I use forex.com, no complaints really, but should I switch to someone else …
Nobody in the world can answer that question, except you.
But, — “no complaints really” — why do you want to switch? Do you just like change for the sake of change?
mj2009, my feeling is yes you should switch to an off shore broker. You should also tell them why you are leaving. Obviously my reasoning is clear I want all american forex brokers to suffer huge losses in traders and profits.
You have to do what is right for you, but closing your american forex account is the only real option left to try and correct the horrible problems we are facing.
From my ‘research’, it seems there will eventually be a problem with them, I want to avoid that if possible.
So there are companies that look good to the new guys & then companies that ARE good to vets, I was seeing the overall {opinion based/experience based} best company.
Clint,
Arab Financial Brokers is based in Kuwait.
Brokers to complement the list:
OMFinancial (New Zealand)
HotForex (Mauritius)
IKOFX (Cyprus)
All confirmed they continue to accept and service US customers with no restrictions.
mj,
I hope my previous answer didn’t sound rude. If it did, I apologize.
I understand where you’re coming from. If you’re having doubts about your current broker, then you should do some serious
"due diligence", and find some alternatives.
But, don’t think that veteran traders agree on which brokers are good, which are better, and which is best. I can point to one or more traders who will tell you: Oanda is the best; IBFX is the best; Dukascopy is the best; FXCM is the best; and so forth.
Which only proves that due diligence is a very personal thing. And that’s what I was trying to say in my previous comment.
There are so many things to consider when choosing a broker. I’ve thought about making a check-list for newbies; but, quite honestly, the task is too big for me. In addition to the obvious things, like how much money is required to open an account, and how much leverage will I be allowed to use, there are matters of “taste”, and there are psychological and subliminal factors which I can’t begin to sort out.
But, when you look at a particular broker, and you realize that you like their size and strength, their reputation, their platform, their account types, their leverage and spreads, their location, their regulatory authority, the way they treat you, even their user-friendly website — then maybe you’ve found the broker that’s right for you.
Here’s the email response I got from them:
As FOREX MMCIS group is regulated under the laws of the State of Panama, the new US CTFC regulations will not affect our company. After October 18, 2010 you’ll be able to open an account and trade with FOREX MMCIS group on the current conditions stated on the website.
If you have any other questions, please contact us. We will be happy to help you.
Thanks, Jacob.
I’ll put them on the list as a Panama-based broker.
FXOpen still remains the best option offshore.
Smart Trade FX main office is in Hong Kong with customer service in Canada and a couple of other countries. I called them and it also says it in the FAQ.
I went ahead and opened with the minimum $100 using PayPal.
May the pips be with us;)
F|B Capital Markets followed suit:
We are regulated by BVI Financial offshore registration Corporation and these rules do not effect us. So, we would be glad to see you in our company.
Kind regards,
F|B Capital Markets
UK +44 20 8133 3424 | Estonia +372 618 8118
Hong Kong +852 8199 9469 | Chile +56 2 8977822Skype: fb.capital.markets
E-mail: <[email protected]>
Here’s also a confirmation from Hong Kong-based RVMarkets, for which Clint was asking:
As we know, this regulation applies to US-based brokers only. Since
we are not a member either of NFA or CFTC, their ruling doesn`t apply
to us. We conform to Hong Kong regulations.Let me know if you need further assistance, please.
Best regards,
Sophia Lian Su
Account ManagerRVMarkets Support Team
RVMarkets - OFFERS AND PROMOTIONS
<[email protected]>
Clint… I think what you’re doing with “the list” is great.
I also think it might be worth noting that at least some
of the brokers on that list do not even offer a secure
web page for their sign-up form. FXCH and Smart FX are
at least, an example.
Personally, I’m not going to provide my ID# and personal
information on an “unsecured” web page and most legit
brokers DO provide a secure sign-up link.
Just something to keep in mind and I’m not suggesting that
a broker who does not provide it isn’t legitimate… just that I
won’t provide any info that way.
go to ‘whois.net’ and type in the website name, if they are a legit business, all of their contact info will be there!
Good point. Yet form my experience, retail Forex brokerages usually require your documentation to be either mailed or emailed to them rather than submitted through their website.
The “physical” documentation, yes. Yet they ask for your Social Security # (ID#) and other info on the website. IMHO, if that web page is not a secure one it is a red flag. Check around with different brokers sign-up pages and you will see what I mean
mj2009 is correct in saying to check the Whois. For example, on “the list” there is a broker… Uni-fx which is listed under an invisible domain name and also does not have a secure sign-up link. Speaking for myself only, I won’t be sending them any money.
Excellent observation. I do too urge everyone to do extremely thorough due-diligence before using a broker’s services. In particular, check if the broker’s corporate address is listed under their domain’s WHOIS data (can be checked at Who.is: Whois Lookup, Website, Domain Name, and IP Tools - Who.is). Also request copies of the company’s registration documents and verify their validity with the broker’s national financial authority if in doubt. Lastly, look for customers’ feedback at the ForexPeaceArmy website. For all this we should once again thank Gary Gensler who has effectively crippled the US domestic Forex industry and allowed for a possibility of US customers being scammed by dishonest or fake foreign brokerages.
You’re absolutely right, Ducky. Good catch.
Here’s a copy-and-paste from the STFX FAQ (bad grammar, and all):
"Where is SmartTradeFX registered and located?
SmartTradeFX is registered in Hong Kong, where its head office is located.
There is support offices around the world, in Canada, India and Switzerland."
I will adjust their location in the list.
Thanks. Will add them.
…confirmation from Hong Kong-based RVMarkets…
Thanks. They’re on the list.
dbFX - Deutsche Bank is for some reason listed as undecided on the list. Here’s the email I got from them today:
It is confirmed by our compliance department that the new CFTC rules will not apply/affect US residing clients. Since we are a bank and regulated by UK FSA, US residing clients could still trade with 100 times leverage as maximum.
Thanks, guys. But, the real work — the heavy lifting — has been taken over by several other members of this forum. You all know who they are — their names keeping popping up on this thread.
I’m just doing the paperwork — trying to keep the list up to date.
We’re going to honor the guys who are doing the real work at an Awards Ceremony next month, when we will have an artery-clogging banquet, hand out some cheesy trophies, and hang Gary Gensler. (In effigy, of course.)