Going offshore to escape the CFTC

Broker Discussion Forex Brokers
2376

WARNING: LIBRA FX CONTACT ADDRESS IS SAME AS PELLUCIDFX

Hi,

I traded with Pellucid from February- April, when I made my first withdrawal there were major issues with cc processors and bank wires. Took 3 weeks, but I did receive my funds. In my search for a new broker, came accross LibraFX and their website looked strikingly familiar to PellucidFX. Checked the contact us tab, and sure enough the address is exactly the same as PellucidFX.

Forgive the double post, wasn’t sure if first one went through.

2377

Can you recommend broker fo us resident that would be good for scalping and session trading. Fast executions and good spread.
I guess it’s best to try first, do any have small min and decent leverage.
I been spending hours and hrs searching.

2378

Try Tradersway, Metals maven. I just trade 1 or 5 minute spikes from economic report releases.

2379

Thanks I’ll give them a look. It’s really frustrating trying to find one that takes us residents. I think I find one after hours of looking only to find out they scammers.

2380

I was looking at fix open and fix choice, but tradersway looks like it may be the one I go with.
Does anybody know about those other two.

2382

Metals maven, look into 1billionforex broker also, they still accept USA and Canadian clients.

2383

[B]FX Open[/B] in Mauritius does not do business with Americans. So, that broker does not interest us, here on this thread. (You will find FX Open listed on page 3 of the Offshore Broker List.)

[B]FX Choice[/B] in Belize is a broker that [B]will[/B] do business with Americans. They are listed on page 2 of the List. There you will find links to a couple of posts where FX Choice was discussed on this thread.

2384

Hi, frank

I placed a link to your post #2213 in the listing for [B]Libra FX.[/B] Thanks for pointing out that Libra and Pellucid may be one, and the same.

I meant to acknowledge your post, and welcome you to this forum and to this thread, several days ago — but, I got busy and forgot. Sorry about that.

Anyway, Welcome!

2385

I have been following this thread for quite some time now as I consider it to be the [U]official/U] US broker list. I used to trade with Forex FS until they closed their doors to US customers. I managed to withdraw my funds no problem. They also gave me a three month window to close my account in case I had any trade baskets open that I was waiting to close.

I found that Trader’s Way had better spreads though and offered VPS services with only $1,000 while Forex FS required $5,000 AND 15 lots monthly trading volume. Anyway, I have taken a screenshot of some of my withdrawals last month as proof that Trader’s Way pays out.

Skrill Payments.jpg700×211 12.9 KB

AssetsFX is also good but their leverage is low. They have great spreads and very low commission though. They’re worth a look.

2386

FIBOgroup.eu is on the no-list but i was able to open an account with US info

haven’t tried adding funds so not sure if that will be the stopping point. i’ve opened a thread in their subforum to hopefully get this sorted out

2387

In the fine print at the bottom of their U.S. home page, FIBO states:

“Unfortunately the services of the company aren’t provided to residents of
Austria, Great Britain, Iraq, North Korea and the USA.”

This fine print does not appear in their EU website (which you referenced).

However, it’s likely that FIBO will adhere to the policy stated in their U.S. website. If you proceed with your attempt to fund your account and begin trading, I suspect that they will return your deposit and boot you out.

A couple of years ago, Cyprus offered us a number of broker opportunities. But lately, that country has become very unfriendly to U.S. traders.

If you’re willing to pursue this, take a shot at it — and let us know how it turns out.

There’s another possibility —

FIBO may have 2 separate, and opposite policies: One policy may be the one stated above — clearly posted on their U.S. website, for the CFTC to see.

And the second policy might be to quietly sign up certain “prohibited” individuals, on a case-by-case basis, without the CFTC’s knowledge. I have no proof that any offshore broker actually does this, but I have wondered about it for some time.

Again, let us know what you find out.

2388

tomd100, I am also from the USA and am wondering which broker --AssetsFx or Trader’s Way – would you recommend to a new trader. I see that Trader’s Way paid out your profits but did you withdraw from AssetsFx? Do you have any experience with Tallinex?

2389

Hey Mike, I would say you should sign up for demo accounts with both brokers and see which you like best. Based on my experience, I would choose Trader’s Way as they have higher leverage. While I rarely need to use all of the extra margin, I like having it. This is just my own personal preference. Further, I felt like Trader’s Way was more readily available for customer service. If you use signals or EAs (like many new traders), and your deposit is more than $1,000, then you qualify for free VPS with Trader’s Way. Last time I checked, AssetsFX didn’t offer any VPS packages according to their representative.

I downloaded a Tallinex demo account a while back but found that their spreads were not as good as those on Trader’s Way and AssetsFX so I didn’t pursue them further. Please take my advice into consideration but don’t use it as a sole basis of your decision. Try a demo account on each broker first, do some more research second, and weigh the different options available at each broker third.

Good luck!

2390

Clint,

The FXCompany website isn’t working anymore; seems like they vanished or were finally shut down.

2391

Thanks Tom! I am currently leaning toward Tradersway but I want to cover all bases first. I like the deposit bonus which acts as a daily rebate on the commissions… so I would effectively be paying less commissions on my trades for a while. I will take your advice and try each demo account and see which I like best. I will factor this into my decision. I spoke on the phone with a representative from Tw and he was very helpful. I requested a callback from them so I wouldn’t have to pay any international call fees…

2392

Thanks for the heads-up, Tom.

FX Company (Mauritius) is looking very sketchy, indeed.

I will add a warning to their listing (on page 1 of the Offshore Broker List).

Some reasons for concern:

• The link we have to FX Company connects to a .net website which is currently down.

This site appears to be a mirror of their ru.net (Russian) site — FxCompanyry.net | Offical Webeiste
(note the screwed-up spelling).

When you click on the link we have posted to their .net site, you get the following Russian text:

404: файл не существует

При запросе страницы с сайта нашего пользователя произошла ошибка 404.

Запрашиваемый файл не найден.

Проверьте правильность ввода URL.

----- which translates to the following fractured English:

404: file does not exist

When you request a page from the site of our user error has occurred 404.

File not found.

Check that the input URL.

• The ru.net (Russian) site is operational. However, it contains almost none of the basic information we would like to have, in order to evaluate this broker. Specifically, this site does not reveal (1) where this broker is domiciled, (2) where their other operations are located, and what names (and web addresses) they go by in those locations, (3) whether they are regulated in any jurisdiction, (4) whether they accept U.S. clients, (5) why their .net site is down, etc., etc.

• If you do a Bing (or google) search for FX Company, one of the search results returned is this one:

FXCompany | FX Company Forex Broker | Forex Trading
www.fxcompany.com.my
The site is under constraction. …

So, that’s yet another — different — web address. Note that .com.my is a Malaysian web address.
(And it’s under “constraction” !)

• According to Earn Forex, this broker does not accept U.S. clients. However, according to Forex Third Eye, they do accept U.S. clients.

Finally, on their “Contacts” page, the ru.net website lists a toll-free phone number [1 (888) 883-7481] for U.S. and Canadian callers. I didn’t bother to call them. If you care to pursue this further, have a go at it.

Later tonight I will scrub all the old red text from our List, and then add the FX Company warning mentioned above. In a couple of weeks, I will remove FX Company from our List (unless they get their act together convincingly, in the meantime).

Thanks again for the heads-up on this broker.

2393

Clint, I tried to send you a message a few months back but because I don’t have a lot of posts I wasn’t able. I wanted to personally thank you for all of the effort you have put into this amazing thread. I have spent many hours pouring over it and used it to find all four of the brokers I have used so far. I also want to say thank you to those who have contributed to this thread throughout the years – you have all helped to create something great.

Earn Forex does not always have the correct information regarding whether or not a brokerage is available to US customers. As an example, Trader’s Way is listed as a broker that doesn’t accept US clients neither.

Further, I wanted to tell you that Sensus Capital Markets accepts US clients. Apparently they are located in Malta.

2394

And now that I finally have 5 posts on this site, I can post links!

Trader’s Way page on EarnForex: Trader’s Way Forex Broker, Trader’s Way Review, Trader’s Way Information

-Incorrectly classifying the broker as non-US friendly.

Sensus Capital Markets: https://www.sensus-capital.com/en/

2395

Further StrategemFX located in Belize is gone too. Their site doesn’t work. Upon checking with the Belize government Financial Services Commission site, it appears their license has been revoked, suspended, etc.

Office of the International Financial Services Commission,
Sir Edney Cain Building,
Belmopan,
Belize, C.A.

3 October 2012

WARNING NOTICE

It is hereby notified for general information that StrategemFX LTD, an international business company incorporated in Belize, is no longer licensed by the International Financial Services Commission of Belize (IFSC) for providing Brokerage/Consultancy/Advisory services for trading in securities and Forex, or to provide any other international financial services.

All persons concerned are asked to take note and exercise caution.

http://www.ifsc.gov.bz/strategemfx-ltd/

2396

Thanks, Tom. We appreciate the applause.

I’ll check into these guys, and add them to Group 1.

Thanks.

Edit:

Here’s an interesting article about [B]Sensus,[/B] which I just dug up from [I]Forex Magnates[/I] from 1½ years ago.

I’m sorry to see this one fall by the wayside — initially, they looked promising. Thanks for digging up the particulars.

I’ll look into this, and make the necessary changes to the List.

Edit:

I’m surprised to see that the IFSC Warning Notice that you linked to was issued [B]almost 2 years ago,[/B] — and we didn’t catch it.