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
I plan to stay away from Mr. Green and his tax “advice”.
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 of the CFTC, we’re the “victim”.
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
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?
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
…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.
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.
Why are you looking for introducing brokers. All these brokerages allow you to become an introducer. Become you own introducing broker , 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.
Does CoinExx allow you to deposit in BTC and transfer to USD for trading purposes and the trade to btc for withdrawal? or anything like this? Thats the only problem I have with evolve, im always dealing with BTC/ LTC vol.
Yes, you can deposit in btc and trade on a usd denominated ac & withdraw out in btc . you can check the details with their chat team, they offer 4 other ac base currencies accounts as well . I usually deposit btc and trade on a usd base ac and my withdrawals go out in btc ð. i traded with evolve for a while before moving to coinexx. though nothing against evolve but i prefer coinexx over them simply cos they allow you to deposit & withdraw in 20+ diff cryptos. I like that they let you to withdraw out in any of the crypto currencies listed in withdrawal list, irrespective of wht your deposit currency was.
Wow! Just got off a chat with their support guy “swalker”. I was seeing
some glitches in the MT5 terminal journal, both from my U.S. location
and from the Amsterdam servers. “invalid tick after extended…”
Fabulous support. And they claim they are on top technically,
but that’s not something I’ve been able to verify thus far… I use the NJ4X.com framework, which supports Mixed MT4/MT5 terminal
pools. Right now, I’m not working with the MT5 side, but will have
to use mixed terminal types eventually…
I would not have expected such responsive support from an
anonymous crypto based broker… So looks very good. When
they get back to me about the glitch, I’ll let you know.
hyperscalper
[EDIT] They got back to me with this response. I am happy if it’s fixed !!
Hello Hyper
Hope you doing well. I checked with my IT and we found a specific data packet loss on your ID. The issue has heen resolved and you should not experience the issue again
Apologies for the inconvenience but im glad we are able to resolve it quickly for you.
OK, I’d say in order of preference highest first,
TurnkeyForex, FinProTrading, Evolve.Markets, Coinexx.com, Tradersway.com . With the latter,
not sure I will personally stay. Also commission
is a major consideration, as I don’t know who
could compete with the first 2 in the list. Also,
I hear their commish is negotiable on volume,
and I may finally be getting into volume trading…
of the CFTC, we’re the “victim”.
