They’re not only operating on a CySEC License No. 120/10. They’re also have a license with FSA UK #538324 and BaFin Germany
Let’s see how the situation develops. Unlike FXOpen and InstaForex, Trading Point chose to continue accepting the US customers after the US CFTC lawsuit was filed. If the CFTC can do nothing to them, then all these lawsuits are nothing but hot thin air. If the CFTC can do something, we’ll see what exactly it is they can do.
In my mind it seems that Dukascopy is immune to all of this and will always hold US resident accounts. Do we all agree? Or am I just crazy for thinking that?
You must be - Dukascopy no longer accepts any US customers.
Hi Clint. Do you have any plans to update the OFFSHORE BROKERS list? I ask because Windsor Brokers (Cyprus) and Traders Trust (Cyprus) are no longer accepting US clients.
Scroll back 6 posts to post #1059.
Just a hint: you could post and modify the list at your first post. That way it would be easier to find for everybody and you would have less work.
Not possible. The List is 3 pages long (too long to be contained in an edited post #1).
Also, a new post cannot be inserted into the thread any place except at the end of the thread.
I’m considering adding a link to post #1, linking to the first page of the 3-page List. But, of course, that link would have to be updated every time the List is moved, which is more work for me, not less.
Regarding the next update of our Offshore Broker List (next Wednesday), here is a summary of the comments, and suggested additions/deletions, posted on this thread since the last List update on August 17:
[B]1.[/B] Service complaints were noted concerning [B]Intel FX (New Zealand)[/B], and [B]Smart Trade FX (Hong Kong)[/B] — see posts #1017 and #1018.
Also, a concern was raised about [B]all brokers in Cyprus,[/B] due to the Greek banking crisis — see post #1019.
This thread, generally, is a good place to discuss service complaints regarding specific brokers. But, our List isn’t set up for rating brokers as to the quality of their service; so, I’m not going to include customer service complaints in the List.
There is no mention in the 3 posts noted above that any of these brokers will cease to do business with American residents. So, I don’t see that any change to our List is indicated at this time.
[B]2. Traders Trust (Cyprus)[/B] should be removed from Group 1 of our List, according to posts #1020 and #1065.
If anyone has further information on Traders Trust, please post it here before next Wednesday. If there are no objections, I will remove Traders Trust from Group 1 at that time.
[B]3.[/B] In their latest round of lawsuits against onshore and offshore brokers, the CFTC has sued 4 brokers who are included in Group 1 of our List:
[B]City Capital Credit (UK)[/B] — see post #1022
[B]MF Financial (Belize)[/B] — see post #1022
[B]Trading Point (Cyprus)[/B] — see posts #1022 and #1054
[B]Windsor Brokers (Cyprus)[/B] — see post #1022
I propose to add a caution to the listings of these 4 brokers, indicating that they are currently the target of a CFTC lawsuit.
[B]4.[/B] In the next update (next Wednesday), I will clean up the List to remove some of the red ink (email addresses, etc.).
[B]5.[/B] If you have any further additions or deletions to the List, please post them here prior to the update. Thanks.
I don’t think so! CFTC usually only goes after “legit” brokers. I don’t know if they ever go after scam/crooked brokers(ForInvest,etc,etc,etc).
As for “Why CFTC don’t go after FinFX is probably because they have liquidity provider(trader’s money) in usa.”
Hmm, then what about a seperate thread with just those 3 lists and getting updated and a link to there? It’s not about me, because I don’t use your list, but some others might find it quicker.
It’s all a scare tactic really, but nevertheless, offshore broker does not want negative press or perhaps deal with headache that comes with the “protections” that the CFTC is offering its USA residents. They take from the SEC playbook, which already banned USA residents from trading CFDs and other “unsafe” financial products. Why bother with the drama if you don’t have to? The USA clients make up a small portion of the total business anyway for many of these brokers. Easier to cut your losses and get on with life.
You’ll ultimately need to establish residency outside the USA. Then you would have id docs necessary to open account. Those who are serious about trading financial products, you’ll would know what to do when the time comes.
Take windsorbrokers out. I knew something happened when I stumbled upon their deposit page and you could fund your account with credit/debit cards from all countries EXCEPT USA. I had the following convesation with a customer service representative:(I will call it living in fear) Windsorbrokers sent me an e-mail saying due to new requirements deposits from credit/debit cards in the USA are no longer accepted.
"Please wait for a site operator to respond.
You are now chatting with ‘Sales’
Your Issue ID for this chat is LTK52601786134X
Sales: Welcome to our live chat service.
Sales: How may I help you today?
Joe: I heard windsorbrokers no longer opens accounts to US residents but will windsorbrokers close accounts of US residents who already have accounts opened?
Sales: Do you have a real account with Windsor?
Joe: I do but I want to remain private right now. Just as a general matter
Please wait while I transfer the chat to the best suited site operator.
You are now chatting with ‘DealingDesk’
Your Issue ID for this chat is LTK52601786134X
Joe: Hi, I have a question. I heard windsorbrokers is no longer offering accounts to US residents but will it start closing accounts of US residents who already have an account with windsorbrokers?
DealingDesk: no sir it will remeain the old clients
Joe: so old clients will be fine?
DealingDesk: but we are not handeling new US clients anymore
DealingDesk: yes sir
DealingDesk: until further noice
Joe: what if an old client wishes to upgrade his/her account will he be allowed?
DealingDesk: well sir we will have to ask the managememnt and we will let you know because im not sure about this matter
Joe: alright thank you"
On a related note, vantagefx sent me an e-mail telling me that they will close my account that I never funder because of CFTC regulations. Are we living in a police state or what?
Thanks, Soldier
I will remove Windsor Brokers (Cyprus) from the List on Wednesday.
Apparently, we [I]are[/I] living in a police state. Revolution is coming. Arm yourself.
I have read through this discussion and saw the following discussion on 100forexbrokers: Gold & Silver Trading Ban in US.
This ban is stemming from the same Dodd-Frank bill.
Apparently Rep. Michele Bachmann is sponsoring a bill to repeal the Dodd-Frank bill. Search for: “H.R. 87: To repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act”
How about we all ask our US representatives, Senate and House, to co-sponsor and support this bill. It is easy and it is the least of what one should do to fight this kind of tyranny. Please do your part. I did.
This might not be news to you all off-shore broker researches but it was alarming to me probably due to the way it is presented and language used.
Go to 4xp.com and this message will pop up before any page is clearing. (Blood pressure is running high…)
On a better note - I wanted to see where front runner presidential candidates are standing on Dodd-Frank. Went to sites for Rick Perry, Mitt Romney and Herman Cain. Could not find mentioning of this issue on Romney’s and Perry’s site. However: go to hermancain.com, navigate to “The Issues” at top left. On the next page click on “Regulations”. It is first on the list, explaining every thing you didn’t want to know about this bill because you were afraid to ask. Here is the title: Redo Financial Regulatory “Deform”
Republican primaries in Florida is January 31, I’m marking the dot for Mr. Cain.
Hey Bravehoststamps (Or anyone using FinFx)
Can you share what kind of spreads you are getting on EUR & GBP during the highly liquid hours (UK & UK/US overlap)?
I have an account with Hot Forex & THEY HAVE CONNECTION ISSUES! My small account with SmartTrade has no connectivity issues but their spreads are higher.
The FinFX spreads and contract specifications vary depending on your account type, but their spreads are generally among the industry’s lowest - complete info is available at https://www.finfx.fi/index.php?page=trading-accounts&lang=eng
HotForex is a Russian-owned Mauritius-based bucket shop which I wouldn’t touch with a barge pole.
Hi bravehostamps, as i presume from the recent posts that you are using finfx?
Are you also U.S.-based trader? I would just like to know the experiences and opinions of anyone based in the US about using this broker, because i’ve been hearing alot of good things about them and have been considering them ever since the July 16th CFTC propsals on choke-holding leverage.
In my opinion, 1:50 leverage is great if i willingly choose it, but if i’d like to take on more risk by using more leverage, and i’m only risking my own money and not anyone else’s, there should be no issues with that. The government shouldn’t be allowed to tell you what you can or can’t do with your OWN money.