i was looking into turnkeyforex but this review left a bad taste in my mouth
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It is some years since I looked into this for US individuals, the linked article clarifies the legality, and whether the onus to report is on the individual or the brokerage (the company)
this also refers to an article from the babypips forum, extracted below.
Dodd-Frank Act requires that Forex brokerage company who wants to do business with US citizens must first be registered with Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA). Many international Forex brokers find this very difficult and costly operation with more reporting requirements as shown by HBR report.
And:
Let me quote the discussion from the babypips.com forum as;
> The CFTC has U.S. forex brokers by the throat: by threatening their ability to do business in the U.S., the CFTC can interfere with the rights of those brokers to do business outside the U.S. and the CFTC has his tentacles deep inside many foreign governments, through a series of nasty, little agreements known as Memoranda of Understanding. These agreements have effectively extended U.S. regulation to cover U.S. residents doing business in countries which have signed the agreements.
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If i recall correctly, Finpro was a white label of Turnkey before they went under. Rumors were their relationship was very close and or one of the same.
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IMO, TradersWay is the most underrated broker on our list. Spreads are great, commission low, you can move money USD coin to avoid crypto rate fluctuations. Been with them for 6 years! Only drawback is no indicies.
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This is correct. Coinexx does accept withdrawals and deposits via bank wires. I have made bank wires with them. They do not charge any fees, rather reimburse any transfer fees.
Regarding indices, their contract size is 1 unlike some other brokers which have larger contract sizes. Hence the minimum trading size of 1 lot is same (or smaller) than what you will get to trade with other brokers.
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I’ve been playing around with them on demo today. Love that fee reimbursement, that’s pretty huge. But to make the same profit trading indices with Coinexx that I would make with some other brokers, I would literally need to trade 100 standard lots (!!!) which would approach the “can they even fill that type of order” level. Might be good just to use them as the weekly cash broker like I use EagleFX and not rely on them as my primary trade broker. Wouldn’t need the same level of order fulfillment then. Still looking at them. thanks for the info
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I enjoyed my time with TradersWay, have only good things to say about them, but left because of no indices. They’re even regulated, I think? might be wrong on that. definitely dependable
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fxbrew also offer wire transfer they use the same prime broker service as finpro/turnkeyforex and coinexx
yes tradersway is pretty good but i did have a few spike issues with them a few years back they also slow down my execution to damn near 10 seconds
yes finpro/ turnkeyforex , coinexx and fxbrew all use turnkeyfx at that time
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Im thinking you would be fine. That’s about 10K in margin used. Not really that much for the most liquid instruments out of them all. Whoever their LP is should be able to handle it.
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Coinexx has a max trade size of 100 lots according to their website.
FXChoice is 1000 lots. Can’t find a max trade size for EagleFX
Coinexx has free VPS for accounts > $5000 USD which might be cool
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eaglefx 1,000 lots
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Kind of a big deal if does come to fruition. Gone are the days of having to use Coinbase as a middleman.
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“JPMorgan Chase is one such national bank that provides banking services to crypto companies, having provided support to Gemini and Coinbase earlier this year.”
Well then let us directly deposit BTC in our bank accounts, fools. The market awaits.
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RE: CryptoRocket
For you guys who have been here for awhile, contributing to this thread, tell me what you think we should do with our CryptoRocket listing in Group 1.
Jump back to POST #1 and read the Notice placed there on the CryptoRocket listing. Then, give me your opinions on this question:
Should we remove CryptoRocket from Group 1 now,
or leave their listing as it is (temporarily, or permanently)?
I’ll do what the majority of you advise.
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Objectively speaking, keeping post #1 as you currently have it seems reasonable…until something changes.
That being said, regarding CryptoRocket as a broker, I personally lost interest after experiencing regular freeze-ups without any resolve. Some others here seem to be fine with them, to be fair.
I think that if they no longer allow US customers to sign up it should be removed from group 1 and placed somewhere else while also indicating that if you already have an account with them you can still trade with them.
Personally, I would like group one to be for anyone that comes here, can immediately sign up with said broker.
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Crypto Rocket no longer meets Group 1 criteria “Offshore Brokers That Will Continue to Accept New U.S. Clients”
They stated this themselves in the email.
It is unfortunate. They have been a good broker.
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Personally, I feel if that if they don’t accept new US clients, they have no business (literally) being in Group 1.
I was in JAFX when this same thing happened, and eventually JAFX made all US clients close out their accounts. Not saying the same thing will happen, but once they shut that door, it stayed shut.
If Crypto Rocket updates their policy down the road and allows new US clients, they can move back to Group 1
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