Going offshore to escape the CFTC

SmallPaul 2020-01-10 18:32:14 UTC #8207

moving on, any new ideas how we can upgrade our current list of offshore brokers?

_METHOS 2020-01-11 00:35:03 UTC #8208

I think that may depend on each person’s needs. Personally, I like to transfer to/from my own soft wallet(s). Exchange wallets should only be used as temporary wallets, for purchasing and selling crypto and not for storage…just my opinion. Part of that mindset is based on my early experiences where direct transfers to/from exchange wallets were not always possible, so a private wallet was necessary to serve as a go-between.

Exchange wallets are also bigger targets for theft and are privacy killers, especially those that are subject to US regulation and compliance. I also believe that it is important to have multiple wallets…not just for segregating tax/crypto card funds etc., but as an added layer of security and risk mitigation.

Overall, just my opinion and personal preference. Having more transfers requires more time and fees, so each person will have to weigh the pros/cons. Some people may not use a crypto pay card, do not care about privacy, are able to do direct transfers and use multiple, brick and mortar bank accounts for segregating/securing funds, so my methods may seem nonsensical to those individuals.

Xanaphlaxes 2020-01-11 16:07:14 UTC #8209

It’s been mentioned several times, but bears repeating. Maybe we need a new thread that covers all issues facing US Forex traders. We could discuss futures, BO, domestic brokers and offshore including comparisons, etc. Many of us are interested in these topics and are hesitant to clutter this thread (any more than I have already. thank you for entertaining my occasional rants ).

HyperScalper 2020-01-11 16:50:35 UTC #8210

The scope of a discussion on any such new thread, needs to be
kept narrow. *All issues facing US Forex traders" is way too broad
a scope, I’d say.

Peeps have complained about my pushing CloseOption binaries
as an adjunct to Forex Risk Management because, rightly so,
most traders (including myself) are struggling just to WIN at
Forex.

Let’s face it; the Biggest Issue that U.S. and non-U.S. traders
have is NOT the broker; rather, it is winning consistently and
that is an Analytics issue, not a brokerage issue !

If I had to choose a U.S. Forex broker it would be IG Markets
since they have a MetaTrader platform; even though the FIFO
would be an annoyance, but I could live with that, worst case.

hyperscalper

YoungGun 2020-01-12 14:12:38 UTC #8211

(post withdrawn by author, will be automatically deleted in 24 hours unless flagged)

SmallPaul 2020-01-12 19:19:38 UTC #8212

sound like a good idea what would you suggest the name of this thread should be

_METHOS 2020-01-13 01:59:39 UTC #8213

Might be better to create a discord group or similar, to cover multiple topics that are relative to American traders. Just not sure how many people would be keen on joining. Maybe conduct a poll.

Glastonburyk 2020-01-13 16:46:14 UTC #8214

Fxchoice and Eaglefx are both very good

Xanaphlaxes 2020-01-13 19:12:07 UTC #8215

Something like “Trading as a US citizen”…

I’m picturing a discussion and comparison of the tools we have available to make a living as traders in the USA with less than 10 million dollars.
All of the following would be fair game;
Forex Offshore
Forex Domestic
Binary Options
Futures
Stocks
Crypto

We could leave this thread as pure Offshore discussion.

Hyperscalper, if people want to discuss their trading strategies they certainly could. I don’t think anyone would complain about someone sharing a profitable system!

HyperScalper 2020-01-14 00:02:05 UTC #8216

OK, friend, how about this post ?

hyperscalper

MrInvisible 2020-01-14 00:18:44 UTC #8217

Looking at the carry trade… usd/jpy or chf, here are the brokers that I have accounts with in order of best rates…

#1 FXChoice
#2 LQDFX
#3 Cryptorocket/Hugosway
#4 Tradersway
#5 Coinexx/TurnkeyFX

ForExchange 2020-01-14 08:52:44 UTC #8218

Thanks for the answer MrInvisible. Lately I put a lot of time into this, it is not so easy to get the numbers for some brokers. There are even comparisons online, but some brokers do not give out information on the web. So I have to chat with them to get information. There is even a case where I had to register a demo account as live chat said he cannot give but I can see it in MT4 so I need to register…

I must say my situation is a little easier as I can register with any broker and in many cases the best carry trade is given by the here called “onshore” brokers.

The trick is however, onshore brokers have the best carry trades but in many cases you cannot get good leverage at all so in the end a worse carry trade with more leverage might still be the better solution. Especially as I have seen that it has been a case that a broker has different leverage (200:1) during the weekdays and a lot worse (60:1) leverage for the weekend. This fact really messes up things.

HyperScalper 2020-01-16 18:14:29 UTC #8219

CLOSEOPTION BINARY MULTIPLE ACCOUNTS

These outfits usually stipulate you can have only a
SINGLE account, and that they’ll ban you if they
discover otherwise.

I begged them, insisting I wanted 2 accounts; one for
options <1 hour duration and the other for options
which are >1 hour out to 30 days expiration durations.

Very reluctantly they agreed to allow me to open a
second account. With the exception that the system
would
not allow me to use the same phone number ( I used
my second line), it worked smoothly. [edit] I opened
a second email for the second account, as that would
probably have been a conflict also, with the existing
account.

[EDIT] I repeat that this company, CloseOption requires
KYC identification, but is very friendly to U.S. traders.
So it’s all above board and, as I’ve also said, they
appear honest, and their system execution is beyond
reproach in its accuracy. In other words, they don’t cheat

They are amenable to some negotiation, and do have
good support for any issues.

[edit] I have been using LTC crypto (under their "Bitcoin"
umbrella of funding choices) but noticed it is not
available so I asked their support and they said it
was only temporarily unavailable. They use a 3rd
party for a wide range of crypto funding choices, and it
has always been very smooth.

I consider this Binary Option broker to be a valuable
tool for high volatility News Event trades, as well as
in a number of other ways in the underlying Forex market.

hyperscalper

SmallPaul 2020-01-17 04:05:43 UTC #8220

i don’t think there are any interest in option trading in this thread

_METHOS 2020-01-17 12:11:21 UTC #8221

@SmallPaul - Difficult to say. I suspect that most readers of this thread are lurking in the shadows, and we may likely never hear from them.

I would like to state, as a sort of soft word of caution to @HyperScalper, however, that you might want to start including some disclaimer in your posts just to cover yourself, in the off-chance that things do not work out.

You have already stated that you are not associated with any of the binary brokers that you are advocating, but I personally would not want to deal with any splash-back, should someone try to make some bold claims about you. It is just a matter of avoiding the inconvenience, I suppose.

I only say this because I have been in a similar situation with a cryptocurrency ICO, and although I knew that I would be fine, it did not feel nice having to deal with the accusations and threats. Intelligence is not something that is equally-dispersed, evidently, and it can be a difficult task trying to reason with crazy people holding pitchforks.

SmallPaul 2020-01-17 13:27:08 UTC #8222

the title of this thread will draw like minded so i don’t think traders are looking to talk about option trading in this thread

EDIT: i think a topic like option trading does need it’s own thread

HyperScalper 2020-01-17 16:17:58 UTC #8223

What would I want to disclaim?

When I talk about using CloseOption Binaries, I’m talking about
FOREX trading, which is my main focus.

When I use it, I’m trading a FOREX prediction, but simply using
the 1) precision, and/or 2) the risk management features
of the Binary platform.

U.S. persons (which is the focus of this thread) can freely access
this broker, and can do so with KYC and good support.

But, as should be obvious, I am a U.S. FOREX trader, so
any tool I could recommend which helps FOREX traders
to succeed (like an option platform with a FOREX underlying)
is fair game, I think

Y’all can take or leave my suggestions but here comes
my DISCLAIMER : I don’t get kickbacks from brokers.

[EDIT] by the way… many of you could be asking why
doesn’t hyper mention NADEX, which has Forex underlying
contracts, right? Well, NADEX, in my view, offers a
very poor, and overly complex product which offers
very poor pricing and would certainly require a huge
learning curve. But, if you are using NADEX over
underlying FOREX, and it’s working for you; then
that’s fine. It’s just that NADEX is not a platform
which I’d generally recommend…

[EDIT] CloseOption Binaries have essentially
no learning curve at all. Except that you must
designate an expiration timeframe for your
predicted price move. Other than that, it’s the
very simplest of all propositions, and for volatile
events such as News Events, it is just grrreat
as Tony the Tiger used to say ! LOL

hyperscalper

_METHOS 2020-01-17 19:09:45 UTC #8224

@HyperScalper - I do not mean to step on any toes. I am only looking out for my fellow traders. Truth-be-told, having a disclaimer may not matter much. It has been my experience that people will believe whatever they want. Unfortunately, if things go south, some people may quickly forget about all of those warnings and disclaimers and start cherry-picking things out of context etc…

@SmallPaul - Regarding options trading, I would not be quick to assume that anyone that finds this thread may have no interest in it. Personally, I was interested at first, but decided that it was not for me. No harm, no foul.

We all share similar issues with regard to trading, due to regulatory pressure and legal jurisdiction. Whether we are trading forex, crypto or something else, it is all relative; the same issues that are caused by the CFTC and other regulatory groups are still present. Having an open forum to discuss our options is important. I think that the focus on Forex may simply be due to the fact that this forum is geared towards that, but at the end of the day, we are all trying to take control of our own money and invest it where we choose, preferably, without the regulatory limitations that have been placed on us.

I am thankful for this thread, personally, and welcome any discussion that is helpful, whether it relates to me or not. If I see something that I am not interested in, I can simply choose not to read it.

SmallPaul 2020-01-18 11:43:34 UTC #8225

if you had interest in option trading before that is why option trading needs it’s own thread and should be talk about there

_METHOS 2020-01-18 14:30:19 UTC #8226

Not really sure that I understand your point. Binary options trading still covers forex and faces similar regulatory restrictions imposed by the CFTC and other groups, so I do not see why discussion of brokers that offer such services should be prohibited here. Similarly, brokers that offer cryptocurrency trading can be discussed, some of which are already on the trusted list. Those same brokers may also offer trading of commodities, stocks and indices etc., so any opposition to the idea should be backed by sound, justifiable arguments, in my opinion.