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List of Brokers taking U.S. Clients with hedging, scalping and no FIFO

  • #121
  • Edited 11:31am Jan 25, 2015 10:34am | Edited 11:31am
Quoting freundr
Final nail in the coffin of US trading came for me in the form of an email from Oanda last night. The esteemed "wisdom" of the NFA has dictated we now are limited to 33:1 leverage on AU and JPY pairs 20:1 leverage on CHF pairs. NFA and CFTC are pushing out retail fx for what purposes ? Get us all to trade futures ? ironically some futures brokers will give you day trading leverage for S&P eminis at $400-500. Roughly $100,000 contract at 200:1 leverage. Hmm ? Now I have to decide what country to jump in bed with..Belize, Estonia, Finland, Dominica...
The "Thieves of Wall Street" Clearly Have Both the SEC and the NFA in their Pockets,.....Woe be to Traders and Honest Folks!

While reading your post it occurred to me that either the other USA brokers did not publish this information for inclusion on FF, or I missed it. I think there was an article posted by the NFA, but not very inclusive in details. I know for sure that Citi never published in return. The NFA having done this, then all USA brokers must comply. That the brokers have not also published this information - if that is the case - then it probably is because they recognize it to be such a negative that it will likely terminate the inflow of new account applicants. I know for sure that Citi has not published this. And in the midst of the episode with FXCM, they probably have not done so either. Or, as I say, maybe I missed some of it. In any case, it has become obvious now there is no help for the USA retail currency trader to continue via the spot forex market. It has become a choice of trading currency via futures or via offshore brokers.

As I see it based on current events, the spot forex broker business in the USA is going to die off. It is a shame because it facilitated the "average person's" entry into trading and into the opportunity to make profits via trading, under conditions that were originally far more favorable than thru the "Thieves of Wall Street", where regulation for the protection of traders via the SEC has traditionally been non-existent,...a farce. Same with the NFA,....a farce. But, it is coming to the point where either you enter their den of big time thieving and corruption in an attempt to remain a trader, or you go to an offshore broker that accepts USA clients.

This thread has the potential to be come one of the most popular on FF, not only due to the likely increased interest by more and more USA spot forex traders, but due to the possible interest by non-traders looking for information to push their agenda, some of whom could be predisposed to our way of thinking and looking for ammunition to fight against the authority and power given the NFA, which has and is being used to destroy the opportunity of spot forex retail traders, not to protect them.

So, keep coming with the information you all learn about offshore brokers - good and bad - because that is information more and more will be looking for, in an attempt to find an alternative for themselves. Please be specific about information: broker name, details about methods and costs of deposits and withdrawals, inclusion in MT4 of accounting of swaps and commissions (if any), personal experience with them, etc.,.....details like this which will more quickly help your fellow USA retail trader find a trustworthy alternative to the USA market, which has become rigged by the NFA to the point of strangulation of all USA spot forex retailer traders.

Thank You One and All for Meaningful Ongoing Contribution, and mer071898 for Starting This Thread,
-tah
  • #122
  • Jan 25, 2015 8:07pm Jan 25, 2015 8:07pm
Quoting Indo583
I’ve been searching for a while now to find a broker I want to do business with. All of the US retail brokers seem to be market makers: Forex.com, Oanda, CitiFX Pro, etc. The only US broker I can find that uses an agency model is FXCM, which just had a $300MM bailout from Leucadia. Who knows if the agency model will last now that Leucadia basically owns FXCM. I’m not as concerned with the lower leverage options of US brokers, but not dealing with a market maker is a big deal to me. Unless someone knows of a US broker that is not a market maker (and...
Excellent post Indo! I very much appreciate it!

I would avoid forex.com like the plague. I don't know anything about CitiFx. I tried Oanda once, but didn't like it as much as FXCM.

I've been with FXCM for 6 years and although it's a great company, the regulations in the US continue to snowball downhill. When the FIFO thing hit, FXCM transferred US clients to the UK, but soon were forced to repatriate the accounts. Then the margin requirements changed and were unequal among pairs. For some reason, GBP pairs require almost twice the margin of NZD pairs. Now I'm told after 1-31-15, they will no longer accept credit cards for funding FXCM accounts. And now I'm starting to fear something new as an effect of the Franc fiasco. I spoke to someone at FXCM regarding forming an offshore corp to open an account in the UK, but was told it wouldn't matter. If the "brains" are located in the US, it doesn't matter where the corp is located. FXCM's hands are tied and things are only going to get worse in the US, so I'm shopping for a new broker. I really hate to because FXCM has always been great, but regulations are what pushed me away from stocks and into forex in the beginning.

I doubt FXChoice being older than the other two by a year is a big selling-point. They all are fairly new in my opinion. However, Belize seems to be the most popular tax-haven.

"Banking secrecy in Belize is strictly enforced by law. Access to bank records is only available to signatories on the account - and to no one else. Tax avoidance or even tax evasion are not considered criminal matters in Belize and, since there are no taxes here, there are no statutes relating to them, rendering it impossible for the courts to give a decision, even if asked. No details of the directors, shareholders or beneficial owners can be obtained by any tax authorities and the banks will not reveal even the existence of any account." http://www.belizetaxhaven.com/ibcs.html

That seems to be the place to go if one is running from regulation and after the repatriation of my account once before, secrecy is a big selling-point.

I don't know much about Estonia, but a quick google search produced:

"A developed country with an advanced, high-income economy,[13] Estonia is a member of the Organisation for Economic Co-operation and Development. It ranks very high in the Human Development Index,[6] and performs favourably in measurements of economic freedom, civil liberties, education, and press freedom (third in the world in 2012).[14] Estonia is often described as one of the most wired countries in Europe.[15][16]" http://en.wikipedia.org/wiki/Estonia

Estonia seems to be the place to go for speed and technological advancement. And they value freedom, but it is a European country and Europeans seem to be quite fond of big government.

I don't know about Dominica:

"In 2008, Dominica had one of the lowest per capita gross domestic product (GDP) rates of Eastern Caribbean states.[25][26] The country nearly had a financial crisis in 2003 and 2004, but Dominica's economy grew by 3.5% in 2005 and 4.0% in 2006, following a decade of poor performance. Growth in 2006 was attributed to gains in tourism, construction, offshore and other services, and some sub-sectors of the banana industry. The International Monetary Fund (IMF) recently praised the Government of Dominica for its successful macroeconomic reforms. The IMF also pointed out remaining challenges, including the need for further reductions in public debt, increased financial sector regulation, and market diversification.[8]" http://en.wikipedia.org/wiki/Dominica

I don't know if I want to put my money in an economy based on bananas. If a hurricane blew the island away, then what is to stop them from taking my money? Dominica seems underdeveloped.

One thing that did concern me is while reading the FAQ http://myfxchoice.com/faq/ I noticed they didn't put much effort into it. Compare that to Tradersway http://www.tradersway.com/about_us/safety_of_funds They put much more effort. Of course, being where they're located, they probably needed to. Tallinex isn't very embellished either. https://www.tallinex.com/faq Tallinex gives me the impression "here is what we offer, take it or leave it."

On sunday evening I downloaded all 3 demos to compare. I installed Tallinex first, then Myfxchoice next. About an hour later I got around to installing Tradersway. Ironically, Tallinex seems to be the slowest. It's the first to be installed, but it shows 6800kb downloaded compared to 8200 for myfxchoice. Tradersway is gaining, but being installed late, it's tough to compare. All 3 have identical charts and indicators.

At first, all 3 seemed to have instantaneous trading, but then I hit the "buy" button for gold in Tallinex and nothing happened. I was able to buy gold in the other 2 and then come back and scratch my head before the trade finally executed.

Tallinex also has red bars in the connection status whereas the others have nice dark green bars.

Tallinex also appears to have different volume shown for GBP/USD that doesn't jive with the other 2 brokers.

Tallinex doesn't seem to have many instruments. I counted roughly 50 pairs including gold, silver and bitcoin. Tradersway includes all that plus oil and US indices, but no BTC. Myfxchoice has all that plus the DAX, CAC, FTSE, BTC and more.

At the moment, all signs point to Myfxchoice. Tallinex seems to be a lot of glitter with nothing to back it up. Tradersway seems ok, but Dominica scares me.

I'll know more on wednesday after FOMC. I'm posting this now (inconclusively) in hopes others will jump on board and post insights as well.
  • #123
  • Jan 26, 2015 9:11am Jan 26, 2015 9:11am
Nice post, Art. Appreciate the info.
  • #124
  • Jan 26, 2015 5:28pm Jan 26, 2015 5:28pm
Quoting c3p0
{quote} I dont think fxchoice is regulated. Forexbrokerinc is good. I like tradersway also. Do US citizens get in legal trouble for using leverage over 50:1 or is that rule only for brokers?
In regards to FX Choice, yes they ARE regulated. I asked them on their live chat a few weeks ago and they said they are regulated.

You also asked about whether U.S. citizens will get in legal trouble for using leverage over 50:1. The answer is no. The 50:1 leverage rule is only for U.S. brokers. American citizens can legally trade with a broker outside the United States ... at least until our glorious government comes up with a new law forbidding us Americans from doing so (undoubtably, it's only a matter of time).
"Dream big and dare to fail." - Norman Vaughan
  • #125
  • Jan 26, 2015 6:06pm Jan 26, 2015 6:06pm
has anybody used assetsfx?
  • #126
  • Jan 26, 2015 6:10pm Jan 26, 2015 6:10pm
Quoting Ace_1
{quote} In regards to FX Choice, yes they ARE regulated. I asked them on their live chat a few weeks ago and they said they are regulated. You also asked about whether U.S. citizens will get in legal trouble for using leverage over 50:1. The answer is no. The 50:1 leverage rule is only for U.S. brokers. American citizens can legally trade with a broker outside the United States ... at least until our glorious government comes up with a new law forbidding us Americans from doing so (undoubtably, it's only a matter of time).
Regulated by whom? Did you u even bother to ask their license number, so you can verify it in the regulatory body if indeed they are?

Asking is the first step, verification second.
Fear prevent possibilities, and so does Greed
  • #127
  • Jan 26, 2015 6:15pm Jan 26, 2015 6:15pm
Still don't see all the hype surrounding regulation. There are scam brokers who ARE REGULATED. Just look around the US, with supposedly the toughest regulation of all. That's tough against traders, not the brokers. Little fine,slap on the wrist, go about your business. On the same token, there are great brokers WHO ARE NOT REGULATED. Most of them are unregulated by choice so they can accept us (US citizens) as clients. Once they are regulated, regardless of by who, the NFA feels they have the authority to regulate them as well.
  • #128
  • Jan 26, 2015 6:20pm Jan 26, 2015 6:20pm
Quoting xtrader101
{quote} Regulated by whom? Did you u even bother to ask their license number, so you can verify it in the regulatory body if indeed they are? Asking is the first step, verification second.

I agree that the best thing to do is to get their license number in order to verify they are regulated. If someone wants to do that, then I suggest to go to their live chat and ask them their license number. (As a side note, they also say in their "FAQ" section of their website that they are a regulated broker ... for what it's worth).
"Dream big and dare to fail." - Norman Vaughan
  • #129
  • Jan 26, 2015 6:44pm Jan 26, 2015 6:44pm
Quoting ArtVandelay
Estonia seems to be the place to go.
We're doomed. (Well, not me....)
"If The Fool persists in his Folly he will become wise." - William Blake
  • #130
  • Jan 26, 2015 7:09pm Jan 26, 2015 7:09pm
Has anyone tried Mubasher Trade? They look quite legitimate and offer a good variety of markets all with one account.

I am considering signing up and it appears they will accept US clients. Looks a lot more legit than most of these other places from south america and cyprus.

http://global.mubashertrade.com/
  • #131
  • Jan 26, 2015 7:19pm Jan 26, 2015 7:19pm
I've decided to open an account with myfxchoice.com. While they offer smaller leverage than the other brokers I was looking at (200:1), they are the only one that is regulated and they had the highest rating (4.5 out of 5) on forex peace army: http://www.forexpeacearmy.com/public...w.fxchoice.com. They are regulated by the International Financial Services Commission, this can be found on their disclosures page: http://myfxchoice.com/risk-disclosure/. The signup was very easy, took less than 5 minutes. I just submitted my verification information (driver's license and utility bill), once I hear back, I'll post a follow up on my experience with funding the account.

According to this awesome post on babypips.com, there are fifteen brokers that are currently accepting US customers: http://forums.babypips.com/forex-bro...cape-cftc.html. There are some brokers that offer higher leverage, but they either weren't regulated or didn't have a good review on forex peace army. While I'm sure there are unregulated brokers that are just fine (Tallinex and Traders Way both have pretty good reviews) the regulation just gives me a little extra piece of mind. If for some reason you don't like FX Choice, another broker that stood out to me was ProfiForex, they are also regulated, and have a decent review (3 out of 5), and offer 500:1 leverage. Like I said in my last post, leverage isn't as big a deal for me, as I'm more of a swing trader than a scalper, I just don't want to deal with a market maker that's betting against me. Of all the brokers on the babypips list, the one I would be extra wary of is forex-metal. They have a "scam" rating on forex peace army.

As an FYI to those that are opening an account off shore, don't forget to claim any income you make on your taxes, and if your account is over $10,000 (this cumulative for all foreign accounts you hold, ex. two accounts that are $5k each) then you need to also file a Foreign Bank and Financial Accounts Report (FBAR). It is big fines if you get caught having foreign accounts over $10k and you don't file an FBAR. Also of note, you need to file an FBAR if at any day during the year your account hits $10k. So if your account goes over $10k and then drops back down below $10k, you still need to file an FBAR. If you have that much money in your account, do yourself a favor and hire a CPA. My accountant costs about $120 to do my taxes, and he's worth every penny. Just don't go to one of the big chains, like H&R Block, or you can kiss your refund goodbye (I made that mistake...once).
  • #132
  • Jan 26, 2015 7:49pm Jan 26, 2015 7:49pm
Quoting teddybomber
Has anyone tried Mubasher Trade? They look quite legitimate and offer a good variety of markets all with one account. I am considering signing up and it appears they will accept US clients. Looks a lot more legit than most of these other places from south america and cyprus. http://global.mubashertrade.com/
Their website says they were formed in 2006, but I can't find any reviews, which is pretty odd. They are a middle eastern broker based in Dubai. Apparently they are regulated by the Central Bank of Bahrain. I would ask them for their license number and perform some due diligence before sending them any money.
  • #133
  • Jan 26, 2015 8:11pm Jan 26, 2015 8:11pm
Quoting archtop
has anybody used assetsfx?
Here are some reviews. They are unregulated and they did get caught posting fake reviews on forex peace army, but the recent reviews on babypips are mostly positive:

http://forums.babypips.com/forex-bro...tml#post674962
http://forums.babypips.com/forex-bro...tml#post675211
http://forums.babypips.com/forex-bro...tml#post675962
  • #134
  • Jan 27, 2015 6:21am Jan 27, 2015 6:21am
Quoting Indo583
{quote} Their website says they were formed in 2006, but I can't find any reviews, which is pretty odd. They are a middle eastern broker based in Dubai. Apparently they are regulated by the Central Bank of Bahrain. I would ask them for their license number and perform some due diligence before sending them any money.
Seems like Mubasher's focus may be on equities and perhaps futures. They also seem to offer only their in-house platforms for trading.
  • #135
  • Jan 27, 2015 7:26am Jan 27, 2015 7:26am
Quoting Indo583
I've decided to open an account with myfxchoice.com.
I also opened an account with myfxchoice. I've discovered they have a 4% fee on deposits and wire is the only method of withdrawal, which costs $25.

I had posted a more detailed reply of my findings while comparing the 3 brokers, but I guess the mod didn't approve it.
  • #136
  • Jan 27, 2015 8:29am Jan 27, 2015 8:29am
Quoting ArtVandelay
{quote} I also opened an account with myfxchoice. I've discovered they have a 4% fee on deposits and wire is the only method of withdrawal, which costs $25. I had posted a more detailed reply of my findings while comparing the 3 brokers, but I guess the mod didn't approve it.
PM me for broker. No fees on deposits, wire withdrawals over $500 are free. Better conditions than fxchoice.
  • #137
  • Edited 9:05pm Jan 27, 2015 9:03pm | Edited 9:05pm
http://www.forexfactory.com/news.php?do=news&id=523554

Please read the one comment. This is the best I could have expressed it, in the comment. Follow through if you are interested - the momentum is building and it is obvious that our situation is dire in the US. Do not wait. We may not live for the restoration of America, and before that can happen, we have to restore our souls. That has to do with making decisions based on truth, not on what you are seeing around you in the US. The entire country is in a mess. The spiritual blame is real. Don't just lie down and take it. Just because our country has never seen the kind of fighting and bloodshed Europe has, or other countries have, doesn' t mean it won't come here, given what our country has done to others; it WILL come here. But we are weak as a people. Develop strength now and try to do something for yourself. Lead a moral life, and get an offshore account at a place you can trust.
  • #138
  • Jan 28, 2015 7:52am Jan 28, 2015 7:52am
My post didn't have the desired effect. No one went back to the original link and read the Comment. The whole reason to post was to get people to read the last paragraph of it, about the broker. I didn't think of that last night being ... too worn out from work probably. This was from the thinkforex post above. Things are accerating little by little; look lively - believe the whistle blowers, consider the worst possible motivations and then add twice or three times the evil and you will have what is awaiting us in the US so take this time beforehand to do what you can to keep your ability to better your circumstances. Read; then pm.

Frequently Asked Questions | ThinkForex
...Please note: We do not service United States entities or residents.

US traders: the United States government is pulling everything in it can to the US from abroad - all accounts, large, small, enormous, massive, and microscopic... or it is attempting to do so. This is to create a bathtub like situation of isolated weak and ??? individuals so that the country can finally be conquered for the globalists being the one barrier to their hegemony.

Do not be deluded into the feeling that resistance is futile; that is exactly the idea.

Keep seeing yourself as an individual and look for other options.

IN reality the US is a bankrupt, morally, financially, militarily former paradise of freedom, private property, individual sovereignty. It is our fault only in the sense that we thought we could take the easy way out and were heavily propagandized so that many of the actions of our government have remained hidden from us as history has been systematicalkly rewritten.

I have a terrific broker; finfx has finally succumbed and is no longer taking US clients as of January 30. Within the last few months, I opened a second account at a broker every bit as good as finfx was, and better in several respects. I have grilled them every which way I possibly could, and turned up nothing that raises my insecurity sense, which has always been strong.

If any US citizen is interested in knowing what I know, please pm me.
  • #139
  • Jan 28, 2015 10:30am Jan 28, 2015 10:30am
Quoting Greenstar
US traders: the United States government is pulling everything in it can to the US from abroad...
Whoa, that's a lot of doom and gloom. Look, I'm not trying to start a flame war or anything, but I think most people looking at this thread realize how crappy it is to be a US FX trader, you're kind of preaching to the choir. I think the purpose of the original poster was to provide people with a list of off shore brokers that still take US customers, not to debate the crappy US policy. I'm a little wary that you and Profit Daily do not want to name your broker. Right now it is perfectly legal for a US citizen to have an off shore broker. If that changes, I have no intention of breaking the law, even if I don't agree with it. It's not worth the risk, there are other ways to invest my money. In my post on the 26th, I provide a link to a babypips forum post that lists 15 brokers that still take us customers (list below). I have a question for you and Profit Daily, are you using a broker that is not one of the 15? If so, please PM me and let me know. If it's a broker not on this, I'll be happy to add it to the discussion on this thread as a broker that I found, as well as inform the guys over at babypips, and I'll leave your name out of it, of course.

FX Choice (Belize)
Real Forex (Belize)
IKOFX (British Virgin Islands)
Trader's Way (Dominica / Dominican Republic)
PaxForex (St. Vincent and the Grenadines)
SmartTradeFX (St. Vincent and the Grenadines)
Tallinex (St. Vincent and the Grenadines)
AssetsFX (Finland)
Renesource Capital (Latvia)
Forex Broker Inc (The Marshall Islands)
Sensus Capital Markets (Malta)
FXGlory (Republic of Georgia)
ProfiForex (Seychelles)
Real Trade (Seychelles)
Forex-Metal (Panama)
  • #140
  • Jan 28, 2015 11:53am Jan 28, 2015 11:53am
Quoting Indo583
{quote} Whoa, that's a lot of doom and gloom. Look, I'm not trying to start a flame war or anything, but I think most people looking at this thread realize how crappy it is to be a US FX trader, you're kind of preaching to the choir. I think the purpose of the original poster was to provide people with a list of off shore brokers that still take US customers, not to debate the crappy US policy. I'm a little wary that you and Profit Daily do not want to name your broker. Right now it is perfectly legal for a US citizen to have an off shore broker....
I agree the thread's focus is more practical and applied. That's where I'm coming from anyway. I appreciate your efforts on this.
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