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  • #31,161
  • Feb 19, 2024 12:36pm Feb 19, 2024 12:36pm
Welp boys... it was a good run while it lasted, but this shit is over for US traders!!!!

I guess it's mostly back to my offshore accounts & AMP futures account.
  • #31,162
  • Feb 19, 2024 12:37pm Feb 19, 2024 12:37pm
Its my dream to have so much money that I can trade directly through the Banks. I would trade with WellsFargo WatsFX platform.
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  • #31,163
  • Feb 19, 2024 12:39pm Feb 19, 2024 12:39pm
Quoting procrude
Its my dream to have so much money that I can trade directly through the Banks. I would trade with WellsFargo WatsFX platform. {image}
Those are big spreads EURUSD 0.5 for a bank, dont see any vantages, you better trading in icmarkets and tickmill as those brokers offer better conditions and spreads as the real market conditions
  • #31,164
  • Feb 19, 2024 12:40pm Feb 19, 2024 12:40pm
My belief from my various sources is that the CFTC does not want a prop business in the US or servicing US at all. Even if you have an RFED registration its likely the model would be fined to oblivion until it stopped.

I would love for that to be incorrect and hope that in the future the CFTC will take steps to not exclude the US market participants from innovative change in the markets.
  • #31,165
  • Feb 19, 2024 12:41pm Feb 19, 2024 12:41pm
Quoting DeltaCapital
{quote}Those are big spreads EURUSD 0.5 for a bank, dont see any vantages, you better trading in icmarkets and tickmill as those brokers offer better conditions and spreads as the real market conditions
The spread is normal, only retail TOB brings spread lower than that and is built to bring the boys to the yard. If a spread is lower than 0.5 most likely its going into a bucket somewhere.
  • #31,166
  • Feb 19, 2024 12:44pm Feb 19, 2024 12:44pm
Quoting Takisd
{quote} The spread is normal, only retail TOB brings spread lower than that and is built to bring the boys to the yard. If a spread is lower than 0.5 most likely its going into a bucket somewhere.
Yeah i know thats why i prefer those regulated bucket forex brokers because they offer better trading conditions than real market conditions
  • #31,167
  • Feb 19, 2024 12:44pm Feb 19, 2024 12:44pm
Quoting Takisd
My belief from my various sources is that the CFTC does not want a prop business in the US or servicing US at all. Even if you have an RFED registration its likely the model would be fined to oblivion until it stopped. I would love for that to be incorrect and hope that in the future the CFTC will take steps to not exclude the US market participants from innovative change in the markets.
Makes sense now, because thats why even Oanda dont want accept US clients, the fines they could get in the business ect not worth it
  • #31,168
  • Feb 19, 2024 12:44pm Feb 19, 2024 12:44pm
Quoting procrude
Its my dream to have so much money that I can trade directly through the Banks. I would trade with WellsFargo WatsFX platform. {image}
But you can expect at least 5% up to 20% margin for Spot FX with banks. The leverage you can get there is bad.
Prime of Prime offer 100:1 leverage up to. And only on retail brokers like IC markets you can get 500:1 leverage.
  • #31,169
  • Feb 19, 2024 12:46pm Feb 19, 2024 12:46pm
offshore broker jurisdictions + non meta/ctrader platforms + crypto payments & welcome to the CFTC red list is the only solution.
  • #31,170
  • Feb 19, 2024 12:48pm Feb 19, 2024 12:48pm
Quoting TrAndy1
{quote} But you can expect at least 5% up to 20% margin for Spot FX with banks. The leverage you can get there is bad. Prime of Prime offer 100:1 leverage up to. And only on retail brokers like IC markets you can get 500:1 leverage.
Some POP's offer 1:250 and margin calculated only on single currency exposure (net). But thats as liquidity and not as a trader.
  • #31,171
  • Feb 19, 2024 12:50pm Feb 19, 2024 12:50pm
Quoting Takisd
My belief from my various sources is that the CFTC does not want a prop business in the US or servicing US at all. Even if you have an RFED registration its likely the model would be fined to oblivion until it stopped. I would love for that to be incorrect and hope that in the future the CFTC will take steps to not exclude the US market participants from innovative change in the markets.
The CFTC does not want any Forex in the U.S. for retail people. First was the ridiculous leverage cut now this. 10 years from now Forex on a retail scale, forex will not exist in the U. S.
  • #31,172
  • Feb 19, 2024 12:53pm Feb 19, 2024 12:53pm
Quoting woody70
{quote} The CFTC does not want any Forex in the U.S. for retail people. First was the ridiculous leverage cut now this. 10 years from now Forex on a retail scale will not exist in the U. S.
Absolutely. But is this really forex? Its a really interesting question. Even if you used a fair pricing policy LP with market fills, why would you not allow it? Is the cash FX market illegal? Then how come banks can offer it?

I would go full conspiracy theory on this but its probably a simple answer like "to keep volume on centralized exchanges". My impression from the CFTC is they dont actually know the product, be it retail FX brokerage or prop firms.
  • #31,173
  • Feb 19, 2024 12:57pm Feb 19, 2024 12:57pm
Quoting DeltaCapital
{quote}Yeah i know thats why i prefer those regulated bucket forex brokers because they offer better trading conditions than real market conditions
except for the US bucket shops.............worse conditions in the world. Ironic, from the strictest "regulators" in the world.
  • #31,174
  • Feb 19, 2024 1:01pm Feb 19, 2024 1:01pm
Quoting Takisd
{quote} Absolutely. But is this really forex? Its a really interesting question. Even if you used a fair pricing policy LP with market fills, why would you not allow it? Is the cash FX market illegal? Then how come banks can offer it? I would go full conspiracy theory on this but its probably a simple answer like "to keep volume on centralized exchanges". My impression from the CFTC is they dont actually know the product, be it retail FX brokerage or prop firms.
Oh please go full conspiracy theory because that is probably more accurate than you think.
  • #31,175
  • Feb 19, 2024 1:02pm Feb 19, 2024 1:02pm
Quoting woody70
{quote} Oh please go full conspiracy theory because that is probably more accurate than you think.
I truly just put it down to incompetence with a dusting of corruption. I dont have any flat earth type of conspiracy to offer.
  • #31,176
  • Feb 19, 2024 1:03pm Feb 19, 2024 1:03pm
Quoting Takisd
{quote} I truly just put it down to incompetence with a dusting of corruption. I dont have any flat earth type of conspiracy to offer.
  • #31,177
  • Feb 19, 2024 1:04pm Feb 19, 2024 1:04pm
Quoting woody70
{quote} Oh please go full conspiracy theory because that is probably more accurate than you think.
The US just dont wanna money going away as forex is descentralized market, they want to keep money in US, look at the stock market they win alot with companies being listed on US Exchanges, futures are a contract like CFD but for them is okay because they control it
  • #31,178
  • Feb 19, 2024 1:05pm Feb 19, 2024 1:05pm
Quoting TrAndy1
{quote} I would wait on FXIFY until they have solved the US traders issue. Oanda is not available for USA and most EU countries too. Also htrader not from Hantec broker.
I sent them a chat asking about the US issue and this was the response I got from the operator: "If we had a problem with US citizens, we would tell you that we do not accept clients but that is not the case."
  • #31,179
  • Feb 19, 2024 1:14pm Feb 19, 2024 1:14pm
Quoting Takisd
{quote} Some POP's offer 1:250 and margin calculated only on single currency exposure (net). But thats as liquidity and not as a trader.
Just trade the currency futures, despite the CFTC protecting us from high leverage on the forex side, you can trade the audusd with 280:1 right now on amp futures in the USA!!!!!
Guess what CFTC?......we all see through your bullshit!!!!!!!
  • #31,180
  • Feb 19, 2024 1:27pm Feb 19, 2024 1:27pm
Someone was so patient and got 15 payout denials from Funded Next.
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