Going offshore to escape the CFTC

Broker Discussion Forex Brokers
2971

The voting for the next “trusted” broker(s) has slowed to a halt.

The latest tally places Trader’s Way (Dominica), with 6 points, just ahead of Profiforex (Seychelles), which has 5 points. The other contenders are further back.

Are you guys confident enough about these two brokers to designate them as “trusted”?

Over the next several days, I’d like to hear opinions — for or against — designating Trader’s Way and/or Profiforex as a [B]TRUSTED BROKER[/B]

In the interest of transparency, here is a breakdown of the votes registered to date, together with post numbers where those votes were cast.

#2629 — TimF voted “maybe” on Profiforex and Sensus
#2631 — frank1234 voted “yes” on Profiforex and Forex Broker Inc
#2632 — frank1234 voted “maybe” on AssetsFX
#2634 — tomd100 voted “no” on Forex Broker Inc
#2635 — tomd100 voted “yes” on AssetsFX and Trader’s Way, “no” on FX Glory and Pax Forex,
and “maybe” on Sensus
#2636 — compounder voted “yes” on Trader’s Way, Profiforex and Forex Broker Inc.
#2650 — Jean voted “yes” on Trader’s Way
#2653 — compounder changed his vote from “yes” to “no” on Forex Broker Inc
#2656 — Jean voted “yes” on Profiforex
#2679 — Babypipsrocks voted “yes” on Forex Broker Inc
#2686 — HyperScalper voted “yes” on Trader’s Way
#2689 — Dreher voted “yes” on Trader’s Way
#2701 — TimF changed his votes from “maybe” to “yes” on Sensus and Profiforex
#2713 — FxAll voted “yes” on Pax Forex
#2714 — TheLastBear voted “yes” on Pax Forex
#2717 — frank1234 voted “yes” on Trader’s Way
#2719 — Rambo35 voted “yes” on Pax Forex
#2724 — adamco voted “maybe” on AssetsFX
#2731 — Shatners Last Stand voted “yes” on Profiforex
#2741 — tomd100 changed his vote from “maybe” to “yes” on Sensus

2972

Clint,

First thank you for all your effort in creating and maintaining such a useful thread!!!

I propose you add an additional category to the “Group 1” brokers:
A) New York Close 5-day Chart
or
B) Non-New York Close 6-day Chart

For example; Tallinex uses Non-New York Close 6-day Chart

For those of us that trades based on strictly Price Action, New York close 5-day charts provide more accurate price action trading signals.

Thank you Clint.

2973

In terms of offshore brokers I would definitely trust [B]Trader’s Way[/B], [B]AssetsFX[/B] and [B]Sensus Capital[/B]. Too bad the last two are not as popular so they were unable to receive enough votes.

However, since you have asked for opinions about [B]Trader’s Way[/B] - in my opinion at least, it is a solid offshore broker that seems to have heavily invested in its infrastructure, even more so than the other two. I really like the addition of Wayne McDonell’s webinars as FXBootCamp has been around for a long time (he has been on Fox News, not saying much but still). It makes me comfortable that someone with a reputation is willing to uphold the [B]Trader’s Way[/B] brand in his videos he posts online daily.

They have binary options, but I am afraid of those so I don’t use them.

Apparently someone made a big withdrawal from them recently according to a post on Forexpeacearmy. I wish I could say I did that :D. I have withdrawn a good amount in the past, but nothing that would allow me to buy a car built this century.

2974

Thanks. I’ll give it some thought.

Tom, don’t lament that AssetsFX and Sensus didn’t “win”, this time around. As we gain more experience with these brokers, we might very well bestow the “trusted broker” designation on them at a later date.

This voting exercise we’ve been engaged in need not be a once-and-done affair. It can continue indefinitely. In theory, there’s no reason why every broker in Group 1 of our List couldn’t earn our trust, and be rewarded with the same label we’ve given to Tallinex and FX Choice, already.

I’ll take this as your suggestion that we go ahead and pin the [B]TRUSTED BROKER[/B] label on Trader’s Way.

2975

Thank you for your consideration and keeping track of all this, Clint.

2976

I am more impressed by the day with Trader’s Way. I am almost to the point of using them exclusively. I would definitely recommend we pin the trusted broker title on them. Just to update: I am no longer trading with Forex broker Inc, i didn’t have any bad experience with them, but I am hearing more bad reviews from third parties. I have stopped trading with them simply because every other broker I am using has lower commission and tighter spreads.

2977

I don’t want to be OFF TOPIC, but since this is for U.S. persons, who wish to “escape” the CFTC
it’s sort of ON TOPIC… in the sense that I’d recommend Trader’s Way for “straight” Forex
trading with the cTrader platform, but having dealt with their SpotOption powered platform,
and then learned more about NADEX I want to strongly urge U.S. persons not to use the
foreign binaries, since they are so woefully inadequate in many ways, relative to Nadex.
I know this sounds crazy, but if you really study what Nadex offers, it is 10x more powerful
and professional than almost any of the foreign Binaries. Really ! I wouldn’t have believed
it myself, until I really studied it.

So, by all means, for Forex don’t hesitate to use TradersWay but, for Binary Options, really
seriously look at Nadex or we can start a thread discussing why Nadex is so infinitely
superior. And it’s one of the things ONLY we U.S. (Canada and Mexico) persons
can use, which is genuinely superior !!! Who would have “thunk” that ! Not me…

Now I’m mainly speaking of Binary Options based upon Forex, since Forex is my thing,
and I know all about its Analytics. Both 5 minute options (on a limited set EUR/USD,
USD/JPY, GBP/USD, AUD/USD) exist, but there’are also Forex Binaries on about 11 Forex
pairs which run over longer periods of time. They can be traded during those periods
without being tied to the Expiration times, read on…

ONE THING traders do not understand
about Nadex binaries, is that they DO NOT have to be held to Expiration. In other
words, the Binary Contracts themselves (not the underlying Forex pairs, of course)
can be Bought Low and Sold High prior to Expiration, so traded in the ordinary way.
Many Forex traders are really not clued in to the concept of Options on Forex, as opposed
to “straight” Forex trading itself. But the knowledge transfer makes it easy to trade
Binary Options which are based on the underlying Forex markets.

So what I am saying is that you can Buy and Sell Binary Forex Option contracts
just like underlying Forex, and you often have much more "pricing efficiency"
to extract profits than if you were trading the Forex in the normal way.

HyperScalper

2978

I have a question for Tallinex (others here can reply to this as well) :

I recently was approved for a Tallinex ECN-PRO account. But, I was only given a 1:200 leverage account. However, it says on the Tallinex website that ECN-PRO accounts are 1:500. That is what I want. My question is: what is it I have to do to get the 1:500 leverage? Is it a certain way I have to trade in order to get that leverage? What is it I can do to ensure I am given the 1:500 leverage?

2979

I joined Baby Pips for this thread and wanted to give a shout out and big thanks to Clint for all his work maintaining and moderating this thread. Also to all the people sharing their experiences and input.
Putting in my vote for Assets Fx. I have been trading with them since Feb 6 2015. No server freezes or being unable to place orders, no crazy spikes in spreads. Pretty fast response to emails and chat boxes although they don’t go out of their way to bowl you over with friendliness.
I had some initial concerns about their company as I had funded with Paypal and then a week or 2 later PayPal had disappeared from their website. Contacted customer service and they said they would “honor” Paypal withdrawals up to the initial deposit but any future withdrawals would have to be wire transfer.
I demoed them, Traders Way, Forex Broker Inc and Tallinex and went with Assets Fx because they had the lowest commissions $5.20 and tightest spreads. Much better than Traders Way and Forex Brokers Inc. The Tallinex demo account was the non pro version (spreads only) so I need to contact them for a Pro ECN account demo to get a true apples to apples comparison. The spreads only version had TERRIBLE spreads by the way and this is coming from a former Oanda trader.
Slightly off topic but very relevant to this thread: Any fellow US traders using Skrill, Neteller or other e wallet to fund/withdraw with these brokers ? If so how is the experience ? I can’t find a straight yes/no on their websites to verify if people in the US can fund and withdraw. One of the reasons I went with Assets Fx was the ability to use Paypal but that is no longer possible.

2980

I am looking to get away from oanda. looking at tradersway and tallinex. I use c trader then do my trades at oanda.
I want ecn broker but not sure where to switch too. Been looking last 2 weeks and its getting in way of my trading now.
Anyone with experience with either.Im looking to switch very soon.

Great thread also, wish I had time to go through it all.

2981

If you read the website information properly then you will see that the [B]maximum[/B] leverage for a Pro account is 1:500 - nowhere does it say you get 1:500 off the bat.

What actually happens is that new accounts get the default 1:200 while our automated risk-assessment system looks at how you trade over a period of a few weeks. During the rolling evaluation period, you can try selecting a higher leverage level via your back-office (the current permitted range is displayed if you hover your mouse over the Leverage selection list).

The system looks at a number of things including account balance, average trade size, currencies traded, currencies traded concurrently, average floating P/L, whether trades are held open at weekends, etc. There’s no specific thing that’s going to get you 1:500, but things to avoid as much as possible are heavy floating losses and holding positions (especially negative positions) over weekends.

** If you desperately need higher than 1:200 and can’t wait for the risk-assessment system to kick in then it’s possible to request 1:300 as a manual override, but leverage will then be locked at that level so you’d have to request the lock be removed if you subsequently wanted to revert to the automated assessment system.

2984

I hope Sensus Capital hasn’t really caved in to the [B]unreasonable[/B] demands of B. Hussein Obama’s Dodd Frank hit squad, who might be described as goons by some.

I wish that at least another 15 to 20 more people had voted on their foreign broker preferences here. Anyway, I believe that both Profiforex and Tradersway should be classified as a Trusted Broker now since, seemingly, a growing number of traders have been able to trade profitably with them and withdraw their profits with no problems. Also, I am not aware of any significant wrong doing on the part of these brokers which have been in the forex industry for years.

2985

Where did you get this information?

After seeing your post, I successfully began the process of opening a live account with Sensus.

[B]As of 12:15 am New York time,[/B] Sensus is awaiting copies of my identity documents, and funding.
[B]
Here is the current status of my application:[/B]

I applied using my USA place of birth, my USA citizenship documents, and my current USA address.

There is some sort of glitch in the application process, where it asks for phone number.

After trying to enter my phone number using several different formats, I went to live chat, where Dennis instructed me to just enter 123456789 as my phone number, until they get things sorted at their end. Except for that glitch, the live account opening process couldn’t have been easier or faster.

.

2986

There seems to be unanimous agreement that [B]Trader’s Way[/B] (Dominica) has earned our trust, and deserves the [B]TRUSTED BROKER[/B] label. I will add the label to their listing this morning.

[B]Profiforex[/B] (Seychelles) has been running a close second to Trader’s Way, but I’m going to hold off for a bit, before pinning the label on them, until we get a little more live customer feedback.

Later this week, I’ll clean up the List (remove the red ink, etc.), and bring the links up to date. To make room for links to recent posts, I’ll have to remove a few of the oldest links (as I mentioned here).

.

2987

I think that PaxForex deserves to be on the trusted list. I have been following them (and running an account there) for quite some time. They still accept US clients and I think it may be one of the best offshore brokers who accepts US clients.

2990

This makes me mad! I am getting my passport this week now. Admittedly I do not hold one.

2991

I hold both US and EU passports, unfortunately it’s not where your a citizen of, but where you reside.

2992

Don’t know what to tell you.

I received an email from Sensus (early Tuesday morning) confirming the account which I had just set up. The email included my new account number and detailed instructions for funding the account.

My experience over the past 24 hours indicates that US residents are welcome at Sensus, and setting up a new account is remarkably easy.

You got set up with Sensus through an IB (ForexSignals.com) which, in turn, was set up as a Sensus partner only about 6 weeks ago. Here’s a LINK to your forum’s thread on Sensus.

Maybe Sensus is severing its ties with your IB.

2993

Sensus as of late last month no longer accepts new U.S clients as the regulation loophole has been closed by their regulators according to Sensus customer support. Old clients are not affected.

2994

now if someone from there can answer my question on how to get ny close I would switch. But cant seem to get right one or anyone else to get back to me. I really wanted to use them but its dwindling.