Is there any criteria you follow for selecting the off-shore brokers?
Nope not really @Daniel. The criteria’s pretty much the same. Safety, segregated funds, low spreads, leverage, etc. I also prefer etoro simply because of the ease of use and their policies.
I thought hedging is very much part of the trading and every broker would allow that. Until I started trading with my ex-broker who refused me to do so. Opening an off-shore account did help me take all the signals and make some good profits.
Yeah, even the documentation and formalities with offshore brokers is simple and straightforward
Make sure you pay good attention to commissions while hedging because you’ll have to open both short and long positions in the market and the fees might be high with some brokers.
For me, it’s the commissions. That’s the huge saver. I mean I’m new to trading and wouldn’t have wanted to share a huge chunk of my profits with the broker. Luckily turnkeyforex and Avatrade charge $1 per lot for ECN accounts and $0 for STP.
I’m from the US and there are a hell lot of restrictions for trading? Not that I have any option, but want to confirm once whether I can start trading with an offshore broker.
Yeah @Paul the restriction of using less than 1:50 leverage, no FIFO rule, and then the card deposit potion leaves you with more losses than profits in the beginning.
There’s no rule or regulation as of what I know that bars you from trading with an off-shore broker.
Aside from the regulations, you aren’t just restricted to forex, but can also try trading stocks, cryptos, futures, and commodities. That’s what I do when trading with turnkey forex as my offshore broker. For forex trading however, I’m cool with ETrade.
Tax exemption I’ve heard is one of the benefits?
Lol. I am myself an offshore account user. And trust me I never feel like going for a local broker here.
Just a small number of things to keep in mind. Low and tight spreads, flexible leverages, low commissions, minimum deposits and good automated features are some basic requirements of traders in forex.
With an offshore broker, you are free from all the restrictions that usually regulated brokers put. That is the reason why many traders look for good offshore brokers.
There are restrictions but not that much. I am trading with a regulated broker and I feel it is not that bad rather it is safe and reliable.
Though these things are basic, they are very important. Your profits depend on these features. I was very careful while choosing a broker and as per these preferences I decided to trade with Turnkeyforex. My trading journey till now is good. I trade in USD pairs and mostly earn through them. I have started trading with Pepperstone also now. Its analytical tools are good.