Going offshore to escape the CFTC

Broker Discussion Forex Brokers
5078

@codybear - you are correct, and yes that’s something I worry about. I think that’s part of the risk we take on when we go off-shore. Obviously we don’t want to be stupid, which is why I’ve found this thread so helpful. I think it’s important to look at the structure of the broker as well. CCM splits investor’s funds between 6+ major banks and only minimal at CCM to post margin. Here’s the breakdown with one of my accounts:

Turnkey on the other hand states that:

Safety of Funds
Turnkey Forex ensures the protection of client funds. We are able to distinguish client money from the firms’ own money by holding the client money in a segregated client bank account, held with an approved banking institution.

In the unlikely event that Turnkey Forex enters into liquidation, all funds in segregated client bank account held with our bank will not be affected by such a default and will remain for the benefit of the relevant client.

Now I haven’t found out who this “bank” is, but segregation of funds is very important when dealing with off-shore and unregulated brokers.

Agree? Thoughts?

1 Like
5079

when pressed for the information of the bank name where client funds are held, turnkey will not tell you…the only answer I received was we dont disclose that information…
Even inovatrade released the banks name…I’d be curious as to Where the refunds from turnkey come from and the account name…

anyone get a refund from them? What bank was it drawn on?

5080

if you have account with finpro trading and want to do a wire transfer to there bank USD this is what you get:

Company Name :TurnkeyFX (UK) LTD

Bank Name: HSBC

Sort Code

Bank Account Number

IBAN

SWIFT/BIC Code

5081

and where does the refund come from?

5082

Regarding Trade.com and its parent company, CySEC just fined them with EUR 30,000. According to the regulator the sanction was imposed because the company has not acted honestly, fairly and professionally in accordance with the best interests of its clients in Romania.

5083

i have not fund my finpro account because im still confuse on some things like there relationship and when will the U.K. authoritiest find out there is a unregulated broker operation in the EU / the U.K. and what will be the penalty

5084

TURNKEYFOREX.COM AND FINPROTRADING.COM

These are two competitive brokerages using a common
service provider. When you ask “what will be the penalty”,
what “penalty” are you expecting for using these brokers?

Do you think it is “illegal” in your local jurisdiction??

You will have 400:1 leverage (on request) on funds, so
that reduces the funds levels you’ll need to maintain at
the brokerage.

You get the very best performance and reliability (although
there was a VERY RARE outage yesterday… knock on my wooden
head…) LOL so I don’t see the downside of this “regulatory
threat” being proposed.

hyperscalper

5085

there operation in a country that require every forex broker be regulated, it’s like operating a forex broker in the U.S. sooner or later the regulators will find out, altho there register as another type of business. lets not be stupid here

5086

and BTW turnkeyforex is HEADQUARTERS in the U.K. but there is no register company at the compnay house, this is where you find every compnay thats register in the u.k. and turnkey forex can’t be find nowhere, only finpro trading and turnkeyfx can be found

5087

OK, well I’d say “let’s wait and see what happens…” and
then we’ll know what’s going to happen.

hyperscalper

5088

One of our members sent me a copy of an email she received from Trader’s Way regarding problems with a credit/debit card processor she had used to make deposits to her account.

This sounds suspiciously like the problem she and others encountered with CCM last fall
(a problem which has never been resolved to anyone’s satisfaction).

I’m posting a copy of the email here, and asking Trader’s Way clients to write back and tell us whether you have received a similar email, and whether you can shed any light on what’s going on there.

Here is the email –

Trader's Way - credit-debit card fubar.png755×770 250 KB

– click the image to enlarge it –

5089

yeah i got the email, i have deposit by CC but the difference with capitalcitymarkets is that tradersway got there money i believe, because i made a withdraw using another method and it went thru with no problem.

5090

just got a email from tradersway there now taking CC deposit thru Vload.

5091

Update on CCM, they have said the money was wired Friday and gave me the bank details. Fingers crossed that I’ll get it tomorrow. Put in an additional withdrawal request last week, so we’ll see how long that one takes. I’ll let you all know if/when I receive the funds. Hoping this was just a temporary snafu.

On the subject of TURNKEY FOREX:
Yes, they are unregulated and there offices are in the UK, but they are domiciled in (doing business out of) Seychelles according to their website and the documentation they’ve provided to me. I’m currently in an arm wrestle with them about providing details on where funds are held after deposit. CCM is very transparent about providing this information (this list which banks are holding your funds and how much each one has), so I don’t know why Turnkey is being difficult about this. They told me that:

"we are partnered with more than 16+ Tier 1 Liquidity Providers.

All the clients funds are kept in segregated bank accounts in trusted jurisdictions and funds are sent directly to our Tier 1 LPs."

I’m holding out on finding who these liquidity providers are because I think transparency in this area is absolutely necessary since Turnkey is unregulated.

2 Likes
5092

THats really exciting FW. I put in my request last week with CCM. Please let us know if/when you get the $$. Wanted to thank Clint and everyone who keeps this thread going strong. It’s a great resource. Regards!

5093

Got one of my withdrawals from CCM today - the request I initiated Feb 22, 2018. I put another request in April 3, and it’s yet to be processed. If I receive it soon then I’ll trust CCM a lot more. Was very close to yanking the plug on all funds and investors held with them.

1 Like
5094

Hey Clint,

Good to see your post, wow!

I’ve been racking my brain where to get this type of conversation, and am glad to be

here.

Thank so much for that.

My question is; are you currently using any of the listed unregulated brokers or any one

here in the community?

I must confess that I’ve been very careful for years learning from different brokers

demo account still not sure where to grab one.

Although, after using their APPS. promising to be the “Holy Grail” ended up not to,

now I use one like StrategyQuant Pro. APPS. I feel it’s an amazing one shooting out

good Robustness Testing results.

Tech. Support there is frustrating due to language barrier, and not willing to spend on

professional Remote Access APP. like Team Viewer for those outside their region.

Please any feed back about the Offshore Account you feel that will benefit Clients from

US on the listed brokers will be appreciated.

Keep info flowing!

Take care.

5095

Hello tikegwu,

I think this thread speaks for itself. You should spend some time reading what’s here.

You don’t even have to read all of the 4,800 posts in this thread, in order to get the recommendation you are looking for. The entire thread, representing more than 7 years of work, is summarized in the first 5 posts.

Over the years, we have investigated a huge number of brokers, and sifted that number down to 13 brokers which currently welcome U.S. clients. We have dredged up pertinent information on each of those 13 brokers, and listed it as concisely as possible in post #1. Laid out for you in post #1 is everything you might need to begin your own due diligence regarding these brokers.

We can’t, and we won’t, do your due diligence for you. That’s your job.

To further refine the List, we have singled out four brokers from the basic group of 13, and designated those four as Trusted Brokers. The top portion of post #1 describes what that designation means, and refers you to another post where you can find even more information on the designation of Trusted Brokers.

As for a personal recommendation from me – Nope, not gonna do it. I decided years ago that this thread was not going to be about me, about my brokers, or about my personal experiences in the offshore trading world. It’s not my job to pick the winners and losers – that’s the job of the participants on this thread, interacting with one another.

This thread has always been, and will continue to be, a community where every opinion is welcome and every vote counts. The winners and losers are chosen by the consensus of that community. And we’ve even organized that consensus for you – in post #2, you will find links to almost every comment made by our members over the past 7 years regarding the 13 brokers listed in post #1.

If all of that is not enough to point you in the right direction, then we have failed in our mission, and we apologize.

6 Likes
5096

Hey Clint,

Thanks so much for your prompt reply and update. I appreciate your opinion on the issue.
Let me take a glance at the areas I can sense some post with negative experiences of some.
Again, thanks for your comments.

5097

Hey Haperscalper,

Thanks so much for your incredible post I don’t mean to resurrect an old post.

I’m really flabbergasted about your kind explanation how to establish and maintain good

relationship with brokers e.g. for execution speed at Tradersway,ETC.

I’ve been learning but haven’t started due to nervousness in the market; from one demo account

to another till I came across community blogs.

I may sound foolish, however pardon me because I need the confidence and tools to begin with;

And I came across Smart Quant, couldn’t afford the APPs lol, meant for institutions, and finally

came across this one Strategy -Quant to help me in Automated Trading, because I don’t feel

comfortable with manual type.

For few months simulations it’s Robustness testing has been encouraging especially In-Sample &

Out-Sample result gives one good figures to rely on.

The software you mentioned, to initiates orders over the NJ4X framework using multiple Java

threads, do you know if the above can be used with Stragyquant in auto-mode?

The amazing thing you explained it does; " each thread is able to report when it started, and

finished each order operation" tells me what I really need in Auto-mode.

As you are one of their favorable clients with Trader’s Way; is there any recommendations

towards integrating NJ4X framework softer with mine when am ready to use their services?

Other advice/updates in opening account and maintain a lasting relationship with the broker can

be of great help in general.

Thanks in advance for all you do.

TIkegwu