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  • #5,861
  • Jan 11, 2020 10:03am Jan 11, 2020 10:03am
Quoting pipmaster77
{quote} One of the dirty tricks, you guys are oblivious. If oanda widens there spreads, and you have 2-3 other brokers side by side who did not, why trade with the broker playing dirty? Just because they disclose it, doesn't make it OK. I am a profitable trader, I am not here to blame the broker. I actually have an Oanda account along with 3 offshore brokers (because I am from US, do not have a choice). You wouldn't believe the things I see on my Oanda account that I do not see on my other brokers platforms.
If I'm not wrong Oanda is regulated in US, Japan, Europe, Canada, Australia, Singapore.

If you think your case is strong or the conspiracy theories is solid with evidence, why are they still here after 23 years?

Sure fine, you can find smaller spread brokers, but are they regulated almost worldwide and over 20 years of history?
  • #5,862
  • Jan 11, 2020 11:15am Jan 11, 2020 11:15am
Quoting driven18
{quote} pipmaster77, can you suggest an offshore broker that you like? You can pm me if you do not want to disclose it here, for whatever reason.
I can't wait to see pipmaster's reply because it's illegal for US citizens to open trading accounts outside the US because of the Dodd-Frank Act of 2010 unless the foreign broker is regulated in the US by the CFTC and the NFA via its US subsidiary. In which case it has the same stupid NFA/CFTC rules of no hedging and FIFO. As a US citizen living outside the US I trade with OANDA Canada because it's much better than trading with OANDA US. If OANDA US goes bust you get pennies on the dollar if you're lucky. If OANDA Canada goes bust you get all your money back as long as your account is below CAD 1 million. The only caveat is that you must have a bank account in Canada and it's easier than cooking a pie
  • #5,863
  • Jan 11, 2020 11:19am Jan 11, 2020 11:19am
Quoting Hutch
{quote} I apologize if you took my post as an insult. I really like Fry and found it funny that you compare his actions to yours I agree with you that some people might be here on an ego trip but those people are on an ego trip everywhere. Ego trip or not we are all is to make money … well I hope!
Oh my bad then, sorry. All good and tnx
Can you afford to take that chance?
  • #5,864
  • Jan 11, 2020 11:28am Jan 11, 2020 11:28am
Quoting Hutch
{quote} I can't wait to see pipmaster's reply because it's illegal for US citizens to open trading accounts outside the US because of the Dodd-Frank Act of 2010 unless the foreign broker is regulated in the US by the CFTC and the NFA via its US subsidiary. In which case it has the same stupid NFA/CFTC rules of no hedging and FIFO. As a US citizen living outside the US I trade with OANDA Canada because it's much better than trading with OANDA US. If OANDA US goes bust you get pennies on the dollar if you're lucky. If OANDA Canada goes bust you get...
I refuse to have a rational conversation with irrational people. Please do your research before making such a statement. There is no law whatsoever prohibiting US citizens from opening offshore account. It is illegal on the broker side and that's why many get shut down. However, there are a few in jurisdictions whee the CTC/NFA has no reach. Here you go.....

The CFTC has just announced the addition of xxxx to their “RED List” (Registration Deficient List).
This brings to three the number of brokers on our List which have earned this special designation from the U.S. Nanny State.
Here are the three, together with the dates on which they were listed:

  1. xxxxxxx - added 8/21/15
  2. xxxxxxx - added 8/21/15
  3. xxxxxxxx - added 12/4/19

Here is the CFTC webpage that describes the RED List, and lists the nearly-150 entities labeled by the CFTC as “registration deficient” —
RED (Registration Deficient) LIST | U.S. COMMODITY FUTURES TRADING COMMISSION12
If you read the text on that page, you will see that this RED List is not a threat to the brokers listed.
Basically, it’s a list of brokers (and other entities) which the CFTC is not able to prosecute —
— but wishes they could.

  • #5,865
  • Jan 11, 2020 11:32am Jan 11, 2020 11:32am
Quoting TraderSing
{quote} If I'm not wrong Oanda is regulated in US, Japan, Europe, Canada, Australia, Singapore. If you think your case is strong or the conspiracy theories is solid with evidence, why are they still here after 23 years? Sure fine, you can find smaller spread brokers, but are they regulated almost worldwide and over 20 years of history?
Yes and Gain capital, aka Forex.com has been around 20 years, FXCM was around for years before they were banned from US. Do a google serach on violations against these companies, lol. It's simply a case of they make more money cheating than the cost of the fines. I cannot speak for other countires, their regulations actually protect the trader, most importantly insurance of funds. In the US, they regulate the trader not the broker.
  • #5,866
  • Jan 11, 2020 11:44am Jan 11, 2020 11:44am
Here is a paragraph from the CFTC website directly:


The goal of this list is to provide information to U.S. consumers about foreign entities that are acting in an unregistered capacity and to help them make more informed decisions about whether to trade with or through such an entity. The more that U.S. consumers trade with and through registered entities, the more likely that their funds will have a greater chance of being protected.

What a play on words.....the more US customers trade through registered entities, the MORE LIKELY funds will have a GREATER CHANCE of being protected.

If you're so interested in protecting me.........PUT INSURANCE IN PLACE TO PROTECT MY FUNDS.......I call bullshit
  • #5,867
  • Jan 11, 2020 11:49am Jan 11, 2020 11:49am
Arbitration and fines synonymous to the industry. The best names all have them including the big three banks. This is one of the most heavily regulated industries.

I think you guys concentrate on the wrong things.
  • #5,868
  • Jan 11, 2020 11:56am Jan 11, 2020 11:56am
Quoting JTevens
Arbitration and fines synonymous to the industry. The best names all have them including the big three banks. This is one of the most heavily regulated industries. I think you guys concentrate on the wrong things.
I agree. Regulation means shit. My funds are not protected with US broker, my funds are not protected offshore. I'll take the better conditions offshore, 2 of my brokers are in their 9th year in business. I always get paid. If they fix it in the US, I'd be more than happy to use a US broker. Until then, no thanks.
  • #5,869
  • Jan 11, 2020 11:57am Jan 11, 2020 11:57am
Quoting pipmaster77
{quote} What I would like is to be able to trade with a regulated broker who is not a market maker. You know, freedoms like the rest of the world have. In the US, our options are reglated market maker (complete joke) or offshore ECN. Market maker might not make a difference on small accounts, but on large accounts they are going to get dirty on you....after all when you win, they lose. A profitable trader with an account of 10K+ should never use a market maker broker.
With an off shore small broker, you still trade against market makers. Just a bunch of them. The difference is one market maker or delayed a bunch of market markers.
The other thing is how big the contract your off shore has with market makers. If there is only 5 lots on the book then it's unlikely one retail trader can grab all of it.
Your ecn broker is a client of market makers that manipulate the market. However it's not shown on ur screen coz the tricks are played behind ur ecn broker.

One advantage of ecn is multiple price feed that may get you a few pips more positive slippage? But it's very rare. I have only seen that a few times.
Another advantage is you remain anonymous to The market makers behind ur ecn dealers but makers play with the bundled orders as a whole thing. Right?

I m not saying all retail ecn are bullshit. There are a few good ecn brokers has huge daily volume. But I had more slippage than I would have with a market maker. Obviously there is latency from your ecn to the market makers. On top of that I paid expensive commission. In the end it doesn't matter whether ecn or market makers. As long as the dealer has 10 billion volume a day I have no problem coz my little order is small enough not to be singled out. When my order gets big then the market will take notice and I will be hunted regardless. I have seen lots of strategies posted on this site failed in a few months after. Why? When strategies exposed publicly, thousands traders follow so the market take notice and adapt. Then the strategy became a profitable game in the past.

There are reason to go off shore but it's mainly for tax purposes.
  • #5,870
  • Jan 11, 2020 12:49pm Jan 11, 2020 12:49pm
Quoting pipmaster77
{quote} I refuse to have a rational conversation with irrational people. Please do your research before making such a statement. There is no law whatsoever prohibiting US citizens from opening offshore account. It is illegal on the broker side and that's why many get shut down. However, there are a few in jurisdictions whee the CTC/NFA has no reach. Here you go..... The CFTC has just announced the addition of xxxx to their “RED List” (Registration Deficient List). This brings to three the number of brokers on our List which have earned this special...
I never refuse to have a rational conversation with irrational people because there are many of them around here and I respect everyone. Since you did your research please tell us where you found that "There is no law whatsoever prohibiting US citizens from opening offshore account".

Since I did my research I found under Dodd-Frank Act at https://www.selfgrowth.com/articles/why-us-citizens-cannot-open-account-with-overseas-brokerages-and-how-to-handle-it "... There are also other reforms and changes in the financial market services that US government have provided barring their citizens from opening account with international brokerage companies. Several of these regulations have direct link to CFTC activities. The US government have directly implemented some of them."

By the way you haven't yet suggested good offshore brokers to driven18.
  • #5,871
  • Jan 11, 2020 1:29pm Jan 11, 2020 1:29pm
Quoting driven18
I have done extensive research(including messaging with customer services)for offshore brokers that accept US clients. - and decided that IC Markets is probably the one. Of course there are positive and negative reviews. I would like to ask anyone from USA with any pertinent information for IC Markets to post their views here.
IC Markets does not accept US residents. Lol. Wow.
  • #5,872
  • Jan 11, 2020 1:31pm Jan 11, 2020 1:31pm
Quoting Hutch
{quote} I never refuse to have a rational conversation with irrational people because there are many of them around here and I respect everyone. Since you did your research please tell us where you found that "There is no law whatsoever prohibiting US citizens from opening offshore account". Since I did my research I found under Dodd-Frank Act at https://www.selfgrowth.com/articles/...w-to-handle-it "... There are also other reforms and changes in the financial market services that...
I posted a link directly to the CFTC website, where it basically says they are warning you against trading with unregulated entitites, because your chances of maybe getting your money back are less likely. Did you miss it? I can post it again if you'd like.
As far as posting the brokers, c'mon seriously, I dropped enough hints such as 2 of them have been around 9 years. Power of google. I will not name them or recommend them. Once again, I am not trying to debate anyone, actually trying to help. There are simply way better options out there for US residents and then there are a ton more even better options, such as IC Markets,Dukascopy, Pepperstone, etc, where we cannot open an account
  • #5,873
  • Edited 2:12pm Jan 11, 2020 1:51pm | Edited 2:12pm
Quoting pipmaster77
{quote} IC Markets does not accept US residents. Lol. Wow.
You are correct. Got confused.....it is FXChoice.

Reviews are positive and negative. If anyone with knowledge and experience can comment on this broker, it would be appreciated.

pipmaster77, I have send you PM, please respond.
  • #5,874
  • Jan 11, 2020 3:15pm Jan 11, 2020 3:15pm
Quoting TudorIoan
And I say that blaming the system for your wrong approach and rank this up as "trading expertise" is insulting. Oh, sorry, it must be my diabolic ego !
It's possible... Of course this is one explanation or at least one component, but important one... I was talking about this in the many posts... "Why are we here" etc... Still hoping that someday we (people in this forum) join forces in this forum and make some epic group trade(s), without competing whose idea was it or whatever... but with one (simple) objective... MONEY for all Oh it just reminded me of one other classical ego derivative... "How much the other guy got".. I mean I knew guys that would not take profits if they knew the other guy made much more... I mean.. I do not care how much others make as long as I make anything... I would be happy with a million even so others make billion That is specially true in trading... where we can all make good money, if the right info is given/calculated

If I learned anything in trading is that one must know he is NOTHING, before having the potential to become EVERYTHING It's like in the army... first they break you, then they re-build you
Can you afford to take that chance?
  • #5,875
  • Jan 11, 2020 3:17pm Jan 11, 2020 3:17pm
I'm not sure why you guys complaining and looking for offshore unregulated bucketshops?
As US citizens you can trade e-micro futures with great leverage and have same conditions as rest of the world?
Unless there is issue with capital and trading 10K size is a bit too much.....
  • #5,876
  • Edited 3:33pm Jan 11, 2020 3:19pm | Edited 3:33pm
Quoting johnnycash
I'm not sure why you guys complaining and looking for offshore unregulated bucketshops? As US citizens you can trade e-micro futures with great leverage and have same conditions as rest of the world? Unless there is issue with capital and trading 10K size is a bit too much.....
US citizens can not trade CFDs, CO2 for example... leverage limits for metals etc? Limited leverage to 50:1? Etc etc... Don't get me wrong, US would be my first choice, but due to so many "help" in order to "protect us"... we might lose the edge... or at least under-harvest certain trades... The sad "truth" is that we have to thank to US for much of the trading options in the beginning but now it might become the hardest to trade in. Wouldn't you agree?

Also it gets me wondering if there is any connection to LON/EU times being x3 the volume for certain markets? Might not be connected, just saying/wondering...

As for bucketshops.. Yeah... They are good for playing with rather small deposits at 500:1, for example... But some reputable brokers also have offshore branch... So you get good stuff from all worlds... And do not get me started on TAXes... Specially if we put company between the trades. I red about tax filings for citizens, for gains.. and it seems like a nightmare, you never know when you are doing wrong since not clear rules at times... Am I wrong? I hope so!

BTW EU went even worse now, for certain types of trading... 30:1 max unless you prove to be PRO etc... but at least there is an option for that... I wonder if UK (after brexit is done) will exploit this nonsense... and give more freedom and possible lower and at least SIMPLER taxes...And no Tobin or any of that nonsense...
Let's see which country will get smart first... but until then, I prefer to hedge...

Strong on-topic...
https://www1.oanda.com/forex-trading...recious-metals

"I am a resident of the US and cannot see Gold and Silver on my Rate List. Why?
Precious metal trading is no longer offered to US based clients due to regulatory requirements. Please follow these instructions to see gold and silver if you are non-US based. Palladium is not available to residents of Canada."
Can you afford to take that chance?
  • #5,877
  • Jan 11, 2020 3:34pm Jan 11, 2020 3:34pm
With futures leverage can be pushed to 100:1. Add options and you have any leverage you want. Legally and no need to worry about bucket shop's reliability.
The problem is that a bit of the capital required. Especially for people who want to trade $100 accounts....
  • #5,878
  • Jan 11, 2020 3:48pm Jan 11, 2020 3:48pm
Quoting johnnycash
With futures leverage can be pushed to 100:1. Add options and you have any leverage you want. Legally and no need to worry about bucket shop's reliability. The problem is that a bit of the capital required. Especially for people who want to trade $100 accounts....
Would like to know more, with some examples if possible... Also spot trading and futures are taxed differently (from country to country), right?
Can you afford to take that chance?
  • #5,879
  • Jan 12, 2020 11:59am Jan 12, 2020 11:59am
Quoting auricforecas
{quote} US citizens can not trade CFDs, CO2 for example... leverage limits for metals etc? Limited leverage to 50:1? Etc etc... Don't get me wrong, US would be my first choice, but due to so many "help" in order to "protect us"... we might lose the edge... or at least under-harvest certain trades... The sad "truth" is that we have to thank to US for much of the trading options in the beginning but now it might become the hardest to trade in. Wouldn't you agree? Also it gets me wondering if there is any connection to LON/EU times being x3 the volume...
US citizens/residents are allowed to trade precious metals with forex brokers the only problem is that the leverage is 1:1 so to trade 0.01 lot of XAUUSD the margin is $1,563 and for one full lot it's $156,300. The result is that many brokers no longer offer metals. Pro traders can get a leverage is 100:1. In most countries capital gains on forex trades are not taxed heavily. In the US capital gains on forex trades are regarded as normal income so US taxation is disadvantageous as compared to other countries.
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  • #5,880
  • Edited 1:56pm Jan 12, 2020 1:41pm | Edited 1:56pm
Hey guys a few quick questions if anyone happens to know.

Does anyone know what the admin fees were before Dec 9th on CFDS and currency. For CFDS it is now 2.5%. I think it was 1% but I repeat "think". Can anyone confirm this. And also for forex major pairs it is now 1%. Can anyone confirm what it was before?

Also does anyone have any idea why the USD/CAD is so high relative to other brokers. There are European places that offer -1.14 and -1.60 At Oanda we are -3.12 and -2.66 ( These last prices I typed were based on holding 100,000 units overnight ). So it would mean Oanda 3.12 to hold and other place 1.14

You would think that we would have better then offered in Europe just like in Europe many places have amazing rates on the Euro pairs since they are based there.
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