What type of trading do you do with them? Do you notice any funny business and do they offer “clean” trading?
How often does the lockups happen during high-impact news?..that can be detrimental.
T+3 is pretty standard for equities in non margin accounts (SEC changed to T+2 by the end of May).
For futures it’s first time I hear about T+3 because, by definition, futures accounts are margin account themselves. You shouldn’t need to have T+3 settlement.
Regarding AMP having Meta, it’s absolutely no problem for them to have it and serve US traders because they are offering futures in Meta and not forex/CFDs.
The fuss with Meta + US is when CFDs are being offered. Futures are not a problem.
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My bad…It’s been that long. I forgot settlement is now T+1 for securities and futures transactions are immediate and as long as you are trading on margin you have access to the funds. Actually equities as well if they are traded in Margin.
Reg T is still T+3
Guys…I have a hunch that some of these off-shores aren’t just “brokers”…
I had to contact Plexytrade about something else, so I decided to check on the status of support for MT4 and MT5. I mentioned that someone here had noted (a little while back) that an email from Plexytrade said they would be introducing a new trading platform, and the forum member had wondered if the new platform would replace MT4 and MT5, or whether it would be offered in addition to the MetaQuotes platforms.
The reply was: “We will continue to support MT4 and MT5 platforms. Additionally, we are considering implementing an extra trading platform for our clients to utilize, although we do not have a specific timeline for this implementation as of yet.”
I realize that no broker can guarantee that they will be able to support MT4 and MT5 indefinitely, but I still found this encouraging.
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-I suspect that people should want to understand the scope and implications of such “protections”, considering how things have historically played out.
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-Perhaps, if a broker is utilizing their own servers, it may be possible. I really do not know.
Otherwise, it is my understanding that Meta can log and monitor IP’s, so any broker that is attempting to onboard US citizens will immediately be exposed.
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-Indices seem to be far more popular than currencies among futures traders, based on my limited observations.
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I received a phone call from my account manager at plexy last week and the latest is that basically LQDFX along with most of their staff/operations are still running the business but now under plexy which actually according to him have full licensing of the meta platforms mt4/mt5 and therefore will continue to be available to their clients without interruptions. whether this will change or not will have to be seen but just fyi for everyone using plexy or considering them.
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Yeah im not convinced trading currency futures makes sense. Indicies and commodities (gold, CL, etc,) is where its at.
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LQDFX has been removed from our List.
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ForexChief, which has rebranded itself to xChief (https://www.xchief.com/), continues to offer both MT4 and MT5. However, I noticed that their new website no longer lists United States as a country from which new clients can sign up.
I just checked with xChief via chat, and they confirmed that they are not accepting new U.S. customers, but the new policy will not affect my ability to trade with them if I already have an account open.
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Confirmed.
ForexChief (now called xChief) will be removed from our List.
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I’m certain that the off-shore broker I have been using is trading against its clients. I’d like to go into detail, but it’s complicated. If anyone would like to discuss this behind closed doors message me and I will give you my discord invite. All I ask is you come with an open mind. If you’re a sharp individual and have noticed irregularities trading with your off-shore broker I invite you to discuss this. Preferably members with established accounts and frequent this forum.
I was literally just researching this topic today because I didn’t really understand it, it would seem that brokers who do this would have a conflict of interest with clients and if a client was extremely profitable then the broker would incur losses… is this something really bad for brokers to do?
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A quick question for everyone…
What is the maximum amount in capital that you would trust with a broker like EagleFX or Coinexx or Plexy??
Of course. They all do. That’s partly why they’ve chosen to be offshore and unregulated. Never let their claims to be “STP” or “NDD” or “DMA” or “ECN” fool you (trying to fool customers is precisely why all those terms were invented!).
Zero, obviously.
You?
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Visited their website and couldn’t eve get a chat support started on either Edge or firefox browser…
I used to spread 100k each among three offshore brokers - 300k, but now I only keep my money with one offshore broker
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250K held with former LQDFX aka now Plexy at different points in time. Know individuals that go even higher but the key here is building enough trust with the broker, really comes down to how they do business regulated or unregulated doesn’t matter just do your due diligence. Market manipulations will always be around just look at the biggest players (banking institutions). SEC hits them with fines all the time for engaging in exactly that, worst part is that these fines end up being a slap on the wrist compared to what they are able to get away with while engaging in these practices.
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