Going offshore to escape the CFTC

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14551

Prop Trading and MetaQuotes: Funding Pips Case May Mark the End of MT Access to US Clients

Blackbull Markets and Purple Trading recently terminated offering grey label MetaTrader services to prop trading firms.

Insiders point out that MetaQuotes is flagging the platforms due to active US clients.

MetaQuotes, the company behind the popular trading platforms MetaTrader 4 and MetaTrader 5, is cracking down on prop trading firms. In its latest move, the technology company has forced Blackbull Markets, which was grey-labeling its MT5 license to prop trading firms, forced the broker to terminate its services to Funding Pips.

Crack Down by a Technology Provider

Although MetaQuotes did not publicly confirm its move against prop trading firms, Blackbull’s Chief Business Development Officer, Anish Lal, told Finance Magnates that the broker was “forced to immediately shut down Funding Pips as a client.”

The CEO of Funding Pips, who goes by the name “Khaled” on X (formerly Twitter), confirmed that it was the push of MetaQuotes that forced Blackbull to terminate its services to the prop trading firm. He further pointed out that MetaQuotes’ decision came “due to active US accounts.”

“Today, MetaQuotes decided to abruptly halt services due to active US accounts, with no prior notice,” the CEO of Funding Pips wrote. “[Blackbull Markets] didn’t terminate our partnership, but they were forced to let us go, or they would have lost their license, as you all have seen today, they got delisted from the app itself, hopefully, they come back. I got nothing but that best to talk about them."

Blackbull, like a few other brokerages, took advantage of their MetaTrader license and grey-labeled them to prop trading companies. As confirmed by Lal, the broker only allowed Funding Pips to operate on its “demo servers via MT5.”

Due to the pricing structure of MetaTrader licenses, MetaQuotes does not receive fees for using its demo services; it only charges for using its live servers.

Prop Trading and MetaQuotes: Funding Pips Case May Mark the End of MT Access to US Clients

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14552

-Update: These brokers never responded to my inquiries. As such, it is still unclear as to whether or not they accept US residents.

I suppose that it may not be overly unreasonable for a broker to elect to remain silent in an effort to prevent exposure and deter unwanted attention etc…

If ever I decide to try to create an account with one of these brokers, I may share my experience here (or via PM if anyone is interested).

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14553

I have a live account with Athens Markets , but I have never funded it, Whether they accept U.S. traders at the moment is unknown to me

( Deleted my Athens account Info )

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14555

They have already target white label brokers, prop firms and grey label brokers, they will eventually target Metatrader Fully license brokers that accept U.S. traders.

EDIT: I Believe these two are the same thing.

Breaking: Eightcap Terminates Services for Prop Trading Firms

Feb 15, 2024

Melbourne-based Eightcap will change to its offerings to prop trading firms by ceasing brokerage services, effective from February 29th, based on the claims of several prop trading firms. This move by the provider of grey label MetaTrader licenses to proprietary firms today (Thursday) followed similar moves between several proprietary trading firms and their brokerage providers.

Matt L. from Lark Funding mentioned on X: "ThinkMarkets has reassured us several times over the last few weeks that operations on their end and their relationship with MetaQuotes is solid. But, of course, we’re not going to rely on just one broker. We’re already in discussions with other brokers to see who we can work with and provide additional options to traders."Source: X

According to another account identified as Blake on X: "As of this morning, Eightcap has notified all of their prop trading partners that they will be shutting down their prop firm relationships in 2 weeks. The companies I am personally involved with are ahead of the pack and already implementing new and more beneficial alternatives for all traders across the entire industry. More news to come!"Source: X

Similarly, another proprietary trading platform, Funded Trading Plus, has been affected by Eightcap’s decision. According to a post by an account identified as The Prop Journalist on Twitter, the platform has integrated ThinkMarkets to resolve this issue. Source: X

Finance Magnates reached out to Eightcap which has “not confirmed the accuracy, or endorsed the contents, of the article or substance of various twitter/X comments.”

In a post on LinkedIn on Friday morning, the CEO of Eightcap noted: “The termination of commercial arrangements is not uncommon to us or anyone else in the industry. We have terminated relationships in the past as part of ordinary commercial activities, in similar ways, and to less fanfare.”

MetaQuotes Is Making the Move

MetaQuotes, the platform behind MetaTrader 4 and 5, is tightening its grip on proprietary trading firms, precipitating the termination of services for US clients. The recent fallout involves Funding Pips and brokerages Blackbull Markets and Purple Trading, Finance Magnates reported.

MetaQuotes’ actions underscore the challenges of navigating US regulatory restrictions within the MetaTrader ecosystem. The termination of services for US clients by Blackbull Markets and Purple Trading highlights MetaQuotes’ stringent stance regarding prop trading firms operating in the United States.

The decision to terminate services to prop trading companies stems from MetaQuotes’ concerns over active US accounts. Proprietary trading firms, although operating beyond the traditional regulatory scope, are increasingly targeted due to their technical exemption from US regulations.

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14556

Anybody know if there is a way to flag broker listings on Forex Peace Army, so that they can be updated to reflect accurate data? Many of the brokers on that site that are designated as US-friendly, are not actually US-friendly. I spent most of the day yesterday, until late into the night, contacting various brokers to inquire about their US trader policy.

I finally went to bed, feeling tired and very discouraged. I contacted so many brokers and struck out on nearly every single one of them. FPA was only one of many sources that I looked at, too. Many of the brokers that, I know for a fact, used to onboard US clients, no longer do.

I did get confirmation that GrandCapital accepts US traders. They even have a mirror site that can be used without a VPN, but there are SO many bad reviews for that broker, that I ended up deleting my post about it here, as you can see above. I even saw that this broker was already mentioned several times in this thread, even as early as 2018. Maybe they are okay if you are using a trade copier and want to further-diversify your account pool by using smaller balances, spread out.

Meanwhile, the futures market continues to thrive, it seems. Futures brokers and prop firms, alike, seem to have immunity.

At this point, I am really hoping that trade copier services will quickly evolve to support the various trading platforms that are currently being used. That would really help us right now. I know of one that is working on providing support for DXtrade and Ctrader (if I recall correctly), but that does not help much. We also need support for ACT Trader, Trade Locker and all of the other, custom Trading View clones out there.

One would think, that, with all of the money that is flowing between brokers and props etc., that we would have better solutions that could compete with Meta at this point, and without all of the legal and regulatory liability and exposure etc… Even a clone of Meta that supports a different scripting language would be a good starting point. Many of the solutions that are available now do not even allow for EA’s, and those that do, may be severely limited, buggy and/or sluggish etc… If we had something like Meta, but not Meta, then at least traders could get their stuff ported over and get back to business.

Maybe it’s all easier said than done.

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14557

Methos, It’s a mess at the moment, and I completely agree with you, also offshore brokers rely on Metaquotes too much and we see how that’s playing out.

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14558

The5ers just banned US traders.

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14559

I tune in on this forum only about once a week, usually on the weekends, so my comment on Hankotrade is a few days late. Agreeing with others, I do not think Hankotrade should be removed from the list. I have been trading with them recently with a small account and have become more familiar with using Act Trader, which is not as bad as I initially thought. The really great thing about Act Trader’s currency pair bid ask spreads is how small they are compared to Tradersway, LQDFX, and what now appears to be the extinct FxChoice. Hankotrade’s narrow spreads are comparable to those on Coinexx.

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14560

ACT Trader, like most alternative platforms, are not yet supported by most trade copier services/programs, unfortunately. So for now, Hanko is not on my active list.

Coinexx spreads are usually good, but not lately. I think that they are probably taking advantage of the influx of traders that are likely migrating from other brokerages, but I really do not know.

I am really liking Fyntura more and more these days. Their spreads for NAS100 are great and their customer service has been good, also. I honestly think that they might actually be Hanko, but I cannot prove it. I am seeing a lot more traders talk about this broker, though, and nothing but good things so far.

For me, one of the big criteria when choosing a broker is whether or not I can use a trade copier to copy my trades. So any broker that does not offer a version of Metatrader, is not a priority for me right now. I am really hopeful that we will see more support soon, for other trading platforms, among the various trade copy options.

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14561

I’m in the same boat. I’m fine with brokers using whatever platform as long as I can copy trades from MT5 to their platform.

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14562

Yes. Same.

I have sent emails out to all of the major copy trading services, inquiring about support for Trade Locker and ACT Trader. My thinking is, none of them may feel inclined to offer it unless traders start asking for it.

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14563

Prop Trading Crackdown Continues: The5ers Temporarily Blocks US Traders

Feb 16, 2024

The5ers, a proprietary trading firm, has decided to temporarily cease onboarding new traders in the US amid regulatory ambiguity. The company’s action arrives in response to the evolving regulatory landscape surrounding the participation of US traders in the proprietary trading space.

Citing the need for clarity on the legal implications concerning proprietary trading in the US, the firm emphasized ensuring compliance with regulatory requirements. Besides that, The5ers reassured its US clientele that efforts are underway to update guidelines to meet the needs of traders in the US.

Navigating Regulatory Uncertainty

In a post on X, the company mentioned: "Due to recent events, we have made the difficult decision to suspend onboarding new US traders. This measure will remain in effect until we have a clearer understanding of the legal implications surrounding US individuals trading for prop funds."Source: X

The company has urged patience as it works to adapt to regulatory changes and provide clarity for its users in the region. The5ers’ decision reflects ongoing efforts by proprietary firms to address the regulatory uncertainties in the sector.

Addressing possible misunderstandings among its users, The5ers clarified a concern by one of its users about a communication shared earlier. It acknowledged the challenges in its decision due to the turbulent times in the proprietary trading sector. The5ers highlighted the dynamic nature of its legal guidance.

Prop Trading Crackdown Continues: The5ers Temporarily Blocks US Traders — TradingView News

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14564

Should be easy to do with any REST API and ACT Trader has one. I haven’t used theirs but I’d be surprised if it didn’t have the capability

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14565

Yes, and even Trade Locker is built on top of Trading View, so I am hopeful that we could see something soon. With many brokers, and now props, losing Meta, I suspect that these copier services might be getting inquiries about these other platforms.

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14566

-Duplikium asked which brokers I am using, and that they are currently evaluating new technologies to integrate for this year. I will update if they respond with anything else.

-Social Trader Tools has no plans to incorporate other trading platforms, and will continue to focus on Metatrader.

-Traders Connect has their developers working on integrating many platforms at the moment, and confirmed that both, Trade Locker and ACT Trader are on their list.

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14567

FTMO sent out an email to existing US clients and non-US-nationals that reside in the USA that they have to immediately stop using MetaTrader and use DxTrade. Looks like Traders Connect is working on a MT to DxTrade copier too.

Huge blow for traders using a EA built for MT.

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14569

Are you guys aware of this, what do you think about it?

Sway Markets Team

Dear Valued Clients,

We’re thrilled to announce the launch of our latest trading opportunity: Synthetic Indices!

At Sway Markets, we’re constantly striving to provide you with cutting-edge tools and products to enhance your trading experience. With the introduction of Synthetic Indices, we’re taking another step forward in revolutionizing your trading journey.

What exactly are Synthetic Indices,

you ask? They’re a dynamic and innovative way to diversify your portfolio and seize trading opportunities across various markets. Unlike traditional assets, Synthetic Indices are not based on any underlying real-world asset. Instead, they’re a randomly generated price feed that follows certain parameters, offering unparalleled flexibility and accessibility.

Why should you get excited about Synthetic Indices?

Instant Access: Say goodbye to market hours limitations. Trade Synthetic Indices 24/7, ensuring you never miss out on potential opportunities.

Low Cost: Enjoy competitive spreads and minimal fees, allowing you to maximize your trading potential.

Which symbols are available to trade?

BOOM1000
BOOM500
BOOM300
CRASH1000
CRASH500
CRASH300

https://www.swaymarkets.com/

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14570

Looks like something that could easily be manipulated?

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14571

Makes me wonder Who is creating this Synthetic Indices market

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14572

Definition online says it uses a random number generator. Interesting… I’ll backtest it (if even possible) if any of my existing brokers add it, but I’m not in any hurry. Very skeptical at this point

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