yes they use EuramBank the wire transfer is just like any other bank wire transfer
How reputable is EuramBank though? Never even heard of them. Have you deposited using them?
i only done only withdrawals European American Investment Bank AG (Austria) - Bank Profile
Withdrawals come from EuramBank?
dude the last thing im worry about is EuramBank running off with my money Austria is very solid when it comes to banking regulations, it’s the broker i would be concern about as they the ones who empty the bank account and disappear with our money.
You implyin’ that FXchoice will run off with all my monies??? Lol
lol i was talking in general you was worry about the bank that holds the broker money and not worry about the broker , i have said before fxchoice is the most trusted broker on our list and i stand by that
Trying to get back into trading again, currently looking into trading XAUUSD, wondering if anyone can recommend a good broker to trade gold from the list above.
Honestly i don’t know the mechanics of trading spot gold with offshore brokers, does the trade go through an exchange or banks or do these brokers use dealing desk/ market maker approach, is there even an ECN route for trading spot gold? Or everything goes through the dark and into a bucket.
Any insights is much appreciated!
Obviously looking for a broker with decent spread and ECN if there’s such a thing for spot gold.
Coinexx is the best for trading XAUUSD, spread 0.13, much better than other brokers.
How about now are they still good to go hugosway I mean
Without exception, Australian forex brokers have been refusing, for several years now, to accept American clients – not because of regulations originating with their regulator (the ASIC), but because of regulations originating with our regulator (the CFTC).
Meanwhile however, ASIC regulations have, until now, allowed Australian brokers to host foreign clients from many other countries, including notably China.
This laissez-faire attitude on the part of the ASIC toward foreign clients (from countries other than the US) made Australian brokerage business licenses especially prized among foreign brokers looking for access to a worldwide market. Accordingly, several foreign brokers have in the recent past set up shop in Australia specifically to take advantage of a sensibly-regulated environment from which they could on-board clients from around the world.
As noted previously in another thread, leniency on the part of the ASIC is ending, and that agency is now seen to be falling into line with regulators in the US, the UK, the EU, and Canada.
Our own CFTC in 2010 began all this Nanny State control over the free choice of ordinary traders.
Here’s an update on the evolving regulatory situation in Australia, published in Finance Magnates –
Excerpts from the article –
IFGM is the first broker in Australia to begin closing accounts of select clients it on-boarded from overseas. The company started informing its customers from outside of Australia that it will be returning their client funds held with the brokerage.
While the debate is likely to continue over the coming months, IFGM (which is one company heavily reliant on Chinese clients, as many other local brokers are) decided to restructure its operations.
…at least two companies have shared with Finance Magnates that they are considering to offer to their overseas customers a service regulated in an offshore jurisdiction.
The best possible outcome for us, as U.S. resident traders, would be for a strong, reputable Australian broker to set up an offshore subsidiary in a jurisdiction which welcomes clients from everywhere, including the USA.
We needn’t be afraid of a reputable broker domiciled in a weak jurisdiction. As we know from our experience over almost 9 years in this thread, the honesty and reliability of a broker is more important than the strength of that broker’s regulator.
Doctors Without Borders was the inspiration for this graphic –
I see this thread every other day (and have done so for years as you know). If you don’t mind: would you care to elaborate as to why traders would want to or need to open offshore accounts to escape the CFTC (the CFTC being but one example of course)??? I know I should know the answer (and probably did some years ago) and it’s probably also detailed on this thread somewhere (but it’s a LONG thread) (and well done to you for maintaining it for all these years by the way).
If you feel the question is inappropriate on this thread then please advise and I will delete.
To me, the main advantage of offshore brokers is high leverage.
To many people, high leverage is too risky. It is not the case for me and it would never hurt me but only help my trading.
1.For interday trades, I would never put too high leverage on one trade.Each trade has a leverage level that corresponds to its risk level.But there are often many opportunities arising at the same time. So if I have high leverage, I can take several trades for different instruments at same time. Without high leverage, I would lose those extra opportunities.
2.For my intraday trades, I have well defined entry and exit target.So the risk and reward are clearly calculated and entry and exit points are well planned before trades and executed during trades(by stop loss orders). In this case, maximum losses are always contained even I use high leverage.
Let’s see what @Clint has to say here i.e. I don’t want to pollute this thread with a discussion as to the merits of leverage or lack thereof (my feelings on this are already well known). I guess what I’m trying to find out is if it is ONLY because of the margin requirements / leverage restrictions that traders would elect to go offshore or is there more to it (that, as I say, I’ve possibly forgotten about during my absence or sabbatical from the site).
That reminds me situation with gambling. It was simply prohibited in US online from what I know and many people just go offshore for that reason. For those who still do not know as a newbies - CFTC - Commodity Futures Trading Commission. Just so you know;)
after Australia falls in line the last step is to go after offshore brokers?
there must be a reason no broker in these regulated countries haven’t shut down shop and open up shop offshore and took their clients with them, i have a feeling as those brokers start to lose clients they will lobby thier goverment to put pressure on the countries where offshore brokers are located.
Wow, so many reasons to list. I’ll start by stating the CFTC does not in any way, shape, or form protect any trader funds in the event of broker becoming insolvent. Big misconception here, folks believe these regulations were to protect the trader and nothing is farther from the truth.
The regulations were created to regulate spot forex out of the US, so everyone will go back to futures. Let’s remember, the CFTC has futures in it’s name.
So, let’s begin:
- I truly believe i have a DMA feed with all 3 of my offshore brokers. No CFTC broker offers this, other than Gain DMA account which requires 100K due to trade size requirements. Even with that, commission is double what I pay. My spreads are a fraction of the CFTC broker offerings as well, I trade mostly crosses such as GBPAUD, NZDCAD, etc. I’m paying 1.3-1.7 where these are offered at 6+ with the CFTC offerings.
- Platform freezes, random price spikes and every other market maker trick. Everything you read about the CFTC brokers has traders complaining about these issues. I DO NOT experience these issues with my “unregulated” brokers.
- While I do not need FIFO and I do not hedge, leverage is a big issue. Being that my funds are not protected with CFTC brokers coupled with the fact I am only required to put 7-10% of the margin to execute THE SAME EXACT TRADE vs. CFTC broker, this allows me to keep 80-90% of my trading capital in FDIC insured bank accounts as opposed to the broker. THIS IS HUGE.
So, in summary, I simply trust my offshore brokers vs. any of the CFTC offerings. When you see what they are getting away with, it is clear they are not being regulated at all. If CFTC wanted to protect traders, there would only be DMA offerings and there would be a protection scheme for traders funds. In addition, my money is much safer in my bank account than with ANY broker (see #3 above).
Thanks for the great post. That’s the kind of information I was looking for. I’m sure more will follow.
By the way: by “Gain” do you mean Gain Capital (or whatever they may be called these days)???
Yes, forexdotcom, aka Gain Capital has a DMA offering, no balance requirement, but 100K min trade size, which once again with 33:1 or 50:1 leverage, rules out the “little” guy. In addition I scale into positions using smaller trade sizes.