only alternative…

hyperscalper

Hi Clint and all the others,

I haven´t posted for a while, but thought I might have some information to think about.

Previously I have come through many brokers and a good indication to me about the broker itself was how much they tell about themselves.

I went on the “About us” section at Coinexx where they start with “Who we are?” What got my attention is they start with that question and then they do not answer it. In fact they do not give a single information about the company.

I checked on google the address they have on their website. Google lists a number of companies that are listed under that given address, Coinexx is not on that list (this however does not mean 100% that they are not operating there).

The last concern I have is the server time. Clint stated it is GMT+3. I am not an IT guy so hyperscalper is needed here to give some information on my assumption. I usually see/thought that a server is located where the broker is based. This is important as the address is in Scotland while GMT+3 is a time zone including Russia, Israel and maybe Cyprus in one part of the year. These are exactly those countries where I would need the most confirmation to put my money in Forex as they are for me the countries from where they want to suck out my last pennies. As I said, with this server issue maybe hyper can give us some more info how it works.

Thanks,
FE

Hello @ForExchange , these are good points. However, I have an alternate view to both the points raised by you (I will be happy to be proved wrong)


First: Server time of coinexx is GMT +3 , and that is actually what it technically is the ideal time. Please take a look at this thread from babypips that talks about market open and close times





You will see that if the server time is GMT +3 during (March/April – October/November based on DST), is makes the charts data ideal as the trading starts at exactly midnight and chart data covers full cycle of 24 hours. This is especially an issue during market open and charts data on Monday and Friday.


Server’s time zone’s can be changed at will, and it is not uncommon for servers in russia to have time zone set up as EST. SO in a way that is no indication of where the server is ldeally located.


Second: they dont give out too much information about themselves. In a way that is common for all crypto based businesses, because of all the witch hunt that goes on around them. If you look at, for example, evolve.markets there is nothing that you can make out about their actual operating office or any other details. This is again for the same reason and does not raise any eyebrows for anyone who is trading with them.


For the record, I have been an absolute supporter for Finpro trading for all of last year, but coinexx changes that completely. I will be testing and slowly moving my funds to coinexx and will keep sharing my experience with them. If they are really as good as I feel from the first look of it, I think they will come across as an absolute winner in offhsore forex business.


Obviously, you can never be 100% sure. For example, I had an account with MF Global in 2008 and I know first hand that all the CTFC, or SIPC gimmic of protecting wealth or retail clients is just a sham that dosent really get you anything back. Very recently, one of my friend has an account with beaufort securties and here is a link on what is happening to them





So even though we all know that CFTC and SIPC is a scam like none other, we also know that they are constantly on a witch hunt against all offshore forex brokers. For example Tallinex


here is a link on what happened to tallinex





Given all this information, and given my experience in trading forex both with onshore and offshore brokers, I clearly see coinexx doing things exactly as it should be done. A crypto only broker is most likely to survive longer and independent of banking instution interference (see the posts above on Capital City Markets and based on what we learnt, the only ones to suffer were its clients who did not get the money back). And as a crypto only broker, they have much less costs and can pass on that benifit to us as clients (which I clearly see in their spreads)


See the link below from MyFXBook where I have compared spreads of some of our Top brokers


https://widgets.myfxbook.com/widgets/spread.html?symbols=17,1,4,2,3&servers=4919,3105,3420,1055,3782


What remains to be seen is how efficient they are and how quicly they process their withdrawals and how honestly they process our executions. We dont have many people so far who have shared any real trading experience with them and we will know it over the course of time.


I hope my information helps, atleast to give some food for thought.

I just took a snapshot on coinexx webterminal with the chart of AUDUSD, please note that their market open exactly at mid-night (so the server times are adjusted to create 24 hour chart per day. This sometimes can be very critical for EA traders who need the servers to have 24 hour chart and market starting at exactly mid-night. Obviously @HyperScalper is an expert on it and can give some valuable inputs in here. @HyperScalper what do you think :slight_smile: ?

What a scary morning… FinPro

“We experienced a temporary network congestion in our data centre, but it is working fine now. Some account however are still experiencing connection issues because of their local device cache.”

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RE Finpro…Yeah not happy about this at all. This was one of the main reasons I left Tradersway. Price has been frozen going on 40m and counting. I’m on live chat with them right now and no answer as of yet. Some trades are already in the red.

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2h’s in and Finpro datafeed still frozen.

My other account on Turnkey is up and working fine, however the Turnkey feed via Finpro is not.

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Are you saying that you have two live accounts:
1 on Finpro, 1 on Turnkey (we all know the “similarities”)
and you are experiencing the same “server connection issues” only on FinPro Trading?
I ask since I don’t have an account with Turnkey “yet”?
Also their DEMO accounts is fine, working!

Yes I have two live accounts, one with Turnkey and the other with Finpro.

The Finpro account is frozen and the Turnkey is not.

Finpro has already responded via chat:

“There is some network congestion being experienced by some of our users
and our IT team is working on this issue with their 100% focus right now.
Please give it some time and try again after 30-40 minutes.
Sorry for any inconvenience caused. In case you had any trades resulted in losses to you,
we will compensate for them to you, as appropriate.”

Well… thanks for the input. My relationship with them has come to an end

I also had my account and feeds frozeon for almost an hour… feel horrible about it. But in IT world there are always unexpected issues, whats important is how gracefully and transparently they handled it. For me, they issued me refund for the loosing trades and told me to reinstall my MT4 mobile and desktop. It worked fine after that. I’m sure even NASA has issues with their servers, as long as I dont see repeat of this incident, I will take it as a one off event, else there are always more brokers to go to… another reason why I will fund my account at coinexx now :slight_smile: , no matter how good a brokers is, its always good to have backups. But on a serious note, its good to see them owing upto their mistake, being honest and issuing refund on the trades that I lost money on. Good brokers with that level of client support are hard to come by.

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If i log onto my Finpro dashboard I can see that the stops have been honored so im not sweating it too much. Still a bit unnerving tho. Going on 4h’s now and feed is still frozen.

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Did you update your terminal ?

Here is what i got from their support guys

please download the latest version of MT4 and it should fix the issues. https://download.mql5.com/cdn/web/turnkeyfx.uk.ltd/mt4/turnkeyfx4setup.exe

Also they suggested to update the mobile app as well if there are any issues. My issues got reolved with this. Hope it helps.

I tried that and still nothing.

Correction, it seems to working now…

FINPROTRADING “FREEZE”

Sorry, I can neither confirm or deny, as I was looking at other
things at the time… Never saw any issues before… Sorry
this apparently happened…

hyperscalper

SERVER TIMES

Well, it’s true that MT4 platforms have various “server times” and,
for me, the ones which are GMT+0 are the best. Internally, in any
code I write, I always refer things to the GMT timezone, so from
the perspective of an automated process, it doesn’t make any
difference what MT4/5 platforms use as their “server time”.

[EDIT] I use a synchronized precise local clock using a utility such
as Net Time (from timesynctool.com) on Windows systems to
synchronize clocks. And since I use Java, when I get a Java
timestamp it’s a universal number which means “now” ! Representing
“now” in various timezones is just a matter of choice. Apologies
to Einstein who says that “now” has no real meaning in a Relativistic
context, but I digress !! LOL

Sorry I can’t offer any further enlightenment ! LOL

hyperscalper

FINPROTRADING NETWORK “FREEZE”

Yeah, that’s a most reasonable attitude. There’s no way
something like this is more than a one-off, and if they
honor requests for compensation, hey, that’s fair and reasonable.

hyperscalper

RE: FINPROTRADING “FREEZE”

So they changed the MT4 .srv server address, so a rescan
was necessary, and then I had to re-populate my servers with
the proper.srv files, and now everything works…

“Network congestion” ??? Sounds like some sort of
DDOS attack on their servers to me… but I speculate…

[EDIT] I killed any existing TurnkeyFX-Live.srv files in the config
data area, and then re-scanned to get an updated one.
Once I had that, I sent it everywhere it was needed… Sheesh !!!

[EDIT2] Because I work with NJ4X I know that ALL MT4 clients
are exactly the same, no matter which brokerage they come
from… perhaps a little-known fact. I am using Evolve’s MT4
instance, just as an example… works on a proper .srv file
from any broker…

hyperscalper

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Regarding the FinPro freeze, I had to do the following: Go to File>Open an Account, Click Scan then close the window once it completes. Network should be reconnected once you re-login to your trading account.