I only mention the leverage advantages of offshore brokers
to illustrate how efficiently Forex could generate revenue.
@audrey_collins and others point out risks of using leverage,
and I just want to make it clear that Risk Management should
be your first priority. We could move much of this to a different
thread on Trading, but just to point out that unless you are
CONFIDENT that you have Risk under control… you would be
irresponsible to use the available Buying Power, which is
what Leverage offers…
As they say “Don’t try this at home, kids…” meaning that unless
you have strong Predictors of Price movement, and excellent
control over allocated resources, then don’t be tempted to
control huge size and suffer the downside losses which will almost
certainly knock you out of the game.
[EDIT] I think I posted an equity curve image, which seems to have
been deleted. Anyway, if you can generate a smooth monotonic
equity curve with no “surprises”… then you can consider increasing
leverage without excessive risk of losing everything…
@Rayfordadam Well, there is Evolve.Markets and probably
others who, at the moment, are anonymously used. No
nationality or residence questions asked, I believe…
How long this anonymity could exist is anybody’s guess…
Regulation wants to close any such anonymity loopholes…
Available account funding Currencies shown below. I am interested to
see whether comparable to Evolve.Markets. Both are using MT5 for
new accounts. Fortunately, that’s OK as I use NJ4X which covers both
terminal types.
At this time that’s quite a range of funding Cryptos available, as Evolve.Markets
offers only BTC (BIT) and LTC at this time…
May be the widest range of funding Cryptos available so far…
Hoping execution, spread and commish turn out to be competitive.
I’ll be reporting more later. [EDIT] added shot showing huge range
of deposit Currencies you can choose from…
[EDIT2] transferred LTC from Coinbase, elapsed time 15 minutes, and
now LIVE !! ya gotta admit that’s fast entire time from account creation to
live funded less than 1 hour… Miner’s fee cost to transfer LTC was 0.002%
and balance instantly shows up in Live MT5 platform.
[EDIT3] They Coinexx provide a 30 minute time window to complete the deposit, and
I was getting worried but the LTC transaction from Coinbase did work
within that time window…
[EDIT4] their chat guys say they are in Edinburgh, Scotland I guess…
Usually brokers help to pay your deposit fees, but do not give you back your withdrawal fee with the excuse “well you made enough money, it shouldn’t be a large sum of money from the winnings” This comes from a broker…
Anyway the withdrawal is quite good at FX Choice, you can expect to have 25USD cost on wire transfer.
WINE “WineIsNotEmulator” it takes windows binaries and converts them to its unix equivelent code on linux/mac
You set up your wine so its win2008 + by using WineTricks.
obvioulsy MT4 will look prety on windows and a bit faster loading but i have pepperstone and admiral running through wine and have no problems.
Cant report any real difference apart from the Market tab is missing but i would just go on mql5 site and download of there if i waned EA Or Indicator but i dont.
@Clint Thanks for that, I don’t know what I was thinking…
I’d like to have a cumulative equity curve like that one
I guess my point is that if such a curve can be achieved,
then drawdown is less of a concern and, therefore,
much more Buying Power can be used.
Well, shiver me timbers, the CFTC is at it again. Article posted on Leap Rate about what happened with the CFTC complaint about Tallinex.
Apparently, part of this was a Utah-based business that introduced customers to Tallinex…
“The Consent Order finds that GTF, which was in the business of providing forex trading instruction, paid “coaches” to teach its customers forex trading using hypothetical accounts. The Order finds that at least one coach introduced U.S. customers who were non-ECPs, i.e., not eligible contract participants…”
Oh, the Humanity!
So the CFTC is happy to see newbie traders blowing their accounts trading full-sized FX Futures contracts. They are equally pleased to see the ICE price gouging with $110/month data fees to the newbies so they can blow their accounts on Dollar Index Futures that much quicker. But we Forex traders are assumed to be so mindlessly stupid, incapable of learning, unable to choose a suitable overseas Forex broker to trade even $1000 notional micro-lots unless we have a net worth of at least $10M, required for ECP status.
Also, there was some mention of “victims” and “restitution”. Funny, I don’t recall a single complaint on this site about Tallinex stealing from traders.
We’ve heard a lot about Fake News this year. If this isn’t Fake Regulation, I don’t know what is
I plan to stay away from Mr. Green and his tax “advice”.
But this latest CFTC action also confirms what you’ve been saying for the past 8 years. We as individual traders are doing nothing wrong by seeking better trading conditions offshore. The CFTC rules are written against brokers/counterparties, not the traders themselves.
For now at least, in the all-seeing eye of the CFTC, we’re the “victim”.
I totally agree with you. Initially I never cared about the rebate on withdrawal fees but then I made a few big withdrawals on my profits and I asked for fee reimbursement process but no action was taken and it then pinched me to pay that kind of charges on withdrawals.
But thanks for the information about FX Choice withdrawals. Happy to know they are doing well. I might consider going back if the wire transfer fees can be slashed a bit
Hi guys, been overwhelmed by all the great info. I am a US resident, simply looking for the best broker (most reputable, best in fees, safest) that will allow me to trade commodities like US oil. Does anyone mind steering me in the best direction? Finpro seems to look the most legitimate to me, but again I see a lot of info and a little push to the best option would be so appreciated!
If safety is your primary concern, keep in mind that of the “trusted brokers”, FX Choice and Traders Way have been on Clint’s list much longer than the others – pretty sure since the beginning. Also, though I do have an account with Finpro and happy with their service, the broker’s location (UK) continues to make me nervous. You might not know that there used to be many more European brokers on the list, but they’ve dropped off over time, due to various regulatory crack downs. Still, unless the broker goes insolvent, you should be able to get your money out. Best strategy with offshore brokers is don’t put all your “eggs” in one basket.
Thank you for your response, yes I just registered with FINPRO and I have already been reconsidering, the UK address sounds like a problem since UK just started enforcing stricter laws. Im simply looking for the most efficient (fees, withdrawals, deposits) broker who has commodities since I am just fine with OANDA when it comes to forex…but having some higher leverage option on forex pairs would be great as well.
I am now just considering going with EVOLVE MARKETS… simply because the quick withdrawal and deposit process. BTC value worries me, and also, the fact that it can be deemed ILLEGAL by US at any time, but it also outweighs not getting a withdrawal from an unregulated broker deciding to shut the door. I guess these are the risks they want us to take?
Well, I set up an “ewallet” with them, and then saw they will
not offer services to U.S. residents (they say “residents”)…
so I chatted with them:
Live Chat » English Support Desk (FXOpen)
Your Question: I established an FXopen ewallet, but then
I am seeing that you cannot provide services
to any U.S. residents. There is no way??
…please explain…
Please wait, an operator will be with you shortly.
You are now chatting with Natalie Support - English Support Desk (FXOpen)
09:49Natalie Support: Hello. Welcome to FXOpen live chat
09:50Natalie Support: Unfortunately, due to recent CFTC regulations we no longer accept live account applications from residents of the USA. So there’s no other way.
09:51Hyper Scalper: I thought that restrictions were on “soliciting” U.S. persons, not on accepting unsolicited requests …
09:51Hyper Scalper: …if you have not “solicited” my business… then I thought it would be fine to open an account…
09:53Natalie Support: This rule applies to all US residents without any exception. If you’re staying in the USA for more than 6 months, unfortunately we have no right to provide our services.
09:53Hyper Scalper: can I email one of your senior account managers and discuss with them?
09:54Natalie Support: Sure. Feel free to send an e-mail to [email protected]
09:54Hyper Scalper: Thanks, I’ll consider it… I assume you are in Finland, is this true for ALL Finnish brokerages? no U.S. persons?..
09:55Natalie Support: Various trademarks held by their respective owners. fxoepn.com FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission. fxopen.com.au FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871 – ABN 61 143 678 719. fxopen.co.uk FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.
09:55Hyper Scalper: Thanks for your help !! bye
…that is something very different. They are an “investment
management provider” sort of a “fund manager”.
Coinexx.COM is what you want for a native crypto-funded
anonymous Forex trading experience, on a par with
Evolve.Markets . Both are very similar and appear to
be very good. I have less experience with Coinexx.com
yet, but expect to use them both.
Personally so thrilled, just launched the first scalable BOT
which takes many dozens of positions, across dozens of
accounts… So grateful for this forum so that we have a
wide choice of good brokers to use as U.S. persons.
of the CFTC, we’re the “victim”.
