Offshore brokers

Broker Discussion
1

Hi,
Ive been writing code for forex for almost 15 years… Took a long break, been back writing strategies in my own backtester using tick data, then live data using MT4. It is a basket concept, trading no indicators, only statistics… Sometimes 50 pairs at a time… (Using the 28 majors and crosses)… My dreams have been dashed with Oanda with the horrible margin 50:1 and 25:1… I then went and got an account at FXChoice, thinking that might be the answer… But there is no efficient way to transfer money back and forth…Im not going to pay the fees to use bitcoin etc… all of your profits are wiped out in transfer fees…
I really want to trade with Dukas… but Cant because of my residency… So, Ive no decided to create an offshore entity and bank account and then open a forex account. Getting 200:1 would make a world of difference in my ability to trade… Not to mention, no stupid FIFO issues… Anyone else been down this road have some thoughts? I dont want to use one of those goofy brokers that are sitting in their basement in the bahamas… Any ideas to be legit?

2

Hi @pipmonkey!

We have a very active and productive thread on offshore brokers that you might want to check out: Going offshore to escape the CFTC. The participants are very knowledgeable on this topic and they might be able to provide you with much needed opinions and information.

Hope this helps!

Penelopip

3

Can you move my thread over?

4

A post was merged into an existing topic: Going offshore to escape the CFTC

5

I’m from Portugal and i’m looking for an broker that can offer leverage of 500:1. I’ll be Trading Intraday, so low spreads will be the priority(ECN preferably)

Anyone trading with an reliable offshore broker with a proper customer support team active in European times?

6

EagleFX are reliable and offshore and their CS team is 24/7

7

I haven’t gone down this road but yeah my brother has and lost a major chunk of his savings. What I learnt out of the experience, not to go Bitcoin way and simply trade forex. It’s slow and a lot of time goes into learning but at the end of the day, it’s worth the wait and effort.

8

From trading bitcoin or from using an offshore broker? :open_mouth:

9

I recommend trading with FP Markets, an ASIC broker that is also regulated by cysec and St.Vincent.

I’ve been trading with them for over six months, and their spreads have been stable, starting at 0.0 pips for part of the trades with faster execution compared to other offshore brokers.

10

I trade with an ECN pricing broker FP Markets. The spreads are really low, starting from 0 pips in EURUSD, and they offer some of the lowest commission cost per lot when compared to other offshore brokers.