Going offshore to escape the CFTC

Hi Piper24,

Usually brokers help to pay your deposit fees, but do not give you back your withdrawal fee with the excuse “well you made enough money, it shouldn’t be a large sum of money from the winnings” This comes from a broker…

Anyway the withdrawal is quite good at FX Choice, you can expect to have 25USD cost on wire transfer.

Thats all I could help.

WINE “WineIsNotEmulator” it takes windows binaries and converts them to its unix equivelent code on linux/mac
You set up your wine so its win2008 + by using WineTricks.
obvioulsy MT4 will look prety on windows and a bit faster loading but i have pepperstone and admiral running through wine and have no problems.
Cant report any real difference apart from the Market tab is missing but i would just go on mql5 site and download of there if i waned EA Or Indicator but i dont.

Nope, it wasn’t deleted.

It’s still right HERE where you posted it. :grin:

@Clint Thanks for that, I don’t know what I was thinking…
I’d like to have a cumulative equity curve like that one :slight_smile:
I guess my point is that if such a curve can be achieved,
then drawdown is less of a concern and, therefore,
much more Buying Power can be used.

hyperscalper

Well, shiver me timbers, the CFTC is at it again. Article posted on Leap Rate about what happened with the CFTC complaint about Tallinex.

Apparently, part of this was a Utah-based business that introduced customers to Tallinex…

“The Consent Order finds that GTF, which was in the business of providing forex trading instruction, paid “coaches” to teach its customers forex trading using hypothetical accounts. The Order finds that at least one coach introduced U.S. customers who were non-ECPs, i.e., not eligible contract participants…”

Oh, the Humanity!

So the CFTC is happy to see newbie traders blowing their accounts trading full-sized FX Futures contracts. They are equally pleased to see the ICE price gouging with $110/month data fees to the newbies so they can blow their accounts on Dollar Index Futures that much quicker. But we Forex traders are assumed to be so mindlessly stupid, incapable of learning, unable to choose a suitable overseas Forex broker to trade even $1000 notional micro-lots unless we have a net worth of at least $10M, required for ECP status.

Also, there was some mention of “victims” and “restitution”. Funny, I don’t recall a single complaint on this site about Tallinex stealing from traders.

We’ve heard a lot about Fake News this year. If this isn’t Fake Regulation, I don’t know what is :wink:

Cheers to all

2 Likes

Thanks for posting that, Shatner.

The World Forex Police (aka CFTC) have been bragging lately about the “awards” they pay out to “whistleblowers”.

See HERE and HERE

I suppose GREEN collected a bounty – er, I mean “award” – for ratting out Tallinex.

1 Like

Yes, Clint!

I plan to stay away from Mr. Green and his tax “advice”. :skull_crossbones:

But this latest CFTC action also confirms what you’ve been saying for the past 8 years. We as individual traders are doing nothing wrong by seeking better trading conditions offshore. The CFTC rules are written against brokers/counterparties, not the traders themselves.

For now at least, in the all-seeing eye :eye: of the CFTC, we’re the “victim”.

Hi ForExchange,

I totally agree with you. Initially I never cared about the rebate on withdrawal fees but then I made a few big withdrawals on my profits and I asked for fee reimbursement process but no action was taken and it then pinched me to pay that kind of charges on withdrawals.
But thanks for the information about FX Choice withdrawals. Happy to know they are doing well. I might consider going back if the wire transfer fees can be slashed a bit :wink:

Hi guys, been overwhelmed by all the great info. I am a US resident, simply looking for the best broker (most reputable, best in fees, safest) that will allow me to trade commodities like US oil. Does anyone mind steering me in the best direction? Finpro seems to look the most legitimate to me, but again I see a lot of info and a little push to the best option would be so appreciated!

If safety is your primary concern, keep in mind that of the “trusted brokers”, FX Choice and Traders Way have been on Clint’s list much longer than the others – pretty sure since the beginning. Also, though I do have an account with Finpro and happy with their service, the broker’s location (UK) continues to make me nervous. You might not know that there used to be many more European brokers on the list, but they’ve dropped off over time, due to various regulatory crack downs. Still, unless the broker goes insolvent, you should be able to get your money out. Best strategy with offshore brokers is don’t put all your “eggs” in one basket.

Thank you for your response, yes I just registered with FINPRO and I have already been reconsidering, the UK address sounds like a problem since UK just started enforcing stricter laws. Im simply looking for the most efficient (fees, withdrawals, deposits) broker who has commodities since I am just fine with OANDA when it comes to forex…but having some higher leverage option on forex pairs would be great as well.

I am now just considering going with EVOLVE MARKETS… simply because the quick withdrawal and deposit process. BTC value worries me, and also, the fact that it can be deemed ILLEGAL by US at any time, but it also outweighs not getting a withdrawal from an unregulated broker deciding to shut the door. I guess these are the risks they want us to take?

I RAN ACROSS THIS LINK

…and am just posting it without comment… not intended as an ad…
it does refer to this forum and this thread in the article…

hyperscalper

FAILING TO OPEN AN ACCOUNT WITH FXOPEN.COM

Well, I set up an “ewallet” with them, and then saw they will
not offer services to U.S. residents (they say “residents”)…
so I chatted with them:

Live Chat » English Support Desk (FXOpen)
Your Question: I established an FXopen ewallet, but then
I am seeing that you cannot provide services
to any U.S. residents. There is no way??
…please explain…
Please wait, an operator will be with you shortly.
You are now chatting with Natalie Support - English Support Desk (FXOpen)
09:49Natalie Support: Hello. Welcome to FXOpen live chat
09:50Natalie Support: Unfortunately, due to recent CFTC regulations we no longer accept live account applications from residents of the USA. So there’s no other way.
09:51Hyper Scalper: I thought that restrictions were on “soliciting” U.S. persons, not on accepting unsolicited requests …
09:51Hyper Scalper: …if you have not “solicited” my business… then I thought it would be fine to open an account…
09:53Natalie Support: This rule applies to all US residents without any exception. If you’re staying in the USA for more than 6 months, unfortunately we have no right to provide our services.
09:53Hyper Scalper: can I email one of your senior account managers and discuss with them?
09:54Natalie Support: Sure. Feel free to send an e-mail to [email protected]
09:54Hyper Scalper: Thanks, I’ll consider it… I assume you are in Finland, is this true for ALL Finnish brokerages? no U.S. persons?..
09:55Natalie Support: Various trademarks held by their respective owners. fxoepn.com FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission. fxopen.com.au FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871 – ABN 61 143 678 719. fxopen.co.uk FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.
09:55Hyper Scalper: Thanks for your help !! bye

hyperscalper

COINEXX CRYPTO FUNDED FOREX AVOID CONFUSION !!

This is Coinexx.COM and it is NOT Coinexx.org

…that is something very different. They are an “investment
management provider” sort of a “fund manager”.

Coinexx.COM is what you want for a native crypto-funded
anonymous Forex trading experience, on a par with
Evolve.Markets . Both are very similar and appear to
be very good. I have less experience with Coinexx.com
yet, but expect to use them both.

hyperscalper

Are there any introducing brokes for FinproTading, Turnkey Forex, Coinexx?
My intention is to earn rebates from forex trading

TODAY IS A GREAT DAY !!

Personally so thrilled, just launched the first scalable BOT
which takes many dozens of positions, across dozens of
accounts… So grateful for this forum so that we have a
wide choice of good brokers to use as U.S. persons.

THANKS !!! :smile: :wink: :heart_eyes:

Special thanks to @Clint !!!

hyperscalper

Why are you looking for introducing brokers. All these brokerages allow you to become an introducer. Become you own introducing broker :wink: , a good way to save some pennies on your commissions.

I simply want to earn rebates. It is like a set-and-forget approach, I just focus on trading and rebates accrue on my introducing broker “cashbackforex” account under my name. But each introducing broker has its own forex brokers list. Unfortunately cashbackforex does not work with FinproTrading .That is why I am asking here.

hi hyper scalp, im curious on your top 3 brokers you are using? im currently on oanda for my main account but for my fun higher lev trades I now use EVOLVE thanks to you, though I am a bit concerned about where they get the price data… etc. but I like that I can get my money right away. Any way, wondering what your favorite three are so far? Thanks for being so thorough.