Going offshore to escape the CFTC

Broker Discussion Forex Brokers
6236

COINEXX SPREADS VERSUS DUKASCOPY

Dukascopy MT4 spreads (not avail to U.S. persons)
symbol min , avg , max spread pips
AUDCAD, 2.3 , 2.6 , 2.9 ###
AUDCHF, 1.1 , 1.8 , 2.0 ##
AUDJPY, 0.4 , 0.7 , 0.9 #
AUDNZD, 2.1 , 2.4 , 2.6 ##
AUDUSD, 0.7 , 0.9 , 1.1 #
CADCHF, 1.9 , 2.6 , 2.8 ###
CADJPY, 1.1 , 1.3 , 1.4 #
CHFJPY, 0.6 , 1.9 , 2.2 ##
EURAUD, 1.6 , 2.2 , 2.6 ##
EURCAD, 2.4 , 2.7 , 2.8 ###
EURCHF, 0.9 , 1.2 , 1.4 #
EURGBP, 0.4 , 1.1 , 1.2 #
EURJPY, 0.3 , 0.8 , 1.0 #
EURNZD, 2.1 , 2.9 , 3.2 ###
EURUSD, 0.1 , 0.4 , 0.6
GBPAUD, 2.3 , 2.8 , 3.2 ###
GBPCAD, 3.2 , 4.2 , 4.6 ####
GBPCHF, 1.7 , 2.3 , 2.6 ##
GBPJPY, 0.9 , 2.0 , 2.2 ##
GBPNZD, 3.3 , 4.7 , 5.1 #####
GBPUSD, 0.6 , 1.1 , 1.4 #
NZDCAD, 2.9 , 3.4 , 4.0 ###
NZDCHF, 1.6 , 1.8 , 1.9 ##
NZDJPY, 1.2 , 1.4 , 1.7 #
NZDUSD, 0.9 , 1.1 , 1.3 #
USDCAD, 1.0 , 1.2 , 1.4 #
USDCHF, 0.2 , 1.1 , 1.4 #
USDJPY, 0.1 , 0.4 , 0.5

COINEXX Spreads (at the same time)
symbol min , avg , max spread pips
AUDCAD, 2.0 , 2.4 , 2.9 ##
AUDCHF, 1.7 , 1.8 , 1.9 ##
AUDJPY, 0.2 , 0.9 , 1.3 #
AUDNZD, 0.7 , 0.9 , 1.6 #
AUDUSD, 0.2 , 0.4 , 0.6
CADCHF, 1.6 , 1.8 , 1.9 ##
CADJPY, 1.2 , 1.3 , 1.5 #
CHFJPY, 1.9 , 1.9 , 2.0 ##
EURAUD, 0.7 , 0.9 , 1.4 #
EURCAD, 1.7 , 1.9 , 2.1 ##
EURCHF, 0.5 , 0.8 , 1.0 #
EURGBP, 0.3 , 0.5 , 1.0 #
EURJPY, 0.3 , 0.6 , 0.8 #
EURNZD, 2.2 , 2.9 , 3.3 ###
EURUSD, 0.1 , 0.2 , 0.3
GBPAUD, 1.0 , 1.5 , 2.2 #
GBPCAD, 3.6 , 3.8 , 4.0 ####
GBPCHF, 2.0 , 2.5 , 2.6 ##
GBPJPY, 0.7 , 1.1 , 1.7 #
GBPNZD, 1.6 , 2.2 , 2.7 ##
GBPUSD, 0.3 , 0.5 , 0.7
NZDCAD, 1.7 , 2.0 , 2.4 ##
NZDCHF, 0.7 , 0.8 , 0.8 #
NZDJPY, 0.8 , 1.1 , 1.4 #
NZDUSD, 0.3 , 0.5 , 0.6
USDCAD, 0.3 , 0.5 , 0.9
USDCHF, 0.4 , 0.5 , 0.6 #
USDJPY, 0.1 , 0.2 , 0.4

[EDIT] Actually Dukascopy has generally slightly
worse spreads than Coinexx. But the HUGE advantage
at Coinexx is the low commission. For micro-scalping,
a Coinexx account accumulates profit at least 50%
faster than Dukascopy (which U.S. cannot get anyway)
solely due to the differences in Commissions. I happen
to have access to this info but through a non-U.S. trader.

hyperscalper

4 Likes
6237

Nice comparison!

6238

The Finpro website today ā€“

Finpro shutdown
Finpro shutdown1474Ɨ768 223 KB

We can expect some discussion in Finance Magnates and LeapRate in coming days.

Regarding the Offshore Broker List:
Finpro Trading has been eliminated from our List, which leaves us with 12 brokers in Group 1, four of which are designated as Trusted Brokers. The List has been updated to reflect these changes.

3 Likes
6240

Anyone have a larger deposit with Traderā€™s Way? ($100k USD or more) Any issues?

FX Choice can no longer accept wires from US clients and am not interested in utilizing bitcoin for such large deposits.

6241

use EPAYMENT

6242

ePayments no longer permits US clients to sign up.

1 Like
6243

well when it comes to 100k or more i only trust fxchoice, other brokers have shown how they deal with big money accounts not good, there are a few with tradersway who have 100k accounts and they make big withdrawals, i still have account with them and never had a problem with withdrawal my largest amount was like 27K if that helps

1 Like
6244

Cryptocurrency is actually great for large transactions. If you are concerned about something, send a small amount first.

6245

I love FXChoice but depositing via wires is an issue. I do not think it applies to wire withdrawals although those take awhile to send out as well.

6246

The costs donā€™t make sense to me. I have an account with Gemini and they charge 1%. I can do a block order which they have no fee for until end of January, but that is a short term solution. Much more pricey than a simple wire transfer.

6247

You mentioned depositing money into your brokerage account. Transferring from your bitcoin wallet should only cost a few cents. No good way around bank fees though, regardless of what you use, unfortunately. As cryptocurrency adoption widens, hopefully we will see better options. Cryptocurrency may quickly become the only viable solution for unregulated brokers. Decentralization is a good thing, though.

6248

I do not own any BTC. The fees to purchase such a large amount of BTC are around 1%. Then it needs to be converted back into fiat once at the brokerage since BTC is so volatile.

On a side note, anyone that uses FXChoice, how long do your wires take from request to receipt?

6249

yes i still get wire transfer from them but the last one was 6 weeks ago and like always took 3 to 4 days

6250

yeah im surprise only fxcoice are the only one having deposit by wire transfer problems, tradersway is ok and of course we have the crypto brokers

6251

Traderā€™s Way is next. Then LMFX (havenā€™t used them before)

Eventually bitcoin will be the only option but that isnā€™t a terrible thing I supposeā€¦

6252

yes crypto will be the only way, i donā€™t think banks can stop you from receiving wire transfer.

6253

They wouldnā€™t want to. They are happy to receive profits that ultimately benefits them. Sending money out is another story. :slight_smile:

6254

i will tell all traders dealing with offshore brokers to get familiar with crypto deposit and withdrawal when dealing with offshore brokers because that will be the only way

6255

I cant imagine withdrawals would ever be a problem. Any bank would happily receive profits from offshore even if itā€™s from ā€œrisky brokeragesā€.

6256

SPECULATION AND CHAT ALERT

<chat_alert>
Whole lotta speculation here, is it useful?
Can we make posts a bit more ā€œmeatyā€ ?
Also, a Forum is not the same as a Chat Room,
in the same way that Email is not suitable as a
chat mediumā€¦ :slight_smile: just my opinion, no specific
offense intendedā€¦
</chat_alert>

hyperscalper

1 Like