Going offshore to escape the CFTC

[jack112forexdude]

what im curious about though, is there are really only a few brokers who are anonymous acccount oriented correct, coinexx and evolvemarket? So turnkey wants identity documentation, and take americans ?

[HyperScalper]

is there are really only a few brokers who are anonymous acccount oriented correct, coinexx and evolvemarket? So turnkey wants identity documentation, and take americans ?

Ummm… yes. Evolve no longer accepts geo-located U.S. persons.

TurnkeyForex dot com is a very good choice, along with Coinexx.
Both of these offer “fiat currency” denominated accounts.

hyperscalper

[_METHOS]

Not sure about Turnkey, but you may ask about it. Some brokers do not require you to provide KYC documents if you will be depositing and withdrawing using crypto only.

[HyperScalper]

CRYPTO TAXATION PODCAST

Not wishing to endorse anything at all, and I’m not a Crypto
"investor" myself, but thought this would be helpful as
concerns any Crypto type capitals gains and taxation
issues for those who are “Buy and Hold” Crypto investors.

https://bitcoin.tax/podcasts/5c497307b1d702f06bf045fa/crypto-taxation-tyson-cross-tax-attorney

hyperscalper

[_METHOS]

I’d rather see a podcast interviewing the two guys that posted earlier, saying that they were trading multi-million dollar positions. I am honestly surprised that no one is even talking about that.

[Xanaphlaxes]

trading multi-million dollar positions

Agreed! Who knew that Marcus Goldman and George Soros were on our forum?
The discussion also piqued my interest. I’m considering the possibilities of scaling to larger lot sizes (still wayyy smaller than discussed by these gents) than I had previously thought possible. (Slowly, carefully, and methodically, of course!) Kids please don’t try this at home. These are trained professionals on a closed course!
Also a note on leverage… All the usual trading 101 rules apply. Its a bad idea to use big leverage to bet the farm. Rather, I figure the bulk of my account can be elsewhere while leveraging a smaller amount at one time with my broker. But, total account size still has to be the same. Drawdown WILL happen eventually. (Feel it important to stress this in case of new traders reading about leverage).

Tax video is appreciated. It’s going to challenging this year.

[FX_Hedge]

I had FinPro Trading PAMM accounts that were taken over by Coinexx as a result of the merger. Here are my concerns with the post merger reality…

• Coinexx is now an unregulated operation (FinPro was UK based and regulated)
• Coinexx wants all account funding/withdrawal with crypto (tell a new potential US PAMM account client they have to fund their new PAMM account in crypto. Not good)
• Large PAMM account clients want a strong correspondence/depository bank for the broker which offers brokerage credibility (who is that bank for Coinexx)

That last point above is my main issue with FXChoice since they use a bank in Bulgaria. It’s hard to get large account clients to use FXChoice with a Bulgarian bank. My understanding is ATC Brokers new Cayman regulated brokerage can take on US clients for large accounts. I need to really consider the degrading options for US clients and maybe move everything I do to a broker like ATC Brokers - or those who will take large account US clients.

I’m looking for regulated FX Brokers with solid depository bank relationships. When you generate high returns for your clients each month working your a** off I don’t need brokerage house problems. We traders invest a lot of time into building our capabilities and the broker options remaining for US clients (below 50k starting account balance) are not very good right now.

Last item, anyone know of FXPro in UK taking on US clients for 50k or greater in a PAMM account?

[SmallPaul]

finpro was never regulated in the U.K. and fxchoice does a good attracting large accounts and probably the broker to go to for 100k or above

[SmallPaul]

thanks to FX_HEDGE i went and check out ATC BROKERS cayman island and it seems like they take U.S. traders as i got thru the live account sign up process, if anybody wanna do more research here’s there website

https://atcbrokers.com/en-ky/products/

[FX_Hedge]

They were never FCA regulated but their banking side was. That’s what is important to me.

[ForExchange]

Thanks FX_Hedge for a post bringing fresh blood and perspective into the thread. It was good to see the offshore concerns from a different standpoint. Here most discussions are about spreads and servers which is important for scalpers but for the others are irrelevant. For me personally there are tons of more important issues than what I pay for spread, they are actually the least improtant thing I care about.

The points you raised has not been discussed that much at all. I do not say a PAMM program is the interest of most, but your concern is valid and generates thoughts which is always good.

[HyperScalper]

thanks to FX_HEDGE i went and check out ATC BROKERS cayman island and it seems like they take U.S. traders as i got thru the live account sign up process

QUESTIONS ABOUT ATC BROKERS

Can you tell us:

1. minimum deposit ( seems to be $2,000 )
2. minimum trade size MT4 is it 0.1 or 0.01 ?
3. fx commission for round trip
4. leverage offered
5. money transfer arrangements

hyperscalper

[SmallPaul]

you can do your own research

[Clint]

ATC Brokers (Cayman Islands)

This is an interesting prospect.

Here’s what I’ve observed, after a very quick look at the ATC website –

• 38 currency pairs (if I counted correctly)

• FX, metals, and CFDs

• true ECN broker (interbank spreads + commission)

• $6.00 commission, round-turn, per std lot for USD/XXX pairs

• $5,000 minimum initial deposit

• MT4 platform

• Trading week: 5 pm ET Sunday - 5 pm ET Friday

• New York trading day (EOD: 5 pm ET, Monday through Friday)

• roll-over (swaps): 5 pm ET, Monday through Friday; triple roll-over on Wednesday

• segregated customer funds

• bank: NatWest Bank

• regulator: Cayman Islands Monetary Authority (CIMA)

• 200:1 leverage for accounts up to $100,000; 100:1 leverage for larger accounts

• minimum trade size: 0.05 lot (5,000 units = 5 micro-lots)

• no negative balance protection

• Terms of Service more complete and detailed than many other brokers

• no mention of restrictions on U.S. or Canadian customers

---

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@FX_Hedge and @SmallPaul – thanks for bringing this broker to our attention

[SmallPaul]

they use to be IB for fxcm in the USA then they went to the U.K. AND got regulated there and now there regulated in the cayman island, they always done things by the books and now they my top 2 broker on my list , good job ATC brokers for staying true who you guys are.

[SmallPaul]

did a little more research on ATC look like if you live in the U.S.A they will set your account up with oanda, im waiting for my account to be approve i will keep the form posted.

as you can see they are heavy regulated wont surprise me if they send your account to a U.S. broker

https://atcbrokers.com/en-us/

[Xanaphlaxes]

Found a new broker called Fxbrew…
500:1
spreads look competitive
MT4/MT5
Accept BTC for transfers and account denomination
St Vincent and Grenadines
Accepting US

That’s all I have so far. Its enough that I thought it would be helpful to share.

[FX_Hedge]

To get normal FX rules through ATC Cayman for US clients you have to fund large account. Using Oanda is stuck with post Dodd-Frank US rules. This broker has about 15 years of FX brokerage experience and they seem to be very strict in following regulatory compliance. After researching ATC Brokers it was good to discover they were approved by Cayman regulators (very tough to pass) and they use a strong bank.

[SmallPaul]

yes if the cayman branch can take U.S. traders and offer them 200:1 leverage upto 100k account, this broker would be a game changer on our broker list

[SmallPaul]

FXBREW.COM

yeah i just open account with them using my email seem like turnkeyfx if providing there broker service like they do with 80% of these offshore brokers like finpro, turnkey forex, coinexx and a few others

EDIT: I aslo ca’t find no info from FSA on them http://svgfsa.com/

http://svgfsa.com/investor-alerts/page/2/