Hi all, this discussion has been very informative. Thanks everyone.
I was informed (by a regulated forex broker) that I could form an offshore company, register the company as a foreign entity in my state, and open a US bank account. I could then use that foreign company to open a forex account in a regulated brokerage. I was trying to open a big account in a US based brokerage but was contacted via phone to inform me of this option. What are people’s thoughts on this?
On a separate issue, if I open an account(s) in a foreign unregulated brokerage, how complicated are the tax issues? Is it merely filing facta/fbar reporting forms? Or is it more complicated than that?
I don’t mind opening a few different accts in unregulated brokerages but would prefer one that I can trust hence the desire to form an offshore company. But would love to hear everyone’s experiences/thoughts.
You have to switch Server Endpoints, generating a new SRV file locally, and
then you CAN’T CONNECT to any of your MT4 accounts until…
According to support, which is born out for one of my accounts; Samantha
at Coinexx support changed one of my accounts passwords to “coinexx123”
and only then could I connect to the account, and further change it back to my
original password and,
At least one support person said I’d have to request for EACH account that
they change the password at Coinexx support, before we would be able to
connect and then change them to what we want.
I AM PRETTY SURE THEY GOT HACKED SEVERELY AND BASICALLY
ARE COVERING UP BY SAYING THEY DID AN “UPGRADE” TO ENHANCE
SECURITY; NO BIG DEAL [EDIT] I probably shouldn’t have assumed that !
but I am really pizzed that they messed with me like that… [/edit]
No matter what, they are still hands down the most cost effective broker, so
I have to swallow these several hours I’ve already spent figuring it out. Probably
the rest of you are smarter than I am; or, more likely, you don’t have a dozen accounts
and multiple MT4 installations to update !! LOL
Just wondering what do you make of FXView? When I redid the install I now have FXView-Demo. Did Coinexx join with FXView…just wondering…if you know about them??
Go to web portal from coinexx website.
Click on " live chat"
tell them you are disabled on logging into MT4
they will give you a temporary log in password Coinexx123 or other
once you confirmed login then go back to coinexx website portal and request change password…they will email new password
Not sure what is going on with Coinexx, but they need to get it together. They have different copies of metatrader that are downloadable from their website.
COINEXX PASSWORD CHANGE FOR ACCOUNTS IS ON WEBSITE
I was not aware that there is a trading account password change on
the Coinexx website. It ping-pongs with your registered email address
and sends you a one-time-code to achieve the change; but it then
delivers the new password by your email.
I tried for MT4 successfully; and it should work the same for MT5 accounts !!!
So, now we can do it ourselves, and do not have to deal with their support.
I agree; but when you speak about Spreads please specify the
market you are trading, whether FOREX or other markets, so
we know what you are referring to.
Increasingly, people are moving away from FOREX, since it
has become boring and seeking wealth in the other markets
which are increasingly available with MT5.
Let me take this opportunity to say that FOREX continues to
offer huge opportunity; and the grass is not greener elsewhere
in every case ! LOL
Yes, it works for both. The issue MT5 users were having late yesterday was that Coinexx was still working on their MT5 infrastructure. This morning I was able to reset my MT5 password and migrate to the new system.
I’ve been trying to catch up with all the posts here. I saw that you were very supportive of Evolve but I don’t see them on Tier 1. Is there a particular reason for that? I have been using them and they seem good so far.
I am also trying out turnkey but the spreads on fx are horrible. I was about 1/2 way thru the discussion above and thought they would be a great choice. Do people still use them for fx?
For a while it looked like brokers were migrating to MT5. Although now many support only MT4. MT5 has some added features, but uses more RAM and CPU. I code for both for redundancy. I really don’t care which one a broker uses. I would prefer that they all just offered a REST API.
