Off shore broker for US customer - Trading Point?

I am considering taking 10% of my trading capital and going with an offshore broker to obtain 400:1 margin again. This would be a high risk venture, thus only exposing 10% of my capital. I would only take the MOST promising trade set-ups, but when they occur I would like to load up with high leverage and go for a home run. There are not that many brokers out there that accept US clients. Of the one's that I have looked at, I am considering Trading-Point out of Cyprus. Can anyone comment on this broker? Are there any other suggestions someone could make to me? Thanks for all your help!!

Regards,

I just opened an account with them this week. The account opening was fast and easy. Funding with Paypal was instant, which was nice. They called and emailed after account opening to verify that all was well and that I was satisfied with everything. The only thing that I would like is mobile trading which they said would be available in the near future. The spreads are good also. They seem to be very professional and respond to email in a timely manner. Also live chat was instant and very helpful. The 20% welcome bonus was nice also.

Thanks for your reply. I have demoed with them for 2 weeks, and everything seems fine. I have always been US brokers, so this will be my first try with someone based outside the US. I can't find anyone who has anything bad to say about them. I will fund and account next week and see how it goes.

Regards,

I'll be watching this thread and I honestly hope that it woks out for you. I'm a US citizen and had basically the exact same idea but I just wanted MT4 to run an EA. So after doing my research I decided to go with gomarkets for my account.

Everything was great and then 2 weeks later they gave me (all US customers) the boot!

Then against my better judgement I opened an account with FX Open. All was good there until last week when again we were given the boot!

These were both very small accounts of $500.00 so I lost more on wire transfer fees then I ever made on trading!

My main account that I actively trade is with Dukascopy. Now I'm just playing the waiting game to see what happens with them in a few months. Either they kick us to the curb or fight our Goverment! Hopefully they fight it!

Best of luck!

I've started trading with them this week, however, I haven't withdrawn yet.. I will keep you posted. The deposit is very fast (within 10 or so seconds). I was quite surprised. online chat is always fast and responsive. will keep you guys posted

I was going to fund this week, but found out my bank wants to add a "new" $25 fee for a wire transfer. This is on top of the fee my broker charges for wire transfer. $50 just to get my money? I think not! I told my broker to send me a check. Then I have to find a new bank to open an account and deposit the money. Hopefully, next week I will be able to fund the account. I'll keep you all posted on how it goes. Good to hear the positive feedback about Trading Point so far. I still cannot find anyone who has anything bad to say about them.

Regards,

Oh, and I forgot to mention that they actually call after my account was made. Still trying to find negative feedback regarding them lol, but none at the moment.

Funded my account on Friday. Went very smooth. Account was credited within 1hr. Bonus was added to my account as promised. This is a small, high risk account for me. I am only going to trade it around big support and resistance lines. I will report back after I have made a few trades with them.... but I don't know how long that will be as the good trade opportunities don't happen every day, or even every week. We'll see what happens. Good trades to you all.

Regards,

You also can try Gomarkets, they’re relatively ok brokers and offer 500 : 1. But I think that loading up and going for a home run is a financial suicide!!!.

Those home runs don't happen that often, and once you catch a ride on a good one, then most likely you'll get out prematurely because such highly leveraged trade becomes psychologically of paramount importance, and objectivity goes out of the window. In my opinion it is better to work with statistics, and increasing the trading activity either by trading more instruments or more timeframes (of course it is edge and competency dependent)

Perhaps try to get in with scalps, with say 3% equity risk, with leaving part of trade open as a swing trade so you’ll get high reward to risk. But this usually works if you are good reversal trader and are joining trends from very extended zones.

Or you could consider using some type of careful pyramiding M/M after you lock the stops to B/E on your open trades. This way your equity should more less stay protected and you will risk only the open profits.

Another way could be compounding the profits from scalps on 15min - 60 min tfs, but it's very mentally draining to watch six monitors with more than dozen pairs and not be seduced by the market action and euphoria after you nail few good trades in a row. Good luck, hope it goes well, and protect your account, think of it as your baby !!!.

Go Markets doesn't accept US Clients...

So I've heard, they used to though. I know FxPro has stopped accepting Us clients and I think FxOpen has stopped also. Looks like this is a beginning of a trend, unfortunately.

Yes, DaTrader is right, I forgot about the new CFTC regs. Soon USA citizens will have less rights than under a Communist regime.

What about withdrawing funds from Trading-Point? Can I be sure that they will do it in a proper manner?

any broker offering 400:1 will probably be a bucketshop, just so you are aware of that

dbfx offers 100:1 with trading experience though. They have a location in NewYork also. $5k balance min also

Just wanted everyone to know that I requested my first withdrawal yesterday and received it in less than 16 hours. That's the quickest withdrawal request that I have ever had completed with any of my other brokers and I have several accounts with various forex brokers.

Good to hear, yankee67.

I made my first trade with them. Worked fine. As I said earlier, I'm going for some big hits in this account. Was able to go 15 lots (thanks to 500:1 leverage) long on A/U and close it several hours later for a 60 pip gain. This more than doubled my starting account. I watched the price action closley, and it was always fractionally between FXCM and IBFX pricing. No funny business that I could see. Trade open and closed smoothly. Max per trade for 500:1 leverage is 1 lot, so having to open 15 tickets was somewhat of a hassel. But I knew that before I opened the account. I will make a withdrawal in a week or so and give an update then.

Regards,

Thanks for your concern, HerdMaster. I have been trading a long time. I am pretty conservative with my 50:1 US based account. I took out 10% of my trading capital to dedicate to high risk/high leverage account. I am well aware that I could lose it all. I could also be right 5 times in a row.... and thereby advance my retirement date by a few years! When Mr. Margin comes calling on my account, I don't freak out anymore. We have become well aquainted over the years, so I keep my capital exposure low on ventures like this.

Regards,

Hello,
There might be some scripts in this thread to place those orders for you but I'm not sure I haven't read the entire thread..
Hope this helps.
SatchFan

That sounds good.