Going offshore to escape the CFTC

Broker Discussion Forex Brokers
5665

“Identity Verification. To help the government fight the funding of terrorism and money laundering activities, Hugo’s Way is required to obtain, verify, and record information that identifies each person who opens an Account with Hugo’s Way. When Customer opens an Account, Hugo’s Way is required to collect information such as the following: 1) Customer’s name; 2) date of birth; 3) permanent address; and 4) identification number. If Customer is a U.S. Citizen, the identification number required is Customer’s social security number. Hugo’s Way may verify Customer’s identifying information by performing a credit check, or requiring Customer to provide a driver’s license or other identifying documents”

Does hugos way indeed require that much KYC information? They are clearly breaking some sort of cftc rules by not being a registered foreign exchange to offer commodities, since team america gets to retroactively call crypto a commodity.

5666

Same KYC as turnkey, finpro, fxchoice, lqdx & traderway… ID & proof of address (bank/CC statement or utility bill)

5667

thats standard across the board @jack112forexdude Most of our brokers from the list ask for 2 forms of ID proofs. KYC shouldn’t be a deterrent

this thread here lists the documents required by the brokers listed on it. It has few common names as our list.

love to hear more details pls, esp wrt to spreads & withdrawals

5668

well being allowed to start an account with a us id at all is a pretty good start considering im not suppose to be on crypto ones that i use. it’d be good to have a fallback.

It is quite alarming in a good way to see that they offer 100 x leverage on so many alt coins, i truly wonder how they have the liquidity for such things, im interested in peoples experiences. That kind of leverage on an alt coin could lead to some profound profits (or losses)…crypto alts still out perform everything .even in a bear market. Though I tend to just hyper focus on bitcoin. (I’m not a maximalist though )

5669

100:1 is quite insane on crypto… to be honest with how much those things move I don’t need more than 20:1.

5670

i did open account with them same process as fxchoice and tradersway don’t know if i will every fund my account but i keep my options open

i have account theses following brokers.

fxchoice- funded and makes weekly withdrawals and live off the money

tradersway- funded makes monthly withdrawal but slowly moving funds to coinexx

coinexx- funded with hand cross

lmfx- not funded

findpro trading- not funded

turnkey forex- not funded

hugosway- not funded

1 Like
5671

what scare me about these brokers offering U.S. stocks is that it makes it easy for the cftc to go after them other then that from doing my little research everything look positive so far

5672

This thread has been invaluable to me over the past few years since FXCM went under, but I haven’t had anything to contribute… I guess I still don’t, but I’ll just jump in to say I’ve done multiple deposits and withdrawals with FX Choice, with zero drama or complications. I’ve recently been experimenting with others, probably with the same philosophy as SmallPaul - I don’t want all my eggs in one basket. I may as well lay it out like his list to make it easy:

FX Choice - funded, withdrawals with no issues

Tradersway - funded and trading, no withdrawals yet… Bitcoin deposit process is seemless, execution has been good

Coinexx - funded and trading, no withdrawals yet… Bitcoin deposit process is seemless, execution has been good

Finpro - funded, withdrawals with no issues

Hugos Way - setting up account now out of curiosity… Those spreads are no joke though

Thanks again to everyone who has contributed to this thread!

1 Like
5673

BROKERAGES

I’ve pushed a dozen or so live accounts to Coinexx
in USD denomination… Their MT5 terminals have meant
I had to do some stabilization testing with the NJ4X framework,
but looks good now.

My currently active list of brokerages: Coinexx, FinProTrading,
TurnkeyForex. If none of these significantly “goes away” or
"degrades"… then I’ll consider others. Currently, I am not
happy with Coinexx performance, but I can work with it. The
top performers are FinProTrading and TurnkeyForex, as far
as I know…

Personally, I have to stop collecting “trial” brokers, as I ramp up
my trading operation… Just too much work to evaluate them…

Having said that… If anyone has a Live MT4 brokerage and wants
some technical evaluation, on 1) spreads, plus 2) order entry
performance… then you’d need to provide me credentials, and
make sure you change the password when I’m done !!

I’ve just been too busy with Forex Order Flow, Risk and a number
of other feeds from a central server into the BOTs… to pay much
attention.

@Clint
I REALLY APPRECIATE CLINT’S EXPLANATIONS of IOSCO, although
I do not need more depressing news about the unavailability of the
world’s best brokerage for us, as U.S. persons.

hyperscalper

5674

Hey guys, I just noticed this…

3 Likes
5675

interesting! glad they’ve added MT4 :hugs:

just noticed they made few changes to their client area as well. they;ve automated leverage change, internal transfer, password resets

& can see vload listed on the deposit page… seems like coinexx is on fire

1 Like
5676

look like coinexx just took the whole damn cake and they ain’t sharing

1 Like
5677

Seen it. But I am not in the US. I have had no problems with them.

5678

I use Hugosway. Good broker, good customer service too. Always quick to respond.

5679

Ummm… MT4 is what I was missing, moving some eggs to their basket soon. Thanks for the info

5680

i do agree hugosway should be on babypips list

5681

i just put some more eggs in there bakset, coinexx is leading the pack i will be doing s nice size withdrawal around the first week of december i keep you guys posted if any shady business

1 Like
5682

i need to check to make sure hugoways and coinexx have google 2 factor athentication. its a biggie. any other 2fa is liable to get you sim jacked.

5683

COINEXX USD MT5 ACCOUNT PERFORMANCE ISSUES

Coinexx-Performance-Issues-USD-MT5
Coinexx-Performance-Issues-USD-MT5799×534 19.7 KB

I have issues with the slow and variable performance of
Coinexx USD MT5 accounts, and will need to check why
they seem so variable and slow…

[EDIT] anything under 100 or so is an artifact, and should
be disregarded. Most times are in the 500 msecs or higher
range.

[EDIT2] most are Coinexx accounts, but there is an Evolve.Markets
and a FinProTrading account mixed in there…

[EDIT3] Yeah, some pretty serious delays/hangs on executions
in testing here. I hope it’s just “teething problems”… In a multi-account
system, the weakest/slowest account can affect overall reliability
and performance, so I guess I’ll need to code around this slow/hang
issue, which is a good idea anyway… I’ll report if I can get more
insight into Coinexx Live execution issues… Hope it’s just a
“speed bump” and they can get past it…

[EDIT4] Just thinking aloud here, maybe if my accounts can move
back to MT4 then that will largely resolve the execution issues…
Have generally found the MT5 integration to have issues… I’ll
see whether that’s an option for my accounts. Mixing in Forex
trading with all of the other trading instruments is likely the
complexity which is affecting performance; especially as the
equities markets are crashing/correcting yesterday and today…

[EDIT5] OK, abandoning MT5 and opening Coinexx MT4 USD
denominated accounts… Hope this process resolves many/all
of my issues. I’m glad they are offering MT4 as I hope it will
bypass all of the “explosion of instruments” which MT5 represents,
plus the MT5 terminal is a “memory hog” in NJ4X terminal pools…

[EDIT6] Their support is good, and I’m moving the MT5 balances
to MT4 accounts through “internal transfer”. Once that process
is finished, I’m expecting to get reliable performance… :slight_smile:

[EDIT7] OMG !!! The internal transfer is instant ! So the MT4
accounts are instantly ready to go… Starting to love Coinexx again ! :slight_smile:

[EDIT8] WOW !! Order placement times in the 70-80 msecs range,
so Coinexx MT4 a HUGE advantage in Forex, versus really terrible latencies
in the 500 msecs or much higher ranges, for MT5 terminals… So…
IF YOU TRADE FOREX, with Coinexx, do NOT use their MT5
terminal; rather, open the MT4 account type instead… Lesson Learned? LOL :slight_smile:

[EDIT-final]
Some sample timings in milliseconds with MT4 connections Coinexx USD Forex:
C:\Users\brent\HyperScalper\apps\tt1\tt>tail -f ttbeta.log | grep elapse
[20181011-16:07:44.366(GMT)] OrderOp Sell Limit elapsed: 97
[20181011-16:07:47.439(GMT)] OrderOp Cancel All elapsed *: 7
[20181011-16:07:47.506(GMT)] OrderOp Cancel Order elapsed: 66
[20181011-16:07:51.883(GMT)] OrderOp Sell Limit elapsed: 67
[20181011-16:07:55.346(GMT)] OrderOp Cancel All elapsed *: 2
[20181011-16:07:55.484(GMT)] OrderOp Cancel Order elapsed: 138
[20181011-16:08:06.971(GMT)] OrderOp Buy Limit elapsed: 102
[20181011-16:08:09.990(GMT)] OrderOp Cancel All elapsed *: 2
[20181011-16:08:10.054(GMT)] OrderOp Cancel Order elapsed: 64

Almost seems like FinProTrading or TurnkeyForex timings… Hmmmm

hyperscalper

5684

I have a few friends who use them too. All pretty happy.
Where is this babypips list please? I have not seen it I don’t think.