Going offshore to escape the CFTC

That is rough !

Im not sure why you would use that broker (or at the very least that payment method). To me it seems that the broker has cut a very bad deal with vload guys and its passing on all the cost to its client. I understand that, if the broker is offshore, he has to deal with a lot of expensive intermediaries but that dosent mean that you go and spend over 10% of your trading capital only to be able to fund your account and then still have to deal with ewallet refunds etc.

My best advise would be use cryptos to fund your account. It is cheaper, fast and easy (well easy only if you try atleast once :wink: )

Almost all the brokers that @Clint has on his list accept bitcoins. You just want to pick the best one who does not pass on the cost to you.

Hope that helps. Best of luch with your trading.

WORKING ON TRADING ISSUES

This offshore brokerage thread is extremely important since, without brokerages, it’s hard to do good Forex trading. I’ve been working more on the trading analytics side of things, in this thread:

One broker which is extremely valuable is Dukascopy, in Switzerland. Unfortunately, they will not grant LIve accounts to U.S. persons, but they will grant perpetually renewable DEMO accounts. They offer a Market Depth from which inferences can be made to generate a Time and Sales, and a complex API which is able to access this streaming realtime data, i.e. Depth of Market data on which a virtual Time and Sales can be derived.

Both of these are information which can be added to Currency Strength Trend to “triangulate” trading in Forex. The three “pillars” are: 1) Currency Strength (which does not require volume information), 2) Depth of Market based Trend prediction calculations, and 3) the ultimate prize of Order Flow or Trade Flow inventory calculations.

In all 3 of these, and taken together, our goal is to predict before Price moves, where it will be moving. I’ve been deep inside code integrating these data sources for proprietary trading bots. But a lot of such information can be used as a basis for daytrading scalping, or even longer periods and I’d like to make that accessible free of any charge. The problem is understanding what all of the data means, and maybe I can use another thread to discuss all of that…

These topics don’t fit into this “Going offshore to escape the CFTC” topic thread…

hyperscalper

COINEXX.COM USD DENOMINATED ACCOUNT FUNDED
DIRECTLY THROUGH CRYPTO TRANSFER OF LTC

So I opened a USD denominated account at Coinexx.com, and funded it
by sending LTC (Litecoin) from Coinbase into the deposit wallet address.
Actually, I started the transaction and Coinexx said I had 30 minutes to
complete it. Well, several hours later, I actually did send the LTC and
that incoming wallet address at Coinexx was still valid !

No “intermediate” wallets involved. Most other brokers give you a “crypto
wallet” so you transfer to that, and then from that wallet , as a next
step, you use the crypto to purchase USD which is deposited to
your USD account, for example.

So it was directly deposited in USD from the incoming LTC in one step
from my perspective, even though obviously they would do the
LTC -> USD conversion behind the scenes, I assume… Very slick.

I’m finally gearing up to do some volume trading, across multiple
accounts and brokers, through a couple of in-house developed BOTs.

[EDIT] I think I’ve mentioned earlier that this means I need to use a mixed
MT4 and MT5 server pool setup under NJ4X.com’s Pro Terminal Server.
I just need to test to be sure these MT5 pools operate as expected.
“Trust, but verify?” lol

hyperscalper

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Is there a reason you use litecoin? Etherium has average transaction times <20 seconds compared to 2 1/2 min litecoin & 10 min for bitcoin.

Coinexx, Finpro & Turkey all seem to be white labeling the same technology. Sign up menu & process, back office layout & menus, opening live/demo account process are all the same & and all 3 are in the UK.

yes they have the same technology provider turnkeyfx

@HyperScalper this is interesting but am wondering how much of the funds are lost in transition/conversion? Will try an account with them… have shitloads of dogecoin hope im able to use them and able to directly fund their usd account with my coins

Well. Discussing about the direct conversions by the brokers, I tend to agree with @HyperScalper over here. These any-to- any kind of transactions will actually make trading through cryptos a hell lot easier and effective. I guess that is one thing these new gen brokers are focused on. Ya obviously there is no magic happening actually they are just doing one transaction on the backend for us and I don’t think much funds are lost in the process @rushilsmith
Infact, it is cost and time effective compared to the other brokers where you first have to buy the crypto be it BTC, LTC or DOGE through coinbase and then send it to your specific wallet address with your broker and then again convert it into USD so you can finally trade forex or other instruments. (calculate the add-on commissions) and crypto being so volatile in nature, every second is important here. so time saved in one extra conversion is actually money saved…

I just had a conversation with Coinexx and was unable to confirm that they used TurnkeyFX.com . However, their quoted commissions match exactly what I believe FinProTrading and TurnkeyForex will offer, so the similarity is compelling:

[email protected]
Regarding commission, we have a standard $2/lot round turn commission structure for commodities & currency. For cryptocurrency; the commission is $2/100K round turn. And for stock indices it is 0.2/lot round turn Please be advised that commission is quoted in dollars and will be converted as per your accounts base currency. You can refer to our commission calculator to check what commission you will be charged to you. FX Cryptocurrency Trading, Crypto Forex Broker - Coinexx

These are also 500:1 leveraged accounts.

I am attracted by Coinexx.com which offers base USD accounts, but does not offer USD funds transfer mechanisms. You would use Crypto transfer mechanisms into and out of your USD funded account. That’s fine by me !!

I’ve been able to integrate Coinexx accounts into our framework, and things are working well as expected. Am tempted to move lots more to Coinexx, but don’t want all of my “eggs” in one single “egg basket”… lol

I should repeat my usual disclaimer that I do only the 28 Major Forex pairs, so nothing I say has anything to do with any other products like CFD’s, etc…

hyperscalper

2 Likes

Turnkey Forex & Coinexx live feeds, looking suspicious…

Different broker’s executable streaming prices could never be that identical across that many currencies unless they are one and the same.

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also if you go to myfxbook click on broker trade volume and only click finrpo. turnkey and coinexx and you will see they have the same trade volume across the same pairs, they all use turnkeyfx

https://www.myfxbook.com/forex-broker-volume

Fullerton Markets goes offshore

“LeapRate Exclusive… LeapRate has learned that New Zealand based Retail FX brokerage Fullerton Markets has gone (farther) offshore, transferring all business from its NZ entity Fullerton Markets Limited (FML) to a newly created entity in offshore jurisdiction Saint Vincent & the Grenadines, called Fullerton Markets International Limited (FMIL).”

https://www.leaprate.com/forex/brokers/fx-broker-fullerton-markets-leaves-new-zealand-for-st-vincent/

When I saw this news item in LeapRate, I decided to look into Fullerton Markets.

We have had Fullerton Markets in our Alphabetical Listing (see post #4 ) for a couple of years, and they have always been marked “no U.S. clients”. But, I wanted to see whether anything has changed in their new jurisdiction.

I noticed this statement at the bottom of each Fullerton webpage:

“Fullerton Markets is proud is offer its list of products and services to its growing number of global clients. Spot forex and Derivatives are available to all clients. Please note: Fullerton Markets currently do not offer services to New Zealand residents.”

Okay, so I decided to open a live account.

Here’s a screen-shot of the first page I submitted. Note that there is no reference to citizenship or residency on this page. However, the country-code in my phone number (which I have redacted here) clearly indicates that I am in the U.S.

The next page in the live account application process stated the following:

“Thank you for opening a new account. Please check your email for access credentials. Kindly expect a phone call from our friendly New Zealand representatives (country code +64) to your registered phone number in order to verify your application. Failure to being verified may result in your application being declined.”

Fullerton sent an email, seeking to confirm my email address, and asking me to verify that I received their email, in order to “confirm” my account.

After I did so, they sent me another email to confirm my new account, along with instructions for uploading proof-of-identity and proof-of-address – which I have not done yet.

And I have not yet spoken to anyone by phone, because it’s past midnight here, my time…

So, I’m several steps away from actually having a live account with Fullerton Markets. But, so far, it looks as if we may have found a new offshore broker.

I will let you know how this turns out.

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  • I have removed all of the red update icons from posts #1 thru #5 of our List. This little clean-up chore has to be done every couple of months. As additional updates/changes are made to the List, they will be tagged with the icon.

  • The list of links in post #2 will be updated later this week.

i talk to there live chat here’s there answer " Sorry, currently we do not accept US clients"

i believe turnkeyfx owns finpro trading as i stated before when you do a wire transfer with finpro trading your money is going to turnkeyfx they also have the same Director

https://beta.companieshouse.gov.uk/officers/a8SMYv8D0IPjr1-FwyykcAnRgdY/appointments

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This thread is gold. Thanks @Clint for managing it since 2010. :bowing_man:
@SmallPaul whats up with you brother? It seems you hv dedicated your account to these brokers turnkey & finpro lol and everyone here (including me – a first timer now knows) that they are related to this another turnkey company grrrr . let’s talk about their services, conditions & any withdrawal deposited related info or issue or any scam they’ve done - which matter more I think and is more in line with what this thread is about. Lets maintain the sanctity of this thread discussing broker related concerns and views. And btw you making them famous by talking about them only :thinking:

lol i hear you brother :zipper_mouth_face:

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Yeah, that’s because they are likely to be the same feed, which is fabulous in my view.

I am extremely happy about that fact. The underlying TurnkeyFX.com service backend pricing and execution accuracy is just super-good. I asked about their usage of TurnkeyFx.com as a backend service, and the rep didn’t know, but I suspect it’s the same service.

Coinexx adds support for USD denominated accounts, in addition to Cryptos, excellent performance and great commissions. What more could anybody want? Relative anonymity, good service and support and high performance for a retail connection… Wish I got commission for recommending them but, alas, not in that business :slight_smile:

Transfers for USD denominated accounts in and out must use Cryptos, like Litecoin as my personal preference, and that’s perfect as far as I’m concerned.

Coinexx has quickly “rocketed” to the top of my list of brokers, and I’m setting up lots of accounts there, recommending that clients and acquaintances serious consider it.

They do require MT5 so I’ve spent the last couple of days validating the NJ4X.com framework’s “mixed” MT5 and MT4 support. A memory leak on reconnection to the MT5 server pools, was identified and fixed by NJ4X support. So I’m good with this MT5 terminal requirement at Coinexx.

I’m going full bore with automated trading at Coinexx, but still have FinProTrading, TurnkeyForex and some Evolve.Markets accounts which are “copy slaved” together. The latter, Evolve.Markets does not currently offer USD accounts, so not sure if we will stay there… I get nervous with long term exposure to Crypto/Fiat fluctuations…

hyperscalper

Yes, out of the 3, I also prefer Coinexx. Litecoin & Ethereum network fees are cheaper and transaction times are much faster than the bitcoin only transfers allowed by Finpro & Turnkey Forex. The auto conversion to USD eliminating the wallet step also saves time, which further reduces potential USD/Crypto exchange rate risk.

As we discussed weeks ago, my objective is to hit different LPs, so having Coinexx as well as Finpro & Turnkey makes no sense for me.

The only pain in the arse with Coinexx is that it’s MT5, I have a few custom indicators that are mt4 only.

On Evolve… I strictly do crypto day trading there since you can’t find a reputable broker offering 50:1 leverage on cryptos anywhere else. I hedge by taking a short 1:1 crypto/usd position against my balance when not in a trade to mitigate the exchange rate risk. It costs an extra commission fee but at least I have peace of mind and can sleep well not worrying if BTC/ETH/LTC fell >20% vs the USD when not in a trade.

Yeah, I have a small number of indicators I’d need to recode
into MT5. That, of course, is the reason traders have resisted
MT5 all these years… But, still, the MT5 seems good, and I
run a “mixed” environment right now…

hyperscalper