I personally belive crypto borkers are the ultimate solution (atleast as of current scenario). These brokers are not limited by banking system, that is controlled by CFTC and the likes… I’m betting evolve.markets and coinexx.com are sort of best positioned to take advantage of the current situation and have longivity when compared to some other offshore brokers, especially in how they are structured.
Really up to you. IG group is coming back to the USA, so there is some hope there. But the current selection of offshore brokers that openly accept USA clients leaves something to be desired. Too bad as there are some great options like Darwinex, Global Prime Au, LMAX, etc
Well, there is a big difference here. ESMA is not banning people from using non EU brokers. There are plenty of quality brokers in Australia and Switzerland that you could trade with. And you can go offshore to less stable jurisdictions and take your chances.
When Brexit is complete, UK will likely reverse some of ESMA rules, particularly on leverage.
Also, ESMA ban is technically only 90 days long.
And while the new leverage rules do not affect professional traders. Although I do not recommend re-classifying as a professional trader. It is a scammer’s dream, as it allows brokers to legally walk away with client funds without any recourse. As this trader noted:
Why reclassify when you can go to a proper jurisdiction and get real protections? Defeats the entire purpose of being onshore if:
- your funds are not segregated
- no recourse whatsoever if the broker acts stupid
- no priority status in case of insolvency
can you please elaborate more. What is your suggestion ?. I understand that its perhaps one of the most foolish thing to do to get classified as a professional trader but options do we really have to keep our required leverage and trading conditions intact ? other than going offshore or going to a second level jurisdiction (which is not better than offshore brokers)
Be careful with JAFX, CFTC has filed a civil action against them, accusing them of soliciting and accepting US customers in violation of the Commodity Exchange Act and agency rules.
More specifically, the CFTC’s complaint was filed on July 27, 2018 in the U.S. District Court for the District of Utah. It alleges that JAFX has been the counterparty to leveraged, retail forex transactions for customers located in the United States from September 2016 to present. The CFTC also alleges that the broker misrepresented its profit probability and risk of loss to customers.
Yup. This has been discussed already in posts #5030 and #5032, above
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DIVERSIFIED OFFSHORE TRADING
OK, just to say where I’m focussed, we just went into production
using TurnkeyForex.com, FinProTrading.com, Evolve.Markets,
Coinexx.com and Tradersway.com as active accounts managed
by a BOT in a couple of pools, “small” and “medium” so that
similar accounts can operate on similar risk profiles…
A Master/Slaves arrangements allows for Slaves to instantly
copy the Master’s positions, while scaling them down in size
appropriately to the Slave account size, etc…
This is all “pure Forex” over the 28 Pairs, so I won’t be commenting
on any other trading instruments…
I’d hate to lose any of these brokers, and preferably we can
begin to accumulate more candidates… KEEP LOOKING
for new quality brokers, please !!
hyperscalper
Would you mind clarifying what your point was again?
You mention withdrawal issues as being something concerning, and that’s what’s been happening with CCM. I’ve been with them since they were Tallinex (those of us whose accounts were transferred to CCM as Tallinex could no longer accept US clients…I think because of CFTC crackdowns). Anyway, I’ve been a loyal customer for many years and really haven’t had many issues. But I’ve made 4-5 withdrawals since January and it’s been a complete nightmare every time. Yes I got my money, but something isn’t right over there and they aren’t being open about it. We don’t have to remove them (maybe just downgrade them), I’m just letting everyone know I don’t trust CCM anymore and have withdrawn all my money from them.
– FW
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I still have a live account there, that was transferred from Tallinex, CFTC recently sued Tallinex and fined them 10 million. SO lets see how the CFTC plans on collecting that. They may have some ties in NY somehow.
As for CCM I never was able to get money in there, I got the CC approved, and sent them all those pictures of the front and back of the CC with the face of the card holder, and after that CC was approved for deposit, they stopped taking credit cards, so I have never funded that account.
if you got the money thats whats most important~! AND for sure slow withdrawls suck, but better late than never!
I have read through much of this thread - it took a while! 
! What a trove of intell!
I plan on openning a new account with Turnkeyforex. Like many other folks I am concerned about withdrawls.
Is there anything preventing an account holder of Turnkey to open a bank account, private or could it be held in the name of a trust or LLC, in GB and have withdrawls sent there and then from there to their US bank account?
I suppose if it was that simple it would have already been done or it’s illegal!
I was under the impression that the CFTC only applied to regulated brokers doing business in the US.
If this was covered in a prior post of this thread I missed it.
FR&L
Back in March 2012, I posted a brief history of the CFTC’s regulation of retail forex in the U.S. Toward the end of that post, I mentioned the CFTC’s meddling in the affairs of offshore brokers alleged to be violating CFTC regulations.
Here is a short quote from that rather long post –
If you are interested in the “brief history” referred to above, click HERE.
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Clint,
Thanks @Clint for the reply. Followed the link. Good info.
Also followed up on the TMoneybags thread and the strategy waterscalming was using.
Appreciate your patience - I certainly missed that one - will have to reread!
FR&L
LQDFX STATUS ARTICLE FOUND
Hi. I was poking around FXopen.com which, by the way says they will NOT
provide services to “U.S. residents” and looked at their regulatory
agency at this link:
And I found a reference to LQDFX voluntary withdrawal from that regulatory
agency here:
I have no experience with this broker, so am just posting this info because it is
currently on our list. Just FYI.
hyperscalper
OPENING LQDFX ACCOUNT
Very smooth, funded with ~$46 nominal BitCoin
USD denominated MT4 account, very smooth. Will
complete the KYC docs and hook it up !
Will let you know my impressions of LQDFX.com Forex.
[EDIT] their ECN account has a minimum required deposit
of $500. I transferred some BTC to their USD wallet, but
it was less than $500. The “internal transfer” from that
wallet to the Live account was blocked, and they are
insistent it MUST be $500 … None of the other brokers
care very much about that, so I’ll have to wait…
[EDIT2] A day later, received an email indicating account
approval with specific information concerning U.S. persons
restrictions, and workarounds. So far, a good sign-up experience.
hyperscalper
I’ve had an LQDFX account now for about a year with no problems. Crypto support is great. FX spreads are comparable to what you might find on FXChoice…not really for scalping but fine for more casual daytrading.
Huge selection of other instruments. Even hard to find stuff like soft commodities and London metals. Spreads are a bit wide on some instruments, but many also have zero overnight swap, so nice for longer term positioning.
Overall, the products offered make a good compliment to the more scalping oriented brokers on Clint’s list.
LQDFX ACCOUNT TYPE
@ShatnerReborn you are talking about their ECN account
pricing, right? I’m hoping the pricing will be pretty good.
[EDIT] Finally hooked onto a Live ECN MT4 feed. Weirdly,
their symbols have a suffix “…” Yep, double-dot… So
EURUSD is “EURUSD…” lol. But that’s
OK, except I’ve only ever seen a single symbol suffix… So anyway
the pricings are closely comparable to what FinProTrading
or TurnkeyForex offer; which seems quite good…
hyperscalper
No, that’s the “micro” account. ECN is $500 min deposit. Didn’t try ECN yet.
OK, well “micro” account might have 2.0 Pips spreads, where
the ECN has 0.2 Pips spreads, for example. A factor of 10x
tighter spreads, roughly…
hyperscalper
CFDs are same on both account types.
HI Clint,
I do have a personal experience with Turnkeyforex. When I opened my account in February I initially had trouble depositing with them. Their bank could not find the wire transfer to the account and I had to have my bank provide me with a document with the details of the transfer. I sent out the wire February 26th and they finally said they received the funds on March 16th. This took a lot of emails back and forth about 22.
Fast forward ro now and I have made 30% on my account from my initial deposit and asked for a withdrawal of my winnings, just my winnings not my entire account Here go the wire transfer problems again. I requested the withdrawal on the 26th of July and till today I have not received the funds in my account. The reason they provided me was that I provided the wrong SWIFT code. I double checked all the information that I provided to them. I even sent them the direct link to my banks website detailing the information. It has now been 2 says since I have heard anything from my account manager Barry.
Whatever happens I will post an update as soon as it occurs so that others may take into consideration when opening an account. I do have the bank details they sent me for a deposit if anyone is interested.
Thank you,
Dynapip
Hello Dynapip,
Thanks for your feedback on Turnkey Forex. I’m distressed to hear about the problems you are having with one of our vetted brokers.
In late June, we designated Turnkey Forex as a Trusted Broker. So, it’s doubly distressing to suspect that one of our top-rated brokers might be mishandling deposits and withdrawals.
I don’t have personal experience with Turnkey Forex, but many of our thread participants do.
I will put out a call for specific feedback from those participants regarding their recent deposit/withdrawal experience with Turnkey Forex
Thanks again for the heads-up…