Thanks for the thorough explanation, and yes I understand how swaps work, but because the FX market is decentralized (which is not new), brokers charge different swap rates. I didn’t pay much attention to this in the past, but now I really see how critical it is. If your broker (and this isn’t just Turnkey) promises low commissions and ulti-tight spreads, WATCH OUT for the swap rates because that is where they’ll recoup their money. Hopefully we can get Turnkey’s swaps to a more realistic place because I’ve really liked working with them. They’ve got a couple decent swaps right now, but some are totally insane – basically situations where they’re collect $4 in interest from the long, and only pay the short $1.
BTW if you’re unfamiliar with how to check your broker’s swaps, you can find the details in your MT4. In the “Market Watch” window right click on the currency pair you want to check. A list will appear – click on “Specifications” and scroll down. You’ll see the long and short swaps, as well as which day they’ll pay triple swaps on (since swaps aren’t paid out Sat and Sun). If you want to compare your broker to mine (Turnkey), just shoot me a list of your swap rates and I’ll return the favor.
Cheers,
FW (I haven’t proof read this, so sorry for any mistakes)
@whywescalp Can you shoot me a message about Islamic accounts? I took a course on that in college but would like to know more about what you’re talking about.
Question 1: Comparing both of these companies Turnkey is a better choice looking at the ECN Accounts with min $200 and $2 per turn lot VS FinPro Trading at $4 per turn lot.
Question 2: Turnkey and FinPro Trading must have the same parent company they have the same exact stats across the board otherwise via myfxbook.
you can very easily get on chat with finpro guys and get $2 per round lot (they happily oblige , I have no idea why they do it like this. My guess is that they prefer clients talking to them and thats why they also man their live chat 24 hours a day )
I personally dont believe they are the same companies or have same parent. They are using technology from the same provider turnkeyfx.com and turnkeyfx clearly says all the service they provide for setting up or managing a forex brokerage. We have discussed it in length on this thread earlier on.
Think of mobile phones for a second. One Plus, Motorola, Nexus and Sony use the same version of Android, they all look and feel the same (At the software level) except the hardware that they offer and the price that they charge for it. So does that mean One Plus, Motorola, Google and Sony are all owned by the same parent company ? Obviously we all know that they are different companies operating and serving different types of consumers. Its the exact same case with Finpro, turnkeyfx and turnkeyforex. The use the same technology provider which is turnkeyfx.com but they are different companies and you can feel the difference in their character by talking to their respective sales people.
I wish finpro and turnkeyforex guys are reading this thread and do something about their potential brand identity issues here . Guys, get your MT4’s branded with you own logos. Because traders tend to link you with eachother and your logos are more important than your client service (no offience if you are reading this thread).
In my personal opinion I absolutely prefer Coinexx followed by Finpro then turnkeyforex and last Lqdfx (in the exact same order of preference). all four are top notch brokers and they are doing amazing service to traders by protecting our interest and keeping the leverage levels intact and still offering amazing commissions and service to both US and non-US clients.
And after ESMA following the footsteps of CFTC, its even more important for EU and US traders to have a few decent brokers like these. Keep the good work going guys… !
i just talk to a trader from JAFX he told me before the lawsuit that if you did a wire transfer to JAFX it was going to wells fargo in California, this is the real reason they got sued by cftc, same with tallinex they was using a IB borker in the u.s. in others words don’t have a physical presence in the .U.S. or get sued
@smallpaul I have made a few withdrawals from Turnkey forex, You raise a withdrawal request with them from your account and they process it in 48 hours (Weekdays), the wire takes another 1-2 days for me to receive from my bank…it is pretty smooth…
Excuse my ignorance, we have trader’s way listed as one of the trusted broker but when I go to their website, the footer says “All information on this website is not directed toward soliciting citizens or residents of the United States and the United Kingdom." Am I missing something?
Active solicitation of U.S. persons is largely the way in which CFTC attempts
to attack these brokers; and it is a “survival issue” for them. Doing business with
a U.S. person who approaches the broker; not as a result of active solicitation
by the broker, is not illegal for brokers who do not have any U.S. entites as part
of their business. And having an offshore broker is absolutely not illegal for
U.S. persons. But… This is the “over-reach” by U.S. authorities and bullying
overseas, which is the basis of this entire forum thread…
The best approach is to use brokerages which are either “anonymous” and
do not require any nationality or residence information disclosure; or those
which have no U.S. based business entities, nor participate in any
U.S. influenced regulatory bodies. There are a few good choices here,
so watch this thread carefully.
What we are hoping for is that offshore brokers are “less intimidated” by
threats from CFTC and allied regulatory agencies; so that more of them
are able to clearly indicate that they are either U.S. friendly, or at least
nationality/residence “neutral” in accepting U.S. clients.
[EDIT] Primary means of restriction against offshore brokers is to cut off
their access to the “normal” funds transfer mechanisms; again through U.S.
bullying of the mainstream financial structure. Using Crypto currency
transfer mechanisms is increasingly the best means of moving funds
into and out of offshore brokerages, while maintaining “Fiat currency”
(e.g. Dollars or Euros) as the funding currencies in those brokers. Thus
by restricting the usage of Cryptos to “funds transfer purposes only”
we avoid exposure to Crypto:Fiat exchange rate volatility… Consider Coinexx.com or for more traditional approaches TurnkeyForex or
FinProTrading as “hybrid” choices … I’m trying not to show favoritism
here…
[EDIT2] Specifically, TradersWay does offer this “hybrid” approach where
Crypto (BitCoin) transfers to/from accounts funded in USD should be
the preferred approach. Use a service like Coinbase.com to send/receive
BTC and to convert/transfer to/from your Bank account in USD or other
“Fiat” (aka “real money”) currencies. Just a suggestion; “your mileage
may vary”… Good Luck !!
[EDIT3] To my knowledge, currently, only Coinexx.com offers the choice
of Crypto funding AND/OR ordinary USD funds denomination of their Forex accounts…
Perhaps Crypto currency denominated accounts are not desirable, due to
the risk of Crypto:Fiat volatility anyway… So by this measure, several
brokers with Fiat account denomination, also permit Crypto-based funds
transfer; thus providing what I consider the best environment for funds
transfer, while maintaining “Fiat” or national currency stability…
I am hoping more brokerages follow in this choice of funding currency
while maintaining a largely “anonymous” or at least a
“neutral” approach to client national identity…
@HyperScalper & @whywescalp Yeah with CFTC clamping down on brokers and traders alike like a noose around their necks it is becoming an increasingly suffocating environment to trade peacefully in, especially for US residents. Take LMFX for instance. Got busted for taking in US clients despite having listed rather explicitly so that they don’t do so. That’s what kept me from signing up with Trader’s Way too. I couldn’t find a solid ground to rely on them especially with what happened with LMFX. Of course it is not the only stooge on the list we’ve got other brokers as well that are falling prey to CFTC’s hunting practices.
The matter of fact is that with CFTC and other regulatory bodies creating such atmosphere for trading, it would be indeed be respite if we could just skirt around the entire tiresome schemer of regulations. I see you’ve got a point there with the mention of anonymous trading. I recently did some research about such brokers that are into anonymous trading who don’t ask you to reveal your personal details. Plus with cryptos not being under any sort of regulatory reins till now I don’t really see the point in handing over your information for KYC which easily run the risk of getting stolen or misused.
That’s precisely why I see a growing inclination among traders these days towards this new-wave crop of crypto-fx brokers like Coinexx. Anonymity aside, there is a radical transformation in the way transactions and trades are executed. @charlie.afl And this article about coinexx talks about digital contracts. What are they? Forgive me, I am still a novice on this subject so just want to get some perspective here. Anyone?
COINEXX.COM rocks and perhaps one of the best concept brokers we have on @Clint list above.
Last year, I categorically mentioned that brokers who offer cryptos as a mode of payment are way better than brokers who only give bitcoin based accounts. Because of the crypto volatility. And I also said it is the future of offshore broking
And when @SmallPaul introduced us to coinexx.com I said that it looks a very promising broker
It seems that now Finance Magnates agree with me as well.
By all means I see coinexx doing everything right it should be done. They are offshore, so no issues of reducing leverage of clients because of stupid esma or cftc rules. They are crypto based so not dependent on banks for bullying them and now they have this “digital contract” as a use case to democratise the forex industry.
Just in case you dont understand what digital contract means. Coinexx claims that they are using cryptos to create forex pairs. So for example if you have BTC/USD and BTC/EUR you can easily create EUR/USD from it. Thats how they are able to create all the currency pairs using cryptos (like exotic or cross pairs). Then they invite arbitrageurs to arb against their pairs, hence making their spread as super competetive . Coinexx is a must try (and for the record, I already have a live account with them BUT I have no commercial benefit if you open an account with coinexx.com)
Here is the link from finance magnates about coinexx and their approach to forex as digital contracts:
, I have no idea why they do it like this. My guess is that they prefer clients talking to them and thats why they also man their live chat 24 hours a day )
. Guys, get your MT4’s branded with you own logos. Because traders tend to link you with eachother and your logos are more important than your client service 
