Brokers will tell you anything you want to hear. They also do not disclose any information regarding LP.
1 Like
i know but there are other ways to get that info, you should look into a platform like currenex
Regulated crypto exchange launches in the US with visa card
Ridiculous!
Could you elaborate on CashApp specifically is it mobile
or what? Does it host a crypto wallet? From what you
are saying, it seems it would do so if it is an alternative
to Coinbase.
[edit] This must be it: Cash App - Bitcoin as it appears
to support BTC
[edit2] Clearly this is handy, but it is by no means comparable
to the breadth of service that Coinbase offers, letās be honest. 
hyperscalper
1 Like
Yeah its a one trick pony. Only BTC, buy, sell, withdraw, receive or store.
Ive used it for awhile now, fast and easy.
Hello, Iām new to the forum but have been following this thread since last year. I have learned quite a bit and really glad I came across it.
Iām trying to decide which offshore broker is for me and if I should even go offshore. The most important thing for me is Trustworthiness of the broker and that includes:
-regulation, security and backing, withdrawal history, total cost of withdrawal, and stop hunting (lack of).
-Iāll be depositing around $30k usd. Willing to go higher if it will get me a reputable broker in US (if thatās better than going offshore)
-donāt need crazy leverage, 1:50 is good, but more canāt hurt.
-donāt need super fast withdrawals or an acct debit card.
I have used TW for live and demo in the past, but Iām currently demoing FXchoice and have an empty live acct with them. From what Iāve learned I think FXChoice is the one for me, but Iām open to suggestions. Iām looking to fund the account very soon, but want to make sure itās the best choice for my needs.
Thanks for the help!
I guess Iām assuming you are U.S. which may not be correctā¦
Why do you want an offshore broker, then ?? IG group offers Forex
in the U.S. subject to FIFO, no hedge, and 50:1 leverage, so why
not use them ??
hyperscalper
Hello HyperScalper, yes Iām a US citizen and live here.
Thatās what Iām trying to figure out, whether or not I need an offshore broker in the first place. Not sure if thereās any other reason to go offshore other than for higher leverage?
I did hear something about US forex brokers not being backed or secured, but not sure if this is true. Given the current global situation, security is a higher priority right now.
have you ever trade forex before? sounds like you need more time before you make the leap
Yes, I have. I understand forex trading, I just havenāt kept up with the ins and outs of the differences between offshore/onshore brokers. Not sure how wanting to figure out which broker is best for my needs translates to not having traded forex before, I spend my time studying the markets. But I appreciate any help you can offer on this topic.
Based on the criteria that you have outlined above, it would seem to me that trading with an offshore broker may not be suitable for you. Whether or not trading with a US broker is the right choice may be something that you have to research and then decide for yourself. This thread focuses on trading via offshore brokers.
Regarding your statement about reasoning, leverage is a big factor for most. Other factors may include various other restrictions that are imposed on/by US brokers, as well as commission fees and spreads etcā¦ Offshore brokers may also offer a layer of privacy to some, and as a result, signing up to trade with an offshore broker is usually quick and easy, comparatively speaking.
Ultimately, there are pros/cons for each, and each person will have to weigh them accordingly, based on their own, personal needs and preferences.
2 Likes
AN ISSUE OF LESSER SIGNIFICANCE
I am reminded that your choice of Broker has almost NO influence
over your SUCCESS or FAILURE as a Trader.
I spent literally ALL of my time, now for over a decade, just
determining how to know whether the Market is Rising or Falling
and exactly WHEN it will do soā¦
Just sayinā ā¦ Your biggest problem is making money, and your
Broker is not standing in the way of your doing soā¦ Heās just
pretty sure that neither you, nor 99.9% of traders will ever be
able consistently to make money, and that he will simply collect
commission. Now I donāt know whether that is Funny, or Tragic
or just Tragic-Comicā¦ 
While I am strongly hinting at giving advice, but not giving it,
Iāll offer this advice: You can Win only if you are a Specialist in
a particular Niche of a Market You may spend decades figuring
that out for yourselfā¦
[EDIT] OK, I feel guilty about teasing a solution. But I have to give
my opinion. If itās FOREX you want to trade, then you can only approach
the subject of Currency Pair trading, by solving the problem of Currency
(Relative) Strength Trending. That is what is driving the pricing of
Currency Pairs; obviously, the valuation of Currency A versus Currency B.
[EDIT] In the picture below if last week you had bought CAD/JPY, you
buy the CAD (yellow) paired with the JPY (white), and held it until the
Close on Friday, how many PIPs would you have realized?
The Answer is: well in excess of 280 PIPs. (Absolute maximum
of 380 PIPs) Thatās a weekās work,
on just a single pair, if you are able to predict that outcome.
If you had bought USD/JPY your profit would have been max 600 PIPs.
My point is: IT WOULDNāT MATTER YOUR BROKER.
hyperscalper
2 Likes
āMy point is: IT WOULDNāT MATTER YOUR BROKER.ā
Well, in case your broker is not a market maker then your statement is true. But in many cases IT IS a market maker and in those cases it does matter a big time if you make 280 pips or 600 pips because the broker is paying it from his pocket
Can you explain more what youāre saying?
Especially in modern times, most brokerages
are ECN and constant global arbitrage virtually guarantees all Forex
pricing is with a vanishingly small fraction globally?
Even a terrible broker has pricing only within a few pips
of the ātrueā global Forex price for a pair. Iām talking about
the āmajor pairsā, and not the super-exotics, of course.
hyperscalper
Hey HyperScalper,
There are many market makers who make their money if you lose because they take the opposite side of your trade. So if you open a 0.1Lot position and assume 1$/pip is the price, then with 280 pips gain you just made 280$ what on the other side your broker lost.
Also, I read in an article that in some cases ECN brokers kind of lied. They did not want to appear as market makers to take other side of the trade so what happened is they founded another company and that company took the other side of the trade. With this trick they called themselves ECN but literally they were still acting as market makers. Now, I have no idea where I read it, please do research on it if you are interested. I say this because some members will jump at me right away for proof and I will not start researching where I read it to backup my writing. I know how it works and that is enough for me.
Modern times or not, brokers are brokers and in most case you assume the best but they just want your money and this will not change.
As you said, most people lose so these brokers want to give the best service, it is not their interest to give bad spreads or bad service as traders will give them their money with bad trading anyway.
Saying this, obviously if you are a good trader then you can make money against market makers but do not think the brokers are your friends (like you manage it with binaries as well) They want to give you the very best service so you choose them and lose your money there
FE
OK, but FOREX is the most liquid market on the planet with arbitragers
who lock price convergences globally. Sure, your broker may take a position
against you. But nobodyās gonna change the globally stable pricing, even
though there is no centralized exchange.
Anyway, sure brokers want to make money; and so do most of us !!! But a Forex broker doesnāt influence pricing more than
a few pips.
Iām the biggest fanatic comparing fractions of pips across brokerages
and Iāve noticed all along that FOREX pricing among brokerages is
stable. OK, sure, there are āwider spreadsā between Bid and Ask price
at the crappier brokerages, and execution quality varies between
brokers, but not the mid-price in general of a FOREX pair.
Just sayināā¦ I have been working with CloseOption dot com which
is a binary options broker, comparing their pricing with a stream
from a European broker. And nobody bets against you more than
a Binary broker. Your Win is their loss. But they are not Forex
brokers, although the underlying strike price is definitely Forex price.
They have every incentive to cheat but they never cheat on outcomes.
[edit] With precision of 1/10th PIP
hyperscalper
2 Likes
I think we are on the same page, HyperScalper. Looking at our last 2 posts regarding spreads and pricing. The reason I commented was something different. It was due to the fact that you said it does not matter for a broker if you make 280 pips or 600 pips because they make the same spread. This is where I did not agree because the spread might be the same but in many cases that is not the big or only revenue source. To many brokers it matters indeed a lot of you made 280 or 600. The best is if you do not make any, just continue making deposits.
1 Like
Thanks for the lesson HyperScalper, good to have people like you on this forum that have knowledge and time to share it. Like I mentioned, Iām not new to FX, and your swing trade lesson is pretty close to my style or niche. But as Methos mentioned, my research here is based on whether I need an offshore broker or not. He doesnāt seem to think so, but I have to do a little more research. But itās the restrictions that keep me very open to going offshore. I may just start with FXchoice since I already have an account and switch to a US broker eventually. May even go the 2nd citizenship route one day but that will take more research and planning.
Thanks
1 Like
Differences in brokers is another reason advanced (profitable) US traders need more brokers to choose from. Then, can trade the same on three brokers and keep the best one. Also, stay in business when a broker disappears. Unwise is he who runs a business with a single point of failure. Also, periodically fire the under performers. Eventually, if you get 25 million you become a real boy (like Pinocchio).
1 Like