Going offshore to escape the CFTC

Broker Discussion Forex Brokers
5324

If you trade live with Turnkey Forex (UK), please read this:

In view of the problems reported today by one of our members, I would like to request assistance from all participants on this thread who have made deposits to, or withdrawals from, Turnkey Forex this year.

Specifically, if you have had deposit/withdrawal experience with Turnkey Forex since January, please post a message here, telling us whether your experience was satisfactory, or not. Please include as much detail as you are comfortable sharing.

Thanks, in advance, for helping us investigate this situation.

5325

Hey Clint! I trade with turnkey, found them here on the link itselfā€¦ never had any deposit or withdrawal issue with the broker. the deposits work fine and so do the withdrawals. the last withdrawal was in mid july & it was received in time. surprised to see a withdrawal compliant for them cos i have done a couple of them @DynaPip assuming you are from US, it should not take long for your deposits to reach them and withdrawals coming back to you. FYI im a teller with the bank and wrong SWIFT codes can cause delays. In such scenarios the receiving bank returns the funds back to the sender. And incase you need more clarity please PM me or if you can share more information specifically the bank name, maybe i can help with it. thanks

5326

I have traded with turnkeyforex and personally never had any issues in withdrawals (I have a very small account, less than 10K so can not vouch for larger account types). My larger account is with finpro and now Iā€™m moving it slowly to coinexx and all three have been very good with withdrawal. @DynaPip I do know from experience and totally agree with @scalpingjack that wrong swift codes can create a lot of issues and I know from past experience that once I made a bank transfer and it did not reach on time to the other party, when I reached out to bank, my bank specifically told me that they will not even initiate a investigation for delay on my transaction because they need to wait for 14 days to consider a payment is delayed (their statutory time limit for a payment is 14 days) and Iā€™m talking about a large cateogry-1 bank here. I would suggest that you email their support (turnkeyforex) and tell them to cancel your withdrawal and pay you out via bitcoin instead (if they havent already made the payment). Typically, if the withdrawal isnt processed they should be okay with withdrawing via bitcoins, and that should not take more than a few hours to reach you. This one of the main reasons Iā€™m more optimistic coinexx.com and see them as a much better choice becuse they deal only in cryptos and there are no banks to delay the deposits or withdrawals.

However, please do keep us posted if your payments are not processed, it will be a matter of concern. Based on my experience, Iā€™m hoping that it is genuinely a bank issue and not a broker issue.

Another though that just came to my mind while typing this reply. Are you using one of the national banks or a regional bank? Because there is also a possibility that you bank has one or more intermediary banks (in case you are not using a tier-1 bank with multinational presence). When your bank relies on more than one intermediary banks for international payments, you will typically see a lot of delays in international transactions. Just a thought ā€¦ Please keep us posted how your withdrawal goes :slight_smile: , fingers crossed !

5327

@DynaPip I just re-read your post and see that you mentioned that even your deposit took 20 days to reach turnkeyforex, and now you are facing the same delay in withdrawal. Just a thoughtā€¦ that even if your deposit was delayed by 20 days, there is a high chance that its a bank related problem because for me, both deposits and withdrawals are less than a couple of days.

Regardless, please keep us posted. thanks !

5328

No withdrawal issues with turnkeyforex. have done three withdrawals since jan amounting to a total of 15 grand infact the last one was received on 2nd augā€¦ they processed it like they always do. @DynaPip any news on ur withdrawal ? do let us know and iā€™ll refer them to this thread

5329

I would like to thank you and everyone here for the continued discussion and I am happy to report that the wire came through today.

Apparently they had to try another bank to wire the funds as the first bank they tried to wire the fund though was coming up with an error when inputting the SWIFT code. My account manager was ill as well which is the reason why he did not respond to my emails.

I have been searching for a long time for a reputable broker to transfer my main Oanda account to. I will trade a few more months with TURNKEY and do another withdrawal and make my decision then. It looks like I may transfer half once I get the confidence to do it.

Again thank you all for your input and comments, it helped me to have a better understanding and confidence as to what could have happened. I look forward to reading more posts from all of you in the future.

Dynapip

5330

Yes I am using a regional bank. Maybe this is also a reason why it has taken so long with how you said it has to go through an intermediary bank.

Thank you again for the information and thoughtful post.

Regards,

Dynapip

5331

To those trading with crypto denoted accounts, how do you handle the USD risk? This is the biggest challenge using brokers like coinexx & evlove.

Do you just accept potential conversion losses as the cost of doing business or do you hedge with short crypto/USD positions against your existing balance?

5332

@MrInvisible Yeah, thatā€™s an issue. One way is to leverage as much
Buying Power as possible; thus keeping the account balance constantly
working, and as low as possible in a worst case scenario where the
Crypto/Fiat exchange rate might change by a huge amount. Otherwise,
I got nothing for a responseā€¦

hyperscalper

5333

Hello @MrInvisible , I havenā€™t traded with evolve because I donā€™t find their spreads as lucrative so can not give much inputs into it. But for coinexx.com you donā€™t have to take BTCUSD risk. You deposit and withdraw via cryptos but you can choose to keep your account in USD (obviously in cryptos as well) depending on your preference. I personally prefer USD account funded (deposit / withdrawals) via cryptos. I find that as best if both the worlds primarily because I donā€™t think banks make my life any easier and cryptos totally circumvent the need of using a bank or dealing with delays caused by bank transfers. Your risk is limited to the time you take to buy the cryptos and move them over to coinexx, so essentially itā€™s a non risk.

BTW, just in case you are exploring how to buy/sell cryptos, you can open an account at Coinbase and can get limits of up to 20000 USD per week for crypto purchases and vice versa you can also send them cryptos and get USD in your bank.

Hope that helps.

5334

ok coinexx sounds good, I was unaware about USD denoted accounts. I have a coinbase retail account but Iā€™ve only used their trading platform GDAX(Coinbase Pro now) to deposit & cash out of offshore brokers, it is much cheaper fee wise than the retail side of coinbase.

5335

I research both finpro and coinexx commissions, using both sites commission calculators and both choose ECN accounts.
For 1 lot eurusd, conexx commission (round turn)$2.00, and finpro commission (round turn)$9.13, is this true that difference is so big?

5336

@wmwmw Coinexx ECN account is way more cost efficient than finoro. However, I believe you should compare ECN account at coinexx.com with VIP account at Finpro. Even though finproā€™s website says that you need 25k to get a VIP account you can easily just go on their chat and ask to be upgraded to VIP account and they will happily do so without any questions. But based on my analysis you still end up paying between $1-$2 less in total round trip cost at coinexx, as compared to Finpro. In fact of all the brokers up in the list, I believe, coinexx is the most competitive one. Hope that helps.

5337

Thanks, whywescalp, you are very helpful.
I open a live account at coinexx after seeing your post.

5338

here is some info on finpro, turnkey and coinexx.

https://beta.companieshouse.gov.uk/company/10318851

https://beta.companieshouse.gov.uk/company/SC596765

https://beta.companieshouse.gov.uk/company/11232717

5339

hey guys i have been trading with this offshore broker for past some time and have been following this thread as well. but my broker is not from the list here ā€¦ im kind of a trouble at the moment and thought maybe someone can help ā€¦

so my broker 8888markets dot come just got flagged by the Irish authorizes for being an offshore entity and taking UK nationals. in the notice theyā€™ve referrred to it as an ā€œcriminal offenseā€ though the said broker isnt the best but being a noob and wanted to make some money on in the side i choose them primarily because the assign a financial advisor to you and assist and unlike of the brokers listed on this thread they even offer investment protection to your fundsā€¦ since i read the finance magnates new im worried how it is going to play our cos the new very clearly says none of the investors are protected under the investor protection schemeā€¦ so are they talking about the scheme the regulator offers or the one that the broker offersā€¦ im a bit anxious so cannot read between the linesā€¦ i have around gbp 20k with meā€¦ its most of my saving. though the broker isnt offering the best conditions since they do a lot of hand holding in trading i happened to sign up with them

im pasting the contents of the news hereā€¦ since its my fist post the forum goes not allow me to add a link

" Irish Central Bank Warns Against 8888Markets

8888Markets is a provider of a CFD/FOREX trading platform and financial advisory services.

The Central Bank of Ireland today issued a warning against an offshore brokerage firm called 8888Markets as the company has been providing financial services to the countryā€™s residents without regulatory permission, according to an official announcement.

8888Markets is a provider of a CFD/FOREX trading platform and financial advisory services on a broad spectrum of asset classes.

However, the central bank today clarified that the firm in question has been offering investment services to the Irish public while not authorised as an investment firm in Ireland.

The regulator said that it is a criminal offence for an investment firm to operate in Ireland unless it has authorisation from the nationā€™s central bank. The central bank was adamant in its explanation, claiming that any individuals who opt to invest funds with 8888Markets will not be eligible for compensation in any form under the Investor Compensation Scheme.

The central bank urged anyone offered financial services via cold calls or email to make additional checks to ensure that the entity they are dealing with is authorised. It also advised investors to contact the authority if they are approached by such firms.

Last year, Finance Magnates reported that the Central Bank of Ireland is preparing action to revamp the retail forex and CFDs offering to retail clients. The financial supervisor has issued a consolation paper that focuses on the issues related to financial trading products for retail investors.

Focusing on CFDs products, the Bank of Ireland says that it is preparing action to tackle the high risks for retail clients. The authority is looking for feedback from clients and brokers alike."

Can @Clint please advise? and other hon members of the thread. And the brokers listed on your thread does any of them have advisors or fund protection schemes. And if a person like meā€¦ hving very limited knowledge of trading wants to tradeā€¦ what are my options cos that is how landed up with them not one of your brokers.

i have requested a full withdrawal from the brokersā€¦ i hope i get my funds backs and when i do iā€™ll share it hereā€¦

5340

ouch! you seem to be ripped my friend I have never heard of this broker infact the real one is with three times eight and are with some broker that seems be taking advantage of their name 8888markets is different from 888markets, which is a FCA regulated brokers. I hope you knew the difference.

you should always do your research thoroughly im surprised they are not talked or discussed anywhere and not even here on babypips but I have found a couple of links that might throw some light on the broker

8888 Markets | Forex Brokers Reviews | Forex Peace Army just one review negative. Disclaimer: though I donā€™t trust fpa much, the blog owners are scamsters and extort money from brokers. babpypips I my trusted forum

8888 Markets | Forex Broker Review - FX Trading Revolution | Your Free Independent Forex Source ā€“ here in the comments one of the user have got their money back through intervention. I think if your money doesnā€™t come back, there is no harm in trying them

And your broker has very high deposit requirements, thatā€™s a reg flagā€¦ they offer the protection only for funds above 15keuro :hushed: and how do they treat funds below that amount, im guess majority of their clients will fall under that category

though im not a hon member here, but speaking from exp noobā€™s should start small like with 100 bucks and trade on low leverageā€¦

provided you get your funds back & you still want to get back

  • copy trading is something you can try ā€“ zulutrade, myfxbook auto trade or even etoro are places you can do that
  • find a mam or pamm ac manager with a reputed broker, this thread list has good brokers
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5341

thanks mate! i looked at the links and i deposited using my card via some orange card services the broker uses. will try a chargeback if the withdrawal request is not entertained properly

And i was aware the the broker is 8888 not the FCA one, the main reason i signed up was that they will take care of the trading for me or offer advisory though none of the trades hv been profitableā€¦the lost trade are more then few profits. anyhow i started with them after a colleague from my previous workplace recommended them.

Now waiting for my financial advisorā€™s reply. And i am a bit apprehensive to tell my bank and ask them to lodge a dispute that transferred funds to my offshore broker, i hope they dont flag me and refer my ac to the authorities, i really dont know how the regulatory bodies work do they even hunt traders who go offshore?

5342

Hi Everyone,

First off thanks to everyone for posting so much useful/critical information. I have spent that last 5-6 days researching Finpro / Turnkey and possibly opening a Hong Kong company to open a trading account with Pepperstone. I am about to open an account with 50k USD, but wanted some last minute reassurance on Finpro and/or Turnkey. Being that they are UK based are there any fears of them getting shut down soon (within the next year or so)?

Or should I look into Traderā€™s Way?

5343

they are good & legit chex! you can read the all posts w.r.t to these brokers here Going offshore to escape the CFTC theyā€™ve been on the thread for quiet some time & i think you should give a shout out the hon members of this thread @HyperScalper @whywescalp they ve got extensive experience trading with them. cheers!