Sknight1, right now my top choice to move to from the US would be the convenient, warm Bahamas off eastern south Florida. You can even get there by about a 2 hour ferry ride. Since it is in “hurricane alley,” though, I would want to stay at a place about 40 feet above sea level. If international tensions get really bad really fast you could quickly hop back into the militarily superior and safe United States, using your own high speed boat if necessary.
However, I do think that the existing number of offshore brokers in List One does still provide ample high leverage trading opportunities for US residents. I think that most traders at this time simply need to concentrate more on improving the profitability of their trades instead of optimizing their geographical location, as long as leverage, deposit, and withdrawal conditions do not worsen. As trading profitability increases, I believe geographical location becomes less and less important.
Tallinex, thank you again for providing articulate, marvelous insights into the inner financial details of a broker. I hope you will continue commenting here for a long time.
I have returned to make good on my statement that I would give an update on my experience with Tallinex as a U.S. trader having an account with them.
I finaly received a back-office email along with my account info and settings for the back office. This was good start.
I did experience some lag/ disconnections/re-connections to their servers while trading. Naturally, this seemed alarming to me, especially when i couldn't close a trade for that had gone opposite. However, i received an email which seemingly gave a justifiable explanation. I can't speak verbatim, but it essentially equated that the reason for some of these issues with connections was because of the recent influx of U.S. Traders from FinFx (and i guess other brokers).
They have changed liquidity providers in lieu of the SNB debacle. They have also been aware of these issues and have thus ordered much more servers and they stated even having better connection speeds.
Since then, I have experienced a reduction in dropped connections and connection speeds and liquidity very comparable to FinFx, this is also a good thing.
Thus, with no bias whatsoever, I can say that my experience with Tallinex has been so far so good. I will again periodically give updates from time to time should conditions require them. I hope Tallinex continues to do as good of a service as they hav done thus far, as my confidence and trust with them slowly grows.
Just a quick update today… and especially for the benefit of Leo
We updated our Requests system so that withdrawals / transfers from accounts with open positions is now more automatic and instant.
In situations where the withdrawal / transfer would reduce free margin to less than 100% of current margin, a note to contact Tallinex will appear in the requests list as the system attempts to process it.
This should allow most withdrawal / transfer requests to be processed without the need for a manual override, whilst still providing a degree of “protection from self”.
I think you will find it to be more readable and easier to use than the previous format.
And I’m in the process of updating the information listed for the 15 brokers in Group 1.
Twelve of the 15 listings have been updated. The rest should be finished by tomorrow.
In reading the fine print on the [B]Trader’s Way[/B] website, I noticed this statement at the bottom of their homepage: “All information on this website is not directed toward soliciting citizens or residents of the United States and the United Kingdom.”
Their grammar and diction are not perfect, but we get the point.
As has been discussed previously in this thread, that statement may be intended to deflect the CFTC, and may not represent the Trader’s Way policy regarding U.S. and U.K. clients.
I decided to test that theory, by attempting to open a live account using my USA nationality — and, within a matter of seconds, I received account credentials including account number, password, login (user name), and PIN number. Trader’s Way asked for proof of identity and proof of address (which I haven’t sent yet), and they itemized all the options for remitting funds (which I also have not done yet).
Anyway, it appears that new U.S. clients are still welcome at Trader’s Way, despite what the fine print on their website says.
I have downloaded Tallinex MT4 platform and have been observing their charts. They have some serious gaps even on some low impact news events.
As far as I know, when we see gaps this means that Tallinex was unable to get quotes during these gaps. To see gaps even on smaller news events is not a good thing. It means that your stop losses may not be honored even on a small news event.
If you look at the latest CHF major news announcement you can see a major gap even on the daily time frame. Of course, many brokers had trouble quoting prices during this event but what Tallinex gap indicates that they were unable to quote prices for the majority of the day. Some brokers were unable to quote prices for a few hours but it appears that Tallinex was unable to quote prices for much longer than that.
Conclusion is that it seems that Tallinex is unable to get quotes during even small news events at times. This is a very bad sign. This is unfortunate because I was looking forward to trying them out.
Yes, I tried to comment on this as well but for some reason my post was not posted by the moderator. You don’t even need to trade in order to know that these “disconnections” will happen. If you look at Tallinex charts you will see sometimes gaps even on small news events. This tells you that the broker was unable to give quotes during this time. This also means that your stop loss will not be honored during these “gaps”. With Tallinex I notice many of these gaps so I already know this will be a problem. It’s unfortunate because I was looking forward to trading with them.
Sorry, FX3422271 - I’m sure you believe you’re being objective, but you’re actually just scaremongering - spreading a combination of inaccuracies, misinformation and outright lies.
Please don’t take any of my responses personally, but with so many gross inaccuracies in a single post, I need to cover each point you’ve made individually and clarify/rebut as necessary:
We have [B]NO[/B] serious gaps! … we had some well-publicised short freezes during the first 9 trading days of this month, but [B]no issues[/B] since bringing our current servers online last Thursday. Furthermore, since you only “downloaded our platform”, you’d be looking at demo server data which wasn’t refreshed from our live servers until today.
That’s not entirely correct - it [B]is[/B] a [I]possible[/I] cause, but [U]not[/U] the actual cause (which was corrected by our server switch last week).
Of course it isn’t, but the issue of price freezes affects every broker in the known universe at times.
The above comment shows that you haven’t read even the most recent pages of this thread, where we confirmed several times that all TPs and SLs are (and have been) honoured.
In fact, there were no prices quoted by any bank in the world for approximately 20 minutes during that event. That aside, your comment about our price feed is ridiculously incorrect. I’m not aware of [B]any[/B] broker that was “unable to quote prices for a few hours” and, in the entire history of Tallinex, there has [B]never[/B] been a period exceeding one hour (which was actually during the live server switch last week) when prices were unavailable… and any SLs / TPs skipped during that hour were honoured.
Actually, the conclusion should be entirely the opposite - [B]Tallinex has NO issues[/B] with receiving or streaming quotes during any news events. [B]This is a very GOOD sign[/B].
I actually hope you [B][U]do[/U][/B] try us, because you’ll then see how entirely inaccurate your comments were.
Again, please don’t take any of my responses personally - I’m only making valid and justified responses to inaccurate comments about Tallinex:
Actually, you do! …although we try to keep the demo server (which you’ve based your entire analysis on) running smoothly, we will always prioritise our live servers where real money is at stake.
We have [B]NO[/B] serious gaps … the cause of the few well-publicised short freezes during the first 9 trading days of this month was resolved by bringing our current servers online last Thursday, since when there have been [B]no issues[/B] at all.
As previously mentioned, SLs / TPs skipped during those quote freezes were honoured - [B]in fact, exits were even honoured for clients with [B][U]no SL[/U][/B] set[/B]!
Since there are no gaps, there is no problem.
Again, I sincerely hope you [B][U]do[/U][/B] trade with us - then you can comment based on reality rather than supposition.
Thank you Tallinex. I am positive that withdrawals will be faster and smoother. This upcoming Friday I will make my first withdrawal in one of my accounts. I am positive that everything will go smooth. So far so good I have no complaints trading with Tallinex. A few niches here and there but that was expected considering the high volume of new account coming in all at once.
Thanks. I have looked into [B]The Collective FX (Belize),[/B] and have removed them from Group 2
(not because someone has a $60k dispute with them, but because they have gone out of business).
Based on comments from Babypips members on this thread, and from broker representatives, I’m going to designate two of the brokers in our Offshore Broker List as “trusted brokers”.
The two brokers are [B]FX Choice (Belize)[/B] and [B]Tallinex (St. Vincent and the Grenadines).[/B]
The label I will apply to their listings will look like this: — [B]TRUSTED BROKER[/B]
I think there are at least three other brokers on our List who deserve the [I]trusted broker[/I] recommendation, but I’ll leave it to other participants here to suggest those names.
I’ve asked for these suggestions previously, but so far no one has stepped up to recommend special recognition for any of the 15 brokers in Group 1 of our List.
So, this is a second request.
If you think we should designate one or more brokers (in addition to the two I have designated above) as [I]trusted brokers,[/I] speak up here.
[I]Trusted broker[/I] status should not be a “lifetime appointment”. A broker who deserves this designation [I]must continue to deserve it[/I] in the future, in order to retain the designation. To the extent that it’s possible and practical, this thread should be a democracy. As such, we can vote brokers into — or out of — the [I]trusted broker[/I] category.
Would Profiforex and Sensus Capital fall under “Trusted brokers”? I’m deciding between both right now, and would like to know if anyone else considers these two brokers as “trusted”.
This is great! I am currently testing out Sensus – things are good so far but I need to use them a little bit longer before reporting any further findings.
I have used Profiforex and ForexBrokerInc for the past 20 months . Both appear as they claim, true STP/ECN, have not experienced any games such as random price spikes, platform freezing, etc. Have watched price come within .001 of my stops several times and not get hit. Withdrawals are one business day, sometimes same day with ForexBrokerInc, and wire withdrawals are free over $500 once you’ve traded 2 lots TOTAL . I would recommend both as trusted.
I am also looking into AssetsFX. Lowest commission and tightest spreads out of all. In my research, they appear to be a white label of Squared Financial, which looks very reputable.
[B]TimF, tomd100,[/B] and [B]frank1234[/B] — thanks for your replies.
The following broker names are now on the table as candidates for the [B]TRUSTED BROKER[/B] designation:
• Profiforex (Seychelles)
• Sensus Capital Markets (Malta)
• Forex Broker Inc (The Marshall Islands)
I’d like to hear as many comments as possible on these three brokers, from other members of the forum, so that we can make an informed decision on whether or not to designate one or more of them as “trusted”. If you have had personal trading experience — either positive or negative — with any of these brokers, please share your experience with us here.
And if you have had experience with any of the [I]other[/I] brokers on our List, and would like to recommend them for “trusted” status, this is the place to make your recommendation.
