Going offshore to escape the CFTC

for those of you running older builds of MT4, eaglefx, coinexx, and hanko just all required updating the build in order to connect to the servers.

not sure if other brokers will follow suit and do the same in the near future, but watch out if you are running an EA with open trades. i was on build 1170 and always try to delay MT4 updates as long as possible, especially if its on live

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Prosperityfx with super fast withdrawals and low spreads i pretty much left coinexx for good :+1:

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I feel the same way.:+1:

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Do keep on sharing your reviews on it. will look forward to it. looks good so far.

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as always i gotta keep my brokers accountable :+1:

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I was running a TA across 4 different MT4s this weekend and it basically zeroed out all my MT4s. Really stunk. None of them would load and I had to uninstall/reinstall and add all my indis by hand on every MT4. Lesson learned - I have my algorithm saved in 3 browser bookmark folders now and can load them all up in a second. Really stunk. My FXChoice MT4s were affected too.

ProsperityFX Pro first day trade little profit its already in my CashApp account, Withdrawal time 25 min. I will have a great lunch today :joy::pray::+1: not like coinexx waiting 4 days to cash out $485.

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told you their withdrawals was on the same level as eaglefx :+1:

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Just saw an email from Turnkey. Theyā€™re dropping the _suffix and adding crypto to MT4 this Wednesday. I wonder if my trade history will be lost and myfxbook stats lostā€¦ Iā€™m sure Iā€™ll have to reconfigure my EA.

Email just now from an Aussie broker says theyā€™re going to 30:1 leverage in March 2021. Between whatā€™s happened in Europe recently and now Australia (Which has a number of well known brokers), I think weā€™ll see many established brokers go offshore (IC Markets as an example) and more new ones starting up which is good for everyone here.

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that might bring more pressure from the world regulators, i donā€™t see them sitting back and watching offshore brokers snub their noses at them, the regulators will take action

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got this email from oanda, look like they are price gouging the heck out of u.s. traders

Dear James,

Beginning on December 4th 2020, we will be changing the way in which currency conversions of profits, losses and trading costs take place on the platform.

This means that realized P&L, fees and/or commissions related to trading instruments which have a different quote currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5%.

For example, placing a EUR/JPY trade in a USD based account your trade settles in JPY and then it is immediately converted to USD at the JPY/USD mid price +/- 0.5%. If this trade resulted in 10,000 JPY of profit, the cost of converting it back to USD would be approximately 0.47 USD based on current market rates.

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it wonā€™t surprise me within the next 5yrs retail forex trading will be dead, only high net worth people and big bank will be allowed to trade forex, the u.s. and all the top regulators around the world are making it harder for retail traders to trade. :worried:

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They need our money.t :wink::+1: fx retail trading will be forever. :grin::pray::blue_heart:
Another Prosperityfx pro Withdrawal 1:45min
From now on I will request Withdrawal every 3/4days.
I love EusUsd spread lower than coinexx, other pairs almost same as coinexx.

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Iā€™ve mentioned this before, but I think there needs to be a new model of offshore brokers. I know US clients make up just a small percentage of most offshore brokers business, so they really donā€™t care too much if US clients canā€™t use their services - but if any brokers are smart they can adapt the Prop firm mentality - just hire on overseas independent contractors (i.e. us) to trade for the broker, they take commissions off the top, US clients donā€™t have any legal stake in the trading brokerage, everyone is happy. But most brokers would probably think thatā€™s too much effort or financial expense, and really donā€™t care if we canā€™t use them

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Thereā€™s some like that already who offer a monthly subscription and moderate objectives. Traders Central Funds comes to mind. Thereā€™s quite a few that offer the same setup.

EDIT: TopStep FX is also a monthly sub service

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keep us posted, i only do weekly withdrawals and everything has been under 2hrs, so all is good at the moment :+1:

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both of those you listed donā€™t allow indices trading, so thatā€™s almost an immediate disqualification in my book. right idea, though

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Good point. There is the regular Topsteptrader.com which is futures only. However, platform would not be MetaTrader. They have been around the longest, since 2012.

I am seriously looking at them in addition to FTMO

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Yes I received the same email as well from Turnkey Forex
I believe they have lowered the commission as well (Iā€™m yet to confirm the details on that) And introduced crypto trading on MT4ā€¦lots of changes happening at their end

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