Many times in recent years, we have discussed in this thread the ways and means by which the CFTC has systematically attacked one offshore broker after another for: (1) maintaining an “unregistered” presence in the U.S., and/or (2) “soliciting” U.S. residents, primarily through English-language websites in the .com domain.
As offshore brokers took defensive measures to escape these attacks, the CFTC (in concert with certain other U.S. financial regulators), began to attack those brokers and their clients, by attacking the money-transfer pipelines between the U.S. and offshore, mainly –
payment-processors handling bank wires, as well as the banks that initiated those wire transfers, and
major credit card processors and issuers, primarily MasterCard and Visa
The last phase in the campaign to sever the credit card connection between U.S. clients and their offshore brokers is now nearly complete.
Here is the latest update on MasterCard and Visa from Finance Magnates.
It concerns me that review sites are heavily biased toward negative
information. I thought we were doing our own reviews?..
[EDIT] Do we really want “the rest of the world” i.e. non-U.S. persons
giving us reviews on brokers when they have every choice possible?
…and we have virtually nothing? That imbalance is why this
thread exists…
We don’t really need a third party review because it’s not exactly relevant to this thread (at least not always)
Here in this very thread there is enough information on Group 1 brokers in post #2 and I believe Clint had anticipated such requests and made a post for it in the very beginning.
it concern me some of those brokers on our list are trash and or scam brokers shouldn’t be on the list, if broker wanna stay on point they do right by there costumers, i think forexpeacearmy does a good job giving us an idea what a broker is about.
Forex peace army is known for black mailing brokers by putting negative reviews and not letting positive reviews get posted on their site (at least if they feel they can sell the broker some add space). Do a google on FPA and you will know how “trash” their website is. They sell their website on fear because it’s easy to tell people what all can go wrong even if it never goes wrong.
i think we can up our standards by not putting any and every broker who accept u.s. traders on the list or maybe we can start deleting brokers as more negative reviews comes out
Just to say that only U.S. persons should be making comments
on the key issues in this thread. We are facing extinction unless
we can continue to find brokers who will work with us…
[EDIT] OK, I don’t mean non-U.S. persons can’t make
comments; I am not the “comment nazi”.
But the key issues are locating brokers we can work
with, however imperfect they might be… and refraining from
unduly “dissing” a broker without having working knowledge
of their business… Non-U.S. persons who are helping us
to locate friendly brokers, are very welcome of course !!!
If you are a non-U.S. person, then you will have a completely
different perspective…
There is value in knowing about brokers, even those with less than ideal offerings. I think this has been handled very well so far. Major issues like withdrawal issues get a warning and eventual removal. High spreads, etc. are just noted in the description.
A day might come where the best we have to choose from is a broker with 5 pip spread with servers in Antarctica and service reps that speak only High Elven or Pig Latin. And yet, we march on. We will weather the storm and have stories to tell our great grandchildren. We will never surrender!
I like Xanaphlaxes what you wrote about spreads. Spread is just way too high issue here all the time. We should not forget that not everyone is a scalper and in many cases spread is just not that crucial at all. It is defiitely not the most important factor when choosing a broker.
Hyperscalper, I really like all your effort and energy you put into this thread. However it is a mistake to tell who should post here and who not, especially with creating drama. It is a free thread and respect this. Do not act like CFTC to take control over the rest of the world Keep up the good work
This thread addresses the problems faced by US residents in accessing the retail forex market. By design and by definition, then, this thread has a US-centric focus. It caters to the needs of US resident forex traders, and it solicits the input, the opinions, and the help of US traders in a fight for our rights as free persons attempting to trade in a free market.
Of course, traders in other countries can chime in with opinions and suggestions. However, in order to remain on topic, those opinions and suggestions should address regulatory over-reach from a US perspective.
As for HyperScalper behaving in any way like the CFTC – nothing could be further from the truth. I find his contributions to this thread to be timely, appropriate, and spot-on.
Keep up the good work