I like how we are on the same list as: Iraq, Afghanistan, Sudan, and North Korea. BTW, last week I reached out to FXChoice and asked them if it’s too late to sign up; they said yes it is. FXChoice is done–no reason to have them on the list.
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Just got off a chat with FXChoice:
FXChoice:Hello. Welcome to FXChoice. How can I help?
ME:Hello. I live in the USA and have an account with you, can I still trade and add funds and create new live accounts?
FXChoice:Yes, you can still trade and fund your trading account.
ME:Even though your home page: Accounts | FXChoice that you don’t accept clients from the USA?
FXChoice:We have recently updated our restricted jurisdiction’s list and we are not accepting clients from the US and US territories.
FXChoice:It means that we cannot accept NEW clients from the USA and US territories, and we have stopped their onboarding. Still, we continue to serve existing US clients and offering them the same trading conditions that the rest of the world can freely enjoy.
So they officially are NOT accepting new clients, so they should officially be removed from Group 1 (or Group A? I forget)
But existing clients can still trade - but for how long? This is what happened with JAFX too.
the only Wild Card is that I think JAFX might have had some other legal stuff going on, which might be what forced them to stop all US accounts. But maybe for Crypto Rocket and FXChoice and others, they just need to stop new accounts? Who knows?
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This sounds like the beginning of the end for FXChoice. FinFx and Tallinex began with halting acceptance. If I cared enough, I could figure out how long it took for them to dump us like hot garbage on the side of the road. Weeks, maybe a couple of months. It’s nice to see new brokers showing up to take their place.
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I really think with JAFX it was them somehow operating inside the US in some way, and that’s what totally shut them down. My hunch is that with brokers 100% outside US jurisdiction like FXChoice, Traders’ Way, Crypto Rocket - just blocking new clients will be enough while current account holders can be “grandfathered” past and continue trading. At least that’s my hope
FXChoice to me is still a very, very trusted broker. One of the only offshores I would trust with a seven figure account. I’m going to continue trading with them until the doors close, whether that’s next week, next year or never. And I fully trust that if that day happens, they will let me move my funds out and elsewhere
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so even if you never trade live with a broker, make a live account with them just in case you need them…
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That is a smart option to consider in the given situation where CFTC is going hard on offshore brokers
The only thing that could be worry some is what if our funds with the brokers get stuck??
Although I personally do not doubt that brokers like FXchoice or any others on our list would come up with alternate options or the very least pay the funds back to their existing US clients.
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Looks like some brokers are ramping up their operations even in the current CFTC situation
Received an email from Turnkeyforex
Saying they are introducing Act Trader platform for their traders, although they have not mentioned when they intend to do it.
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That’s a legitimate concern for every offshore broker in my mind. But simple trading rules apply - never trade with money you can’t afford to lose, diversify your brokers and don’t put all your eggs in one basket (if you have $10k to trade, consider splitting $2k with 5 brokers and linking all with a copytrader), and do your own research on each broker before you send them money - look at reviews on Forex Peace Army and dig into the review - is it from someone blaming the broker because they simply lost a trade? or are there actual delays/problems with withdrawals? and has the broker handled every issue?
And also - with most offshore brokers, US clients only make up about 20% of their customer base (from what I’ve read) - so would they risk alienating 80% of their customers just to screw over 20%? Because if they wouldn’t let us withdraw our money if they close their doors to US clients - you better believe we’d let them have it on social media
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I wouldn’t worry. Been with them over a year and no issues so far. Seems odd it is the same as Trader’s Way though.
Firmly agree with your point in spreading risk. Personally I would do the same with regulated brokers as there is something I inherently don’t trust about people with my money! I split my funds between a few brokers to minimise my risk of losing the total amount I am willing to put into trading. If I can I try to have each broker offer something different too. One that offers crypto 24/7, one that is exclusively FX but better commission cost maybe.
Also this raises a very good point. In a social media age is it possible for a broker to truly disappear with people’s cash these days?
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here is another prop trading company
This is a point I learned on the NNFX YouTube channel - you can have different brokers for different trading instruments because why not?
For instance, I’ve been playing around with HankoTrade this weekend, and I’m really not seeing anything I like as far as indices or forex trading, but their spreads with BTCUSD are ridiculously tight compared to every other broker I have an account with, so I’m thinking of just using them to trade crypto and nothing else, because why not?
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[side topic] Just curious if you agree with everything he teaches? Isn’t he 100% indicators? I saw a video where he taught support resistance, candlestick patterns, and other price action methods are bad which I completely disagree with. He also says you can only trade on the daily timeframe; I disagree with that as well, so I stopped following him. I did like some of his videos, but just so much info out there I’m just focusing on the Pro’s that are more aligned with my trading style. Also how the heck would you pass the FTMO challenge trading only the daily? Don’t they want you closing out your trades at the end of the day? I like the idea of different brokers for different instruments, and I think it’s cool you are pioneering this idea on this thread.
I think generally NNFX is pretty good info. Yes, he’s indicators only and the Daily timeframe. He can be a bit militant in “my way or nothing”, but he is successful and has produced a lot of successful students. I’ve sort of gone my own route now, but his info on the Big Banks and certain indicators like the ATR I use every single trade. But at the end of the day, he’s just one trader teaching his own method - there are many paths you can climb to the top of a mountain, you just have to figure out the best way for you.
Also how the heck would you pass the FTMO challenge trading only the daily? Don’t they want you closing out your trades at the end of the day?
for the FTMO challenge you can keep positions open, but for their main account you can’t.
There are swing traders who pass the challenge, so you would need to adjust things to keep your trades open during the week then closed on Friday
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His insights on the ATR and Big Banks are top notch! He and and another guy I follow swear by the ATR; I’m also adjusting my methods to include it, at least for helping place my stop loss, so I don’t get wicked out. Thanks for further insight into FTMO rules!
On a previous comment you had about signing up for a broker just in case; too late for me on FXChoice 
. However, I did get in time for Tradersway.
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i just open account with https://www.fairforexfx.com/ i have account with all offshore brokers that take us traders. 
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Prop trading is the new hot product in the market and this market is expanding rapidly.
FTMO seems a good option on looking around. I saw on Youtube lots of videos where people are claiming to have earned money, showing invoices etc.
But on digging further, I found some strange facts:
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They provide a ‘Demo’ account with ‘Demo’ money in it. This is what they give us for prop trading. They claim that they ‘copy’ the trades from our demo accounts into their real accounts with Regulated brokers. Now we all know demo trades do not go to the LPs while live market trades do. You get slippage, dried up volume etc., so I don’t know how they manage transparency to trader around that. Further, I checked with some of the regulated brokers they claim to have accounts with and all of them denied having any association with FTMO. This makes me wonder if they are really earning through just the trader’s participation fees and only giving us demo money to play with? And yes, probably some good marketing through lots of influencers?
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Also their MT4 login detail does not work on MT4 downloaded from any website, including MQL. They say we must download MT4 only directly from their website. Why do you think this could be and if this is normal?
Any thoughts/opinions are most welcome. Who knows we might need another thread for trustworthy prop trading companies, with the speed this segment has been growing? lol
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