Trading Point Discussion - Interact Directly with a Broker Representative!

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1

Hi Everyone ,

Please allow me to introduce myself, my name is Costas and I am an employee of a regulated Forex Broker named Trading Point of Financial Instruments Limited. The purpose of this thread is to assist the babypips members with any questions regarding Trading Point and Forex in general.

Our Company provides its Clients with a variety of tradable financial instruments including currencies, metals, energies and stock indices which may be traded via our MT4 platform with some of the markets most competitive spreads.

Should you have any questions/comments please feel free to reply to this thread. We will attempt to respond to all queries within a 24 hour period of a working day.

Always at your disposal
The TradingPoint Team

2

Trading Point DMA/STP Cyprus
CySEC, FSA UK

Independent broker.
In industry since: 2009
Takes US residents
$1 mini
$10k standard
NO ECN
Account Denomination: USD, EUR, GBP, CHF, AUD, JPY

500 : 1 - Micro account
200 : 1 - Standard account

Minimal Lot is 0.01 lot - Micro account
1 lot - Standard account

Funding: Bank wire, credit card, Paypal, Moneybookers, Neteller
Withdrawal: Bank wire, credit card, Paypal, Moneybookers, Neteller

No commission, Variable Spreads and you have upto 5 decimal spot pricing

Lowest Spreads on EurUsd as low as
1.4 pips - Micro account
1.4 pips - Standard account

You allow Hedging, Scalping, EA’s, Trailing Stops, Mobile Trading, 70 currency pairs, gold and silver, Managed accounts, swap free accounts, Segregated accounts, and bonuses

You dissallow one click trading, web trading, API trading, OCO orders, MAMM PAMM, or interest

Trading Platform is mt4

I think that covers it, you can correct what I got wrong.

So my question is your dealing desk broker that doesn’t allow one click trading, why should an American client go with you guys?

3

Hi EmptyEternity,

With regards to your analysis of our company you have been very accurate in your results. A minor error was though was that with a standard account you may trade as low as 0.01 lots (Volume of 1,000). Also we provide an Executive account, for which a leverage of up to 1:100 may be obtained by default.

With regards to your question, i understand that one click trading is an important factor for you and as there has been increasing demand for this service from our existing clients, it is something that we are now actively looking into acquiring and should have it available within the next month.

Additional factors that influence why one may choose to open an account with us, include, but are not limited to the following:

a). There are no deposit or withdrawal fees charged and we in fact pay all 3rd party transaction costs for all deposit and withdrawal methods, with the exception of Bank wire (where we will cover our end’s costs). That is to say that if you deposit $100 by Credit Card and then withdraw $100, you will have the full amount reflect in your CC balance.

b). We provide for free, 3 Daily Fundamental Market Reviews (both to our Demo and Real clients), which are sent via email to our clients, of the three daily sessions (European, Asian, USA) as well as frequent up to date news releases through our website pending on the economic events of each day.

c). We are very customer oriented and as such attempt to please the needs of all our clients. Through this we have added the ability for our clients to open a fixed spread account as well as enabling for Islamic accounts to be opened.

I hope the above satisfies your query as to why someone may choose to open an account with us. Should you have any further queries or wish for greater elaboration please do not hesitate to ask.

Kind Regards,

Costas

4

Professional response!

You guys are within Cyprus, which the majority of brokers are dropping US clients left and right…are there future plans to drop US clients by any chance?

What is your leverage and margin rates for a EURUSD lot or mini-lot?

5

Hi EmptyEternity,

We do not have any plans in the near/distant future to drop/ stop accepting US clients :).

With regards to the Leverage and margin rates, please note the following:

1). For a Micro Account you may choose a leverage of up to 1:500; your positions will be closed (for all currency pairs) when a Margin level of 5% is reached.

2). For a Standard Account you may choose a leverage of up to 1:200 (by default - bespoke solutions may be provided, though which a higher leverage may be acquired); your positions will be closed (for all currency pairs) once a Margin level of 20% is reached.

Kind Regards,

Costas

6

Could you, please, comment on the recent US CFTC lawsuit against you?

The lawsuit’s full text is available here: http://cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enftpfilcomplaint090711.pdf

7

Hi bravehoststamps,

Regarding the US CFTC lawsuit, kindly find our Company’s comments below:

Trading Point of Financial instruments is aware of the September 8th complaint by CFTC for failure to register according to the new legislation. The complaint has yet to be officially served to Trading Point, however the management and legal team of the company are fully aware of the issue and will be in communication with the CFTC staff to speedily resolve the matter.

Trading Point of Financial Instruments is a European regulated company licensed by CYSEC and in strict compliance with the Markets in Financial Instruments Directive 2004/39/EC (known as “MiFID”). MIFID is the European Union law that provides harmonized regulation for investment firms across the 30 member states of the European Economic Area. The main objectives of the Directive are to increase competition and consumer protection in investment service. The key aspects of MiFID are to ensure amongst others: Authorization, regulation and pass-porting, client categorization, client order handling, pre-trade transparency, post-trade transparency, best execution and Systematic Internaliser.

MIFID consumer protection regulation is by no means inferior to any non EU equivalent. Moreover the EU directive respects the rights of any responsible trader to trade under the conditions he chooses as long as the substantial risks of financial loss are clearly made known to him.

Trading Point prides itself on its reputation for having the client’s best interests as its cornerstone. The company respects and does its best to be in line with the laws of every country.

Finally we want to reassure everyone that the complaint of CFTC for failure to register will be resolved and it does not in any way affect the everyday operations of the company.

Should you have any further queries/comments please do not hesitate to ask.

Kind Regards,

The TradingPoint Team

8

Does that mean you will continue accepting new US customers in the meantime?

9

I’m a U.S. client and have really enjoyed having Trading-Point as a broker. I was getting sick of the rules U.S. brokers have to follow now. Why is it I can’t hedge trades anymore? Yes, I know, Dodd/Frank. But what a dumbass rule.

Trading-Point has just said they won’t accept new U.S. customers as of a week ago. I’m not sure where that leaves my account, I’m still trading right now just fine. I hope they don’t drop me!

10

If they do, you can always switch to FinFX.

11

I want to give you a question: Your Broker is dealing desk broker or no dealing desk broker?

12

FinFX told me that though they do accept U.S. Residents, there is no guarantee they will continue to accept them. This is seriously beginning to piss me off. I wish someone would do something about this. I don’t know how all of these foreign brokers are able to bar U.S. citizens, there must be some major conspiracy in the works.

13

I suggest 2 possible courses of action:

  1. Someone launches a law suit against the CFTC in response to overstepping its authority.

  2. If the first option doesn’t work, organize a massive trader strike and have all of the traders pull all of their funds out of the brokerage houses.

You can say anything you want to shoot this down but the fact remains: if nothing is done to reverse these regulations and if we don’t take a stand against them, the government will destroy retail forex trading. Is that really what you want? A class action law suit should be in effect.

18

Hello Costas, I am very much interested in trading point. I am from Bangladesh.I am having problem to verify my account.I have my National ID card and Electricity bill but the problem is my electricity bill written in Bangla. So, How can i convert it into english.I don’t have a bank account. Can i verified my account with this document? If not then what shoul’d i have to do…Please give me a solution.

19

Hey Costas, can i be able to trade directly from the charts?

20

I’m trading with this broker with a micro account, the online support is nice and quick. the only difference I noticed is they use 5 digits in price quote and when trading you need to use a “pending order” in order to be able to set your stop and take profit, other thant that I trade news without requote or platform freeze.

21

To TP: My account has not been verified yet, even after sending utility bill and ID proof. Its been over 3 weeks now. Please send me your email address, I will send you my information. Thanks!