vantage fx isn’t accepting us clients unless you are a “sophisticated” trader
Who does Vantage FX consider a sophisticated trader? A few weeks ago, I filled out their online application form and was approved for an account. Was this a mistake on their part, perhaps. My initial deposit was less than $15k.
This is a statement posted on their website: Customers applying from outside of Australia including the U.S acknowledge that Vantage FX Pty Ltd has not actively solicited for business.
If you are interested in opening an account with Vantage FX, my suggestion would be to fill out their online application and see if you get approved.
yeah they sent me an individual account form in an email and it says to send in my proof of address and drivers liscence. They did talk to me on the phone and said they arent accepting us clients… maybe its something indescrete that I can sign up.
I’ll try and email them my credentials and see if I get approved. If not I think I’m going to start an account with trading-point
Dyekid, if Vantage FX were to tell you they were accepting U.S. clients, that might be construed as soliciting you for business. I bypassed any initial conversation with them and went directly to the online application and submitted it. It is a shame we have to go through all of this to find an off shore broker. If you invest with Trading Point, please keep me posted. I continue to look for additional credible brokers to invest with.
yeah… thanks. Gotta hide from big brother…
Dyekid, a friend of mine opened an account with Forex FS earlier this week. The process went extremely fast. He wired his opening deposit yesterday.
We tested their MT4 platform for several months, not one hiccup.
i signed up for trading-point and they didnt even require ID verification.
I’m gonna use their demo to see how it is
No required ID…that’s a first.
yeah who knows how they reliable they are… I’m waiting for vantage to verify me.
My friends have accounts in fxopen and they can open accounts still… Would they look at where the moneybooker account is coming from? Like does the account name have to be the same as the account on fxopen?
Interesting happenings on CashBackForex (headquartered in Chicago, I think) - On the Broker Summary page, most brokers are listed as not accepting US clients. Then, I noticed that while Tadawul is listed as accepting US customers; on the sign-up page, CashBackForex states they are unable to accept US citizens for Tadawul accounts. Before looking at the recent posts, here, I emailed Tadawul about this. Now, I know why they haven’t responded… But, just to be on the safe side, I’m planning on closing out my last US account and only opening accounts with non-US brokers, using my non-US address, bank account, phone, etc. Hopefully, that will not ruffle any feathers…
On every broker account I’ve opened, the name on the funding account always had to match the name on the broker account.
…and for good reason. To do otherwise would be to invite money laundering on a massive scale.
When I asked the customer service agent this question earlier this week the answer was: “Clients who open accounts with $1 million USD or more.”
But again, as per our previous conversations, I suspect this is a ruse used only for those inquiring within IM chats regarding the acceptance of US clients in lieu of the CFTC regulations.
Regarding some other offshore brokers:
FinFX is VERY willing and ready to accept US clients (they are on the updated list #1), but I am a bit nervous about how new they are. Opened in 2009, I believe; currently unregulated, but when I asked the customer service rep about regulatory conditions, this was the answer:
“In Finland Forex is not regulated in any way endangering client’s options for high leverage, limit orders, hedging, scalping, stop-loss or Expert Advisors. There are no FIFO-rules complicating your strategy. That being said we have worked with the regulation body of FIN-FSA to comply with the strict laws of Finland requiring us to keep the client funds separated from company’s day to day business. You may rest assured as FinFx is a well capitalized company. Should FinFX fail to operate appropriately the FIN-FSA would be the first one to act upon.”
One single internet reviewer accused FinFX of being a scam with the address of a pizza shop, but another reviewer confirmed that the office is actually next door to a pizza shop; the office of FinFX is small, and on a street with a row of shops. Nothing shocking there. FinFX actually invites clients to visit their office if ever in Finland. They seem on the up-and-up to me, but I have little to go on other than my minimal internet research and a “gut feeling” that they are an honest business. I would love to hear from anyone who has experience using FinFX. Not just trading, but withdrawing money, too.
I have had many talks with offshore brokers all over the BVI area and other Caribbean businesses, but they make me very nervous. 1pipfix.com for example–they take US clients, and their pitch sounds too good to be true. They have no regulatory system, they have only been open since 2009. They are an IB of LoyalForex.com, who also accepts US clients, and they also sound “too good to be true” in their pitch. They claim to be toronto-based, but Loyal’s address is 51D Kongens Gade, Anegada, British Virgin Islands, and when I asked the agent with 1pipforex last month I was told they are also located in the islands. Both 1pip and Loyal have numerous outstanding reviews online which are peppered with an occasional negative review which accuses the many positive review of being fake reviews planted by employees. I suspect they may be a scam. Forex-Metal is another island broker that sounds great and is eager to accept US clients, but I have seen them labeled “scam” on the internet more than once. It is very difficult to discern who to trust–the brokers or the anonymous internet reviewers… I think finding out the hard way may prove to be the only way to verify these brokers, unfortunately.
I have spoken to numerous BVI brokers who are eager to accept US clients (I cannot recall all the names), but the story is almost always the same as 1pip and Loyal; I have been warned to avoid these island brokers. Someone in another site actually compared the Caribbean brokers to the now infamous Nigerian email scams. The fear (of course) is that we will be sweet talked into opening accounts, wiring large sums of money, and then having all requests to withdraw funds ignored after several weeks of successful trading.
In light of these concerns I have outlined above, I would be very interested to hear of anyone who has had a successful trading experience with an island broker within the last 6 months especially successful withdrawals.
Someone else in this forum (I can’t recall who) said something about not trusting any broker from Russia, and this was in connection to a Cyprus-based broker who is related to a Russian source; I do not remember what reasons, if any, to mistrust brokers from this country of origin were appropriately defined.
I still contend that I would love to have any trusted BabyPips member(s) confirm a successful relationship with any of the newer, unregulated island brokers. By “trusted” I suppose I mean someone who is not a “newbie” like me, or at least a member who has developed a reputation in this forum. Please, do not misunderstand me! I do not mean to imply in any way that other “newbies” are untrustworthy individuals. I am just a little overly-cautious, especially since I have seen so many shill reviews all over the internet for brokers who are probably scams, and for my own personal reasons I have come to trust this website and forum above all other FX forums I have joined or visited frequently.
BTW: I thought Dukoscopy was on the “no” list now…? I know I was told “no” when I inquired with them directly, but I also know better now that the chat inquiries may not be 100% reliable, and some brokers may say “no” when they actually mean “YES, just don’t ASK…” Still, didn’t someone say they had a Dukoscopy account closed, or did I just imagine that? The latter is highly probable since I am becoming a victim of information overload from my daily search for a trustworthy offshore broker.
One final thought: I believe now that the key here for traders like myself is to stop asking brokers via internet chat and/or email if they will accept US clients and just start applying with desired brokers and waiting to see if the brokers will approve the applications. I am somewhat certain that almost all UK-based brokers are going to deny US clients (“almost”), and I am positive that any broker who has even a remote connection to the US will deny all US clients.
I stumbled across a list of 75 brokers that do accept U.S. clients. This list includes BOTH U.S. and offshore brokers.
http://www.forex-third-eye.com/brokers-accepting-us.html
Wow, Varuca
You have a lot going on in that post!
Some thoughts that popped into my head as I was reading it —
My personal opinion is that most of the so-called broker “reviews” which scream “scam” should be ignored. Pick any broker, U.S. or offshore, large or small, and I’ll bet you can find a “review” on the internet calling them a scam. I think most of that drivel is written by incompetent traders who have blown their accounts, and want to blame anyone, but themselves, for their failures.
Generally, I think there is more honest, reliable information on the Babypips Forum, than on most forex forums. But, even here, there are hundreds of members whose opinions don’t carry much weight with me. And there are some whose opinions are gold. You have probably made a similar assessment. Trust your own assessment.
Regarding Dukascopy, I know of one veteran of this Forum — Sandpipper — who has a long-standing relationship with Dukascopy, and praises them highly. We hear from him only occasionally, but you can search for his posts and judge for yourself what he has to say (you might go back to the earliest posts on this thread — I think he posted his recommendation of Dukascopy here, some months ago).
Regarding Russian brokers, the member who made the comments you referred to is bravehoststamps. He has also posted about FinFX. So, you might want to search him out, as well.
Finally, I think you’re on to something when you say that many offshore brokers will accept U.S. clients, but won’t talk about it. The CFTC appears to be waging a successful war of intimidation against foreign brokers, alleging that almost any contact they have with Americans can be construed as “soliciting” business in the U.S.
My personal view is that this is an empty scare-tactic on the part of the CFTC, which will never prevail in any court. But, why would any offshore broker want to be bothered with the legal shenanigans of the CFTC, even if they know the CFTC can’t win? The mere threat of legal hassles from a government agency staffed by hundreds of lawyers is enough to make any prudent offshore broker keep his head down.
Sorry for the rambling dissertation. Bottom line: rather than asking whether you can open an account, just open it.
By the way, I like your avatar.
Interesting list, Biker. Scanning it quickly, I noticed several contradictions with our list.
But, there are also quite a few names that we haven’t investigated. So, maybe when time allows, we should start a new list of “other brokers”, in case anyone here want to look into them.
Sorry, I should know better than to post after my second cup of coffee in the morning… 
Pick any broker, U.S. or offshore, large or small, and I’ll bet you can find a “review” on the internet calling them a scam. I think most of that drivel is written by incompetent traders who have blown their accounts, and want to blame anyone, but themselves, for their failures.
I agree, actually. The reviews that catch my attention are the ones who claim they have attempted repeatedly to withdraw their money and have not received any response across a period of weeks or even months. The reason few negative reviews of the few island brokers I mentioned stood out to me is specifically because there are so many FABULOUS reviews reporting things that sound borderline ludicrous. One man claimed to have deposited $25k USD and to have more than tripled it in 6 months, withdrawn it, and bought a house. If all their customers are truly this successful in their trades I wonder how they are not the most popular brokers on the planet. Sounds fishy to me; I believe they really do have shill reviewers fluffing their companies.
Generally, I think there is more honest, reliable information on the Babypips Forum, than on most forex forums. But, even here, there are hundreds of members whose opinions don’t carry much weight with me. And there are some whose opinions are gold. You have probably made a similar assessment. Trust your own assessment.
Agreed! I started lurking before I joined, then waited a while to post. I already have assessed a few posters who appear to be particularly insightful, which is, in fact, why I directed my original post to you.
Regarding Dukascopy, I know of one veteran of this Forum — Sandpipper — who has a long-standing relationship with Dukascopy, and praises them highly. We hear from him only occasionally, but you can search for his posts and judge for yourself what he has to say (you might go back to the earliest posts on this thread — I think he posted his recommendation of Dukascopy here, some months ago).
Will do.
Regarding Russian brokers, the member who made the comments you referred to is bravehoststamps. He has also posted about FinFX. So, you might want to search him out, as well.
Bravehoststamps is actually a poster who I already follow, and that is how I was led to FinFX. I have been following his thread about Megadroid. I must admit, I like this guy, even though I don’t know him. What I don’t like is the barrage of accusations from other “newbie” accounts regarding his honesty. Since I don’t know him, I am staying out of that one, but the accusers seem to be conspiracy theorists, which I find annoying. [I]I apologize for even mentioning that simpering drama in this thread…[/I]
…The CFTC appears to be waging a successful war of intimidation against foreign brokers, alleging that almost any contact they have with Americans can be construed as “soliciting” business in the U.S.
My personal view is that this is an empty scare-tactic on the part of the CFTC, which will never prevail in any court…
Again, we are of the same mind.
Sorry for the rambling dissertation.
HA! No worries. Rambling dissertations is usually my department! 
Bottom line: rather than asking whether you can open an account, just open it.
Best advice in this thread!
By the way, I like your avatar.
This ol’ thing? Why, thank you. :o
I am in the US. I have opened an account with LiteForex in the past 2 weeks. I had no problems opening and funding the account. I used MoneyBookers to fund. I have not tried a withdraw yet. My account is not fully verified I can trade but the amount I can withdraw is limited.
Honestly I do not know how I would feel about depositing a large sum with this broker. I have not had very good communication with them. They have not been able to get my phone number confirmed. I have not pushed the issue beyond a support ticket.
The Reason I have not followed up on the verification issue is the account I have with them is a cent account with a balance less then $100. The account has 500:1 leverage. I am using it as a live account to test EAs I create. At this level of funding and the fact that I am running beta EAs I am pretty sure I will fall within the withdraw limitations that my account is under. When or if I decide to make a withdraw.
There is no way I could test an EA on a live account with a US broker (50:1) with this small amount of actual risk($). If anyone asks why I would want to run a beta EA on a live account, live testing is an important step in any software development pipeline. The fact that to do this with a US broker would cost me [B]many many thousands of dollars more[/B] based on a crap piece of legislation is really a sad cometary on our representative government. :mad: They have without a doubt drove my money offshore.
Don’t believe all the hype you read in many of the broker reviews. If it sounds to good to be true, it most likely is. My advise, trust your gut!
Thanks guys.
Shr1k: that’s the sort of real feedback I am looking for-awesome. I also totally understand your logic behind real money in a live account to test EAs. How else would you do it since the demo accounts do not produce the same results? (And yes, I have been watching your posts over the last few months, too.)
Biker: You must know I don’t take those reviews seriously. They can be good for a few things, but the vast majority of reviews are either (a) biased or (b) fake. You’ve been very helpful and cool so far dude–thanks for everything. 