Clint, here are the spreads and commissions of TradeWiseFX. ECN account has no spread mark up and EURUSD averages 0.5 pips + $2 per side. GBPJPY averages 1.4 pips + $2 per side. On the Classic account EURUSD averages 1.3 pips and GBJPY averages 1.9 pips with no commissions.
We are especially working on making the conditions attractive for EA traders and scalpers wit low order execution times.
Thanks, Nasir.
The List has been updated, with one exception:
It was not possible to add all of the new links to post #7, because of the Babypips post-size limitation. There is a limit of 15,000 characters per post in this forum. And links are major resource hogs.
Post #7 is currently up against the size limit, and there are still 13 links remaining to be posted. (The links in limbo are recent posts discussing Traderâs Way and Tallinex.)
So, I will have to remove some old links, in order to make room for newer ones.
I ran out of patience fighting with it, and just put it aside for now.
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Regarding the question of whether to designate LMFX as a Trusted Broker, several members have posted comments. No negative information has come to light regarding LMFX â but the community seems about evenly split between (1) proceeding with the Trusted Broker designation now, and (2) delaying that action until more LMFX client feedback has been posted here. It was suggested that client feedback concerning withdrawals is especially important.
Given this divided consensus, we will wait.
I suggest that we consider this question again in a month.
In the meantime, I encourage members of this community who have live accounts with LMFX to continue to post their experiences with this broker. The more data we can get, the more confident we can be in our decision.
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Once again, I want to thank everyone who weighed in on adding TradeWiseFX to our List, on removing Forex-Metal and SmartTrade, and on the LMFX question. Your participation is what makes this thread effective.
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haha, itâs one of my daughtersâ names, but thanks much.
I also opened with LMFX but have not deposited / verified with them yet. They seem to run a tight ship but I would agree to withhold the judgment.
re FinPro again, up until about 10 minutes ago I have had lightning fast (avg 8.2ms) execution times. Now Iâm up to 32ms avg. I am in/out pretty quickly, and net profitable on the account. I emailed their support with this and will see what they have to say about it. Iâm hoping itâs a fluke and not being throttled by their liquidity providers. Iâm really nitpicking with this criticism, but still.
EDIT: average fill time is now about half a second. ugh. Hoping this is an error and not a switch on my account!
Hello, Lucyâs Mom or Dad
Thanks for your comments.
Clint, I see you respond right away to a ladyâs comments but turn a cold shoulder to other peoples questions.
Can anyone please respond to my question on page 346?
Respectfully,
JerryW
Green Trader Tax (.com) is the industry leader in all things tax-related for US citizens.
Thanks Lucy, but Mr. Green is the one who told me on a one on one Skype call that it was illegal to trade offshore.
JerryRay
On post #7 (Links to Recent Posts), I have removed all links to posts prior to Jan 2013.
This has freed up space for the most recent Tallinex and Traderâs Way posts (13 of them).
As of now, links are up to date.
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wow really? OK. thatâs news to me, and I still donât believe it to be accurate. offshore [I]banking[/I] i could see as a problem, but not trading.
@Hyperscalper, are you having delayed fills with FinPro now? I have been throttled down to 0.50 second (average) execution times down from 0.08 - 0.20 average as of the last few days. Iâve been screaming at them to no avail about it, so I can only assume itâs their LPs doing it. I am finished with them as theyâve had too many data outages that have cost me, with no recourse after the first incident on their part. Shameful really, as I thought my MT4 dealer search was over!
The information provided by Mr Green is totally incorrect, and Mr Green has exhibited a total lack of knowledge regarding the subject of offshore trading in his communications with Tallinex.
The ONLY reason why most offshore brokers refuse to accept US residents is because their jurisdiction requires them to be registered with a local regulatory body, and that regulatory body has stipulated that its members may not have US-resident clients. Such stipulation is made as a favour to the SEC (since there is no legal basis for such a rule), and affected brokers are forced to comply under threat of termination of their registration with the local regulatory body (which would find them trading illegally and subject to prosecution in their country of domicile).
This is why the offshore brokers that DO accept US residents are based in jurisdictions where registration with the local regulatory body is not a requirement (or, as in the case of Belize, the local regulator is not actually providing any form of regulation because members are expected to âself-regulateâ).
As long as you report your offshore trading accounts and any profits / losses to the IRS then there is no issue but, being completely oblivious to the actual legal situation, Mr Green contacted Tallinex at the end of December and stated his intention to report Tallinex to the Enforcement Division of the SEC.
The SEC has subsequently contacted Tallinex regarding US-resident clients, but the communication made it quite clear that they were powerless to take action.
If anyone using the services of Mr Green is trading with an offshore broker then I would only state that you may be drawing unwanted and unneeded attention to your broker, and possibly their local regulator (in addition to receiving incorrect advice).
so the green trader tax guy is cluelessâŚgreatâŚtry traders accounting in phoenix
As long as you report your offshore trading accounts and any profits / losses to the IRS then there is no issue but,
yepâŚjust pay your taxes. THANKS FOR THIS POST!
Thanks to Mr Green, pretty soon US clients will have no brokers to trade with. Tallinex keep up the good work.
Green if you are reading this thread, stop DRAWING UNWANTED ATTENTION!!!
I can confirm this statement from Paul Cullen, our Tallinex rep.
Paul and I have been corresponding privately regarding this matter since before Christmas, and we both agree that Robert Green is trying to play Sheriff (or maybe Snitch would be a better description) in matters he doesnât understand.
I would add to what Paul said above, that you may be drawing unwanted attention to [I]yourself,[/I] as well. The CFTC and their sock-puppet the NFA, and their fellow regulators like the SEC â hate [I]off-exchange[/I] retail forex trading. They hate [I]offshore[/I] trading, they hate [I]those of us[/I] who trade offshore, and they hate [I]this thread.[/I] They are not above enlisting the assistance of the IRS to harass, audit, and prosecute individual traders, like you and me.
If you trade offshore, the CFTC cannot touch you directly â but the IRS can, [I]if your tax status is not completely in order.[/I]
Keep yourself completely in compliance with the tax laws: Report all of your foreign financial accounts (forex accounts, bank accounts, whatever) on the FBAR form [I]â if your offshore holdings reach the relevant threshold.[/I] Report your trading gains and losses on your tax return. And [I]pay your taxes.[/I]
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Appreciate the heads up. Services that are experienced enough to help with tax prep with offshore trading are few and I can see the agencies attempting to bully and strong arming such services as tax and legal professionals into snitching or simply avoiding offshore traders, in effect making it harder to do the right thing. Must be like a game to them, divide and conquer using all means necessary.
Clint do you have good tax people?
[QUOTE=kwheelock;757206]Clint do you have good tax people?[/QUOTE
It is easy to do it yourself. Use freetaxusa.com or turbotax. Just follow directions on their website.
You do not need fancy tax man. They usually full of **** and charge lots of money.
Thanks Marc. I googled turbotax forex and they said by default it is treated as 988.No mention of 1256.