Thanks for the info Clint!
May I ask what the status is on Skrill / Neteller / debit card deposits for US customersā¦?
One thing Iāve learned when probing for available funds transfer arrangements is that the ācat and mouseā game where CFTC and/or NFA seeks to starve these offshore brokers, has as a necessary consequence that NOT ALL FUNDS TRANSFER ARRANGEMENTS may be published on a brokerās website.
So, if you have a concern about money transfer arrangements; it is best to contact the broker and have a conversation as to the range of available options.
Being public and transparent about these arrangements causes these offshore brokers, who are constantly under threat from CFTC-related compliance actions, to become tight-lipped, knowing that U.S. regulators are mostly likely listening on forums such as this one for further ways they can put pressure on non-compliant brokers through squeezing their money transfer options. 'Nuff said hereā¦ WINK
hyperscalper
Thanks. Thatās why posted my question with one of Paulās (Tallinexās) quote where he spoke of funding options in one of his prior posts. I appreciate your feedback but, Iāll wait for Paulās response.
I can chime in here on part of your question as I used to use Skrill a lot.
Neteller does not allow US persons to deposit/withdraw money with any FX brokers. Skrill now is the same way. It is a USA regulatory problem and not a Tallinex issue.
Skrill and Neteller are dead in the the water - feel free to thank Uncle Sam for that.
Debit / credit cards are fine.
We are currently investigating a fully-regulated eWallet service that may provide a much better option than Neteller / Skrill - fingers crossed.
Thanks Tom. I realize itās a USA regulatory problem. I wasnāt trying to imply that it was a Tallinex problemā¦ hope my question to Paul didnāt get misinterpreted. I have a Tallinex account and sometimes Paul gives us a bit of info here at babypips that may not yet be posted on the āofficialā Talinex website. So when he said Tallinex were working on Neteller / Skrill options and then didnāt mention it again, I began to wonder about the status of those potential options.
Damn. Well, thanks for trying Paul. I used Skrill with FinFX, before they dumped their US customers, which is how I ended up having my account migrated to Tallinex. Skrill was very convenientā¦ I was hoping Tallinex might find a way to make it work. Grumbling & cursing under my breath about the US regās
I should just expatriate. That would probably be the easiest solution.
It might well be! I did hear that a big group of Americans got caught trying to tunnel their way into Mexico
well as a US resident i have account with Berndale Australia excellent service as above mention brokers like profiforex fx choice rensource pax forex horrible cust support even their demo accounts freeze & also if u close the MT4 u cant login again its bad the Berndale demo & live trades almost the same super fast no issues so for & also verified its legit broker as i have ppl in Australia verified it
lol :27:
That was me ! Now where did I hide that shovel ??? :8:
I can confirm that Skrill and Neteller are not an option for deposits. Just spoke with John at LMFX and he confirmed that the only option for us is either wire or cc deposit which Iām currently using.
By āccā I guess you mean either Credit or Debit cards? Iām not sure that ātrading on credit cardsā would be a generally smart approachā¦ hyperscalper
Yes I used my credit card and deposited 1K, before I did my first wire to them, but I got your point and you are absolutely right.
Hopefully Sir, we are all adults and capable of responsible credit card use. Credit cards are an easy and benefit rich payment method for those individuals living in countries that permit their use. I wouldnāt advise borrowing large sums of money for speculation, nor emptying your bank account. But, the credit card is a perfectly reasonable method of payment.
Hi,
This is a thread for offshore brokers, but Iām providing info on
ATC as a way to help traders weigh their options, so here is further
information. Choice of a brokerage is based upon more than such
superficial features as Bid/Ask spread and Leverage, among others.
I have no relationship to ATC other than as a trader client.
ATC has some characteristics of an IB āIntroducing Brokerageā for
FXCM but these are superficial. They contract to use some of
FXCMās servers and back office in the U.S. but, otherwise, ATC has its own
standard MT4 ECN implementation, and direct connection to FXCMās
primary servers. By going with FXCM, you would be restricted to an MT4
platform which is not standard, but ATC is not an IB for FXCM in
that sense of the word. Support is through ATC, a separate company
from FXCM. āThe devil is in the detailsā¦ā Here are some details.
Banking: U.S. CFTC regulated
Leverage: you are stuck with 50:1 and a suggested $5k minimum funding level
Commission: 0.8 R/T (with 0.6 R/T comingā¦ and negotiable on volume)
Spreads: Tight Variable Bid/Ask nearly identical to Tradersway, tighter than Tallinex
Connection Type: Direct to FXCM data center with ATCās own collocated servers
Ping Time to server: 28 msecs versus about 100+ msecs Tradersway
(as TW uses a MT4 Data Center, and ATC is a ādirect connectionā)
Hedging: Yes, unrestricted platform operations sequencing
FIFO: No FIFO restrictions on MT4 Trading platform, but FIFO compliant
statements provided by FXCM back office.
Minimum Lot Size: ATC 0.05 (and increments of 0.01 above that)
Unrestricted price placement of Limit Orders, Target and Stop orders
(meaning inside the spread, etc)
Unrestricted order frequency, and scalping encouraged.
Compatible with Generic MT4 platform, do not need Broker provided MT4 platform
My criteria for the trading platform:
- ATC platform fully compatible with standard EAās (FXCM is not, Tradersway is)
- High performance and reliability, low latency for retail trading
- Must be able to use Generic MT4, rather than Broker branded MT4
(for compatibility with NJ4X.com software framework) - āPer dealā position management, rather than āNetā for compatibility
with standard EAs.
Now that we have a Live account set up, I can verify all of this.
So, my advice to traders with limited funds would be to use an offshore such
as Tradersway, but perhaps transition onshore when the trading operation becomes
more significant as regards the financials and money transfer methods.
hyperscalper
There you go again with this ATC broker.
Of course, the only thing you did not mention is safety of your funds. No segregated accounts, your funds are in the mercy of FXCM that is on the verge of bankruptcy. They had to reverse split their stock so they did not have to get delisted from NYSE. But you right, who cares about that, as longest we got the best spreads and conditions.
Also you need to deposit more funds cause the leverage is 1:50, so more of your money is in the mercy of FXCM.
Please stop man, this thread is for offshore brokers only.
This is great technical information and Iād say itās completely on topic, since it solves most (admittedly not all) of the problems we traders are facing as US citizens. Is it too much to hope for ATC to pick up a JForex White Label? I know you, like me, invested time coding in JForex API, only to see all JForex brokers stop doing business with US retail clients. Being forced to port code to a new platform at the whim of regulators is no fun and is still my #1 concern.
Do a little reading in this thread, before you start playing Sheriff.
I just tried to warn the readers of this thread to watch out where you park your money.
ATC/FXCM can not be trusted. The Swiss bonanza almost killed them last year, and they can not be trusted no more.
But by all means, you can put all your money with them. I do not care it is your money.