Going offshore to escape the CFTC

Broker Discussion Forex Brokers
6111

Hello All,

So first, I have been coming here for years and would like to say Thank You to everyone as this forum as been both informative and enlightening.

Actually, I’ve been coming here for about 6 years after moving back from Ukraine, LOL, I MISS the freedom of living in Ukraine. I didn’t have to find forums like this to open account as I had my permanent resident card over there.

I’m not one to post unless I think I have something to add, I’m passing this along with what info I have for your information.

I heard about this broker while looking into trading stocks. There are quite a few US, day traders who trade with this company and most of them recommend them over another broker that they use.

The Broker is cmelitegroup. I don’t want to post a direct link not only because it’s my first post but you have to sign an Indemnity Agreement to access the site and I’m not sure if a link on another site would invalidate that maybe @Clint could check that out.

If you go to the site and can’t getting pass the Indemnity Agreement try selecting “I Disagree” and than select “I Agree”.

There is a reference about MT4 on their Forex page so I sent an email this is the reply;

Hello,

I Recently opened a demo account with your firm. I am most interested in trading Forex as opposed to the other instruments, with that said I have some questions;

  1. I see a reference to MT4 on your Forex page, Is this platform available?

  2. What if any are the platform fee’s?

  3. Is there a data feed Fee for Forex for the MT4 Platform?

  4. If MT4 is not available what is the data feed fee for your other platforms?

Best Regards,
Gregory

CME Client Services
Dec 10, 2018, 3:52 AM (1 day ago)
to me

Hello Gregory,
Thank you for contacting Capital Markets Elite Group.
Please find below the responses to your questions:

Yes. The MT4 platform is available.
There is no platform fee.
There is no additional data feed subscription
Please see the first response.

You may contact us with additional questions at any time. We look forward to hearing from you.
Best regards,
Donna Noreiga

Manager | Client Services Department

I have followed up with the following email as there is no link to MT4 and the demo I requested is is for their Traders Elite Pro, also they have 2 different account types so I wanted to ask which one would I use to signup.

Hello Donna,

Is it possible to demo the MT4 Platform?
Also, if I was wanting to signup mainly to trade Forex which account type should I use?

Best Regards,
Gregory

I’m waiting for a reply I’ll post an update.

Their Standard account requires 2500$ deposit ( After looking at the site again looks like one has to open a standard account for Forex)

I close this by saying No I as of yet do not have an account, I’ve been using TW and as I don’t have spread sensitive strategies I haven’t seen the need to move my account, however with the new card issues (beginning to feel like I live in a socialist country) I have started looking at other options.

Again Thanks to All of you who have contributed to this forum.

Best Regards,
Gregory
AKA, OnTheEdge

2 Likes
6112

@HyperScalper – I was trying to find the post that you published regarding coinexx execution times between MT4 and MT5, but I cannot seem to find it. I am currently using MT4, but am considering making the move to MT5. I do manual trading, so do you think that the latency would be mostly negligible?

Thanks.

6113

Yes. I think it would be negligible. In my case, I used populations of individual
MT5 terminals, and I decided that their memory footprint was far greater and less
predictable than MT4 within the context of NJ4X dot com executions. It was
saturating 16gb of memory on my server when we got up toward 30 instances,
and found certain workarounds to limit memory usage, but decided finally
to drop back to MT4 until forced to deal again with MT5…

This is for mainstream Forex only; no others… So one instance of MT5 on
most systems would use extra memory; but would not be noticeable on a
modern system…

[EDIT] as for execution times also you would not notice any differences
for most manual trading; and, of course, if you use Pending/Limit style
orders then (in theory) those are already on the server (not sure about
that) so “reaction time” is not a factor…

hyperscalper

1 Like
6114

I took a quick look at CME Group, a.k.a. CMEG, Capital Markets Elite Group, and cmelitegroup.com mentioned by Gregory (screen-name OnTheEdge) above.

This broker is domiciled in Trinidad and Tobago, and claims some sort of partnership with ETX Capital (FCA-regulated broker in the UK).

Regarding the Indemnity Agreement which Gregory referred to: Here’s a screen-shot.
Click the image to enlarge it.

CME Group Indemnity Agreement
CME Group Indemnity Agreement807×762 72.2 KB

Personally, I have no problem with such a Disclaimer. In fact, I like it. I think all offshore brokers should operate this way. You may recall a POST I wrote a long time ago suggesting something similar.

Anyway, thanks to Gregory for pointing us toward this prospect.

I’ll ask the rest of you to dive in and vet this broker further.

2 Likes
6115

Thanks. I appreciate it.

6116

I’m noticing a lot of mixed info on hugos way. Are the trades indeed fundamentally at a 22% cut just from padded spreads alone? Are they that likely to be trustworthy?

I thought they could be a decent alternative to coinexx just because maybe there is some added indemification on my end for having openly stated kyc/aml. plus some really nice alt pairs with high leverage could potentially be an edge over other exchanges. But I mean those 8 dollar spreads on bitcoin could be a deal killer.

6117

Yes, the spreads for cryptocurrency are 11% each way (minimum), assuming you are using max leverage. I asked if similar adjustments are being made for FX pairs, but did not receive an answer to that question.

6118

Yes they are the 2 main brokers I have used but I have to say I am thinking about a switch, maybe to IC Markets? They are fully regulated aren’t they?
I just want to get on with trading without worrying about the broker side really, if you know what I mean.

2 Likes
6119

Yes, I know what you mean; I have my hands full just working on
Trading itself… And with the various funds transfer mechanisms
across brokers; it’s also best for me to go with 1 or 2 MT4 brokers
as a practical matter…

hyperscalper

6120

Well, what an arrogant reply it is, I asked hugosway about their IB program, they asked for my number and I said email communication will be fine and this is what they replied

imgpsh_fullsize
imgpsh_fullsize1271×483 29.3 KB

1 Like
6121

i no longer consider doing business with hugoways after finding out doing a wire transfer my money would be going to a company in florida thru bank of america and then last week it was a diffrent compnay in florida but the same bank of america, now at the moment you can’t do wire transfer because they updating there banking.

6122

I’m the same way, nobody wants to worry about that. I just want to focus on my trading without thinking my broker is going to get shut down out of nowhere

6123

some info on HYCM

6124

Exactly. I want to just get on with the trading.

1 Like
6125

finpro trading has change there address they are no longer in the U.K. here’s there new address

PO Box 2359, Providence Industrial Estate, Mahé, Seychelles. no more phone support

you can see bottom right of there home page https://finprotrading.com/

6126

I feel better now that Finpro & Coinexx are no longer in the UK operating within arms reach of FAS. I’m still with Hugo, but they are really asking for trouble with what they are doing.

6127

I’m still keen to hear peoples results with coinexx. Especially fees and spreads

6128

Maybe not – It looks like Hugosway is staying one step ahead of the Nanny State Sheriff –

Hugosway relocation
Hugosway relocation1151×690 62.4 KB

Edit:

The Hugosway Terms and Conditions still specify SVG as the place of incorporation. So, possibly, they are in the process of changing their domicile. If so, I would expect the Terms and Conditions to be revised to reflect that in the near future.

Somebody should phone them, or start a Live Chat, and find out.

1 Like
6129

this is good news, i read somewhere there was 2-5 million dollars a month going offshore to escape the nanny states so these brokers are getting influx of traders

6130

If I had to guess, I think it’s mostly EU traders moving to the large ASIC regulated brokers (Pepperstone, IC markets, think markets ect) or to their existing EU broker’s offshore entities.