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.
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.
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.
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
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
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.
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
some info on HYCM
Exactly. I want to just get on with the trading.
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/
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.
I’m still keen to hear peoples results with coinexx. Especially fees and spreads
Maybe not – It looks like Hugosway is staying one step ahead of the Nanny State Sheriff –
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.
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
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.
I plan on using coinexx. My biggest hangup, what about filing the FBAR for the IRS? I want to be honest with the IRS. My fear is that I list coinexx accounts in the FBAR, and I get them in trouble or get them on the radar. How are you guys dealing with filing FBAR’s with these offshore brokers?
Quoting forbes…What if your trading is on Binance, the offshore site? If your account is worth at least $10,000, you are obliged to tell the government about it in an FBAR filing. You were planning to omit that form, too? Then understatement penalties may be the least of your worries. Prepare for a visit to the penitentiary.
i have an offshore IBC and that company have a offshore bank account and forex broker account all my trading profit goes to that company, you must report you own a company offshore to IRS.
my offshore company can make as much money as it want, i only report my income when my offshore company sends me money here in the states at this point i have my accountant do my taxes at end of year.
a little info for your mind.
That article does not apply to us. Trading income (Capital gains) = passive income
Subpart F was designed to prevent US citizens and resident individuals and corporations from artificially deferring otherwise taxable income through use of foreign entities.
Passive income (net expenses) such as capital gains, dividends, interest, royalties, rent, annuities, offshore shipping and personal service contracts are treated as Subpart F income.
Subpart F income whether distributed or not is taxable to the US shareholders personal return (or corporate return if a US corporation is the owner) in the year it occurs as ordinary income.
Income in from other types of operating businesses such retail stores, factories, etc. that do not have operations in the US and do not purchase goods from a US affiliate of the business is not taxed to the Controlled Corporation shareholders until it is actual distributed to them.
Unless you…
There is no such thing as eliminating US taxes. #3 is really just a tax strategy multi national corps use to defer their foreign sales income (GE, Microsoft & Apple ect.). They also make foreign acquisitions with that offshore money tax free.
Form TD F 90-22.1 - Foreign accounts (accounts held >10K total anytime in yr)
Form 8938 - Foreign assets (accounts/stock/interest >50K end of year & >75K anytime in yr)
Form 5471 - Foreign corporation Ownership & Subpart F income (>10% owned IBC)
Yes we are ratting out the offshore brokers when we file taxes, but you have no choice.
