Going offshore to escape the CFTC

Broker Discussion Forex Brokers
10942

I guess I’m going to throw some sacrificial funds at FairForexFX… they seem active enough on social media and willing to respond to comments on Facebook, Instagram, etc. Considering how active their CEO is, they seem like a “small” broker (if that’s possible; I’m not too familiar with the innerworkings of brokers).

What really draws me to this broker is the ability to trade nearly anything under one MT5 account - Forex, Stocks, Indicies… even Commodities like soybeans, corn, and wheat if you so please, which is excellent considering those are my bread and butter. I’ve never seen an offshore broker offer this much variety.

I trust almost all these brokers to let me deposit and withdraw, up to a certain extent. But when you double an account and try to withdraw, can they be trusted?

Unfortunately it all seems too good to be true, but there’s only one way to find out, isn’t there? Looking online, the only fishy thing I notice is they’ve somehow managed to get banned from twitter (???).

On another note, if anyone knows of a good broker accepting us danged USA clients that will let you trade agricultural commodities, I’d love to hear about them.

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10943

in other words the crackdown continue to prevent americans from trading offshore.

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10944

Brian Brooks, Crypto-Friendly Bank Regulator, Expected to Step Down This Week

@forexforexforex posted this link in the thread titled Who’s Watching XRP by Ripple?

Excerpts:

• Brooks, the former general counsel at Coinbase, has had a major impact on the OCC’s [Office of the Comptroller of the Currency] crypto approach during his brief tenure.

• Possibly his most far-reaching impact came from his push for fintech startups – like crypto companies – to secure national banking charters, allowing them to operate throughout the country without needing to apply for each state’s money transmitters license.

• Rep. Maxine Waters, the chair of the Financial Services Committee, went a step further, asking Biden to rescind all of the OCC’s crypto-related guidance as part of a broader effort to revoke the rules implemented under Trump’s tenure.

With “americans” like Maxine Waters,
who the hell needs Iran, China,
Russia, Cuba, Venezuela

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10945

Hello fellow deplorables. In the last few weeks we’ve seen crypto come under attack by the SEC among others and now the new US Treasury Secretary is getting warmed up.

Janet Yellen, during a Senate confirmation hearing on Tuesday suggested curtailing the use of cryptos, which she said are prone to be used for malfeasance.

You have been warned. Your malfeasance will be curtailed soon. Plan accordingly.

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10946

very fcking sad, i bet our central bank is pushing for this

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10947

Of course they are. Crypto was a sideshow a couple of years ago. Now it’s becoming a nuisance. Not to mention, competition for the future EUSD or whatever they’ll call their version of crypto.

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10948

yeah they wanna sell us on the future market on a central exchange unlike spot forex

10949

Both of my brokers have stopped providing XRP on their trading platform. I believe it is directly related to SEC’s crackdown on Ripple.

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10950

More to come by dems… get ready…

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10951

So I’ve created an account with FairForexFX… while my deposit went smoothly and I was able to trade, some things about this broker are shady as hell.

First thing first, I first tried to deposit via Cash app, which was blocked. Cash app does this when someone is flagged as a scammer.

2nd things second, all their payment methods are atrocious. If you deposit via bitcoin, you have to send a screenshot via email so they know exactly which account to allocate it to, and how much. If you deposit via Cash or Skrill, you have to include your email address so they know which account to allocate the funds to. So this seems 100% manually done, which is alarming.

Another thing to add is that they have “reviews” on their website (which are obviously glowingly positive). Reverse searching the profile pictures of the “reviewers” makes it obvious that at least one of them is just a stock image.

fairforex1
fairforex11561×617 36.3 KB

fairforex2
fairforex21799×764 187 KB

Now, the trades go through almost instantly, and they have a crazy amount of markets. That’s a huge positive. Another positive is their CEO and some of their representatives are very active on social media. They also say on their website that they’re applying for regulation (which I don’t mind as long as it’s not the CFTC).

I’ll update when I try to make a withdrawal. All I deposited is $100, which is the minimum deposit.

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10952

Excellent review, Joey!

The sort of due diligence and vetting which you have done with this broker is exactly what this thread seeks to encourage.

Thanks for sharing your experience with FairForexFX. Please continue to keep us informed.

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10953

THE GREATEST FRAUD EVER PERPETRATED ON A NATION

Hi, it’s Hyperscalper here; and I’m hoping that I have
some remaining credibility so I am relying on that liberty
in this post. Russian brokerages are, in my experience,
often reasonable and fine brokerages; but this post has
nothing to do with that fact.

The video link I’m posting represents (and this is not
an exaggeration) the greatest fraud and theft of Russian
resources, that the world has ever known; and the verifiable
facts are simply stunning. You know that I would not
mislead you; and that if I recommend you view this, then
you really should dedicate some time to it, as a citizen
of the world.

Issues of offshore accounts; and of confusing corporate
entities are involved here; on a scale that has never
been seen in history; no doubt whatsoever.

To view this video you’ll have to rely on CC subtitles,
unless you are a Russian speaker.

As a human being; and as an intelligent citizen of the
world; you will feel outrage at this; and you may even
disbelieve the claims. However, stick through the video
and you will see the undeniable facts.

It is a LONG video; and you will be tempted by TL;DR
but resist the temptation to stop watching. Subtitles
are tiring; but stay with it until the end.

SPREAD THIS VIDEO LINK EVERYWHERE, PLEASE.

“Putin’s palace. History of world’s largest bribe”

presented by Alexei Navalny, Putin’s greatest rival
who was poisoned and, I fear, will be murdered for
these revelations !..

Thanks in advance for not deleting this link; and for
speading awareness everywhere you can.

[edit] Use Google translator, or other similar tools; when you want
to translate the Russian into English… But the CC subtitles,
though fatiguing, are well done.

All the best,
hyperscalper

3 Likes
10954

Thanks for the update. This is the reason why I am scared of moving from my present brokers. They have been exceptional. But I definitely want to open accounts with other brokers as well, since I do not believe in putting all eggs in one basket. Keep us updated about your experience, especially about slippage and withdrawal.

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10955

Plenty you can use though

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10956

All in all I cannot see why anyone would choose these, based off what you have said.

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10957

No problem, this thread is a crucial resource to the trading community. I’m happy to contribute.

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10958

Do you mind sharing the names of your brokers? Also, are they regulated? This thread mainly discusses Offshore brokers.

10959

Greetings from FX Brew.

As you are in no doubt aware , the Covid-19 pandemic has presented significant challenges to businesses worldwide . Many financial and business constraints have forced us to re examine our operations .
With deep regret we notify you that Fxbrew will be closing for business on the 31st Jan 2021.
We will not be taking anything further orders/trades with immediate effect .
Over the next few days we will be reviewing our accounting records and request you to kindly close all your trades by the 27th Jan 2021 (GMT+3). .
Please place your withdrawal requests , providing your crypto currency wallet address to process the balance amount left from your trading accounts to your crypto wallets.

Once again we would like to thank you for your business and continued support.
If you have any questions please do not hesitate to contact us on our live chat or drop us an email at [email protected].

3 Likes
10960

Well, that’s a shocker!

I just confirmed this news with Live Chat at FXBrew –

Pam Smith 18:25
Hello, how may I help you?

Visitor 18:25
Hello Pam,
I just heard that FXBrew is going out of business. Is this true?

Pam Smith 18:27
Yes, you must have received everything in the email

Visitor 18:28
No, I’m not a customer of FXBrew. I heard it from a friend. Anyway, best of luck to all of you, and thanks for the info

Pam Smith 18:28
No problem, thank you
Have a good day

I will place a NOTICE on the FXBrew listing in Group 1 (post #1 of this thread).

I will leave the FXBrew listing up for a few days, and then permanently remove it.

2 Likes
10961

Well, Brent, I tried.

But, after about 40 minutes of reading fast-moving subtitles, my eyes were bleeding, and I bailed out.

Maybe I’ll pick it up again later, after my eyes have recovered.

In the meantime, I noticed this (really good) article from (a really bad magazine) The New Yorker, which you might find worth your time (ten minutes, or so) – and no subtitles, by the way :rofl: –