Going offshore to escape the CFTC

[ShatnerReborn]

I’ve had an LQDFX account now for about a year with no problems. Crypto support is great. FX spreads are comparable to what you might find on FXChoice…not really for scalping but fine for more casual daytrading.

Huge selection of other instruments. Even hard to find stuff like soft commodities and London metals. Spreads are a bit wide on some instruments, but many also have zero overnight swap, so nice for longer term positioning.

Overall, the products offered make a good compliment to the more scalping oriented brokers on Clint’s list.

[HyperScalper]

LQDFX ACCOUNT TYPE

@ShatnerReborn you are talking about their ECN account
pricing, right? I’m hoping the pricing will be pretty good.

[EDIT] Finally hooked onto a Live ECN MT4 feed. Weirdly,
their symbols have a suffix “…” Yep, double-dot… So
EURUSD is “EURUSD…” lol. But that’s
OK, except I’ve only ever seen a single symbol suffix… So anyway
the pricings are closely comparable to what FinProTrading
or TurnkeyForex offer; which seems quite good…

hyperscalper

[ShatnerReborn]

No, that’s the “micro” account. ECN is $500 min deposit. Didn’t try ECN yet.

[HyperScalper]

OK, well “micro” account might have 2.0 Pips spreads, where
the ECN has 0.2 Pips spreads, for example. A factor of 10x
tighter spreads, roughly…

hyperscalper

[ShatnerReborn]

CFDs are same on both account types.

[DynaPip]

HI Clint,
I do have a personal experience with Turnkeyforex. When I opened my account in February I initially had trouble depositing with them. Their bank could not find the wire transfer to the account and I had to have my bank provide me with a document with the details of the transfer. I sent out the wire February 26th and they finally said they received the funds on March 16th. This took a lot of emails back and forth about 22.

Fast forward ro now and I have made 30% on my account from my initial deposit and asked for a withdrawal of my winnings, just my winnings not my entire account Here go the wire transfer problems again. I requested the withdrawal on the 26th of July and till today I have not received the funds in my account. The reason they provided me was that I provided the wrong SWIFT code. I double checked all the information that I provided to them. I even sent them the direct link to my banks website detailing the information. It has now been 2 says since I have heard anything from my account manager Barry.

Whatever happens I will post an update as soon as it occurs so that others may take into consideration when opening an account. I do have the bank details they sent me for a deposit if anyone is interested.

Thank you,
Dynapip

[Clint]

Hello Dynapip,

Thanks for your feedback on Turnkey Forex. I’m distressed to hear about the problems you are having with one of our vetted brokers.

In late June, we designated Turnkey Forex as a Trusted Broker. So, it’s doubly distressing to suspect that one of our top-rated brokers might be mishandling deposits and withdrawals.

I don’t have personal experience with Turnkey Forex, but many of our thread participants do.

I will put out a call for specific feedback from those participants regarding their recent deposit/withdrawal experience with Turnkey Forex

Thanks again for the heads-up…

[Clint]

If you trade live with Turnkey Forex (UK), please read this:

In view of the problems reported today by one of our members, I would like to request assistance from all participants on this thread who have made deposits to, or withdrawals from, Turnkey Forex this year.

Specifically, if you have had deposit/withdrawal experience with Turnkey Forex since January, please post a message here, telling us whether your experience was satisfactory, or not. Please include as much detail as you are comfortable sharing.

Thanks, in advance, for helping us investigate this situation.

[scalpingjack]

d trouble depositing with them. Their bank could not find the wire transfer to the account and I had to have my bank provide me with a document with the details of the transfer. I sent out the wire February 26th and they finally said they received the funds on March 16th. This took a lot of emails back and forth about 22.

Fast forward ro now and I have made 30% on my account from my initial deposit and asked for a withdrawal of my winnings, just my winnings not my entire account Here go the wire transfer problems again. I requested the withdrawal on the 26th of July and till today I have not received the funds in my account. The reason they provided me was that I provided the wrong SWIFT code. I double checked all the information that I provided to them. I even sent them the direct link to my banks website detailing the information. It has now been 2 says since I have heard anything from my account manager Barry.

Whatever happens I will post an update as soon as it occurs so that others may take into consideration when opening an account. I do have the bank details they sent me for a deposit if anyone is interested.

Thank you,

Hey Clint! I trade with turnkey, found them here on the link itself… never had any deposit or withdrawal issue with the broker. the deposits work fine and so do the withdrawals. the last withdrawal was in mid july & it was received in time. surprised to see a withdrawal compliant for them cos i have done a couple of them @DynaPip assuming you are from US, it should not take long for your deposits to reach them and withdrawals coming back to you. FYI im a teller with the bank and wrong SWIFT codes can cause delays. In such scenarios the receiving bank returns the funds back to the sender. And incase you need more clarity please PM me or if you can share more information specifically the bank name, maybe i can help with it. thanks

[whywescalp]

I have traded with turnkeyforex and personally never had any issues in withdrawals (I have a very small account, less than 10K so can not vouch for larger account types). My larger account is with finpro and now I’m moving it slowly to coinexx and all three have been very good with withdrawal. @DynaPip I do know from experience and totally agree with @scalpingjack that wrong swift codes can create a lot of issues and I know from past experience that once I made a bank transfer and it did not reach on time to the other party, when I reached out to bank, my bank specifically told me that they will not even initiate a investigation for delay on my transaction because they need to wait for 14 days to consider a payment is delayed (their statutory time limit for a payment is 14 days) and I’m talking about a large cateogry-1 bank here. I would suggest that you email their support (turnkeyforex) and tell them to cancel your withdrawal and pay you out via bitcoin instead (if they havent already made the payment). Typically, if the withdrawal isnt processed they should be okay with withdrawing via bitcoins, and that should not take more than a few hours to reach you. This one of the main reasons I’m more optimistic coinexx.com and see them as a much better choice becuse they deal only in cryptos and there are no banks to delay the deposits or withdrawals.

However, please do keep us posted if your payments are not processed, it will be a matter of concern. Based on my experience, I’m hoping that it is genuinely a bank issue and not a broker issue.

Another though that just came to my mind while typing this reply. Are you using one of the national banks or a regional bank? Because there is also a possibility that you bank has one or more intermediary banks (in case you are not using a tier-1 bank with multinational presence). When your bank relies on more than one intermediary banks for international payments, you will typically see a lot of delays in international transactions. Just a thought … Please keep us posted how your withdrawal goes , fingers crossed !

[whywescalp]

@DynaPip I just re-read your post and see that you mentioned that even your deposit took 20 days to reach turnkeyforex, and now you are facing the same delay in withdrawal. Just a thought… that even if your deposit was delayed by 20 days, there is a high chance that its a bank related problem because for me, both deposits and withdrawals are less than a couple of days.

I sent out the wire February 26th and they finally said they received the funds on March 16th.

Regardless, please keep us posted. thanks !

[theforexalgo]

No withdrawal issues with turnkeyforex. have done three withdrawals since jan amounting to a total of 15 grand infact the last one was received on 2nd aug… they processed it like they always do. @DynaPip any news on ur withdrawal ? do let us know and i’ll refer them to this thread

[DynaPip]

I would like to thank you and everyone here for the continued discussion and I am happy to report that the wire came through today.

Apparently they had to try another bank to wire the funds as the first bank they tried to wire the fund though was coming up with an error when inputting the SWIFT code. My account manager was ill as well which is the reason why he did not respond to my emails.

I have been searching for a long time for a reputable broker to transfer my main Oanda account to. I will trade a few more months with TURNKEY and do another withdrawal and make my decision then. It looks like I may transfer half once I get the confidence to do it.

Again thank you all for your input and comments, it helped me to have a better understanding and confidence as to what could have happened. I look forward to reading more posts from all of you in the future.

Dynapip

[DynaPip]

Yes I am using a regional bank. Maybe this is also a reason why it has taken so long with how you said it has to go through an intermediary bank.

Thank you again for the information and thoughtful post.

Regards,

Dynapip

[MrInvisible]

To those trading with crypto denoted accounts, how do you handle the USD risk? This is the biggest challenge using brokers like coinexx & evlove.

Do you just accept potential conversion losses as the cost of doing business or do you hedge with short crypto/USD positions against your existing balance?

[HyperScalper]

@MrInvisible Yeah, that’s an issue. One way is to leverage as much
Buying Power as possible; thus keeping the account balance constantly
working, and as low as possible in a worst case scenario where the
Crypto/Fiat exchange rate might change by a huge amount. Otherwise,
I got nothing for a response…

hyperscalper

[whywescalp]

Hello @MrInvisible , I haven’t traded with evolve because I don’t find their spreads as lucrative so can not give much inputs into it. But for coinexx.com you don’t have to take BTCUSD risk. You deposit and withdraw via cryptos but you can choose to keep your account in USD (obviously in cryptos as well) depending on your preference. I personally prefer USD account funded (deposit / withdrawals) via cryptos. I find that as best if both the worlds primarily because I don’t think banks make my life any easier and cryptos totally circumvent the need of using a bank or dealing with delays caused by bank transfers. Your risk is limited to the time you take to buy the cryptos and move them over to coinexx, so essentially it’s a non risk.

BTW, just in case you are exploring how to buy/sell cryptos, you can open an account at Coinbase and can get limits of up to 20000 USD per week for crypto purchases and vice versa you can also send them cryptos and get USD in your bank.

Hope that helps.

[MrInvisible]

ok coinexx sounds good, I was unaware about USD denoted accounts. I have a coinbase retail account but I’ve only used their trading platform GDAX(Coinbase Pro now) to deposit & cash out of offshore brokers, it is much cheaper fee wise than the retail side of coinbase.

[wmwmw]

I research both finpro and coinexx commissions, using both sites commission calculators and both choose ECN accounts.
For 1 lot eurusd, conexx commission (round turn)$2.00, and finpro commission (round turn)$9.13, is this true that difference is so big?

[whywescalp]

@wmwmw Coinexx ECN account is way more cost efficient than finoro. However, I believe you should compare ECN account at coinexx.com with VIP account at Finpro. Even though finpro’s website says that you need 25k to get a VIP account you can easily just go on their chat and ask to be upgraded to VIP account and they will happily do so without any questions. But based on my analysis you still end up paying between $1-$2 less in total round trip cost at coinexx, as compared to Finpro. In fact of all the brokers up in the list, I believe, coinexx is the most competitive one. Hope that helps.