Offshore brokers certainly give a lot of trading advantages over-regulated ones. At the end of the day, the motive is to make money and you surely save a lot of time and money with offshores.
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I was planning to open an account with forex chief but they don’t accept US citizens. I had an account with FX choice but even they are not accepting US citizens anymore
i tried signing up with them this weekend but then realized thay they don’t accept US clients. Alas
Haven’t used fxChoice yet. But LMFX, i was using them a few months before and had to switch my broker. I raised a withdrawal with them and i received it after 15 days, for 15 days they kept giving me wrong transaction hash. And adding to this is there chat support, they kept transferring my chat to one another and kept my concern unresolved. Not a good experience. I switched to turnkey forex later, pretty fast with processing withdrawals, like just 5-6 hours.
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Any particular reason why you are looking for only “offshore” broker? Speaking about low commisions, there is only one broker that crosses my mind and that is coinexx.
Not a huge fan of offshore/non-regulated broker. Would suggest to go for regulated one.
Hi Smith, i was reading your review about using turnkey, must say i agree to what you say. I am new here (trading), heard from lot of people that i should try turnkey for fast withdrawals and hence i opened an account with them. My first withdrwal with them reached to me in just 5 hours. I WAS IMPRESSED.
I think regulated brokers are more credible than the non-regulated ones because it is easier to judge their legitimacy. A regulation with an authority means that this broker will not run away with your money.
I think if the offshore broker is regulated by some authority then there should be no worries regarding its authenticity. I know the risk is real with every transaction you do online. The offshore brokers provide us with the flexibility to choose from various securities to invest. I am finding trading with my current brokers fxview, pepperstone and plus500 quite convenient.
I personally feel that regulated or not, there’s no difference really. A regulation cannot save us from fraud if we are careless. So a regulation is for the broker but you have to take care of the common safety measures.
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This is true that there is not much of a difference in front of the eye but in the backend things can get pretty different. We have to be aware the whole time.
I would suggest you to only go for a regulated broker.
Well, I think that every broker that doesn’t scam you is a nice broker. You just have to make sure that the broker you are considering is regulated. If you do so, you will be kind of satisfied that you are not putting your money just anywhere.
I do prefer some offshore brokers, and I can say that by experience, some of them do provide better commission structure and tighter spreads. The best part is that I do not have to follow FIFO.
LMFX just accepts Bitcoin payment, great update.
Your choice of broker must not depend on how a broker worked for someone else. It is your trading journey and so don’t risk it by going by mere words. Do your own research and see whether the broker you are planning to use is worth risking your money or not.
I have been trading from almost 10 years now, out of which I have been using offshore brokers for almost 6 years. I faced withdrawal issues with my first offshore broker, so you should know that not all offshore brokers are good. But yes, not all offshore brokers are a scam. All you need to do is deep research on different brokers since all reviews online will not be true. Also, you need to take that chance. Open a small account with your choice of broker and see if you are facing issues with trade execution and withdrawal. Compare spreads, compare other trading conditions with other brokers. And if you are happy, then you can grow your account with that broker.
FYI: I have been with Turnkey Forex and XM and both are really good.
I have no experience with any of these brokers. Not very fond of off-shore brokers. Can’t trust them with your funds. How is Fx-choice by the way?
It is totally a personal opinion to trust offshore brokers. But if you ever plan to try offshore brokers, you can look at this page:
Regarding FX Choice, there are mixed reviews about the broker online. You can read the reviews on FPA too.
cant say much about fxchoice, havent tried them, i do trade an lmfx account for a non US trader, they are okay, they payoff on time and they do have good spreads