Going offshore to escape the CFTC

Coinexx and CR have been my go to. May look into FXchoice as well.

IG

just got this email from FXCHOICE my favorite offshore broker

a long-awaited feature has arrived. You can directly fund your USD accounts, and other traditional-currency accounts, with four more cryptos (Bitcoin still works too). More details here.

Works with all traditional currency accounts: USD, EUR, GBP, CHF, AUD and CAD.

You can deposit in Bitcoin BTC, Ethereum ETH, Ripple XRP, Litecoin LTC or Bitcoin Cash BCH.

Total deposit fee: 0.5%, including conversion into account currency.

For BTC only, a 15% bonus is awarded to deposits in Bitcoin. Learn more.

1 Like

PRICING QUESTION

I guess I donā€™t quite see it. Anyway, first of all, 1) Candles are drawn
by the BID price only, and then 2) if Spreads even momentarily widen,
then a Candle could be formed lower than at other brokers,
for various reasons, mainly lack of liquidity or a more "nervous"
tick stream. A more ā€œactiveā€ tick stream, to me, is a good thing;
whereas some brokers artificially stabilize tick-to-tick pricings,
and soā€¦ I would expect differences in tails of Candles.

But I donā€™t use Candles anyway. [EDIT] and so it follows that
since Candles are written by the BID, it is more likely for a Candle
to be ā€œbiasedā€ to the downside; versus being biased on the upside
of price. Thereā€™s a head scratcher. That effect would be due to
the ā€œvolatility of spreadsā€, assuming such volatility affects equally
the OFFER price and the BID priceā€¦ I reckon. [EDIT2] To me,
an ā€œhonestā€ Candle is written by the MID priceā€¦ just sayinā€™ā€¦

[EDIT3] and lastly, I promise; ridiculously wide spreads at Rollover
can easily trigger broker server stops; which is why I donā€™t use them
since spreads can widen to 20 or 30 PIPs on some of the pairsā€¦
Broker stops suffer from the weakness of being sensitive to
momentary ā€œanomalous spreadsā€ causing unintended stop-outs,
which is another reason why a more ā€œhonestā€ Stop would trigger on a
MID price, rather than a Sell Stop triggering on an anomalous
downspike in the BID, yielding the worst of worst case resultsā€¦ :frowning:

hyperscalper

1 Like

You donā€™t see it? Thereā€™s about a 10 pip short tail on the Coinexx 00:00 bar that is not evident on any of the other broker screenshots I provided. Usually when spreads widen you see the ask price bear most of the brunt in my experience. Being short is far more risky around turnover than being long if you are anywhere near the price. Iā€™m fine with getting stopped out as long as the price action is somewhat similar to all the other brokers. In this case the price action was extremely dissimilar and it appears clearly evident why it was so.

OK, I finally do see it. But Turnkey just has more active/reactive
tick streams than any other of the brokers. It delivers multiples
more ticks per second than the other ones.
[EDIT] Yes, I actually do count ticks per second !! What youā€™re seeing,
I think, is simply the result of that much more ā€œrealā€ tick spread
stream; which could be the result of 1) an artificially ā€œstabilizedā€
tick stream for the other brokers, or 2) less liquidity, hence more
spread volatility at Turnkey service based brokers.

I am a detail-oriented person; but are these details which really
bother most traders? The upside of a more volatile Tick stream
can be better pricing momentarily, coupled with worse pricing
as well, again, momentarily; and those instaneous pricings being
captured as the lower tail of a candle. No ??

[EDIT] since I can place a pending/limit order Inside the Spread,
and any momentary dip in the ASK can buy or lift in the BID
can sell; I find a reactive tick stream to be an opportunity !!

hyperscalper

[EDIT with image] Hereā€™s what I meanā€¦ more or less
[EDIT] and spreads at Coinex around 1.0 pips versus
around 1.7-1.8 pips at Tradersway by direct comparison,
and donā€™t get me started on the Commission difference, OK ? :slight_smile:
[EDIT final] ā€¦and donā€™t get me started on Execution latency either !!

2 Likes

Thanks for the detailed response.

Do you think Turnkey has superior ā€œtick streamsā€ to FXCM and IG?

Again, it just looks like a stop run to me but I would like to be proven wrong. This ā€œbetter pricingā€ that you theorize magically stopped 2 pips below the previous lows of the prior major retrace.

I donā€™t want to be like the other guys and scream conspiracy but this price action is not evident on any other broker feed. Iā€™ve yet to hear a response from support.

Iā€™ve tried to explain why itā€™s not on the other brokersā€™ feeds.

There isnā€™t a ā€œconspiracyā€ here; itā€™s just that each broker has a
"pricing personality" which you need to take into account. In particular,
what happens at ā€œrolloverā€ can be very extreme particularly with the
Turnkey ā€œfamilyā€ of brokers. Holding too close Stops is really just
skirting disaster, in my view anyway.

[EDIT] without experience on FXCM or IG, I couldnā€™t say what
their pricing is likeā€¦ sorry.

[EDIT] any ā€œconspiracyā€ at a brokerage is more subtle; being
the general tightness of spread, the commissions and the executions
which are calculated to make them more or less money, of course.
Thatā€™s clearly deliberate. But the days of the in-house Market Makers
cheating you since they are taking the opposite side of their own
clientsā€™ trades and truly distorting the pricing are, thankfully,
a thing of the past; and Good Riddance ! :slight_smile:

[EDIT final] as to whether one ā€œtick streamā€ is ā€œsuperiorā€ to another,
well, what are the ranking criteria? Mostly only Scalpers are concerned
with details of execution reliability, latency, spread, and commission.
For me, the Turnkey family of brokers offers extremely high precision
on fills with low latency low commissions; so, for me,
thatā€™s certainly ā€œsuperiorā€ notwithstanding that Rollover has "crazy pricing"
for a period of time in some of the less mainstream pairs which I prefer
trading, e.g. CAD or NZD or AUD which form Pairs that typically move a
lot, relative to USD Pairsā€¦

[EDIT too many] Thinking about it; I wish Brokers would allow traders to
elect which pricing value to use on Stops. Say, a Sell Stop which triggers
by default on a serious aberrant BID price; should allow the Trader to
elect the Sell Stop model based on MID price or even on the ASK price as the
Stop out criterion at the Server. Thatā€™s not gonna happen; but it would make Stops
much more reliable, and stop some of the ā€œconspiracy theoriesā€ in
their tracks.

hyperscalper

1 Like

COINEXX FOREX SPREADS

As we move into the Asian Session, and get PAST the
Rollover period, here are the current Coinexx spreads.
Some are not great, but this is tradable again.

hyperscalper

[EDIT] by contrast, look at this Coinexx situation typical early in
Rollover. Scary if you use broker Stops !! Heart ā€œStoppingā€ in fact !

1 Like

COMMISSION RANGES

e.g. GBP/CAD round-trip commissions as
shown in MT4 account history

Coinexx actual commission $2 per 100k

Tradersway actual commission $7.50 per 100k

ā€¦there are others much worse, no doubtā€¦

hyperscalper

1 Like

Truly?

No comment. :slight_smile:

No doubt about it. Rollover time is no fun. Leaving stops down is risky. But when youā€™re long itā€™s okay. What can kill you is thin volume and sketchy price movement. What can enrage you is your trade being closed with one broker but still open with 4 othersā€¦

1 Like

Can you clarify this? Do you mean having a ā€œlong positionā€?
Stops are OK with a long position, versus a short one?

hyperscalper

Tradersway actual commission is $3.00 per 100k

1 Like

Is this Forex, and is it a Round Trip commission.
Where did you get this figure for Tradersway commission?

[EDIT] just checkingā€¦ 1) was there a moon landing in 1969,
and 2) is the Earth a round planet? :slight_smile: ā€¦and donā€™t get me
started on 9/11 :frowning:

hyperscalper

the earth is flat, jk

https://www.tradersway.com/trading_conditions/mt4_ecn

Oh, now I see. That page is surely a price ā€œper sideā€ as I put my
faith in MT4ā€™s ā€œAccount Historyā€ and the actual commissions
which a Live account is chargedā€¦ Call me old fashioned ! :slight_smile:

[edit] If that were the case, and it was competitive with Coinexx $2 / 100k
then that would be a game changer; which I donā€™t think is trueā€¦ They
have to make a profit.

hyperscalper

I just placed a trade on MT5 tradersway EURUSD .1 lot size and they only charged .34 much lower commission then it used to be.

1 Like

I donā€™t get itā€¦ Per-side; or Round Trip ? A couple of years
back they claimed they were simply unable to approach
FinPro/Coinexx commission pricing, since they could not
make moneyā€¦ I donā€™t think anything has changed, or ??..

hyperscalper

This apparently has just changed because a few weeks back when I traded with them it was much higher commission. I have always liked Traderswayā€¦but now I like them a whole lot moreā€¦:slight_smile:
Editā€¦nevermind it is only per sideā€¦