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 !!! 
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 , 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.
COINEXX GREAT SUPPORT !
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.
Have a great weekend ahead
Cheers
Samuel
MY FAVORITE BROKERAGES
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…
hyperscalper
1 Like
Hello HyperScalper,
Would you be able to expand on why the higher leverages make it possible to have less money at risk when using an offshore?
I will be going live in September and this thread has been exceptionally helpful for me choosing a broker. My broker list is down to three: Turnkey, LMFX, and FX Choice. That list will be narrowed to two come the start of August and will choose my broker by the end of the month. I will be sure to contribute to this thread and share my experiences with the broker of my choosing.
Higher leverage multiples mean you can control more currencies
amounts (lot size) with a given amount of base account equity.
Most offshore brokers offer 10x the leverage of any remaining
U.S. broker; therefore only 1/10th the equity needs to be held
in the offshore account for the same buying power.
[EDIT] I feel I should clarify what I mean here. It’s a bit like they
say “don’t try this at home kids…” in the sense that you must
not over-leverage yourself, unless you have manual or automatic
methods which are proven to control your exposure.
There is a “trader’s paradox” or a tension here, in the sense
that if you are too “defensive” in your trading, then you will
lose when otherwise you should be able to win. On the other
hand, if you are too “offensive” in your risk allocation, then
you might suffer unacceptable drawdowns. My main solution
to this problem of over-commitment is to use multiple entries
scattered across a wide range in creating a position, and to
factor “price adversity” into your method from the very
beginning…
hyperscalper
1 Like
@Mapex4X I think higher leverage lets you better manage your risk.
Lets take a mathematical example
Say you have two accounts each with 10K USD. Account 1 has 10X leverage and Account 2 has 100X leverage. Both the accounts have margin call at 70% and position closeout at 50%.
Now lets say you buy 1 standard lot of EUR/USD in both Account1 and Account2. Mathematically speaking, you have the exact same risk and risk capital in both the accounts.
After the above trade, In Account 1 your free margin will be 0% and in Account 2 your free margin will be 900%.
Now lets assume, EURUSD goes down by 300 pips. You are loosing 3000 USD on your trade both in Account 1 and Account 2.
In Account 1 you will get a margin call but in Account 2, your portfolio is intact and you can continue to hold your positions.
Now lets say EURUSD goes down furhter 200 pips. In that situation, you will be loosing $5000 in both Account 1 and Account 2. Your free margin in Account 1 will be -50% and in Account 2 will be 400%.
At this point, your Account 1 will hit a margin call and your positions will be closed out by your broker of Account 1. BUT in Account 2, there will be no change to your portfolio and your positions stay untouched.
So essentially you are going to have to fund your account or risk close out of positions pre-maturely in Account 1 while in Account 2, you not only can carry on with your positions but can also add more positions if you wish to double down or diversify.
Essentially, the more the leverage, the better it is for your portfolio “Assuming” that you will not abuse the leverage. By Abuse of leverage I mean, that technically, you can only open 1 standard lot in Account 1 but you can open 10 standard lots in Account 2. And in that case, if EURUSD goes down by 100 pips, your Account 2 will wipe out while Account 1 will stay in tact.
The issue is that regulators assume that the forex traders are dumb and will always open 10 standard lots instead of 1 if given the choice and hence should have the leverage down to 10X instead of 100X. This might be true for amatures or start-up traders, but is almost always wrong for educated / pro traders. And almost always inevitably end ou making it difficult for forex traders to make right bang for the buck. Plus, forex is an OTC market and regulators like exchanges more than OTC because there are more fees, more taxes and more control on what can be traded as opposed to OTC market.
In the end, if we can pay higher taxes and smoke as much cigarettes as we want, even though we know its bad for health then Why can we not make our own decision on our trading leverage ?
1 Like
Also, offshore brokers offer something US brokers won’t (can’t because not allowed by CFTC regulations) – “negative balance protection”. So you get the advantages of extreme leverage, with limited downside risk like an option.
Imagine having a large short position in CHF Futures going into the SNB crisis a couple of years ago. The CME would have called “Dog the Bounty Hunter” to collect the loss “down to your last cufflink” as they used to say. More than a few trading careers were ruined that day.
But if you had been trading offshore, account balance would have been zeroed, otherwise no big deal.
Did you know the German Financial Authority (BAFIN) requires retail FX brokers to offer zero balance protection. Yet another example of how US regulators exist to serve the Financial Institution cartel, not individual investors
EXHAUSTION OF BUYING POWER NOT SUCH A GOOD IDEA
My subject says it all. IF you are even close to “flirting” with exhaustion
of your Buying/Holding Power, then you should just hang it up…
I’d just leave it at saying, in general, that you have 10x Buying Power
with these non-U.S. brokers; but let’s not push it, UNLESS you
happen to have a Trading Strategy (or Algorithm) which gives
you CONTROL over your Exposure… 'Nuff said ?? LOL
hyperscalper