Going offshore to escape the CFTC

[theforexalgo]

I just confirmed from Turnkey Forex chat for KYC, they do not require any KYC for their Live accounts, deposits or withdrawals.

[charlie.afl]

@SmallPaul

they are becoming my favorite, very quick with my withdrawals just like Eaglefx, love them both

will try them out but your previous post concerns me

@SmallPaul

yes that is true

im just wondering, does it really even out our risk to be with the same group of brokers? Im sply concerned about thier assiciation with hogosway, osprey and kot4x from this list you shared. i hope eagle does not head the same way. regardless with try with a small fund and share my inputs here

[StellarBusiness]

So I have taken 2 withdrawals from Turnkey Forex in the last 24 hours, both from different crytpos.
One got processed in 6 hours and the other got processed in 8.5 hours.
So they are processing them within 24 hours now…
That is a very good change from Turnkey Forex

[SmallPaul]

what i like about these brokers that are using the same prime broker they all pays withdrawals because the prime brokers handle the funds ie deposits and withdrawals witch is part of the prime broker service. these prime brokers are some of the largest in the world. so i have no problem using these brokers

[jessoprules]

Please share your thoughts here.
Of that list I use EagleFX regularly and have used Hugosway but left for EagleFX.
Osprey a friend uses and says they are fine.
I know a couple CryptoRocket traders and I don’t think they have any problems.

[TraderO]

Nice👍 I might try turnkeyFX in the future. Hopefully they will keep progressing Withdrawal within 12hr (or less.)

[TraderO]

My main broker was coinexx, but progressing Withdrawal 3 to 4 days made me move on and look for a better broker with low spreads and fast Withdrawal progressing options. Now there are so many great offshore brokers to choose from. At this moment, I’m using Prosperityfx and I’m pleased with how they are progressing instant withdrawal with reasonable spreads on majors. I’m looking for one or two more brokers to separate my money between brokers just in case something happens to my money with one of these brokers.

[SmallPaul]

@TraderO

I’m looking for one or two more brokers to separate my money between brokers just in case something happens to my money with one of these brokers.

if you wanna get away from brokers that use the same service, you will have to look at LQDFX And LMFX. COINEXX, Turnkeyforex and fxbrew all use the same service and i’m not 100% i think hankotrade use the same service with them.

[sharpforextrader]

Yeah I heard TurnkeyForex is bringing out some real good stuff like cryptos, Act Trader, 12 hours withdrawals, Vload etc. I have used them in the past, they are a good broker. I will fund my account there again now.

[SmallPaul]

@sharpforextrader

Yeah I heard TurnkeyForex is bringing out some real good stuff like cryptos, Act Trader, 12 hours withdrawals

i think these offshore brokers are starting to realize how important it is to have quick withdrawals, 12hrs or less

[sharpforextrader]

Absolutely. Customer is the king they say!

[aaceofspades]

@theforexalgo

So I have checked with the TurnkeyForex about how the changes would affect my EAs and trade History
They say that the trade history would remain, as it is the same account and just a Symbol Suffix removal, but the EAs will have to be configured to symbols without the underscore now

Indeed the history is intact. I was able to reconfigure in 20 minutes. For some reason, they capped passwords at 10 characters and I had to reset mine. Also, 2FA had to be reset. They also moved to build 1310.

[aaceofspades]

@SmallPaul

i think these offshore brokers are starting to realize how important it is to have quick withdrawals, 12hrs or less

I think they’re also being flooded with new business from Europe and Australia with the rule changes. An AU broker I have an account with, sent an email this morning offering to move my account to their “Vanuatu division” to avoid new ASIC leverage rules starting in March. LIke I said before, I think the offshore business is going to boom from all the refugee traders and we’re going to have more options in 2021.

[tme]

USA people they need to really understand CFC regs…

4.61.7 Controlled Foreign Corporations | Internal Revenue Service

If you are going to try the IBC path. You will find out IBC will not give you any access to brokers because end of day you will have control and that will disqualify you from using the broker. Only way to use IBC is have some one you TRUST very well and not appear on any paperwork. That is super dangerous in my opinion.

[SmallPaul]

yeah we discuss that already, you will need a nominee director or shareholder who’s name is on all company document, they also must use their name to open account with that broker. and like you said dangerous

[SmallPaul]

yes they are super fast and don’t stop posting your experience, as you withdraw every few days

[aaceofspades]

@tme

If you are going to try the IBC path. You will find out IBC will not give you any access to brokers because end of day you will have control and that will disqualify you from using the broker.

Not to mention, trying to get a bank account. “American? Sorry…”

[SmallPaul]

i have a offshore bank account not that hard just make sure you report it to the irs

[greenflash808]

why do you keep posting your trades in here? LOL you really don’t need to. we believe you when you mention withdrawal times

[SmallPaul]

yeah keep posting about your withdrawal times , you don’t have to post your trades