Very consistent performance, finally getting some things ramped
up to volume trading… FinPro does have very consistent
performance, as you can see, and low commissions.
"Unfortunately, starting from November 12th, 2018 we will no longer be able to process payments (both Deposits and Withdrawals) that use the following two Intermediary/Correspondent banks:
Deutsche Bank AG, Frankfurt
Deutsche Bank Trust Companies Americas, New York
Any payments that are attempted using the above-mentioned Intermediary/Correspondent banks will be rejected and returned, minus the fees."
Generally what I’ve read is that the regulators generally want
to kill small retail forex… anyway, we’ll see. One way to do
this is cut back on leverage, and raise minimum deposit.
This article talks about the projected impact areas. It’s
more “Nanny State” stuff, but Euro style !!
My workaround for now is to have several high leverage, small, crypto currency denominated accounts with funds in reserve to compensate for any drawdown. That and being prepared to move quickly. Code strategies in R, Python, MQL4, and MQL5.
Is there any way we could petition for better legislation? I would be willing to take a training class and get certified in order to trade. Reading Hyperscalper’s posted article, ‘they’ claim to be worried about people squandering all their money. If I can get certified to carry a handgun, why can I not get certified to handle my own money as I choose?
Yeah, it would be great if “real traders” could get an exception to
the Nanny State rules for the Masses… But that’s not gonna happen…
[EDIT] and why should I have to ask “the Nanny State” for permission
to have a perfectly legal business, in which “the Nanny State” should
not be involved in the first place… ? It’s a shame… But where there
is a demand, whether for Drugs or Services, someone will be able
to provide the service, and I’m talking about legal drugs of course !
@HyperScalper
Thanks for the reply. I remember reading about this when the news broke a while back. It is my newbie opinion that some unregulated brokers that are currently servicing US traders, will continue to look for ways to circumvent compliance by flying under the radar and/or setting up shop outside of the jurisdictional reach of the CFTC and other groups. It is my understanding that not all countries have the necessary reciprocity agreements with the US that allow for such groups to bully brokers into compliance. By allowing for deposits and withdraws of cryptocurrency, it will be even more difficult for these regulating groups to enforce their idiotic policies. I would be surprised to see such unregulated brokers trying to push out small traders, especially as more of them pop up.
An associate of mine wanted to withdraw his balance
through BTC. TradersWay refused, so he was forced to
use Skrill… I realize they have some policy of withdrawal
by same method as deposit, but I believe dealing with
client requests like that results in losing clients.
These smaller more remote brokers need to really bend
over backwards to keep clients happy; otherwise, clients
will just leave. For me, issues were performance and
commission so i had to go to more competitive brokers on
both of those issues.
Just noticed that Paypal was an option for withdrawing funds from Finpro. Anybody use this? I’m wanting to employ the lowest fee withdrawal method obviously. I originally funded my account with a wire transfer.
Here’s a link to Finpro’s withdrawal options. It states all transfers are “free of cost”. They can’t be talking about withdrawals can they?
I always have problems here to quote so I share my thoughts to the following quote of yours: “An associate of mine wanted to withdraw his balance through BTC. TradersWay refused, so he was forced to use Skrill… I realize they have some policy of withdrawal by same method as deposit, but I believe dealing with client requests like that results in losing clients.”
As you say, the issue and outcome in the above case is not looking too positive. However I have quite a lot of experience with that, and not only in forex. I must say after all, it is a very fair method and it is used in many industries and in forex by very many brokers.
At this point I even take it as something positive and if a broker has this policy it means to me they did their diligence on their side (even if we can look at it from the other side as unflexible policy).
If a broker does not have that kind of withdrawal policy I wonder how legal they do their business.
In my early days I had many chats regarding that so the explanation why brokers do that is very simple and I give multiple examples:
You deposit $1000 via Skrill and go up to $5000 and want to make a withdrawal for the whole amount. The usual broker policy is to withdraw $1000 to Skrill and withdraw the $4000 as you wish (Skrill or anything else.
You deposit $1000 and you lose it. You deposit $1000 again and lose it again. You deposit $1000 again and go up to $5000 and you want to take it all out. This is a bit more complicated way with some difference at the different brokers but the likelyhood is that you have to first withdraw $3000 to Skrill and with the $2000 rest you do what you want.
So why do brokers do this? Do they want to be unflexible to clients? Are they so stupid that they do not realize this policy is not flexible?
Of course it is not the case and brokers have strict anti laundering policies to follow. If they do not follow the above mentioned examples then maffia people can deposit big money to a forex account, from anywhere in the world and then pay it right away out with another method in another country and tax it is hard earned money on trading. This is prohibited. Therefore brokers expect you to withdraw your deposit to the same account, with the same method and in the same country where you originally deposited and with your winnings you do whatever you want. This way money laundering is closed out.
So now the question remains if brokers really want to lose clients or they do their due diligence and for that we can expect some unflexibility.
I believe if someone knows the background then it makes sense and we can accept it.
Yeah, thanks for pointing that out; and it is correct !
AML and KYC do need to be tightened up, I suppose.
But it’s the inflexibility of such policies, from brokers who
really need to retain their client base …
But for a few hundred bucks on an exception basis, I don’t
think the world’s Money Laundries would find that much
of an advantage…
If you take Coinexx, for example, and you can transfer in
with any Crypto, and transfer out with any Crypto, then
clearly you have a bunch of flexibility there… But I
don’t think that means they are facilitating the Launderers
in shifting a lot of ill-gotten gains all that much…
This entire thread is the result of “blatant Over reach of the Nanny
State” And this over-reach has resulted in damaging all
U.S. persons’ ability to conduct a Trading Business which
is perfectly legitimate.
I found this broker which looks interesting was just wondering if you have heard of them b2btc. Only email for sign up, accounts in USDT, BTC, LTC. All assets FX, Crypto, stocks etc.
Not sure if I like that. More details would be needed, I guess.
Looks like they also charge fees for withdrawal, even though it is crypto. That is not good.
I went to their web-trader link and it’s mostly in Russian.
Their instruments table is a bit confusing. Not sure how to interpret precision, as it relates to spread. They have cryptocurrency and crypto cash…not sure what the difference is, but the crypto cash shows a commission per side as 0.3% – not sure what that means, but if it is what I think it is, then that is too high.
The leverage options are not good at all, especially if the 1:3 also applies to FX.
Aside from the negatives, they do appear to offer a wide range of instruments for trading. By using crypto-only deposits and withdraws and, presumably, email-only registration, they appear to be wanting to stay way under the radar - which could be a good thing or a bad thing.
I’ve opened a demo account and will look at leverage after the markets open.
They list a phone number and a PO Box in the British Virgin Islands in “MT5 > About”.
Update: Leverage of 3 appears to be about right. We could always ask for more.
I’m not going to open a live account right now. But, it is good to have another broker on the radar.
Just wanted to chime in regarding withdrawals as I have seen some recent posts talking about some issues. I have used Traders Way since Sept 2015 and ALWAYS have my money within 48 hours. Have used a variety of methods, but as of now bitcoin is the most efficient and economical. I have also recently started with FinPro and made my first withdrawal Sun 8pm right after they opened, money was in my bitcoin wallet by 8am Monday and in my bank by end of day, so a 12 hour transaction there. I haven’t posted in such a while I had to create a new account today. Until the US changes something, I will be offshore. It’s not even the leverage or FIFO or hedging, I simply want a broker who is not a MM, has decent spreads and low commission and more than anything PROTECTS MY FUNDS. As long as they allow these US brokers to freeze platforms, spike prices out of nowhere and not protect funds, I actually sleep better at night offshore.
That is because its crypto currency at the end. It provides flexibility due to the inherent nature of crypto currencies of being unregulated, they don’t even require KYCs if you deposit and withdraw via Crypto. And I am pretty sure, if they had bank wire and crypto both as an option for deposits, they would be having the same policy of withdrawal whereby you can withdraw via same method you used for deposit just like FinPro Trading do
Clearly, if withdrawals from an account from trading
profits, far exceed incoming deposits, you’re not a
Money Launderer… How 'bout that criterion?
Please let me know if I’ve missed anything…
