Going offshore to escape the CFTC

their trading requirements are impossible, just like the picture on their homepage that shows a female climbing upside down up a cliff. :crazy_face:

and then i find that it makes perfect logic that farmers and ranchers would know how to run a trading company.

i really like how they say that i wont need to risk my own capital, but then the first thing they do is they want to charge me a fee.

http://leelootrading.com

:cowboy_hat_face:

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@Xanaphlaxes “And bro, what are you coding that analyzes 1,000 events per second? My smallest timeframe is 15M candles. I know your name is Hyperscalper, but what could you be seeing at that precision? Does LeeLoo show accurate market depth or something?”

Yeah, pretty unbelievable, right? So the Rithmic “premium” Market Data feed has
no “aggregation” and reports every Market Depth (aka “The Book”) event that it
can. Instead of crappy feeds that give you maybe 10 Tiers on the Bid and Ask sides
of the market (and are probably slowed down or aggregated), Rithmic gives you
a virtually unlimited (at least 80 Tiers) of unaggregated Market Depth updates
in real time. They are better known for fast Order routing, but Market Data quality
is even MORE important.

Why? Well, for decades, I’ve worked with using Market Depth (aka placements of
Size@Price on “The Order Book”) to predict where the market will move. It’s a bit
too complex to understand, but Near the Inside Market, it’s the case that a “wave”
of Size exists on, say, the Bid, relative to the Ask/Offer which literally “pushes” against
the Market Price, thus predicting the market will move up in this case.

So, yes, especially when the Market first opens, there can be “bursts” of data
with local data rates above 1000 updates per second. Naturally, you don’t want
ALL of the Market Depth, and might reject those which are, say, 40 tiers away from
the current Market Price


To do this, even compiled C# may not be fast enough, given that you need to
do some computations on each data item. So, the answer is that you Capture
and Queue each event’s essential data; and return from OnMarketDepth callback,
for the next one. Meanwhile, your QueueProcessor is working as fast as it can
processing the queued data. My latencies between capture and processing on
the Queue thread, are usually <2 milliseconds. And in “pathological” situations,
the Queue manager is permitted to discard older pieces of data, if it finds that
it simply cannot keep up; but most of the time that’s not needed.

And I actually pull in the NQ eMini contract’s data, as well as concurrently,
the MNQ micro contract’s data at the same time. So that Doubles up the data
rates I have to handle.

With a reasonable amount of effort, anyone can learn how to do this stuff;
you just need persistence, to keep moving toward your goals ! :slight_smile:

But, hey, it’s just another day at the office ! LOL

hyperscalper

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WITH REGARD TO THE ACHIEVABILITY OF QUALIFYING PROFITS


any Prop type firm has rules; and we should remember that even
though futures is “off topic”, my personal angle is in helping to resolve
the problem of Under Funded Traders.

[EDIT] I want to emphasize from experience, that in Forex or Futures it
is essential to get out of the “nickels and dimes” or “chicken feed” levels
of achievement. To do this, you need enough capital, and enough leverage
to start “thinking Bigger”. This Prop firm approach gives you immediate
access to real Buying Power. And you need, psychologically, to train
yourself (responsibly) to use that Buying Power. 10 NQ contracts of
Buying Power is $20 x 10 = $200 per Point (4 ticks) of price movement,
but it is also up to 100 MNQ contracts of Buying Power differently distributed
and providing the incremental scalability to allow you to start small, and
then begin thinking Bigger
 You’re paying subscription fees for the privilege
of Practicing in an environment with Buying Power. Now you have to learn
how to use that Power.

Prop type firms can help in that way, by providing needed funding, since
in CFTC approved futures markets, Margin requirements can be very high,
especially if you want the best Market Data and Order Routing performance.

Forex and Futures are very different; but they do share the “symmetry” of
being allowed to “bet” on either a Rising or a Falling market, unlike Stocks


The Extreme volatility of some of these Futures can either make you or break
you; but Huge Profit potentials do exist; as much, or more-so than in Forex,
for example.

In my opinion, having worked with them for many months, simple and
straightforward Ethical behavior is a hallmark of LeeLoo, and they do pride
themselves on that. The NO RESTRICTIONS policy on your Trading is
unique. Most others require you avoid News Events, hold for minimum periods,
and other difficult restrictions. Not so with LeeLoo.

You will find other Prop firm type offers; but for quality of Platform, Execution,
Market Data I’d wager you can’t beat the deal. Most traders do not try to
make the “Banzai” profits in the 14 day trial. Most will require several months,
eventually to get to a qualifying level; but what’s wrong with that? :slight_smile:

That being said, you can bet that 95% of their clients are stuck forever
in “trying to qualify” and in learning how to trade. And once they achieve
Paid status; most of them will slip backwards. But that’s trading, in nearly
any market.

THE REAL PROBLEM, AS IN ANY MARKET, IS WHETHER YOU CAN
TRADE SUCCESSFULLY
 !!! Some things never change
 :slight_smile:

hyperscalper

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PLATFORMS COMPATIBLE WITH LEELOO

I had a flash for a moment, and thought to myself:
“What if MT5 could be connected to the Rithmic feed?”
It seemed a likely possibility, but a medium depth dive
on the InterWeb came up with nothing.

It would have been a token attempt at least to bridge
the platform “gap” and with MT5, the Robo stuff would
also be possible. Such a connector could, no doubt,
be written; but it’s too big a problem. I CAME UP EMPTY.

But, platforms compatible are at this link, but of course
you know my preference.
https://support.leelootrading.com/kb/a120/what-trading-platforms-can-i-use.aspx

IF ONE of you geniuses can find a MT5 connector to Rithmic
Paper Trading, then that would be a Big Deal for users
of BabyPips, to transition


ONE MORE JUICY TIDBIT: As concerns trading
Rithmic with LeeLoo, they actually use Rithmic’s
Paper Trading feed, so it is actually a Simulated
account; although i can assure you it’s Real in its
behavior. The way LeeLoo makes money is to
execute Live trades out the backend of your Paid
paper trading session, I had a long discussion with
them about that; and if my code can make higher
profits than they can match out their backend; then
they agreed to give me a Real Live account to make
up the shortfall in profit sharing


So if any MT5 guy is looking for the interfacing, it
would be to Rithmic’s Paper Trading feed; hope that
wasn’t too much in the weeds
 But would be super
to use MT5, for Forex users anyway, for some degree
of relevancy and crossover to Futures, etc
 :slight_smile: lol

[edit] Non-US traders are welcomed at LeeLoo:
https://support.leelootrading.com/kb/a62/traders-around-the-world.aspx?KBSearchID=28694

Sorry I couldn’t find anything
 yet.

hyperscalper

1 Like

Since my last post, the list of brokers accepting Americans (and Canadians) has been expanded from 70 to 82.

Unless a group of brand new brokers appears out of nowhere, or I magically unearth some gems I somehow missed, I can’t see this list being any bigger than 100 in total.

My next step would be filtering out the brokers in terms of overall quality. I imagine you could easily reduce the list to 50, then 25, and so forth.

Hopefully this list of mine continues to be of service to fellow Forex traders!

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This thread has already filtered them through hands on experience. There is a trusted broker designation on page 1

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I did see the first page of trusted brokers and noticed some names which were already mentioned, and some which are not (both in the “trusted” list and in the comprehensive alphabetical list of other brokers). I presume it’s because some of the brokers on my list are newer ones.

I just thought my list would be useful for someone looking for an alternative to the 11 featured ones. Or if they wanted other options in case one of them disappears or changes their willingness to accept US clients.

No harm intended on my part! :slight_smile:

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Yes, definitely great to diversify risk. I get you’re trying to help , the problem is without a good sample size of first hand users, how do you choose? I have never heard of, nor do I know anyone using 90% of the brokers on your list of 82.

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Just off the top of my head, here’s how I would imagine doing this as I’ll eventually filter out the good brokers from the bad:

  • Trading instrument availability. Some people want forex only, others want forex + indices, some want forex + metals + commodities + indices + crypto.
  • Spreads. May not be a big deal for swing and position traders, but a major eye sore for short-term scalpers.
  • Customer support. This includes helpfulness of the support itself, speed of responses,
  • Deposit methods. Some people want cryptocurrency only, others want non-crypto methods of funding and withdrawal. Speed of deposits/withdrawals will also be a major concern
  • Minimum deposits. Some people have large sums of money they can throw into their accounts, others want to start on much smaller amounts.
  • Independent third-party reviews. Places like TrustPilot, ForexPeaceArmy, and other forex forums help us gather a diversity of opinions on certain brokers to decide if they’re worth using or not.
  • Regulation. Even though this is a thread about offshore brokers, some people may still care very much about how a broker is certified.
  • Countries accepted. I assume most of us are North American, but some of us may live in other countries. Even if these brokers accept Canadians and Americans, they may not accept traders residing in other countries (as a hypothetical example, someone from Morocco may not be accepted by some of these brokers).

To make a long story short, I’m operating on the premise that everybody has the above dealbreakers in mind. Or maybe they have other dealbreakers in mind I didn’t put in the list above.

But for each dealbreaker, they have their own individual standards based on what they trade and how they trade. That would be enough to filter out the list to the top 5-10 or so, and then it’s much easier to make a decision.

If I ever get around to creating a monster-sized database or spreadsheet, it could become a helpful tool for traders to choose which broker is best for them.

For example: “Based on X number of criteria you listed, here are all the brokers who meet them.”

It would then come down to what other traders’ experiences have been with those brokers, combined with perhaps a few personal questions sent to customer support.

Let me know your thoughts! This is just stream-of-consciousness thinking about the problem. :sweat_smile:

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To be fair, people have to know that they exist first. :sweat_smile: I only say this so that people do not feel reluctant to share new brokers here. Same with prop firms. Even though most of them may be duds, it is good to be able to check them out and discuss them. Most of my backup options were found because people shared their discoveries, as I do not actively go looking for them these days.

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https://www.cftc.gov/sites/default/files/idc/groups/public/%40lrdispositions/documents/legalpleading/idwest112511.pdf

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https://www.forexpeacearmy.com/forex-reviews/18188/nashmarkets-forex-brokers
Anyone Heard of NashMarkets? Lost of good reviews on forex peace army :+1:

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Looks like they use the same service as a few other brokers on our list and i currently use. It’s a good thing.

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it just another reason to kick you. they have so many bullsh-t reasons to get rid of traders.

Sure, of course they have. They may want subscription fees to
“try out forever” to be successful and qualify for a Paid account;
but, then, they’re not that interested in keeping the trader in the
Paid status; just looking for a rule violation to boot them out.
I may be wrong, but I don’t think LeeLoo works that way, so I
trust they are operating in “good faith”; and they have assured
me that they are willing to negotiate any issues, in favor of
retaining the trader in the Paid trading status.

Perhaps, in general, brokers are looking to “boot” traders
off; but I’d think they’d at least be carrying commissions,
and so, the small cost of carrying the account, would be
offset by commissions. My current focus is on Prop. firms
who fund traders; so my answer was slanted accordingly
 :slight_smile:

hyperscalper

:crazy_face: :stuck_out_tongue_winking_eye: :money_mouth_face: :stuck_out_tongue_closed_eyes: :sunglasses:

Definitely, We should add on our trusted brokers list :+1:

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i am having a very bad day. my employer is being targetted by fbi now, they are trying to arrest my boss. cftc is trying to fine him hundreds of thousands of dollars, which will break the broker and the traders will lose. i hope to get my last paycheck.

I’m having a very bad day too. My CFTC “regulated” broker just went belly up and since they do not offer any protection of my funds, I lost ALL of my trading capital. Wouldn’t have been so bad if I were offshore as they only require about 10% of the margin to execute the same size trades. If I were smart and had been offshore, I’d still have 90% of my capital to trade.

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If you don’t mind me asking, which broker was this?

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