Concerning the last comment, I believe there is a verse somewhere in the Bible that says it is really God who determines who will be the leader of major nations, if that’s of any comfort. “Be anxious for nothing” is a verse I like. In other words, don’t worry (in an excessive manner) about anything, [I]assuming[/I] you are already righteous, though.
Clint, definitely do not shut this forum down. Do maintain the List. Your work has benefited us here very well. I think we should abandon the Trusted Broker designation (which feeds the enemy with valuable information about where to focus their considerable resources on their next target) but keep it for Tradersway and FXChoice since the enemy already knows about it. I think we should actively look for and vet new candidates for the List. The more Group One brokers we have the longer it will take the enemy to affect all of them adversely, if that day ever really comes.
I have a Tallinex account, and have not yet received an email requesting additional documentation.
Okay, question #5 got some lively responses. Thanks for your participation!
Answer: The List, and this thread, are not going away any time soon. I won’t be shutting it down.
And I’m quite sure that Babypips won’t shut it down either. Sometime between now and Christmas, this thread will have clocked [I]over a million views.[/I] Numbers like that matter to Babypips, and they matter to the advertisers who spend their money here.
Thanks to all of you, this thread serves as a valuable profit-center for Babypips — as well as a top-notch information portal for U.S. traders who want to escape the repression of the nanny state.
We shall carry on.
Now, about the other 4 questions I asked (which I will reprint here) —
Should we consider designating additional brokers as Trusted Brokers?
If so, which brokers should we consider?
Or, should we abandon the Trusted Broker designation, removing it from Trader’s Way and FX Choice?
Should we actively look for, and vet, new candidates for our List?
If so, can anyone offer information on the brokers in the EarnForex list?
Should we add LQDFX to Group 1 of our List?
Dozens of traders have contributed to this thread over the past year, and hundreds more actively follow this thread without posting.
HyperScalper has expressed his opinion on two of the questions above.
Now I would like to hear from the rest of you.
The 4 remaining questions basically come down to this:
Should we start to rebuild a more robust Group 1, and, if so,
should we highlight those brokers we have found to be especially trustworthy ?
Back. Just looked up Gary Gensler - the name itself does sound, to me, like I think Clint characterized the man - a weasel. Anyway. I guess everyone knows, but if hrc gets in he is slated for treasury secretary.
Edited post to add this, somewhat later…
However, the following helps me, maybe not you, put things in a slightly different place in my head.
It is a copy paste from an article dated January 1, 2016. I haven’t finished the article: here’s what drew attention first by helping me right away - possibly everyone knows this already.
It is an article for which you can search; see cite at end.
[…]When it comes to the brokers that operate in Europe, the regulatory environment is rather simple. Once a broker has obtained a license from one of the European regulators, it can easily accept traders from all EU countries. In other words, a UK Financial Conduct Authority regulated broker can accept traders from Germany, the Netherlands, Bulgaria and other EU member states.
However, when it comes to the US, European licenses simply do not work. A broker that wants to have traders onboard from the US has to be regulated by the NFA, National Futures Association. At this point you may ask, there are brokers that have multiple licenses, like CySEC, FCA, ASIC and more, why would they not get another one to provide services in the US? The reason for this is quite simple - capital requirements. While a broker has to have around $100,000 - $500,000 of locked capital to obtain one of the European licenses, NFA requires quite an enormous amount of capital to be able to operate in the US - 20 million dollars.
Source: alpari.com, “Why Forex brokers do not accept US clients?”
I have a suggestion if you fear the security of this thread. I belong to a Ferrari website, and they have secure forum for verified and vetted owners of ferraris. We have to submit verified ownership or be invited by a verified owner or the factory. This way all the members are like minded and on the same page. In attempt to keep out trolls and unwanted people that could use the site to cause harm. Also that forum is blocked from all search engines. So people can not access it by chance. Maybe this may be the way to go? You could verify people that have open accounts offshore accounts. Or better yet open another forum for those that do and keep this going as well but with less information. Just an idea. I support this forum and his thread.
A Ferrari and a fancy home in Beverly Hills, Tokyo, and Odessa? That’s great, mizugami7523. It would be nice if everyone was that prosperous. If you made most of your money by day trading and scalping foreign currencies, you would be a nice role model and inspiration to beginning forex traders. Many really successful traders trade only the EUR/USD, so I suspect that you trade that pair fairly often, too.
No fancy home)) i collect and race old ferrari. I am not as prosperous as you make me sound. Ha ha. We live in europe 80% and japan 10%. Cal is just home base. fx is just part of my portfolio. I can not sustain my lifestyle on fx alone. I’ m no trading guru. I only risk what i am willing to lose, and i don’t own anything i can’t walk away from.
You can call me prosperous when i’m rocking a G6)))
I assume that you are new to forex trading, as well. If that is the case, then you should start out with a U.S. broker. Offshore brokers (which is what this thread is all about) entail additional complexities which you are not yet prepared to evaluate or deal with, at this early stage in your forex education.
There are 5 retail forex brokers in the U.S., three of which control most of the retail market: FXCM, Gain Capital, and Oanda. In my opinion, you should carefully look into each one of those three. The process of evaluating brokers is called [I]due diligence,[/I] and it’s your sole responsibility — nobody can do it for you.
Take the process of due diligence seriously. Learn all you can about each of those three brokers. Choose one. Download their [I]demo account,[/I] and learn how to use it.
Do all of this while you are studying the overall forex market.
In the future, [I]if offshore forex trading is still possible for U.S. residents,[/I] you might want to consider moving your trading offshore. In that case, this thread will still be here, and we will still be in the business of identifying, vetting, and recommending reliable offshore brokers.
But, for right now, you would make the task of getting established with a forex broker [I]much more difficult,[/I] if you start looking offshore.
Two weeks now and zero contact, email, or notice from [I]ForexBrokerInc[/I]. It appears that the login to the account page no longer works, “[I]page not found[/I]”. Another interesting finding, that upon clicking on the top link “[I]Open A Real Account[/I]” now redirects to PaxForex! A broker that is located in [I]St. Vincent and the Grenadines[/I] under the green list. [I]What[/I] is going on? It used to redirect to FXChoice. Though, clicking on “[I]Open A Demo Account[/I]”, would continue to redirect to FXChoice. Already opened and traded on FXCM, this behavior by [I]ForexBrokerInc[/I]. has been horrible.
Looks like the [I]ForexBrokerInc.[/I] update is complete. [I]ForexBrokerInc.[/I] MT4 shows “account disabled” under connection status now.
The email (Nov 8th at 7am EST) with a pdf attachment as well…
We thank you for your patience and your will to move into new trading environment.
We wish to inform you that we are ready to transfer your trading balance to a new trading environment offered by Fx Choice.
To enable you trading as soon as possible we kindly ask you to complete the following:
Click here to enter your details and complete the registration at Fx Choice ,and please have your documents ready for verification
Complete, sign by hand and return the attached form to <[email protected]>
Send your Fx Choice MT4 account number to <[email protected]>
Thank you in advance and rest assured that we continue to support you through and after the transition period.
For any information please contact us.
Kind regards,
Welcome Department
What this means is that the “transfer” wasn’t a transfer at all if they’re asking for essentially, a brand new submission of documentation for a new account. How about those who decided to withdraw? Have they gotten their funds? In the pdf, it states several declarations and signatures to confirm the switch, but the most important points, 6 and 7 states…
I agree that because of the transfer of my current balance to FX Choice Limited it might
be reasonable delays in any withdrawal payments and I am aware that any withdrawal or
other payment to me could be done only after successful identity verification of my
profile with FX Choice Limited.
I agree to go through FX Choice Limited verification procedure and I agree to assist FX
Choice Limited in the process of my identity verification. I agree to verify my profile with
FX Choice Limited within 10 days after my registration with FX Choice Limited.
So if you decided at the last minute not to “transfer” (open an account), you’ll have 10 days and any withdraws, you must submit documentation, how about that? They never stated this throughout the process how this “gotcha” was going to end.
You know with trump looking like a win for president tonight and the most likely dismantling off dodd frank and other regs almost certain as gop remains majority leader in both the house and senate. I wonder what this has in line for the nanny state and these markets. Things should be interesting in the near future
Here’s an excerpt from a [I]Finance Magnates[/I] article published today:
[B]Dodd-Frank Legislation[/B]
Donald Trump has been actively supporting the abolishment of Dodd-Frank, however it hasn’t been clear what he has in mind as a replacement. The bill that was implemented in the aftermath of the financial crisis has been limiting competition in the financial industry, especially for retail FX brokers in the U.S…
Granted, this will not be on the top of the priorities list of The Donald’s reign, but his intentions to replace Dodd-Frank with “something better” could fare well for some parts of the financial industry that have been over-regulated. Finance Magnates has already expressed the hopes of the industry in our April Fool’s Day post.
[B][I]WOWWEE, BIG TIME!![/I][/B] Hallelujah!! We won, the war is over!! The Christian vote saved us by pushing Trump over the top. You Dodd Franksters, you’ve had it. Start packing your bags after January and get your (blank, blank, blank, blank) out of here, permanently. Ha, ha, ha, ha, ha. Sanity has finally won out over insanity. Made a little money, too, selling then buying the Dow on election night, using 400:1 leverage which is unavailable with an over regulated US broker. As Jimmy Fallon keeps saying, “You made it, you’re here, this is it” which can now apply to us. FXCM, get ready to provide 500:1 leverage again. The good old days, after 6 long years of misery, are finally coming back.
Screw FXCM. I hope that if Dodd / Frank is dismantled that off-shore brokers resume accepting US clients. Allowing retail traders the choice of using a US broker or an off-shore broker brings competition back into the marketplace. It will force US brokers to be more competitive, because they will once again have more competitors.
