Going offshore to escape the CFTC

Broker Discussion Forex Brokers
8063

Understandable we were comparing spreads to what we have. So because there are spreads we should not trade? or we should protest to an unregulated broker? This is the standard and I think their conditions are fair. I think majority can attest that Coinexx offerings are some of the best in the unregulated industry.

" I am used to seeing 0 spread, so I can’t really call any broker offering razor sharp. These brokers are making a killing off of the spread. With as much money that flows through FX, spread shouldn’t even exist. Anyone that thinks otherwise is being fooled."

We wanted to know which broker you recommend then. Since this is a place of sharing. Every exchange broker I have seen has a spread between the bid and ask as well as maker and taker fees. If I’m mistaken can you direct me to exactly which exchange you are referring to.

Side note edit: EVERY market has a spread. Every single one. (Again unless I am mistaken)

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8064

sounds like your bitter because spreads prohibit you from scalping the market, i have no problem with broker having spreads. btw there will always be spreads even at the institution level as long as banks continue to try to get the best price for there customers or themselves there will be spreads, bottom line when banks quotes different prices to each other there will be spreads there is no central price

EDIT: Brokers are in a business to maximize their profit and you want them to eliminate their spreads to satisfy your needs :rofl::rofl::rofl: :v:

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8065

last time i check there was a difference in buy and sell price on crypto exchange

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8066

Exactly, the difference is literally the definition of a spread.

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8067

btw your energy is focus on the broker when they receive their bid and ask from their LP so even if they don’t add a spread to the quote’s the bid and ask it will always be different i.e spreads 99.9% of the time

8068

OK, I’ll chime in. Lately been evaluating Binary Options
and CloseOption has zero spread . The precise price
when the Option is taken plus only 1/10th pip on expiration, is
a Win or Loss. So I guess they use the mid price of
the Forex market as strike price reference.

But, no spread at all. Others, such as Dukascopy Binary
Options do force you to pay a “spread” penalty. :slight_smile:

hyperscalper

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8069

Why would you think so?

This is the problem.

Being better does not equate to being good.

Again, I was not referring to a broker. I am not saying that I have seen a broker with zero spreads. I am saying that brokers should not have spreads.

You are mistaken. The only exception would be when considering limited currency precision.

I am not bitter. Why would you think so?

Not at all. I just think that trading conditions can be more fair.

Think about what you are saying. Just because bid/ask price is different, does not equate to having an applied spread. If the lowest precision of our currency is 1 cent, and the different between the bid/ask price is 1 cent, that is not a spread, However, when the difference is manually-applied 3 cents or 10 cents, then that is a problem.

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8070

im done here, yall have it

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8071

It is okay to disagree. I hope that no one will take my comments personally. It is Friday, after all. :stuck_out_tongue:

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8072

yes we can disagree, i must say spreads has no effect on me making money trading forex so spreads is not a problem unless outrageous wide

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8073

I have been following your posts on this with some interest. BO has such a bad reputation due to all of the scammers, so it would be good to have a viable option for this. I have personally never tried it, but I can see the appeal. Please let us know if you see any evidence of large withdrawals going through (4 to 5 figures). Thanks.

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8074

OPTIONS: CLOSEOPTION, POCKETOPTION AND DIGITALTRADEFX

…are Binary Options platforms, and I’ve already recommended use
of CloseOption for U.S. and other nationals.

First of all, yeah, there are lots of scammers; but my investigation
so far shows CloseOption is both legit, honest and KYC U.S. friendly.

Right now I’m looking at PocketOption which is also KYC U.S. friendly
and also offers MT5 on Forex and other things. DigitalTradeFX
and PocketOption are closely related, possibly the same owners.

An absolutely valuable and powerful tool for Forex traders, is access
to a good Binary Option facility. CloseOption is one such choice, which
can be used for easy Risk Management over Forex pairs. In other words,
instead of trading the Forex Currency Pair, trade a Binary Option, if that
specific Pair is available. The “option” aspect of things is that both the
LOSS and the WIN amounts are known in advance and cannot exceed
the amount wagered.

I like to use Binaries on News Events, due to the volatile nature of some such
events. On others, I’ll use straight Forex if I have a good strong signal.

For PocketOption, it seems there are ONLY 2 minute contracts available.
On the other hand, CloseOption offers a wide range from 30 seconds (insane)
to a Month or so for durations, which is a very flexible structure. Longer CALL/PUT
contract durations should be taken, obviously, when payout percentages
are highest during the daily variable cycle.

Also, I am looking (in vain?) for an API to automate these Binaries. CloseOption
offers nothing; PocketOption has peeps on YouTube claiming to have
automated access, but I think these are hackers. I’m asking them whether
they do have an API available… The only API I know of is available for
Binary dot com which is NOT available to U.S. persons :frowning:

Taking insane approaches like hacking into such a Web App certainly
violates Terms of Service, and so it is not a legal/practical way to try and automate
most complex Trading Web App platforms, so… probably not gonna try. :slight_smile:

hyperscalper

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8075

Thanks for the info. I took a look at one of the sites that you mentioned the other day and saw that they offered crypto. Do you know if their crypto markets are open 24/7?

Do you happen to know how the payouts for the binary options work? I have always wondered where the money is coming from.

8076

Ummm… I think CloseOption does not run over the weekend. I had some some
stuff with CryptoBO and they did cryptos over the weekend, I think. Haven’t used
crypto pairs on PocketOption, so don’t know.

Yeah, I’m not sure either where the money’s coming from, but the payout rates
do seem to change by time of day, or some say “liquidity”. Anyway, so if you
are using CloseOption and you want to do a week long hold, then I’d be sure
to find the time of day when the Payout rate was highest, and get that rate locked
into the Call or Put option !!! Might get 80% payout, but at other slow times
near 50% payout, so that’s probably a no-brainer to choose your time of day !!! LOL

Also, of course, the duration of your CloseOption contract can be anything you
choose, from 30 seconds out to a Month. So how’s that all calculated ???
Fortunately we don’t have to know how it works !! :slight_smile:

What I can tell you is that CloseOption is “uber-fair” and never seem to "game"
the Forex strike prices. I have checked with a microscope ! ha ha

hyperscalper

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8077

Just looking at PocketOption, yes, Cryptos are running
now, I guess the whole weekend. But the payouts are
abysmal, like 30% - 40% payouts ! Sheesh, that’s bad.

hyperscalper

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8078

Thanks for the information. The fluctuating payouts make me wonder if the money is coming from other traders that are taking the opposite side of the bet, but when you say that the hold periods can be as long as you like, then that theory becomes a little questionable.

I suppose that the importance of knowing such details will depend on each person’s risk-tolerance levels, but a part of me cannot help but wonder about things like, if the money is coming from the broker’s personal pool or liquidity providers, similar to a casino, then they could potentially be taking on a lot of risk. And if that is the case, then any trader that starts doing really well could likely draw unwanted attention. I am sure that you can guess the rest. This is why I would be really curious about large withdrawals going through successfully, especially any evidence where traders are consistently successful in doing so.

I do like the binary, win/lose aspect of it, where you know exactly what your win/loss will be. I trade using indicators and price action, so I think that it would work really well for me. I will check out one of the demos to see if I can make more sense of it. Thanks,again.

8079

What if we change the name of this thread to the most trusted offshore brokers to escape the CFTC and only put our trusted brokers on the list. it will be base on our experience with said broker. so instead of expanding we downsize to just trusted brokers, it will be an elite group of brokers

every broker would be happy to be on this list and will provide top service or be delisted

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8080

Took a look at PocketOption. Cryptos and everything else appears to be running on the weekends. Not sure where they are getting their market data from, but I could not find any comparable chart that correlates, even for the open session yesterday, which is disturbing. Maybe I am overlooking something. The market movement is irregular, so maybe they are running their own, internal system. Not sure, but I don’t like not having a tradingview chart to cross-check with, especially since I use it for my indicators. I cannot rule out any funny business without a 3rd-party chart, either, so I will probably avoid it for now. Let me know if you see something different.

Also, I figured out what the percentages mean. When you say 40% for crypto is lousy, I realized why. When testing the demo, if you wager $1000 and lose, you lose $1000. If you wager $1000 and win, you win $400. That seems totally crazy to me. I was not aware that it worked that way. I assumed that R:R was 1:1.

I will check out CloseOption when the market reopens to see how their charts look.

8081

Hi HyperScalper,

I thought I give a little help how brokers make money. It is actually very simple and logical. Just do the math with the payout. Lets make it simpler, with an 80% payout. You risk $5 and might win $4.

So what do you think how many people can make a win from that in the long term? These terms are a lot worse than the “spread style cost” in traditional business. And now we looked at the 80% payout and not the 40% or 50%.

You must win an extreme high amount of your trades to become profitable. I did not want to mix into your long and positive vibe posts because I like to see how you succeed but when you wrote you do not know about the costs, I thought you need to know this.

Also, please do not forget that market makers exist in this industry too. With these payout structures it is not a surprise anymore why BOs is considered to be a scam because it is modelled in a way that it is almost impossible to make money.

The ratio of profitable traders is a lot worse than in forex. Brokers almost always end up on the winners side, and they call it basically as a “casino business” and not trading because the math part is so much on their side.

It is usually highly recommended not to even try this segment.

Anyway, because of these facts, it is very important to see your positive results and will be interesting to know if they will pay your withdrawals because I guess they will be surprised if someone is withdrawing regularly :smile:

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8082

WINNING IN BINARY OPTIONS ( ON FOREX )

So, the last few posts indicate how successfully the various
"bans" on trading Binary Options have been, and the clear
relationship between a Casino and a legitimate Broker.
The Brokers are not supposed to be able to throw you out
when you Win too much.

“The House always has the advantage…” and for micro-scalping,
the Spread plus Commission gives all brokers an advantage.
But, consider the following (and I restrict my comments ONLY
to the Forex markets where I have “an edge”) :

  1. The “strike price” (the Win/Lose price) is precisely determined
    by the real Forex pricings, to within fractions of a tenth of a pip
    sometimes. The broker can’t just “make up” the strike price,
    or artificially manipulate the strike price to force a Loss, when
    there should have been a Win. I CHECKED THAT, certainly to my
    satisfaction on CloseOption.

  2. The Payout percentages. This is where the broker may have
    an opportunity to deal with “trader / psychics who can accurately
    see into the future”. High win percentages could be compensated
    for by lowering payout percentages, on an individual trader basis.
    However, before you enter the market, your payout is shown,
    and that payout is locked into the contract you purchase ( Call / Put ).

  3. Upside and downside outcomes are pre-determined, so there is
    no loss exceeding “the wager”. I like to remind myself that for most
    traders is only a “guess”. If you are guessing in a casino, or with BO’s then if probability theory applies,
    you cannot win in the long run.

But for traders with effective ability to PREDICT FUTURE PRICE
over the selected duration of the contract, then these traders
will be able to Win enough for a Net gain in equity.

After all… what is Trading, but PREDICTING the future outcome?
For that matter, what is Investing, but doing the same?

THE HONEST BROKER
a) the Broker’s technicals need to be accurate with regard
to “the underlying market indicator” (i.e. the Forex Price), and

b) the Broker needs to permit Winners to continue to play
the game. As you know, Casino’s ban Winners after a while…

c) the Broker needs to pay you the money you Win, on request
of course ! …

This money comes from the majority of Binary Options
traders who lack Predictability and who are “only guessing”.
They provide the cash that funds the Winners, and the
Brokerage itself. “There’s a sucker born every minute” … :slight_smile:

Options are great for Risk Management, as in Volatile News
Event situations, which I specialize in trading. Even though
the predictive “signal” from analysis can be strong, instead
of putting on an “analog” Trade in straight Forex; I may
choose, instead to put on a “Digital” (aka Binary Options)
trade, to control the Risk.

THE NANNY STATE, as we say in this thread. Is protecting us
all by banning things which are “bad for us”. In the case
of Binary Options, an “honest broker” should be accessible
to those of us with the niche skills to play the game
responsibly. :slight_smile:

hyperscalper

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