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.
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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
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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/
Yeah, I typed in successively larger amounts until I got the prompt
that $2,000 was the minimum… who knows?
hyperscalper
thanks for the info @FX_Hedge , this is good news
what is the process to sign up through ATC Cayman’s, instead of ATC Oanda IB?
do we open an account through http://atcbrokers.com/en-ky instead of http://atcbrokers.com/en-us ?
I think we can forget about ATC Brokers (Cayman Islands).
On closer inspection, ATC Brokers is a dead-end for U.S. residents (other than high-net-worth individuals). In other words, for almost everyone on this thread, ATC Brokers is nothing more than an IB (reportedly for Oanda). If you want to open an account with Oanda, do it directly – you don’t need to go through ATC Brokers.
ATC Brokers is a member of the U.S. National Futures Assoc. (NFA), the sock-puppet of the CFTC.
ATC Brokers is not going to incur the wrath of the CFTC/NFA Nanny State by trying to onboard U.S. residents who do not qualify as professional clients.
Also, it’s most likely that the IB contract between ATC and Oanda stipulates that ATC will not accept non-professional U.S. clients, but will refer them directly to Oanda. If that is the case, then ATC has no incentive to onboard ordinary U.S. traders directly.
Here is the ATC document which defines the various classes of client –
Regarding the requirements for re-classification as a professional trader (in order to open an ECN account directly with ATC, rather than being dumped off to Oanda), here are the operative paragraphs from the document linked above (click on the image to enlarge it) –
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just got there email on my account status, we can forget ATC Brokers Cayman if we live in the U.S.A.
" Dear
Thank you for your interest in ATC BROKERS.
Your application has been received and thoroughly screened by our New Accounts and Compliance Departments.
We regret to inform you at that we are unable to accept your application as you are currently residing in the United States.
If you have any questions please contact [email protected].
Regards,
ATC BROKERS
Compliance Department
Yeah they’re my go-to broker at the moment as well.
Thank you for doing the review
latest on UpayCard, they won’t accept US Bank wire transfers. Tradersway says it has a min of $5000 for US wire transfers, but you better check because that was 4 days ago. The way things are going you need to use a US broker or get Trump to kill Dodd-Frank bill.
What is the latest on the broker list??
Coinexx wants you to use Bitcoin which I’m not familiar with, exchange rates…brokers… currency transfer??
REGULATED BROKER BERNDALE CAPITAL ?
I heard from an associate they were busted by the
regulator in Australia. Traders’ funds are frozen.
I guess those “unregulated brokers” look a lot better now,
huh? This guy had $50k frozen indefinitely…
hyperscalper
Just got email from FXChoice that they would suspend withdrawal wiretransfer, Something fishy is going on with FXChoice
i also received the FX Choice email regarding wire transfers – this is a big concern for me, the notice is giving clients 3 days to withdrawal through wires before the suspension.
im left with withdrawing through BTC, which they charge a 3% fee going from fiat to BTC.
And other withdrawal option has high fee, i don’t know why, but this is a sign, that soon they probably would no longer accepting US Clients
They also offer XRP.
XRP and XLM are much faster than BTC and fees are much less.
Bank wire issues are unfortunate, but seem universal nowadays.
Are you trading with them? Just wondering what you are trading there. I am looking for a good broker to trade crypto on MT5. I use Coinexx for forex but they have limited crypto pairs.
Only demo, so far… Leverage is very low, so not rushing to open new live account… yet keeping them on the radar.
Evolve had a good crypto selection on MT5. FXChoice has some too. Both of these offer MT5 Market Depth feature, which I’m experimenting with. Coinexx has some decent crypto offering, but closes everything on the weekend.
I still find alt coin liquidity mostly too thin. Mainly trading BTCUSD for now. b2btc definitely offers quite a selection. I haven’t seen another MT5 with as many on offer
FXChoice Options
Wires out… dead
Bitcoin withdrawals… 3% USD conversion fee
Upaycard withdrawals… 1% Fxchoice fee + 2.9% usd/crypto exchange fee + 1% crypto transfer fee
Depending on what kind of leverage and liquidity that you are looking for, you might find agreeable offerings via a crypto exchange like Bitmex or Bitfinex. I personally find that the spreads for cryptocurrency are just too wide via current, broker offerings.
If you deposit using BTC, do they still charge you a conversion fee?