Going offshore to escape the CFTC

Broker Discussion Forex Brokers
2274

Regarding [B]ForexCent:[/B]

This item from [I]Forex Peace Army[/I] (FPA) is the only thing I have been able to find regarding ForexCent going out of business — ForexCent.com | Forex Brokers Reviews | Forex Peace Army

FPA says that they got this information from the ForexCent website. However, I have visited that website and have not been able to find any mention of this news.

While on the ForexCent website, I attempted to start the process of opening an account, without success. When I clicked on “Open Forex Account”, a dialog box popped up asking me to log in. I’m not a ForexCent customer, so obviously I can’t log in. This seems to be their way of excluding new customers.

Thanks for bringing this situation to our attention, [B]compounder.[/B] If you find any further information, please share it here.

In the meantime, I will add a WARNING to the ForexCent listing on page 1 of our List.

Regarding [B]Arab Financial Brokers:[/B]

I have not been able to sort out the confusion involving AFB and AFB Invest.

I did an internet search, and I also did a search on [I]Forex Magnates,[/I] and both searches turned up nothing to explain the situation.

As you indicated, AFBFX (domiciled in Cyprus) is a different entity altogether. (Apparently, AFBFX has changed its name to Orbex.)

Thanks for bringing this to our attention, [B]SoldierofFortune.[/B] Please share any additional information you come across.

I will add a WARNING regarding Arab Financial Brokers on page 1 of our List. If the confusion surrounding this broker is not resolved shortly, I will remove them from the List.

2275

Hi, guys has anyone else tried these? Libra FX ? They accept U.S traders and there client section looks pretty impressive to me.

I’m currently trading with an account with them and everything going good so far, maybe another one to add to the list Clint?

2276

Regarding [B]Libra FX:[/B]

Since you have an account with this broker, and have had some trading experience with them, please give us some additional information about them. Specifically —

  1. where is this broker domiciled (incorporated, registered or licensed)?

  2. who (or what) is Libra Innovations Ltd? — and how is Libra FX affiliated with them?

  3. how long has this broker been in existence?

  4. is this broker regulated? — and, if so, by which regulator?

  5. which “top tier” banks hold the segregated funds of this broker’s clients?

I spent some time browsing the Libra FX website. It’s a nice-looking website, but it fails to provide any of the information requested above.

The fine print at the bottom of the Libra FX homepage seems to indicate that this broker is part of an entity called Libra Innovations Ltd. However, the Libra FX Company Profile says nothing about this relationship.

Also, Libra FX seems to imply that they are U.K.-based. They list a “Customer Relations Office”, as follows:

Customer Relations Office

145-157 St. John Street
London, England
EC1V 4PW
United Kingdom

However, if you check out Libra Innovations Ltd at this website — LIBRA INNOVATIONS LTD. of NW11 7TJ in — you find the following:

LIBRA INNOVATIONS LTD.

Address

788-790 FINCHLEY ROAD
LONDON
NW11 7TJ — (904 companies also use this postcode, this is probably a mail forwarding service address)

Previous Address — Changed 9 Oct 2013

145-157 ST JOHN STREET
LONDON
EC1V 4PW
ENGLAND

Lastly, Libra FX does not explicitly state that they welcome U.S. citizens or residents, although their “Open Live Account” page [I]implies[/I] that they do. You said that you are already trading with this broker. Are you a U.S. citizen or resident?

Thanks, in advance, for supplying the information requested above. I think we need this information, in order to intelligently evaluate this broker.

2277

Hello guys, i’ve just joined today for this awesome forum.
Thank you all for the contribution you’re making towards freeing people from the “demo(n)cratic” iron curtain placed by US regulations.
I’ve been trading since 2007 and have used baby pips to learn trading, been a while… :slight_smile:
Anyway registered with Forexbroker today, started trading right away. Registering was a breeze, depositing the money was really fast via credit card. I haven’t tried withdrawing yet.
First impression after trading with FXCM for a long time, was a bit disappointing but not that horrible.
Couple things i don’t like:

  1. Their web platform is a joke.
  2. They’re not clear on the spreads

Other than that everything else is fine for now.

P.S. Not used to trading through MT4 feels outdated compared to FXCM’s platform.

2278

Hi Clint I asked on Live support and the guy gave me these answers, he has forwarded the 2 he wasn’t sure of to his manager who will contact me by email with the answers:

  1. where is this broker domiciled (incorporated, registered or licensed)? Anguilla

  2. who (or what) is Libra Innovations Ltd? — and how is Libra FX affiliated with them? Live chat wasn’t sure, he has forwarded to manager

  3. how long has this broker been in existence? Since 2013

  4. is this broker regulated? — and, if so, by which regulator? No, it’s an unregulated broker

  5. which “top tier” banks hold the segregated funds of this broker’s clients? Live chat wasn’t sure, he has forwarded to manager

To answer your question, yes I’m from the U.S and have opened an account with them and am trading fine.

Read more: 301 Moved Permanently

2279

Hello [B]bsby0613.[/B] Welcome to the forum, and welcome to this thread.

Thanks for your input on [B]ForexBrokerInc[/B] (Malta). After you’ve had a little more experience trading with them, and had the opportunity to make a few withdrawals, please post your experiences here, and update your evaluation of this broker.

I agree with you on the comparison between [I]MT4[/I] and FXCM’s [I]TS-II[/I] platform and [I]MarketScope[/I] charts. I prefer the FXCM package to any other that I have seen. I will always maintain an account with FXCM — for the excellence of their platform and charts — no matter what offshore brokers I may get involved with.

2280

Hello again, [B]spud–1.[/B]

Thanks for the additional information.

When you get answers to the remaining 2 questions, please post them here. I’d like to see those answers, before adding this broker to our List.

As you may have noticed, we list one other broker which is domiciled in Anguilla — [I]Pellucid FX.[/I] That broker, like yours, is unregulated. Being unregulated won’t necessarily exclude a broker from our List, but it’s something we should know about, as a matter of good [I]due diligence.[/I]

2281

Thank you.

Will keep you guys updated.

As far as the charting and trading station FXCM is the best that i have ever used.

UPDATE(2nd day): So far I’m enjoying their informative and swift online customer service.
Execution is fairly fast, faster that some other companies i know. Changed my account type from one to another, took about 15-20 min. these guys working really fast and really hard.(my impression at least)

2282

Hey guys, thanks for posting this thread. i also am not a big fan of the cftc regulations. just severely limits the amount trades i can have open at once which actually hurts u more than ‘protects’ you as they cftc says they are ‘protecting’ consumers with these regulations. more lots allows for diversification which helps hedge against losses. Plus you can build your account up faster with more leverage provided you’re a good trader and you know what your doing.

As far as Traders Way goes, I’ve traded with them. Pretty good, sent daily reports whenever i traded. I’ve been inactive with them as i lost my entire $200 account not knowing what i was doing. Completely my fault. I like them though, just want to be careful because I don’t know what’s going to happen as far as US citizens goes. They do cover their ass on their site in the terms and conditions with the following:

Distribution and responsibility of visitors: The information on this website is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. None of the services or investments referred to in Trader’s Way Sites are available to persons residing in any country where the provision of such services or investments would be contrary to local law or regulation.

It is the responsibility of visitors to this website to ascertain the terms of and comply with any local law or regulation to which they are subject. Nothing on the Trader’s Way Sites shall be considered a solicitation to buy or an offer to sell any product or service to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.

I opened an account with Oanda, a US broker with 1:50 leverage. Did a couple trades with them witha $50 account, like them too. no commission either. I think i’d like to make another deposit in Traders Way account and just mirror trade my Oanda account with my Traders Way account through MyfxBook if I can. Traders Way’s leverage is just really tempting but i dont want to get into a situation where I make a lot of money with them and can’t make a withdrawal because I’ll have no one to back me up and help me get my money other than traveling to dominica with my pose and acting a damn fool in their offices lol

2283

Hi, I am not sure if anyone has discussed this in previous post. But where and does anyone have a link to an offshore bank and or LLC formation company that I can use to open an offshore LLC and bank account for a few hundred bucks?

2284

UPDATE(8th day): So I’ve made some money trading Forexbroker and wanted to withdraw, here’s how it works.
If you credited your account with credit/debit card then the maximum withdrawal is the amount you put in.
Basically if you credited $200 then they would be able to give you back maximum $200 back to you and thats it.
The rest you have to do through bank wire. Bank wire minimum is $100. So far no problems.

2285

The Commodity Futures Trading Gestapo (CFTG)

is at it [B]again[/B] — harassing foreign forex brokers who have the audacity to do business with American citizens.

This time the Gestapo’s target is Australian Firm Halifax Investment Services, Ltd.

How long are freedom-loving Americans going to tolerate this [B]meddling[/B] by the

NANNY STATE

in the private affairs of individuals?

For the record, Halifax Investment Services Ltd has been in Group 2 of our Offshore Broker List for more than a year.

Group 2 is a listing of those offshore brokers we have vetted who will not accept U.S. residents as clients.

2286

Wow, that is really crazy. I think they over extend their muscle and it’s not fair for those starting with just a little bit of money.

2287

a couple of links either for companies or just for bank accounts

haven’t used neither of them, still on research

2288

Hi Clint –

If amenable, I’d like to add StratFX to your list.

We are a white label service provider that is regulated by, and good standing with, the Financial Services Authority in Seychelles (IBC #127118) and our WL clients are regulated by the same. Our software is through X Open Hub and we have over a dozen Tier 1 LPs.

We are registered as a Foreign Entity LLC in the US and able to support clients internationally, including those that are US-based.

If you need any additional information, please let me know.

Thanks,
Dean Gebert, COO
StratFX: White Label Services

2289

Hi Dean,

I have visited your website, and I have taken note of the following statements there:

• WHITE LABEL AND LIQUIDITY

We are a straight through processor (STP) [B]for IB’s and FX Managers operating in the US.[/B]

• TAKE US FOR A TEST DRIVE

You will instantly see the benefits of our cloud-based system…

It’s ideal [B]for firms that want to improve their current offering or expand their services.[/B]

• NOTICE

…The information contained in this site is ONLY intended for information purposes. [B]The purpose is to find firms and/or other businesses interested in our White Label Forex opportunities.[/B] It is NOT for the purpose of seeking to engage U.S. entities, residents, or individuals to serve as their direct trader and/or money manager…

Regarding your inquiry: This thread — Going Offshore to Escape the CFTC — aims to assist U.S. retail forex traders who are interested in finding reputable offshore retail brokers that are beyond the jurisdiction of the CFTC. The forum members who read this thread and post here are typically [B]retail traders[/B] (with varying amounts of actual trading experience) — not IB’s, FX Managers, or firms interested in White Label forex opportunities. And the firms listed in our Offshore Broker List are all [B]retail brokerage firms[/B] domiciled outside the U.S.

We don’t list firms, such as yours, which provide services or infrastructure to the brokerage industry.

As to whether there might be an appropriate place for you elsewhere on the Babypips site, I can’t speak directly to that, because I’m not part of the Babypips administration; but, I can direct you to someone who is: his screen-name is [B]Pipstradamus.[/B] If you start here, you can post a public Visitor Message, or send a Private Message, to Pipstradamus, telling him the nature of your business and what sort of exposure you hope to achieve on the Babypips site. He will be able to advise you on the advertising opportunities available here.

2290

[B]compounder,[/B]

I have confirmed the information you posted — apparently, it was there in the ForexCent website all along, and I simply missed it.

Anyway, I will remove ForexCent (Czech Republic) from Group 1, and move them to Group 2. Thanks again for alerting us to this development.

2291

Update on Arab Financial Brokers (Kuwait):

I have no idea what’s going on with Arab Financial Brokers. If you try to visit afb.com, or afbinvest.com, you end up going in circles. Those two websites seem to link to the same page containing a disclaimer that AFB is not AFBinvest. Neither website appears to be part of a functioning forex broker.

Note that AFB (Arab Financial Brokers in Kuwait) is currently in Group 1 of our List.

Meanwhile, afbfx.traders-experts.com appears to be the website of an actual broker in Cyprus, and they claim to be regulated by CySEC; however, if you go to their website and click on “Open an Account”, you get redirected to the Orbex website (orbex.com).

The Orbex site is the only one in this confusing mess that looks like an actual forex broker website.

I’m tempted to remove Arab Financial Brokers (Kuwait) from Group 1, and ignore the rest of these afb/orbex “brokers”, until they get their act together. But, I’m open to other suggestions, if anyone has a better idea.

2292

Hello all. It’s been awhile since I wrote here and I can say is nothing but a vast experiences within the year. After much reading and considerations though out this post, I would like inform those who are U.S. Citizens to take extra precaution over Russian based brokers. Due to the current circumstances, it would not be logical and feasible to have associations with Russian entities of any sort, despite the brokers being located in Islands and other offshore places. As much legitimacy we would like to exercise, it would raise red flags and create unnecessary problems.

Personally, I’m looking for a broker that offers high leverage in standard lot accounts with high deposit limits and not a decrease in leverage as soon as you reach a small limit. The brokers mentioned here, [I]Profiforex[/I] seemed very interesting until I noticed that their leveraging drops significantly upon reaching a certain amount (just a personal matter), also the [I]Open a Real Account[/I] page does not have encryption (https; ssl) whatsoever. Their positive reviews I do not doubt but these things I find very important and crucial for anything that has to do with finance and privacy, also they seem to be Russian affiliated. I do like their non heavily required document submission process, who likes to submit papers? The notion of “document submission” indicating the broker as ‘legitimate or not’ is quite silly.

It seems that for high leveraging, Forex Brokers Inc. is the one to look for? Their [I]accounts[/I] and limits upon changing the leverage is decently high and acceptable, great reviews also not only on this thread but from several online sources in excess. Pellucid FX looks transparent, describes the founder and links to it clearly.

Anybody also recommend or have good feedback on current brokers? Thanks.

2293

Regarding [B]Libra FX[/B]

While we wait for that information, I’m going to go ahead with a listing for Libra FX (Anguilla) in Group 1, in the Caribbean category. I will reference the posts in which we discussed this broker (including the request for more information). And I will indicate that anyone looking into this broker should exercise extra due diligence.

Regarding [B]Arab Financial Brokers[/B]

It’s been 5 days since I asked whether anyone has opinions on whether the List should retain or delete Arab Financial Brokers (Kuwait), and there have been no replies. So, hearing no objections, I will move that broker from Group 1 to Group 2.

Later, we might take another look at Arab Financial Brokers, after they sort out the “identity theft” which allegedly occurred regarding their name. Also, we might consider AFBFX — a different entity altogether, apparently now using the name Orbex. But, let’s wait for the dust to settle on both of these, before adding either of them to the List.