Have to agree with you on some of Tradersway swap fees. Some are a bit over the top imo.
Hi, Jinz
Thanks for your participation in this thread.
Regarding TradeWiseFX, there have not been a lot of comments posted here, but the ones that have been posted can be seen HERE.
Please keep us updated on your experience with TradeWiseFX.
.
i agree there spreads are the best but there swap will kill your profits, im also with fxchoice and on my way to funding capital city markets there spreads not the best but tallinex send my account over there.
⢠FX Choice (Belize) contacted the Babypips Administrator today, asking that we edit their listing in this thread to remove the reference to binary options.
FX Choice no longer offers trading in binary options.
I have made the change to their listing.
⢠Later this week, I will do a general clean-up of our List, to include updating the LINKS in post #7.
⢠Has anyone thought further about awarding the [B]TRUSTED BROKER[/B] designation to:
-
Finpro Trading (UK)
-
LMFX (Macedonia)
-
others ?
.
Finpro seems to be solid, tech support is always available and provides solutions. Them adding BTC funding is a big positive.
LMFX I actually gave up on a few months back as their funding was only available via wire transfer.
[U]Loose Ends[/U]
⢠Back in March, I suggested removing [B]Real Forex[/B] (Belize) from our List. I offered my reasons for this suggestion, and asked for comments. I said I would wait a week to hear what you guys thought about the suggestion, before taking any action.
That was almost 2 months ago. There have been no comments to date.
Please take a look at THIS POST.
[B]If anyone objects to the removal of Real Forex,[/B] please speak up now.
Otherwise, I will remove Real Forex this week.
⢠Three brokers [B]not on our List[/B] have been mentioned in this thread over the past 2 months:
[B]Platin FX[/B] (Vanuatu)â https://platinfx.com/ â see post #4069
[B]Evolve Markets[/B] (location ?) â https://evolve.markets/ â see posts #4148, #4150, #4153, and #4154
[B]SimpleFX[/B] (location ?) â SimpleFX | Online CFDs Trading, Forex, Bitcoins, Indices and Commodities â see posts #4152, and #4154
[B]Is there any interest in vetting these brokers for possible inclusion on our List?[/B]
[U]New LINKS to Group 1 Brokers[/U]
Since the last update of post #7 two months ago, there have been 39 posts in this thread commenting on various brokers on our List. LINKS to these 39 posts will be added to post #7 under the respective broker headings, along with a general clean-up of the List this week.
.
Iâll provide further technical info on Evolve.Markets fairly soon.
hyperscalper
i have not yet funded and begun trading with lmfx yet due to a june vacation coming up. i promised my wife that i wouldnât go live trading until then so as to not ruin the week staring at my phone.
so iâll update later. but i will say again that their customer service has been amazing regarding my inquiries. i also received a phone call from an lmfx rep asking me if i had any questions or necessities in my way of funding the live account. it was a london area code i think. 44-203âŚ
anyway, not that this is a monumental step to take on their part. but i thought it was nice. iâll let you guys know how smooth the funding and trading goes when the time comes.
Since there some interest in using Bitcoin denominated accounts Iâll mention deribit and bitmex. deribit offers Bitcoin futures and options while bitmex offers on only futures and isnât available to US residents. You can use those instruments to hedge out Bitcoin volatility if you wish.
Hi NewGuyToForex,
It is always important to have a fast, reliable and friendly customer support. I do no trade with lmfx, so I do no write positive or negative comments about their support. However as I know some things how the trading industry works (to be more specific: brokers); I just want to mention two points, which you should keep in mind:
Regardless if the broker is Market maker or not, they only make money with you if you deposit. The best and easiest way to achieve that is to give a friendly call, ask how you are doing and what help do you need to make that deposit.
That is a UK number as you said. Many companies trick their clients when it comes to numbers. You might see the +44 number on your cell, but it does not mean at all that it is a UK number. These days even if you live on an isolated island somewhere, you can organise to have a UK number shown for your outgoing calls.
As I said this does not mean lmfx is not an honost company, just be aware of it.
FE
cool.
preciate your time, ForExchange. 
⢠The List has been cleaned up.
⢠The LINKS in post #7 have been updated.
⢠[B]Real Forex[/B] (Belize) will be removed from Group 1 on Friday (unless you guys object to that).
.
Originally Posted by MrInvisible View Post
Sounds like the options areâŚ
- Wait for CTFC to drop the hammer on the remaining reputable brokers on their RED hit list
- Painstakingly hunt down your own business banking solutions globally (accepts US citizen beneficial owner, USD/EUR correspondent banking + FX broker money transfers) with backup accounts opened just in case
- bitcoin denoted FX accounts
- non US citizen/resident nominee director & signatory on broker & bank accounts (correspondent banking + FX broker money transfers)
- renounce US citizenship, pay your exit fee, back taxes and move out the country
- eventually give in and trade with Gain (bucket shop operator with multiple fines), Oanda (news release spread manipulator) or CME (<30:1 leverage & expensive real time data fees).
Renouncing âU.S. CITIZENSHIPâ is nothing other than renouncing yourself from a âfictional personâ under the corporation of Washington D.C., an unconstitutional ruling of the non-ratified 14th amendment enslaving all of us under her all caps âUNITED STATESâ Corporation. There is a way to repatriate your constitutional state citizenship though. Effectively, and technically not under the jurisdiction of the IRS, which is a private branch of the Crown Temple Inns Court of London (BAR). Ladies and gentlemen, we are owned by the monarch, if you decide to be.
Richard McDonald on State Citizenship (5/2/1998)
Original vs. CORPORATE
Nonetheless, FX Choice has been great, though Bitcoin has been ridiculously slow in their transaction speeds becasue the entire network has hit the 1MB block limit which the Bitcoin Core developers refused to increase in the past 2 years due to the fundamental white paper politics involved. One quick solution is to increase the typical transaction fee from .0001 to something much greater but even then, the delays are unpractical. Hence the offshoot derivations of Bitcoin XT, Bitcoin Classic and Bitcoin Unlimited (BTU), although they are essentially altcoins and are not fully compatible with BTC, like Litecoin or Etherium.
Never received that email, weird. That is unfortunate though, something tells me they have been nudged. We have bitcoin, fortunately. But with Bitcoin Coreâs days/weeks long transaction times, makes it very cumbersome. Itâd be nice if they employed Litecoin or another altcoin to offer minute fast transactions, while Bitcoin Core developers get their act together by increasing the 1MB block limit or other method.
I have been trading with tradersway for a few months. I noticed a lot occasions of price freezing when data coming out.
It freezes for a few seconds and that few seconds is a big major in price movement.
for example recently may 10, 2017, nzd came out with interest rate decision, that few seconds freeze delayed at least 400 pips .
and also the next day may 11, it also freezes when gbp came out with interest decision .
unfortunately I have seen too many freezes also going back a few months too, and they only freeze when fundamental data coming out that move the market especially when data under or over the estimate.
for example tomorrow may 12, watch for U.S. retail sales, cpi and if data under or over estimate, it will freeze.
so i just want to give a heads up and I do believe I am not the only one.
and yes I have seen it on many devices, computers and different networks , home, on the road, mobile
and just to be clear, I have normal ecn type account like most traders with no special vps server , basically a regular traders type , no vps or ea
Which client trading platforms are you using? How much time is a âfew secondsâ?
Market makers often significantly slow their quotes âfor a few secondsâ either prior
to major news events as you describe, or even during the âslowâ market conditions
on a daily basis.
I assume you arenât trying to âchaseâ price on a news event. These are
inexpensive retail platforms after all.
I know youâre not trying to do this, butâŚ
If you were trying to trade News Events by chasing a 400 pip correction, it would be
best if you were filled in the market just prior to the event. For example, if someone thought
they could WIN on a news event, by just setting Stop Buy and Stop Sell orders both
above and below the current market, and then just WAIT for the move,
whichever way the market went on the event, they would theoretically WIN and then
take their huge profits! Sounds lilke an easy strategy when a news event shifts a market.
But markets donât make it easy or possible to win like that, since the moment either order
triggers, to become a Market order, the market pricing has already shifted by XXX PIPs
either way and theoretical fills are impossible. And the Bid/Ask
spreads will always widen on uncertainty, and also Market Makers will withdraw
their Bids and Offers. I realize that you know all of this anyway.
[ EDIT: Trade platforms really have 2 components which appear to work together.
One is the Price Feed that we are all watching. But the other is the Order Entry portion
which is theoretically independent of the Price Feed. You might be able to place orders
at a price, which is not shown on a lagging price feed, for example; theoretically
anyway; and that order might be accepted and honored. Platforms are trying
to âsqueezeâ price updates through a narrow pipe, and technical limitations could
come into play. ]
Somebody could record the tick streams from various brokersâ platforms on such
a news event, and it would reflect on the âqualityâ of a brokerage platform.
I guess it just depends on what is âfreezingâ and how much a âfew seconds"
is⌠In the end, these are low cost retail platforms which might very well
"overloadâ in their attempts to follow markets on significant news eventsâŚ
hyperscalper
Hyperscalper, thank you for taking time to reply and clarify.
I trade using mostly if not all the time the popular mt4 platform and the freeze happens anywhere from 3 to 10 seconds , obviously depending on the data come out (under or over comparing to forecast) and the weight of that data, the more damaging data most likely more freeze time
freeze meaning the price just stops, no movement which it should not at least not at that moment. on some occasions I can see other brokerages finpro and recently fxchoice prices still move while tradersway prices just stop.
in fairness I have seen in the past fxchoice freeze as well, but recently today on gbp interest rate tradersway freezes while fxchoice prices still move
I am referring currencies pair against U.S. dollars
look for retail sales, cpi tomorrow, if good or bad data to come out, we will guarantee see the freeze
From my experience thatâs really not that uncommon with any broker. You have to take into account that at that moment thereâs hundreds of thousands of transactions flooding the data feeds at the same moment. Mt4 seems the have a seizure when overwhelmed. Often times I notice that the mobile app doesnât have the freezing issue when the desktop app does.
Various futures platforms donât have that issue as well.
OK, here are some TIPS which might help with your âfreezingâ issue with Price data feeds.
MT4 in your Market Watch window, have only 1 or 2 symbols and all the rest should be de-selected or not showing. Then you are not inundated by dozens of symbols price feeds; when you are interested in only
1 or 2 of the symbols on the news event. Clean your Market Watch window which basically tells the
server which price feeds you need to watch, which it therefore has to attempt to send at as high a
rate as is practical.
The ticks you see are a ârate limitedâ set of prices, as compared to the âreal ECNâ. Again, these
are inexpensive âcheapâ retail platforms so they are not designed to handle the overloads from
News Events. In the âbad old daysâ brokers would not even allow trading around News Events
but, thankfully, most of them do not explicitly disallow trading during News Events.
MT4 brokers vary hugely in the number of price changes, referred to as âticksâ which they are able to
broadcast. A Tradersway rep told me they reduce price feed data because they have experienced
overload in the past. FinProTradingâs MT4 platform sends many times more price changes or "ticks"
than Tradersway, for example. On the other hand, Tradersway has more âstableâ pricing and may
have narrower Bid/Ask spreads than FinProTrading shows. Just FWIW.
My own work is exclusively in Forex; and often these platforms include a wide range of exotic Forex
or non-Forex symbols which, again, should be de-selected so that they are not requesting a pricing
feed from the server side.
Of course, as you suggested, a VPS which is âcloserâ to the brokerâs server could improve the "tick rate"
from a broker; but usually youâd have the overhead of âwatchingâ that remote VPS through some
Remote Desktop software or VNC connection in order to operate the MT4 user interfaceâŚ
EDIT
Hereâs an article, some of which addresses the issues of MT4 âtraffic reductionâ to help your network at least.
hyperscalper
1 Like
Specifically interested in MetaTrader 4 client to LMAX account,
which this firm offers. Interested because it does not appear
to exclude U.S. persons. My personal interest is Forex only.
Long ago, before I lost a European partner, I developed
some software for LMAX. Anyway, thatâs ancient history;
but I notice that FairFXTrading.com offers an MT4 client to
the LMAX exchange, and this interests me for several
reasons.
LMAX (in theory) will offer better pricing than typical MT4
brokers, because you can place a limit order inside the
Bid/Ask spread and⌠hereâs the key point:
Because there are not only Prime Market Maker participants,
but smaller players populating the depth of market; and
all limit orders go directly to the exchange, and⌠assuming
that the MT4 implementation places your Pending/Limit
orders directly on the exchange⌠then you have a high probability
of being the âmarket makerâ at some price that the major
players would not pay, but that a smaller player might
take. The whole point of LMAX is that any participant
can be a Market Maker. But I digressâŚ
THE MAIN POINT:
It does not say that U.S. persons are excluded. It does say
that the following are excluded:
âPlease note!
LMAX Exchange is unable to accept applications from Afghanistan, Algeria, Bolivia, Bosnia and Herzegovina, Cambodia, Central African Republic, Comoros, Congo Dem. Rep., Cote DâIvoire, Ecuador, Eritrea, Guinea, Guinea-Bissau, Guyana, Iran, Iraq, Laos, Liberia, Libya, Myanmar, Nigeria, North Korea, Pakistan, Papua New Guinea, Paraguay, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Tunisia, Uganda, Vanuatu, Yemen, Zimbabwe residents.â
My eyes are not that great, but U.S. persons are not explicitly excluded.
Has anyone applied to FairFXTrading.com for an MT4 client to LMAX account? If not, does anyone
want to do it, and to report back ??
[ EDIT The answer is Absolutely No Individual U.S. persons, unless they meet ECP status,
which means at least $10 million in worth. You see, money talks; but individuals of modest
means, however qualified, are denied accounts with LMAX, and therefore FairFXTrading.com
is also unable to deal with U.S. persons. This is exactly the âiron handâ of the CFTC which this
thread is dedicated to avoiding. Sorry. The relevant CFTC definitions are here:
http://www.cftc.gov/idc/groups/public/@lrlettergeneral/documents/letter/12-17.pdf
]
Basically they are looking for a minimum of $1000 as a deposit but, if it
is the case that Pending orders are reflected directly on the LMAX exchange
or âThe Bookâ, then this has a very high potential for superior pricing, as
well as superior speed, due to a proportion of âwholesaleâ fills, rather than
exclusively âretailâ fills, as is the case with other MT4 brokers.
hyperscalper