Axi Trader is a good broker with quality education and resources. Wish I could open an account with them. I saw on this thread what list they were on but wanted to toy with it and see where will the red flag come up. It did on the first step. Look at the countries on their ban list, I think what they have in common is that they are all dictatorships. Look who is listed first. AxiTrader - Open a live account
“Don’t blame me, I voted for the one from Arizona, not the one from Kenya”
Hi Jasonswindow. I am a US citizen and Dukascopy was my broker before the rules changed. I want very much to trade with dukascopy again. So how do we get around this. If I open an offshore company they still ask for a utility bill etc. Will a nominee director work? If I start an offshore company with a nominee director will they provide a utility bill also? Dukascopy is the best broker. There has to be a way around this STUPID rule.
Odds and ends.
Edit (6/6/12) — the List has been updated.
[B]richie1701d[/B] — I don’t mean to butt into your conversation with [B]jasonswindow,[/B] but I wanted to ask: Have you contacted [I]Dukascopy[/I] directly to find out what sort of offshore company set-up they would accept (given their strict interpretation of the current rules)?
[B]akatom2u[/B] — have you opened a live account with [I]ProfiForex,[/I] as you said you intended to do? Can you report on your experience with them?
[B]etrade360[/B] — do you have any more to report regarding your live account with [I]FXGlory[/I]?
[B]LogicaLucidity[/B] — when I add [I]FXGlory[/I] to our List, I will include the usual warning regarding their unregulated status.
[B]goldylox[/B] — I like your avatar.
[B]2os[/B] — regarding your post, did you see this?
[B]GypsyTrader[/B] — I gather that, after much discussion, we tossed [I]ForexBrokerInc[/I] into the recycle bin, and there they shall remain (rather than appearing anywhere on our List). Do you agree?
If I have overlooked any “odds” and/or “ends”, please point them out. Thanks.
No Clint, I did not catch it earlier. I ran a quick search on the thread to verify that I was not a Johnny come lately and found the post I quoted. Johnny came lately anyway. I agree with your statement there 100%. This list is a remarkable teller. I also agree with you that goldylox’s avatar is hard not to like. 
Good one!
I love expressions which are both clever and original.
I had said it earlier in this post, and then more recently in this post, in the long run you are much better off establishing residency outside USA/Canada. Then just open your account with the non-us identification. This is the simpler way and you get the added benefit of exploring something new, meeting expats that will enlighten you “to the game”. A second passport would do wonders, but if you cannot get one through ancestry, it might be expensive option.
Even if you do decide to outsource a corp setup, I recommend spending the money on a plane ticket and actually see the offshore jurisdiction yourself. Shake a few hands of the people you plan to work with, or at least walk around and get an idea of the country’s infrastructure. You certainly cant learn everything in a day, but you’ll intuitively pick up enough to determine if setting up shop is appropriate. It’s harder to determine a reputable offshore service company; many of them are more than willing to prey on your desperation :55:
Voting with your feet (at least for a short time) might be just what is needed to keep a level head about this, and still get the desired results.
Just updating my experience with Finfx…very good so far…they stopped offering normal non-commissions account, so now it’s micro, which is just bigger spread but no commissions, ecn, and ecn pro…but, they do now allow on request leverage up to 1:300, which I now enjoy.
I quite like MyFXChoice.com - so far so good, and the trading conditions are even better than at FinFX.
If I were you, I would do a little research before depositing money in a Belize company. The address for myfxchoice is 60 market sq, belize city which also happens to be the address for numerous other small offshore operations as well as countless HYIP scams that claim to be properly registered.
It is better if you do as suggested earlier in the thread and establish your own offshore company and use it to open an account with a broker that not only has a physical office but is properly regulated by a reputable regulator such as ASIC, UK FSA, or a European regulator.
It’s a serviced office address, not a physical office address - a common practice for offshore registrars.
Why would I give myself such a hell? I’ve tested withdrawals with MyFXChoice - they always go smoothly.
It’s not a problem for me if insecurity is not a problem for you
I just wanted to mention that you should exercise some caution with Belize, BVI, Panama or Seychelles companies that are not properly licensed nor are they held accountable for their actions. If something goes wrong, you have nobody to turn to.
It’s all a matter of trust. MF Global was licensed and regulated beyond imaginable. Where are they now with their customers’ money?
Other brokers play dirty tricks on their customers despite being licensed and regulated. I haven’t seen this from MyFXChoice.
Just an update.
TradersWay.com is still accepting US clientele, leverage up to 1:500.
Customer service and live trade execution has been good, even with volatility. Suggest you add ‘refresh()’ to any EA code just to be safe.
Good Trading
Haha, I honestly have no idea where I got this username. It felt right at the time…
Just another update on Tradersway. I made some trades, and then requested a withdrawal. It takes a few days for the money to credit back to my account, but I followed up with them and they said that the withdrawal request had been processed. I have no reason to believe that it won’t go smoothly.
If I were to improve anything, it would have to be the use of written English. The customer support staff write as if they’re chatting with friends on Facebook chat. Capitalization, complete sentences, punctuation are all so important when dealing with people in a professional manner!
As far as regulation, ha. Don’t ever put your eggs in one basket. I trade with about one standard lot normally. But I only keep enough money in my account to fulfill margin requirements and one potential stop loss. So, with only $250 USD needed for margin, and a stop loss of 50-60 pips, you only need $750 - $900 USD in the account. If a trade gets stopped out, I can do another deposit. If you trade smaller contracts, you adjust accordingly. You should only be trading with money that is expendable anyway. So, as far as I’m concerned, while dealing with a non-regulated entity is a bit riskier, you also don’t need to maintain the same amount of cash in an account. It balances out.
If I were to deal with a U.S. broker, I’d have to maintain at least $3500 USD in the account, and unless it’s with Citi, that deposit is not FDIC insured. In other words, if the broker goes under – like MF Global – I would lose more than 3x what I’m depositing at Tradersway. I’d rather risk losing $1,000 over $3,500.
With all that said, Tradersway – thus far – seems pretty good.
Thanks for these updates, guys.
Your real-life experience with these offshore brokers is what contributes real value to this thread.
While looking for some bonus promotions, I found a 100% deposit promotion by Paxforex which made me interested to look into this more. So I contacted their live support and it was a good experience. They are accepting clients from USA which is a good thing though I am not from USA.
About regulation I got this reply from support “We don’t have a regulation, but we are regulatory compliance. It is mean that we are following most of the regulatory rules”
I think it can be given a try with small funds initially.
I have opened a small real account at FXVV. The website is not a full featured as others. I used Moneybookers and Mazooma it did take a few hrs for the deposit to show up in my account. Customer support has been very good. A single account rep has been answering all my questions we have communicated with email and on the phone. No problems with English. I did get one call from him at 1:00am that was a little odd I thought but its the time zone difference, I then got an email apologizing for waking me up.
Spreads are good there is a commission this is an ecn broker. Scalping, EAs and hedging are all fine. They have a 100% bonus for deposits over $100. personally I could care less about fake bonus money that only increases your available margin. The leverage is already a ridiculous 1000:1
My initial interest in FXVV was because I wanted to try out the cTrader platform with levelII data and a price ladder. Well I was informed that the cTrader platform is not yet ready to roll at FXVV. I did find a free demo of cTrader from the company that made the platform. Its a nice platform with what looks like real levelII data for free. I have not seen that on any other platform for free.
I have not made any withdraw, but in the past have never had a problem with a broker using MoneyBookers. I think this is a relatively new broker and I cant find it listed as regulated. So for me its a small account only broker.
1000:1 leverage is making me think martingale grid EA hmmmmm…:33:
Just got a reply to an email I sent to SmartTradeFX confirming that they are no longer accepting new U.S. clients. Another one bites the dust…
Strange, just was on there website and support is offline, probably they do not have enough budget to keep it 24 hours.
Do you think Instaforex is belong to Mayzus also?
