Going offshore to escape the CFTC

[compounder]

Yes, Clint, I think it would be wise to remove Forex-Metal from the list. I opened an account with them 4 or 5 years ago attracted by their gold trading opportunities shortly after FXCM caved in to Dodd Frank, but abandoned them a year or 2 later because they were [B][I]consistently[/I][/B] unresponsive to my emails and I think even their chat window, if they had one. I read that some woman either owned the company or had a major controlling interest in it. I believe I had only 8 to 12 dollars in the account and if I did not withdraw it, never bothered to since I wanted to keep the account open to maybe use as a last resort if they became the only high leverage broker available accepting US traders. Now, of course, there are much better brokers around.

[challisto]

However, their spreads at rollover are appalling

When New York session closes Futures markets are closed for 45 minutes and accounts are settled.

But today, which is a holiday in many countries and volumes are therefore low, the spread on gbpaud is awful, variable of course, but has been consistently bad for at least 5 hours now. As I write this, it is 14.4. I don’t believe they use fewer liquidity providers than the average ECN broker, so I really do not understand the justification for it.

It’s irrelevant how many liquidity providers are used if the majority of them are not providing liquidity due to a holiday. Not everyone observes good friday so the FX markets remain open but the “major” institutions are closed so the markets are very illiquid hence you get enormouse spreads, price gaps, little volatility, and almost no price movement.

[HyperScalper]

@HyperScalper

Here’s some more Bid/Ask spread data for Tradersway.com and FinProTrading.com
MT4 ECN Live accounts. While pricing is by no means the only criterion for brokers,
it can be important for scalping or short term strategies.

timestamp is GMT/UTC and I’ll just pull the sample at 08:00 GMT when the
London Session opens. The last data column is supposed to be the
average number of milliseconds between ticks, and does not show
the maximum incoming “burst” data rate.

hyperscalper

CORRECTION
OOPs, sorry, the values are in Nanoseconds between ticks, so 1233.3 is Nanos,
and Milliseconds is actually 1.2333 MSECS

[pipfreak]

I have a question. Between FX Choice, Tradersway, and Tallinex, which of those 3 brokers have the best spread at rollover? My trading system just happens to involve entering trades each day at the time when rollover occurs (at 5:00pm EST). I can wait as long as 15 minutes later (as late as 5:15pm EST) … meaning I need to place my entry on my trades anywhere between 5:00 - 5:15 pm EST. So, between those 3 brokers, which one has the lowest rollover spreads and which one is most likely for their spreads to return to normal 15 minutes after rollover?

[HyperScalper]

@pipfreak

I have a question. Between FX Choice, Tradersway, and Tallinex, which of those 3 brokers have the best spread at rollover? My trading system just happens to involve entering trades each day at the time when rollover occurs (at 5:00pm EST). I can wait as long as 15 minutes later (as late as 5:15pm EST) … meaning I need to place my entry on my trades anywhere between 5:00 - 5:15 pm EST. So, between those 3 brokers, which one has the lowest rollover spreads and which one is most likely for their spreads to return to normal 15 minutes after rollover?

I do not know about “rollover spreads”, but I can tell you that Tradersway.com MT4 ECN spreads are much narrower (as much as 2x better) than those at Tallinex.com. I don’t know about FX Choice, but I can say that FinProTrading.com has the best spreads of all offshore brokers (and it is direct server connection). All of these comments apply to MT4 ECN accounts with variable spreads.

If someone wants to run a detailed study on Tallinex spreads, contact me privately, and I will arrange to run some data on your account, which we can post. If you’re paranoid, then skip it But I would use only LIVE accounts for this purpose, as I don’t trust DEMO accounts.

hyperscalper

[HyperScalper]

@HyperScalper

I do not know about “rollover spreads”, but I can tell you that Tradersway.com MT4 ECN spreads are much narrower (as much as 2x better) than those at Tallinex.com. I don’t know about FX Choice, but I can say that FinProTrading.com has the best spreads of all offshore brokers (and it is direct server connection). All of these comments apply to MT4 ECN accounts with variable spreads.

If someone wants to run a detailed study on Tallinex spreads, contact me privately, and I will arrange to run some data on your account, which we can post. If you’re paranoid, then skip it But I would use only LIVE accounts for this purpose, as I don’t trust DEMO accounts.

hyperscalper

I guess I do know something about getting Rollover Spread data…
OK, so you want to know what happens to pricing in the region of 5pm Eastern Standard time, and now that the U.S. is on Daylight time does this mean 6pm Eastern Daylight (Spring forward, Fall Back) is when it happens? In any case, is it a specific GMT/UTC time, such as 21:00 GMT ? Anyway, one way you could look at it would be to get a Dukascopy Community Membership DEMO account, and examine the Bid/Ask pricing on a Tick chart in the region of 21:00 GMT. But I realize you want to know the spreads on the brokerages you mentioned, and I could currently give you answers only for Tradersway.com and FinProTrading.com if that helps. Do you need 5 minute inter-sample resolutions on the sampling before/after 21:00 GMT? I could tweak some software to get that data… For brokerages other than that, on a case by case basis, with MT4 accounts, given the login credentials I could also provide such data… hyperscalper

EDIT: Added this data from Tradersway, for 20:00, 21:00, 22:00 GMT I think Thursday night rollover…
It shows spreads in PIPs. Symbol, Min, Avg, Max spreads for 28 major symbols I look at… Since I’m sampling
only at the top of each hour, you’d probably want to look at the MAX values in the 20:00 hour which
would probably spike at the tail end of the hour?..

Tradersway MT4 ECN variable spreads
timestamp,2016-03-24 20:00:45,1458849645775, symbol min|avg|max spread pips
AUDCAD,1.4,1.9,2.2
AUDCHF,2.1,2.4,2.8
AUDJPY,1.5,2.3,2.7
AUDNZD,1.9,2.6,3.3
AUDUSD,0.4,0.9,1.2
CADCHF,1.7,1.9,2.2
CADJPY,0.9,1.5,1.8
CHFJPY,2.1,2.5,2.9
EURAUD,1.7,2.3,2.8
EURCAD,1.6,1.9,2.4
EURCHF,1.0,1.3,1.7
EURGBP,0.5,0.7,1.0
EURJPY,0.8,1.2,1.4
EURNZD,2.7,3.1,3.8
EURUSD,0.1,0.4,0.6
GBPAUD,2.4,3.1,3.8
GBPCAD,2.7,3.4,4.0
GBPCHF,1.7,2.1,2.6
GBPJPY,1.5,2.1,2.7
GBPNZD,6.4,7.0,7.9
GBPUSD,0.6,1.1,1.4
NZDCAD,3.2,3.9,4.6
NZDCHF,3.1,3.5,3.8
NZDJPY,2.7,3.1,3.4
NZDUSD,1.0,1.3,1.5
USDCAD,0.7,1.2,1.7
USDCHF,0.8,1.1,1.5
USDJPY,0.3,0.6,0.8
timestamp,2016-03-24 21:00:48,1458853248575, symbol min|avg|max spread pips
AUDCAD,1.9,4.6,15.2
AUDCHF,2.6,5.8,8.8
AUDJPY,2.0,4.4,11.1
AUDNZD,3.5,6.8,12.2
AUDUSD,0.9,2.4,9.0
CADCHF,1.9,4.1,10.3
CADJPY,1.0,1.7,7.5
CHFJPY,1.7,3.2,12.4
EURAUD,3.9,7.6,17.0
EURCAD,2.8,4.2,13.8
EURCHF,1.7,3.4,5.6
EURGBP,0.3,2.3,7.0
EURJPY,1.1,1.7,2.6
EURNZD,6.3,8.7,12.6
EURUSD,0.7,1.2,2.0
GBPAUD,5.8,10.5,23.2
GBPCAD,4.8,8.4,28.4
GBPCHF,2.4,5.2,12.0
GBPJPY,1.7,4.8,15.0
GBPNZD,11.2,16.2,27.0
GBPUSD,1.9,4.2,8.9
NZDCAD,5.6,8.0,18.8
NZDCHF,5.3,7.0,10.2
NZDJPY,3.4,4.8,12.6
NZDUSD,0.5,1.3,3.0
USDCAD,0.8,1.4,5.0
USDCHF,1.1,2.4,3.6
USDJPY,0.3,0.7,1.2
timestamp,2016-03-24 22:00:48,1458856848656, symbol min|avg|max spread pips
AUDCAD,4.1,5.2,6.6
AUDCHF,5.3,6.0,6.8
AUDJPY,2.6,3.4,4.0
AUDNZD,4.8,6.8,7.8
AUDUSD,1.1,1.9,2.7
CADCHF,4.7,5.5,6.4
CADJPY,2.5,3.3,4.4
CHFJPY,4.7,5.5,6.6
EURAUD,3.6,6.2,7.7
EURCAD,4.6,6.0,7.1
EURCHF,3.6,4.2,5.2
EURGBP,1.5,2.1,2.4
EURJPY,1.5,2.7,3.3
EURNZD,9.2,10.4,11.9
EURUSD,0.4,1.4,2.0
GBPAUD,4.4,6.4,10.4
GBPCAD,8.4,9.9,11.8
GBPCHF,6.6,9.1,10.9
GBPJPY,3.7,4.6,5.3
GBPNZD,12.1,14.4,18.3
GBPUSD,2.1,2.4,2.5
NZDCAD,8.4,9.1,9.8
NZDCHF,7.1,8.3,10.1
NZDJPY,4.5,5.3,5.9
NZDUSD,1.2,2.5,4.3
USDCAD,2.3,3.1,5.0
USDCHF,2.7,3.5,4.7
USDJPY,0.9,1.4,2.0

FinProTrading.com “rollover” data?

FinProTrading.com spreads around Rollover
timestamp,2016-03-21 20:00:02,1458590402448, symbol min|avg|max spread pips
AUDCAD,0.6,1.4,1.8
AUDCHF,1.0,1.5,1.7
AUDJPY,0.5,1.1,1.4
AUDUSD,0.3,0.8,1.0
CADCHF,0.7,1.4,1.9
CADJPY,0.2,0.7,1.2
CHFJPY,1.0,1.8,2.1
EURAUD,0.8,1.5,2.0
EURCAD,0.2,1.3,1.9
EURCHF,0.2,0.8,1.4
EURGBP,0.4,0.7,1.0
EURJPY,0.6,1.0,1.3
EURNZD,1.8,3.8,4.7
EURUSD,0.1,0.4,0.5
GBPAUD,1.4,2.4,3.2
GBPCAD,1.2,2.4,3.0
GBPCHF,1.0,2.2,2.8
GBPJPY,0.2,1.5,1.8
GBPNZD,2.3,4.2,5.5
GBPUSD,0.3,1.0,1.4
NZDCAD,1.8,2.3,2.7
NZDCHF,0.9,1.4,2.0
NZDJPY,1.2,1.7,2.1
NZDUSD,0.4,1.0,1.3
USDCAD,0.5,0.6,1.1
USDCHF,0.1,1.0,1.3
USDJPY,0.1,0.5,0.7
timestamp,2016-03-21 21:00:02,1458594002586, symbol min|avg|max spread pips
AUDCAD,0.9,2.6,4.7
AUDCHF,1.0,2.2,3.5
AUDJPY,0.8,1.6,3.8
AUDUSD,0.6,1.4,2.1
CADCHF,1.2,2.2,3.4
CADJPY,1.2,2.1,3.5
CHFJPY,1.5,2.3,4.1
EURAUD,0.6,2.4,6.4
EURCAD,0.9,2.8,6.9
EURCHF,0.8,1.5,2.4
EURGBP,0.5,2.2,3.5
EURJPY,0.8,1.8,3.6
EURNZD,5.3,10.0,14.9
EURUSD,0.3,0.6,1.0
GBPAUD,3.6,5.3,8.7
GBPCAD,2.5,4.6,8.8
GBPCHF,2.5,3.6,5.0
GBPJPY,2.1,2.8,3.3
GBPNZD,2.8,10.4,19.9
GBPUSD,0.7,1.4,2.2
NZDCAD,5.1,7.3,14.3
NZDCHF,2.4,4.3,11.0
NZDJPY,2.4,4.3,7.4
NZDUSD,2.0,3.7,7.4
USDCAD,0.6,1.4,3.2
USDCHF,0.7,1.2,1.8
USDJPY,0.2,0.7,1.3
timestamp,2016-03-21 22:00:02,1458597602723, symbol min|avg|max spread pips
AUDCAD,1.1,2.6,4.4
AUDCHF,1.7,2.9,4.6
AUDJPY,0.8,2.1,3.5
AUDUSD,0.2,1.3,1.6
CADCHF,1.8,2.7,4.8
CADJPY,0.3,1.5,2.3
CHFJPY,2.0,3.2,5.3
EURAUD,0.9,3.3,5.4
EURCAD,0.8,2.3,4.1
EURCHF,1.2,2.4,3.7
EURGBP,0.5,1.6,2.6
EURJPY,0.5,1.2,2.1
EURNZD,3.4,5.6,7.2
EURUSD,0.2,0.4,0.6
GBPAUD,5.1,8.4,10.6
GBPCAD,2.9,4.8,7.3
GBPCHF,2.2,4.4,7.0
GBPJPY,0.3,2.0,3.0
GBPNZD,4.4,5.9,7.9
GBPUSD,1.4,2.5,3.3
NZDCAD,3.5,4.8,5.6
NZDCHF,4.4,4.7,5.1
NZDJPY,1.3,2.7,3.7
NZDUSD,1.3,2.1,2.6
USDCAD,0.5,1.2,1.2
USDCHF,0.7,1.6,2.6
USDJPY,0.1,0.5,0.9

I hope I haven’t completely misunderstood what you’re after?

[sw88]

What’s FinPro’s commission rate?

[Clint]

What’s FinPro’s commission rate?

$4 per standard lot, round-turn, according to their website — equivalent to 0.4 pips.

.

[HyperScalper]

$4 per standard lot, round-turn, according to their website — equivalent to 0.4 pips.

.

Yeah, it’s either (0.4) $4 or (0.6) $6 , since we’re going to start trading hard this week, I can tell you.
Also, I believe we’re seeing 100:1 leverage and I believe they advertise 200:1 but I can certainly
update y’all once I find out what’s negotiable, and what ain’t We’re using only MT4 so if they have
another platform, could vary. Lots down to 0.01 and proportional commish anyway.

I should add that Commish is offset by better bid/ask pricing, of course, since both are costs to the Trader.

hyperscalper

[sw88]

Clint, hyperscalper, thank you very much for replying quick.

Hyperscalper, can you please get some spread stats between Trader’s Way and FinPro during Asian trading hours? Thanks!

[Jack72]

Hi guys,

I see that there is a conversation about LMFX being added as one of the trusted brokers. I am giving my positive vote for LMFX. I did one withdrawal and it was processed in less than 24 hours. It appears that they follow very strict procedures for depositing funds as I had to complete 2 different checks before I had my first card deposit processed. Their back office wanted to make sure that the deposit was done by me which is actually a good thing. I also did a wire transfer which was sent to a bank in Bulgaria (EU country next to Romania and Greece) so I believe their banking is very stable.

[Clint]

• [U]Last call[/U]

I will remove [B]Forex-Metal (Panama)[/B] and [B]SmartTradeFX (SVG)[/B] from the List on Thursday —
— having, so far, heard no objections from the community.

If you disagree with the decision to remove these names from the List, speak up now.

• [U]Another request[/U]

The home-page of the [B]Berndale Capital (Australia)[/B] website is still down (“under construction”).

Does anyone (specifically, anyone who trades live with Berndale) have any additional information?

• [U]An addition to the List[/U]

On Thursday, when I update the List, I will add [B]TradeWiseFX (SVG)[/B]. — Welcome to our new broker!

Their listing will look like this —

• [B]TradeWiseFX[/B] (St. Vincent and the Grenadines)

Type: ECN/STP/NDD. – Regulator: Financial Services Authority (FSA) of SVG.
Other products: metals, oil and gas. — Platform: MT4.
Min. initial deposit: 25 EUR or USD (STP or ECN Pro), 1000 EUR or USD (MyFxBook Autotrade).
Max. leverage: 500:1 (STP or ECN Pro), 200:1 (MyFxBook Autotrade).
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD: _____ (STP), _____ + commission (ECN Pro), _____ (MyFxBook Autotrade);
GBP/JPY: _____ (STP), _____ + commission (ECN Pro), _____ (MyFxBook Autotrade).
Website: TradeWiseFX | ECN/STP Forex Broker | Trade Forex Wiser
Email: <[email protected]>
Telephone: Skype: tradewisefx

If you can provide specific spread numbers, please do.

• [U]Additional comments?[/U]

Regarding [B]LMFX (Macedonia)[/B] — their request to be considered for Trusted Broker status is still open.

Here are the comments on LMFX that have been posted, so far:

…it seems like we have no members who have traded with them and in that case it is hard to put someone in a trusted broker spot without having enough experience with the brokerage. Maybe we should wait a little until people start writing about them.

I have a live account with LMFX, been a little over a month. I started with a very small account and have been growing it steadily.

Overall, I have no complaints so far and vote for LMFX to be a trusted broker and if I do come across any problems I will report and update the thread promptly.

I do have a live account with LMFX and have been using them daily without any issues and I believe they should be given trusted broker status as long as they continue to address issues our readers bring forward.

I could very well be wrong, but my “gut feeling” is that no Trusted Broker vote for any offshore broker should be accepted yet until the voter has had at least 6 months of live trading experience with the broker. That includes LMFX. If the broker really is good, they can wait to be approved.

I see that there is a conversation about LMFX being added as one of the trusted brokers. I am giving my positive vote for LMFX.

Do we have enough of a consensus to come to a decision?

Should we wait a couple of months, to gather more information from Babypips members with live trading experience at LMFX, before making a decision?

Are there any further comments from the community at this time?

Your thoughts, please.

.

[SatchFan]

• [U]Last call[/U]
Do we have enough of a consensus to come to a decision?

Should we wait a couple of months, to gather more information from Babypips members with live trading experience at LMFX, before making a decision?

Are there any further comments from the community at this time?

Your thoughts, please.

.

I’d like to see replies that mention good results of account withdrawals. Also, maybe some members would be willing to prove to Clint in private that they have had good/timely withdrawals?? Setting up an account in a timely manner and good fills etc is great, but if they don’t send out [B]YOUR[/B] money in a timely manner [B][U]CONSISTENTLY[/U][/B] then it’s not a trusted broker [B]IMO[/B].

The better spreads at TradeWise has me looking at them. Maybe I’ll switch to them from Tallinex at some point?? I’ll post my experience if that happens.

Tallinex had server problems today. Lasted less than half an hour and was already being worked on aprox. 5 mins after I noticed the platform was not getting new quotes. A pretty decent response time IMO. Just passing on my experience with the issue today. Also, I currently have 2 accounts with Tallinex. One of them is used as a Non Trading account, basically a wallet that I transfer money to/from to my real trading account. ALL transactions between accounts have taken place in a minute or less. Very quick to respond to transfers. No issues so far (other than the down time on the trading servers today), but the better spreads at TradeWise are intriguing to say the least.

Clint, [B]Thank You [/B]for all you do in this [U]Awesome[/U] thread! :35::35:

Rob

[gp00053]

That they are not regulated bothers me, but the main reason I think for waiting is the time they’ve been in business;2015. [B][U]I am in no way recommending this broker[/U][/B], I don’t have live or demo account with them; but take Advance Markets for example. Regulated, except US citizens, been in business since 2006. At least with this broker if you want to check how they do business they have somewhat of a track record. Just my opinion.

[SatchFan]

That they are not regulated bothers me

You miss the point of this thread. If they were regulated, US citizens would not be able to trade with them. (well actually they could, but they would have to enforce FIFO, no hedging, 1:50 leverage etc) Hence the reason Advance Markets doesn’t accept US citizens, because they are regulated. Therefore, the thread exists for US citizens so that we can find reputable UNREGULATED brokers that will treat all of their clients, no matter their location, with respect and fairness and not cheat any trader out of their money! And also, to offer no FIFO, allow hedging, better leverage if desired etc.

Rob

[ForExchange]

You miss the point of this thread.

True, he missed the point of the thread. Or at least part of the point.

Therefore, the thread exists for US citizens so that we can find reputable UNREGULATED brokers that will treat all of their clients, no matter their location, with respect and fairness and not cheat any trader out of their money!

On the other side, you also missed the point of the thread, at least partly. You cannot read anywhere if the brokers has to be regulated or not, the list has both types of brokers. Regulation is not a criteria for being listed and/or discussed.

If I wrote something wrong, Clint will correct me.

FE

[Tallinex]

Tallinex had server problems today. Lasted less than half an hour and was already being worked on aprox. 5 mins after I noticed the platform was not getting new quotes. A pretty decent response time IMO. Just passing on my experience with the issue today.

Unfortunately, we were the lucky recipients of a heavy DDOS attack today, which caused some connection issues. The mitigation system was brought online within a few minutes but it still took a little while for connectivity to stabilise due to the sheer volume of data packets hitting the system. Other brokers based in London Equinix have been repeatedly targeted over the past week and today was our turn.

Also, I currently have 2 accounts with Tallinex. One of them is used as a Non Trading account, basically a wallet that I transfer money to/from to my real trading account. ALL transactions between accounts have taken place in a minute or less. Very quick to respond to transfers.

I assume that you’re referring to your actual wallet (a feature of all back-office accounts), not a dormant trading account that you’re using as a wallet.

No issues so far (other than the down time on the trading servers today), but the better spreads at TradeWise are intriguing to say the least.

We do try to minimise issues

[gp00053]

You miss the point of this thread. If they were regulated, US citizens would not be able to trade with them. (well actually they could, but they would have to enforce FIFO, no hedging, 1:50 leverage etc) Hence the reason Advance Markets doesn’t accept US citizens, because they are regulated. Therefore, the thread exists for US citizens so that we can find reputable UNREGULATED brokers that will treat all of their clients, no matter their location, with respect and fairness and not cheat any trader out of their money! And also, to offer no FIFO, allow hedging, better leverage if desired etc.

Rob

I didn’t miss anything. Read my whole post, before you have a comeback.

"the main reason I think for waiting is the time they’ve been in business;2015. I am in no way recommending this broker, I don’t have live or demo account with them; but take Advance Markets for example. Regulated, except US citizens, been in business since 2006. At least with this broker if you want to check how they do business they have somewhat of a track record. Just my opinion.

My point is how do you decide if the broker you’re considering (to quote you) " the thread exists for US citizens so that we can find[U] reputable UNREGULATED brokers that will treat all of their clients, no matter their location, with respect and fairness and not cheat any trader out of their money!"[/U] When the broker has only been in business for a year or two, that’s my opinion and I was only trying to help

[lucysparabola]

just wanted to chime in with my thanks to this thread - I’ve registered with several of these dealers and come to the conclusion that Trader’sWay and FinPro are f’ing fantastic. I have ECNs with both of them; I prefer TW for FX, and FinPro for CFDs. i trade mostly DAX and GBPJPY, some crude oil, and beginning to work with HSI as well.

FinPro’s service has been the best i’ve ever experienced. while they’ve had a myriad of tech issues (i.e., of course, only on DAX) with outages & latency problems, they’ve been extremely responsive and relatively quick with fixing the problems. also, their DAX outage today caused me a huge loss which they credited me for, no questions asked. That’s pretty tough to find.

anyway, i’m always open to a better deal, but these two have been hard to beat so far. Really appreciate the info from everyone here.

[Clint]

just wanted to chime in with my thanks to this thread
…Trader’sWay and FinPro are f’ing fantastic…I prefer TW for FX, and FinPro for CFDs.
…FinPro’s service has been the best i’ve ever experienced.
…anyway, i’m always open to a better deal, but these two have been hard to beat so far. Really appreciate the info from everyone here.

Hello, Lucy (have I got your name right?) — Thanks for your comments, and welcome to the Forum.

[U]More List updating and clean-up[/U]

In addition to the updates planned for tomorrow, I will get the [B]List of Links[/B] on post #7 up to date. That list hasn’t been updated for 3 months, and my preliminary count indicates that I need to add 46 new links. I will attend to that chore tonight or tomorrow.

I will reduce the font size on post #2 (that’s [B]Group 2[/B] of the List), to make it more readable.

I have corrected the way [B]maximum leverage at Tallinex[/B] is shown on post #1.

In the Notes at the top of post #1, I will add a short blurb on our procedure for picking [B]Trusted Brokers.[/B]

Thanks to all of you who have contributed your opinions, advice, and comments in this thread in recent days. I greatly appreciate your participation.

.