Going offshore to escape the CFTC

-Hanko responded (sort of):

Please note that we currently offer the Act Trader platform for trading.
In case we add more platforms in the near future, we will notify our clients.


-MidasFX response:

We don’t have any country restrictions, you can feel free to join.

We allow all trading strategies, including scalping.

Yes, we do offer MT4/MT5 platforms.

We don’t have any plans of discontinuing MT platforms as they are most popular and most used in the world of trading.

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-It seems that spreads for NAS100 are not competitive at all. I did not check other spreads. Maybe this broker can still be suitable for others.

-Website is still down. I am removing this broker.

-Still no word from these brokers. I will give them another 24 to 48 hours to respond.

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If you guys want to check out these brokers, I have an account with them. I have never traded with them, but I continue to log into my account.

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Thanks. I signed up for both, just now. The process and back office are exactly the same.

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yes they offer the same service, same as many other brokers I have an account with

I used them. They have bombed in my opinion.

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Looks like Coinexx is abusing their plugins again. Spreads on NAS100 were fixed during NY session at 125% wider than norm. Slippage on all orders, even small orders. They sure took advantage of the extra volatility this morning.

Meanwhile, spreads at Fyntura for NAS100 were variable and super tight, with literally 0 spread some of the time and no noticeable slippage.

For what it’s worth…

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Is a warning necessary for Coniexx?

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Do you use Fyntura for Forex? and are they accepting US customers<

Thanks

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-I wouldn’t think so. I suspect that most brokers are manipulating the feed to some degree. I just wanted to share here so that traders can be informed.

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I trade indices-only. Fyntura accepts US residents. They appear to be very new, however, so any trader that considers them should do so with caution.

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The world of Prop Firms is changing rapidly

PROP FIRM FUNDED ENGINEER RESPONDS TO FRAUD ALLEGATIONS

In the wake of FPFX Technologies, LLC’s (FPFX Tech) decision to terminate its licensing agreement with Funded Engineer—a move detailed in a prior article citing allegations of fraudulent activities—Funded Engineer has issued a series of updates addressing the situation.

The firm was disappointed over the abrupt termination and the subsequent negative public relations campaign launched by FPFX Tech, pointing out that this was done without warning or an opportunity for dialogue.

Funded Engineer said it was surprised and concerned over how their services were ended and how they were removed from all past communications by FPFX Tech. The firm criticized the lack of communication prior to the action and the negative PR campaign that followed, adding that they were not approached for comment on the allegations.

Regarding the allegations, Funded Engineer stated that the matter has become a legal case, limiting their ability to share further details publicly. However, the firm assured its community that it is treating the situation with the utmost seriousness.

Despite these challenges, Funded Engineer said it’s committed to resolving the matter and restoring its business operations. The firm has asked for patience from its clients and stakeholders as it works to bounce back from this setback.

In a follow-up update, Funded Engineer assured its community that efforts to restore services are on track, expecting to be operational by Tuesday, after a day reserved for testing.

The firm has also addressed concerns regarding account balances and compensations, floating profits and losses, and the broader implications of the allegations made by FPFX Tech. Funded Engineer highlighted the complexity of migrating over 40,000 accounts but reassured that it is working to ensure accuracy in the process.

Funded Engineer informed its clients about the suspension of MT4 and MT5 services for all prop firms by Purple Trading, noting that this change affects the entire prop firm community. The firm has already obtained licenses to continue offering MT5 services to clients outside the USA and is exploring solutions for USA-based clients in light of upcoming industry-wide changes.

A day earlier, another prop trading firm called True Forex Funds announced a “temporary halt” to its services. The company said this move comes in the wake of MetaQuotes, the developer of the widely-used trading platforms MT4 and MT5, terminating True Forex Funds’ licenses.

This incident marks the second major disruption in the proprietary trading sector in recent months. It follows the shutdown of Canada’s My Forex Funds by US and Canadian regulators last September.

https://financefeeds.com/prop-firm-funded-engineer-responds-to-fraud-allegations/

FundedNext just banned US citizens.

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What is the reason for the sudden ban on U.S. Citizens? Have U.S. regulators put pressure on prop firms and tech providers, removing all options of trading with an offshore entity?

Meta is pushing US traders out.

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Remember when Metatrader was pulled from IOS/Android? It was all due to a crypto scam. Its still winding thru the courts. Apple Removes A Trading App Linked To Crypto Scams From The App Store (forbes.com)

As a result US regulators have put pressure on them to put the brakes on firms using their platform and flouting US regulations. That includes anything CFD.

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Yes. I believe that Meta is washing their hands. Staying clean allows them access to the App store and other profitable markets, while dissuading regulator involvement into their business.

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To what extent do you guys think offshore brokers will be around in the next 3 years - thriving or barely surviving?

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I do not expect that much will change. Even if unregulated brokers are forced to adopt new platforms, the demand will not cease.

That said, if US regulators could be reined in and/or offerings State-side could be significantly improved to allow for a competitive playing field, then my answer might be different.

But, I do not expect that to happen at all, even though it is the most sensible thing to do, in my opinion, short of allowing for some sort of regulatory opt-out option.

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The issue of brokers dismissing prop firms, is mainly because brokers are not allowed to onboard 3rd party clients on MQ. Clients of a branded prop firm are not considered a direct client of the broker. Therefore the prop traders are 3rd party, which is not allowed. I believe
US are not targeting anyone, MetaQuotes is under fire to limit and remove all greylabels provided to third party companies (prop firms) by their main labels.

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