Been looking at ACT Trader. I cannot understand how people are saying that this is good. Maybe I am missing something…
I am almost ready to jump ship, because this is horrific.
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ActTrader has REST API, so what we can do ( or a savvy dev could do ) is write an MT4/MT5 EA that sends all order execution/modifying etc. info to the ActTrader REST API. Then what you do is trade on a MT demo account which has the EA running for calling the ActTrader API (real account). You can use a demo account from any broker that still offers MT. Now all ActTrader is for execution, etc. All your trading is still done on MT, or have both up and and just execute on ActTrader. For me though I would rather go the REST API route, because I like the MQL5 market trade management tool I’m currently using. Actually, though, my plan is to eventually set up an IBC with a friend that is not a citizen of the US, and just trade on any broker out there… ICMarkets, Tickmill, etc. No more having to deal with offshore broker shenanigans.
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I considered this possibility. But you would need to have a broker with a feed that can be trusted, that correlates well with what you are getting on ACT. Maybe it’s doable, but geez… the kinds of hoops that we are having to jump through these days is ridiculous.
I don’t like complaining, but this is getting old.
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ACT Trader is a no-go for me. I looked at FXChief. Unfortunately, spread on NAS is about 4x higher than Hanko and they cap leverage for indices at 50. I can live with the leverage, but not the spread.
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-Support at FXChief finally replied and said yes to US residents. Forgot to update. Sorry.
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Checking our List to make sure we are showing brokers’ platforms in accordance with their websites:
- HankoTrade has removed the MT4 platform, and their website now shows ACT Trader as their only platform. I will edit our List accordingly.
- The following brokers offer both MT4 and MT5, according to their websites: Forex Chief, AAFX, and Coinexx. Our List correctly shows the platform offerings of these brokers.
- FX Glory also lists both MT4 and MT5, but our List shows only MT4. I will correct the List.
- LQDFX lists MT4 only, and our List correctly reflects this.
- ProsperityFX lists WebTrader as their only platform (our List shows MT4 — I will correct the List). Note: do not confuse WebTrader (the stand-alone platform) with the MT4 web-trading app. sometimes referred to as MT4 WebTrader. And do not confuse it with WebTrader-FDA, which is a Food and Drug Admin app. having nothing to do with forex trading.
As more information comes to light regarding the possible retiring of the MetaTrader platforms, I will revise the List as needed.
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-Did anyone ever look at this one? I am currently in the process of checking their spreads, but wanted to ask here before giving them my personal information.
Thanks.
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-Looked at these guys before, but was turned away when I saw this:
Clients should keep position open for at least 60secs in all types of account, any profit trade close before 60secs will be deleted by the bank and you cannot claim that price again. If the trade is in loss and close before 60secs this trade will not be taken out and loss will stay.
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Anyone here with HANKOTRADE? I’m beginning to think they’re about to pull the rug. The mt4 connection as well as the website can’t be logged into…
They dropped metatrader. They are migrating everything over to ACT Trader. Not everyone was notified.
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Yeah, found out the hard way…
This ACT is horrible. I can’t believe they chose this over mt4 because they honestly thought it was better…
I don’t think they’re being honest why they changed. They can’t use the excuse that it was getting antiquated because every other major broker still uses mt4 and knows the traders love it. Also, they didn’t even bother to offer mt5…dead giveaway there’s something else going on.
Why any broker would commit financial Hiri Kiri by getting rid of mt4 is a horrible business decision.
Besides Hanko isn’t that great or anything even special compared to other off-shores.
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-I do not believe that they believe that it is better. They are trying to pretend that it is better. I guess they think that people will be tricked into believing that it is better.
-None of them are being honest about it, it seems.
-Hanko was good for scalping indices. Maybe considering going back to Coinexx. Will do more research to see if there are any new stories floating about.
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It was so bad the when I started the chat they immediately without even saying hello said that they won’t be honoring eth withdrawals less than a thousand dollars…haha
I didn’t even get in a word edgewise to start and they hit me with that right from the get go…
I definitely am leaning on getting out of there, but I need to get some money back and this train-wreck of a trading app is going to make it even harder…
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Speaking of Coinexx, I spoke with support a while ago and found out that leverage for indices is 1:500 and does not change, regardless of account equity. So, if you have a 500k account and want to go all-in, I guess no one cares. Seems questionable.
Coinexx is the last bastion of hope in the off-shore space for me.
Everyone else has been sketchy or about to lose their business it seems.
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They are asking a lot for a platform provider, Although it’s their right to do so, but I feel like they’re being pressed into doing this because it doesn’t make business sense. I’m with you on that.
White Label Requirements: What’s Changing?
Finance Magnates learnt that the toughest of these requirements is corporate account verification said to have been introduced in July.
Other requirements include a certificate of incorporation, a register of directors and shareholders, and a proof of physical address.
New brokers are also required to provide a recent Certificate of Good Standing or a Certificate of Incumbency (if the company is older than six months), and confirmation of domain ownership with registration details in the company’s full name.
They are also to provide a certified reference letter or statement issued by the bank. This statement, which verifies the existence of an active bank account, is required to contain the company’s registration number and registered address.
Furthermore, one of the latest onboarding requirements is for the key persons behind the brokerage to verify their identity on video recording with their passport or identity cards.
Corporate account verification is a big challenge because most brokers choose to start out in jurisdictions such as Seychelles, Vanuatu and St Vincent and the Grenadines where regulations are less stringent in order to save cost.
So, What’s Really Happening?
Cristian Vlasceanu, the CEO of Cyprus-based Centroid Solutions, a technology provider that offers risk management, MT4/MT5 bridging, and hosting solutions to multi-asset brokers, confirmed the development to Finance Magnates .
He explained: “This has caused some difficulties for new brokers looking to set up their white label or MT5 License, with a setback for those entities that had already established their entities and were already in the onboarding process or were just about to start the process.”
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it’s like what’s the point in even using an off-shore broker now?
Skirting FIFO rules…haha
First these lame Prop-shops and now this…
I suppose that the new requirements could raise the bar in terms of their credibility, which could help to prevent them from getting blacklisted or blocked, either on app stores or in certain countries etc…
It definitely seems like there is pressure being applied here. Perhaps Meta weighed their options and determined that the legit path was more profitable over the long-term.
I can honestly only speculate about this stuff, as I have no real understanding about it.
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Look above your post, be cautious of newcomers and people who haven’t posted in quite some time
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Imagine what the U.S. Regulators can do with information like this.
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