Going offshore to escape the CFTC

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

Coinexx says on Twitter MT4 is coming soon.

@COINEXX_
Aug 17
More
BIG NEWS!!!
We are excited to announce that Traders on @COINEXX_ will soon be able to access their accounts on MetaTrader 4 platform in the coming weeks. Keep watching this space"

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Hi Guys,

Thanks all for all the good infos and work in this thread. I am looking for the right broker and these turnkey root brokers are offering the best conditions so far. BUT one thing I think is the main risk and I dont red anything about it is the RISK for these companies registered in UK to be sued by the financial autorities for offering financial services prohibited by the ESMA rules. All these companies are registered with activity that are not directly what they are doing which seems indicate that they “play” with the rules.

What do you think about that ?

i have account with finpro, turnkey forex and now coinexx i have yet to fund these accounts for the reason you mention, i wish they was offshore in some caribbean country instead of some heavy regulated country like the U.K.

Hi SmallPaul,

The exact question should be what can happen if they are caught by the financial police in UK? What would be the direct incidence on their accounts and on the seggregated accounts of their clients?

Another question is about the segregation of funds. At what frequency do they update the segregated account of their client to match the BALANCE of the account on their server? I have seen somewere in the web that for Forex, the broker is not obliged to maintain all the time the balance updated.

Another of my concerns is why they ask such high balance on the account for FIX API acces trading ? 25000$ for Turnkey and 50.000$ for FinPro. It doesnt fit with their agressive and super discount conditions.

if they get busted the U.K. will freeze all there activities until they figure things out, doing that time our funds will be tied down and a broker like coinexx might disappear because they don’t use banks but uses cold storage wallets and crypto currencies

It is not where these brokers’ head office reside that matters.
It is where they do business that matters.
UK authorities don’t care if they have no business in UK, even their head offices are in UK.
Do they have business in UK?

I see your point. Plus UK legislation is quite “offshore friendly” with their own “non resident” fiscal status. But I dont see any UK business refused on their web site, so I dont think they would avoid UK authorities intervention.

Another thing is that in FOREX, brokers are not obliged to update client account balance every day like in other markets. So Î dont think they will do more work than obliged by law. That also may explain why some brokers take some time to do withdrawls, specially if they need the client accounts to maintain the leverage ratio needed for their LP’s … aha

They can say your funds are segregated, but may be only your deposit funds or whorst xhat they are willing to leave in your segregated account …

they accept U.K. traders is that doing business in the U.K.?

good point, most offshore brokers who do accept u.s. traders will have something like this posted on there website.

" All information on this website is not directed toward soliciting citizens or residents of the United States and the United Kingdom"

reading this i checked with finpro and turnkey

they dont accept UK traders. i just chatted with them

revisited all the brokers listed on our thread. Not every broker does that atleast none of our brokers listed on this thread barring tradersway. Which i think is a bit Ironic cos they actually do accept US clients and (dis) claim they dont . JAFX did the same untill it got bummed. :smile: I’ll personally will stay away from a broker that openly rejects the idea of onboarding US clients but takes them in. you never know one day when they decide to pack up, they’ll out rightly disown US n UK traders, citing their (dis) claimer and terms.

And i totally agree with Volcanbleu

interesting observation !

It is because under us regs it is against a broker to say they are recruiting us customers