Going offshore to escape the CFTC

Broker Discussion Forex Brokers
4537

Sure @HyperScalper…

It basically uses hedging techniques to open/close trades and monitors the charts so I won’t have to be glued to the computer all day (I have a full-time job). I’ll be trading the USD/JPY pair only. I do update the EA on every new trade it places. I use basic tech analysis (such as channels and fib tools and multiple time frames) to identify the trend and support/resistance levels and then update the EA accordingly to get it ready for the next move.

I can let the EA run on its own and it does give me a decent rate of return but I’ve learned that my style of trading is to get in there and make changes.

I like the high leverage that TradersWay offers (1000:1) since I use a hedge system. My goal is to start with $1000 USD and double up every 3 months (12 month goal of $16000). Then, I’ll cash out the 6K and use the remaining 10K to keep doubling up and cashing out.

If my strategy doesn’t work then I lose the initial 1K and keep my day time job :slight_smile:

1 Like
4538

SIMPLEFX STATEMENT CONCERNING “SEGWIT” BITCOIN AUGUST 1 EVENT
( Informational post only. email received from SimpleFX marketing.
At this time, I have no opinion on SimpleFX, and am simply posting this for
informational purposes. I do have experience with Evolve.Markets, which is
an outstanding broker which does not discriminate against U.S. persons, mainly
because it doesn’t ask any questions at all… SimpleFX may be a competitor
but at this time I have no specific experience.)

"Three things
you’ll want to know about
Crypto Indexes are already available
What does it give you?

High liquidity 
Ultra-fast data feed
Faster order execution

How is it achieved?

Indexes are based on average prices from multiple exchanges
We use leading exchanges with highest trading volumes and proven reliability

New cryptocurrency on board

We have also enabled Dash as a new deposit currency with Instant Send. It will join Bitcoin and Litecoin, which we’ve had for a while now.
We are SEGWIT ready

What is Segwit?
It’s an upgrade of the bitcoin that will take place on 1st August at 00:00 UTC.

Why is everyone talking about it?
After the upgrade the blockchain will either return to normal reliability, or there will be two competing versions of Bitcoin.

What will we do?

Regardless of the result, SimpleFX is prepared for any scenario
24 hours before the event we will stop accepting bitcoin deposits and processing withdrawals; we’ll resume them once the upgrade is finished

What if I need to make a deposit or withdrawal during that time?
All the other crypto (Litecoin and Dash) and fiat currencies will be available the whole time.

Best regards,
SimpleFX Team "

Good Trading ! hyperscalper

4539

LMFX FOREX PRICING TECHNICAL INFORMATION

As I said earlier, I have access to LMFX so I am able to give some technical
information. I’ve run overnight, and this data is toward the end of the London Session. I just took a snapshot, making no attempt to select data. Here are LMFX representative Bid/Ask spreads across the 28 Forex pairs. I think it’s based on the last 5 minutes or so in my software.
Time: 14:20 GMT Tuesday July 18.

Note: the avg spread would be the column to use. These are “variable spread” plus commission type accounts. These are LIVE trading accounts.

LMFX “ZERO ACCOUNT” DATA:
symbol min , avg , max spread pips
AUDCAD, 0.5 , 0.8 , 1.2 #
AUDCHF, 0.5 , 0.8 , 1.1 #
AUDJPY, 0.5 , 0.8 , 1.1 #
AUDNZD, 0.7 , 1.0 , 1.3 #
AUDUSD, 0.4 , 0.7 , 0.9 #
CADCHF, 0.4 , 0.7 , 0.9 #
CADJPY, 0.2 , 0.4 , 0.7
CHFJPY, 0.4 , 1.0 , 1.3 #
EURAUD, 0.6 , 1.2 , 1.4 #
EURCAD, 0.5 , 0.9 , 1.2 #
EURCHF, 0.3 , 0.5 , 0.7
EURGBP, 0.2 , 0.4 , 0.6
EURJPY, 0.4 , 0.5 , 0.8 #
EURNZD, 1.2 , 1.6 , 1.8 ##
EURUSD, 1.1 , 1.1 , 1.2 #
EURUSD, 0.1 , 0.0 , 0.1
GBPAUD, 1.1 , 1.5 , 1.8 #
GBPCAD, 0.6 , 1.3 , 1.7 #
GBPCHF, 0.8 , 1.0 , 1.3 #
GBPJPY, 0.2 , 0.7 , 1.3 #
GBPNZD, 1.3 , 2.6 , 3.1 ###
GBPUSD, 0.1 , 0.2 , 0.6
NZDCAD, 1.6 , 1.8 , 2.0 ##
NZDCHF, 1.3 , 1.7 , 2.0 ##
NZDJPY, 0.7 , 1.1 , 1.2 #
NZDUSD, 0.6 , 0.9 , 1.1 #
USDCAD, 0.2 , 0.5 , 0.7
USDCHF, 0.3 , 0.4 , 0.6
USDJPY, 0.1 , 0.2 , 0.2

FOR COMPARISON, THIS IS FINPROTRADING
AT ABOUT THE SAME TIME:

FINPROTRADING DATA:
symbol min , avg , max spread pips
AUDCAD, 0.5 , 0.8 , 0.9 #
AUDCHF, 0.3 , 0.6 , 0.7 #
AUDJPY, 0.3 , 0.5 , 0.7 #
AUDNZD, 0.5 , 0.9 , 1.2 #
AUDUSD, 0.1 , 0.1 , 0.2
CADCHF, 0.5 , 0.7 , 0.8 #
CADJPY, 0.4 , 0.6 , 0.7 #
CHFJPY, 0.7 , 0.8 , 0.9 #
EURAUD, 0.1 , 0.7 , 0.9 #
EURCAD, 0.7 , 0.9 , 1.1 #
EURCHF, 0.3 , 0.5 , 0.6
EURGBP, 0.1 , 0.3 , 0.4
EURJPY, 0.2 , 0.4 , 0.6
EURNZD, 0.6 , 1.2 , 1.4 #
EURUSD, 0.1 , 0.2 , 0.3
EURUSD, 0.1 , 0.2 , 0.3
GBPAUD, 0.8 , 1.2 , 1.4 #
GBPCAD, 1.0 , 1.4 , 1.6 #
GBPCHF, 0.7 , 1.0 , 1.2 #
GBPJPY, 0.4 , 0.7 , 0.9 #
GBPNZD, 1.1 , 1.5 , 1.9 ##
GBPUSD, 0.2 , 0.3 , 0.5
NZDCAD, 0.8 , 0.9 , 1.2 #
NZDCHF, 0.6 , 0.7 , 0.9 #
NZDJPY, 0.5 , 0.7 , 0.9 #
NZDUSD, 0.1 , 0.3 , 0.5
USDCAD, 0.1 , 0.3 , 0.5
USDCHF, 0.2 , 0.4 , 0.5
USDJPY, 0.1 , 0.2 , 0.4

hyperscalper

4540

HyperScalper,
I was just looking over the spreads and I am wondering what the significance of the “#” is following the third number in some rows? I see on the LMFX numbers that there are two rows for E/U that show significantly different values and one has the “#” symbol. Thanks for the info. TK

4541

I dont think the august 1st event is anything to worry about. Its just a new version / way to “Soft Fork” into BTC network. Given the way bitcoin operates, any change can not be implemented on the network if there are not enough adapters to it. Its a distributed ledger and the miners have to agree on the transactions and chronology of transaction across the network.

Infact what I read is that majority of the miners have already made the upgrades

I can go on technically how this will be a non event but that much of technicality is not required for this thread :slight_smile:

However what is really required on this thread is some chuckle “LOL’s”.

Here is a link from a tweet from John McAfee (cyber security guru) , where is swears to eat on his **** if BitCoins dont surpass $500,000 in three years

Now thats some serious support for bitcoins. I will now start trading with a bitcoin denominated forex account :slight_smile:

I see evolve markets is getting some support on this thread, I will test them and will also share a list of BitCoin brokers that I find.

4542

Regarding my Bid/Ask Spread information notation:

The Average value is rounded up or down to the nearest
integer PIPs. Then that number of # marks are appended .

int marks = (int)Math.round(spreadPacket.avg);
StringBuffer sb2 = new StringBuffer();
for(int i2=0; i2<marks; i2++) {
sb2.append("#"); // rough graphic
}
// then add sb2.toString() to the end of the line

hyperscalper

4543

PRELIMINARY LMFX PERFORMANCE

Operations mediated by MT4 times from start to
finish of the Market Order submission.

C:\HyperScalper\apps\tt-live>cat tt.log | grep -i orderop
[20170718-07:14:42.197(GMT)] OrderOp elapsed: 157 (milliseconds)
[20170718-07:14:53.040(GMT)] OrderOp elapsed *: 249
[20170718-07:14:53.181(GMT)] OrderOp elapsed: 141
[20170718-16:41:57.872(GMT)] Sell Market OrderOp elapsed: 212
[20170718-16:43:38.372(GMT)] Sell Market OrderOp elapsed: 185
[20170718-16:50:04.387(GMT)] OrderOp elapsed *: 107
[20170718-16:50:28.590(GMT)] OrderOp elapsed *: 140
[20170718-16:52:12.559(GMT)] OrderOp elapsed *: 62
[20170718-16:59:33.965(GMT)] Sell Market OrderOp elapsed: 234
[20170718-16:59:59.669(GMT)] OrderOp elapsed: 208
[20170718-17:09:24.840(GMT)] OrderOp elapsed: 201

So these are “orderop times” I’m seeing initially with a “Zero Account”
variable spread plus commish account at LMFX. This server is
2.35 milliseconds from LMFX’s backend servers as reported by MT4.

What I like about this is consistency of Order response times. Although not the fastest turnaround times, they are good enough for our purposes.

The configuration uses a Java process, communicating with the NJ4X.com API framework into a “pool” of MT4 “terminal.exe” processes which are configured as 1 Market Data listener, and 4 Order Worker processes which are able to do concurrent processing into the same account. So it’s a bit complex.

It’s running on a seedvps.com 3 Xeon Core / 6 gb Windows Server 2008 tuned for best interprocess communication, etc… situated in Amsterdam. I’m using a “virtual limit order” mode where the system simulates a limit order, but strikes “counter trend” when the price “snaps” and stops running against us. It then strikes as quickly as possible with a Market order, on the “snap back” in price so that slippage works in our favor each time and so we get price advantage on nearly every entry.

hyperscalper

hyperscalper

4544

Rearrangement of the first 7 posts in this thread

I have rearranged the posts that make up our List, at the beginning of this thread.

Here’s what you will now see, when you scroll through this thread beginning with post #1:

  • Post #1 – Group 1 - Brokers who will accept new U.S. clients (this post has not been moved or altered)

  • Post #2 – LINKS to other thread posts where the Group 1 brokers have been discussed (previously this was post #7)

  • Post #3 – Group 2 - Vetted brokers who do not accept U.S. clients (previously post #2)

  • Post #4 – the Alphabetical Broker List thru letter R (previously, this consisted of 2 posts: #3 and #4)

  • Post #5 – the rest of the Alphabetical List (S thru Z), plus the original first post in this thread (7 years ago) containing the “CFTC rant” (this post has not been moved or altered)

  • Post #6 and following – comments and discussion by thread participants

I hope these changes make the List easier to navigate.

4545

Hello everyone!

I’d like to start with a huge thank you to all of the contributors to this thread. I’ve always been reading more than writing so I guess this will be my longest post ever :slight_smile:

I came few months ago here to get some help moving forward with a new broker. I’d like to share what the result of my visit here is and ‘contribute’ (in a way) to that thread as well.

After doing my research, I’ve decided to open an account with LQDFX and until now I don’t regret of doing so even for a second. It’s not that I’ve traded with them for long time (about 2 months or so), but from what I’ve seen and the service I get, there is nothing to complain about. The trading conditions are pretty attractive, spread is low, there are no restrictions on trading strategies and most importantly the execution is fast. From support point of view - great communication and issues small or big are solved immediately, they even went the extra mile once for me and reimbursed an amount that actually I should’ve paid for since it was my mistake, which I really appreciated big time. Overall, peaceful trading and great support when you need it.

I hope I’ve been helpful, will keep you updated as the time goes.

4546

[quote=“BobW, post:4545, topic:35612, full:true”]

After doing my research, I’ve decided to open an account with LQDFX and until now I don’t regret of doing so even for a second.

… will keep you updated as the time goes.[/quote]

@BobW

Thanks, Bob. This is the kind of feedback we’re looking for, from all of our thread participants who trade live offshore.

Please keep us updated on your experiences with LQDFX.

4547

I think it might be worth noting that Macedonia is not a member of the European Union and so not regulated by EU financial authorities, although it is a candidate country to join some day in the future. It is not what I would define as a stable state.

Might be worth keeping in mind when choosing a broker.

1 Like
4548

Hello, Magnus.

You were the first person to reply to this thread, way back in 2010. And it’s good to have you here again. Thanks for joining the discussion.

Your points regarding Macedonia are well taken.

Most of the participants in this thread pay scant attention to the geopolitical environment in which our offshore brokers operate, choosing instead to focus on broker qualifications and regulatory conditions (where regulation exists). It’s an oversight on our part, and we should learn to be more diligent in our vetting.

In the specific case of LMFX (recently designated as a Trusted Broker), and Macedonia (the Balkan nation where LMFX resides and is domiciled), we’ve been especially remiss in not mentioning the potential geopolitical problems.

For everyone who recognizes the need to dig deeper into this, I would suggest this analysis from the CIA as a starting point —

https://www.cia.gov/library/publications/the-world-factbook/geos/mk.html

Scroll down just below the map, click on Open All, and start reading. On this website, the CIA generally doesn’t pull any punches.

4549

Hi Clint,

I agree, the CIA Factbook is always very useful and sometimes more reliable than Wikipedia.

Let’s hope that some parts of the Dodd-Frank rules are rolled back under the new administration, freeing the retail traders os the US to trade CFDs. In the meanwhile you’re doing a giants job on this thread!

4550

Clint,

RE: Evolve.Markets listing

Minimum lot size is 0.01
May also want to emphasize that the account is “native” BTC,
not just that BitCoin is accepted. This places Evolve.Markets
in the unique niche where crypto currency is the account
currency.

Thanks ever-so-much for maintaining and spearheading all
of this on behalf of the hapless U.S. persons :slight_smile:

hyperscalper

4551

[quote=“HyperScalper, post:4550, topic:35612, full:true”]
Clint,

RE: Evolve.Markets listing

Minimum lot size is 0.01[/quote]

Thanks HS. I will edit the Evolve listing.

[quote=“HyperScalper, post:4550, topic:35612, full:true”]

May also want to emphasize that the account is “native” BTC,
not just that BitCoin is accepted. This places Evolve.Markets
in the unique niche where crypto currency is the account
currency.[/quote]

I tried to cover that by saying (at the top of the listing): – all accounts are denominated in bitcoin.

4552

BITCOIN SEGWIT AUGUST 1 INFO :

Read this article:

Monitor live information on this page:

https://coin.dance/blocks

I am not an expert; just like most of y’all :slight_smile:

hyperscalper

4553

[quote=“HyperScalper, post:4552, topic:35612, full:true”]

BITCOIN SEGWIT AUGUST 1 INFO :

Read this article …[/quote]

That article is excellent. Well written, and very readable. Thanks for posting it, HS.

It should be noted that the article was written a little over three months ago, at which time the SegWit acceptance level was 33.8%. As the deadline approaches (less than a week from now), there has been a surge in acceptance to the 97% (or higher) level.

It appears that this SegWit thing will happen.

If Bitcoin acceptance and volume continue to explode worldwide, one must wonder whether quadrupling the block-size in the blockchain will prove to be a long-term solution. I’m no expert, and I’m not a coder, but I wondered, when first reading about SegWit, Why not a ten-fold increase in the block-size?

For anyone who wants to “watch” Bitcoin traffic in real time, this site is pretty cool –

http://fiatleak.com/

A couple of nights ago, I let this map run for an hour (from 3am to 4am, EDT), to see which currencies were being converted to Bitcoin. The results were surprising.

Major volume seemed to come out of the USD and the CNY, with lesser volume from ZAR, RUB, BRL, and EUR. The USD volume didn’t surprise me, but the rest of it did. I would have expected volume worldwide to be roughly in proportion to the foreign exchange turnover of world currencies as reported by the Bank for International Settlements (BIS): that is, USD, EUR, JPY, GBP, AUD, CAD, CHF, etc.

4554

COINBASE COMMUNICATION RE: BITCOIN CASH AND AUGUST 1 EVENT

Dear Coinbase Customer,

We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.

Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.

On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).

Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.

We will keep you updated on this event through our blog, status page and Twitter.

Thank you,

Coinbase Team

hyperscalper

4555

BITCOIN EXPLAINED IN MORE DETAIL

Enjoy!
hyperscalper

4556

VISUAL DEMONSTRATION OF BITCOIN-LIKE BLOCK LINKAGES

Enjoy!

hyperscalper