ah OK, thanks for the extra details. that doesnt sound like it would trigger any automated trading pattern flags.
My review is based on my personal experience, including withdrawal experience and trading practices, if I had to rank trustworthiness from 0 - 10, I would give Lqdfx a perfect 10.
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In order to continue using offshore brokers, we must adapt another platform, There will no longer be an option to use Metatrader
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This will not work for me. Iām a MQL5 programmer, and the most important indicator I use is built for MT. The US wants to take away all of my skills I have gained and invested in this platform. I wonāt let them do that to me. I will find away to work around their subjugation. Welcome to the land of the free and highly regulated.
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I donāt think this is the end of offshore brokers but you are taking a good approach to the situation, unfortunately I do not give a damn about trading the U.S. financial markets or trading with any U.S. forex brokers, I am willing to go down with the ship / offshore brokers, thatās just my perspective.
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Would it be possible to have a demo account with a Metatrader broker and use your indicators on it for trading on another platform?
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I thought about that. That would work. I have an account with TradersWay before they banned US clients. The biggest hurdle for me is trade copiers to other accounts. I think I would have to build something to bridge the platforms. So learn the programming language of whatever platform the US allows and build some sort of bridge between the MT demo account and the other platform. Just a lot of work Iām not looking forward to doing.
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Do any of the brokers offer the FIX API? I know there are existing libraries to mate MT4/5 to FIX protocol ā¦
I looked into FIX API years ago and it was mainly for instituional traders. It was expensive to use.
Maybe this has changed.
Migrating from MQL5 should be possible for anyone with source code. Probably better option than follow trade to a demo account. Sometimes demo accounts do not match live. I am using TA-Lib and Python.
I am wondering if US brokers are going to be able to continue to offer MT5. So far, no news from AMP about MT5. Business as usual at the moment.
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For what itās worth ā
Our List includes seven offshore brokers that accept U.S. clients & offer MT4 and MT5:
ForexChief (Mwali)
AAFX (SVG)
Coinexx (SVG)
FX Glory (SVG)
MidasFX (SVG)
LQDFX (The Marshall Islands) - MT4 (only)
Number One Capital Markets (Vanuatu)
These are the offerings currently displayed on the brokersā websites.
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My point is that the future looks bleak, we should prepare for the worst, we shouldnāt have high hopes for Metatrader anymore
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Looks like Metaquotes is pulling out of everything that is unregulated using their platform. True Forex Funds is currently shut down right now because of the unregulated broker they have been using had to pull MT. Funding Frontier this weekend is in the process of moving all Dominion Markets accounts ( also had to pull MT ) to Purple Trading accounts.
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-I deliberately avoided going ātoo customā over the years so that I could continue to trade, regardless of what happened; keeping things as simple and vanilla as possible. I still use a few custom tools, but more as a matter of convenience, and nothing that I absolutely need.
If I relied on an EA, I would have it compiled in different languages, so that it could work across several platforms. I suspect that many traders will be scrambling to do that now. Fortunately, every challenge in life is an opportunity to learn and grow.
Something that isnāt being discussed much, is what happens to the next platform that replaces Meta? I have seen some traders saying that DXtrade is the answer, but looking at the company, they seem to have locations in Germany, US, Ireland etc., well within the reach of US regulatory groups. I would expect a company like that to fold quickly.
I think, until we can see a fully-decentralized, anonymous solution that uses cryptocurrency as a method of transfer, then there will always be some risk to US traders losing more. At the very least, a platform provider that is based outside of the reach of mafia-regulators.
Unfortunately, with on/off-ramps clamping down more and more, it is becoming increasingly difficult to fully-rely on cryptocurrency. Crypto pay cards are a thing, but until crypto can garner wider adoption, then we may be at the mercy of these heavily-regulated on/off-ramps.
I mentioned over at ForexFactory that renunciation is looking more and more appealing each day, and if the thought of not having to pay taxes isnāt enough to persuade US traders, then maybe the over-reaching regulation will push them out.
I agree with the sentiment that @Clint presumably holds, in that, the ceiling isnāt falling yet. Regulation takes time, so at least we have that to lean on. At the same time, however, looking at how quickly things have occurred recently with Meta, we can never really know what will happen, so always best to be prepared.
I do wonder about what kind of license agreement that Meta has with its clients. One would think that all of the businesses that will be killed from this would surely have some kind of recourse to pursue a legal case against Meta. I guess they protected themselves well enough. I kind of wish that the industry would boycott Meta for this, but I know that something like that would never happen; too many people still making money.
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The 4-6 mo pause would be mainly due to insolvencyā¦ which brokers survive the mass exodus of US traders after meta is dropped.
As for futures, my start as a trader was in the futures market so I never had an issue with it. The US FX brokers are a non starter, they all suck. However, futures trading is on a centralized exchange where every broker has the same feed. Day trading leverage is also 150-250:1 depending on the marketā¦ that being said, if your stance is based on principal then I fully understand.
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Hey, Are you Nsak3y over there? This is CableJ
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Yes. (Post must be at least 10 characters)
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metaquote only dropping brokers who serve US citizens without FSA regulation right? if the broker doesnt serve US citizens it can keep using MQ without regulation?
Exotic pairs is how I make my money, Following your example might be a good idea
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My understanding is that Metaquotes is dropping everything that is unregulated and that doesnāt meet its license requirements. Iām not sure about this one, but I think because Metaquotes is a Russian company, it may be a conflict of interest for the USāthe reason why it would be blocked for US traders. Anyone know more about this? Iām just really thankful I got an account with Tradersway before they banned US clients.
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Anyone know where to find the broker list the CFTC currently has on their radar?