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  • #9,941
  • Feb 8, 2017 10:28am Feb 8, 2017 10:28am
Solution ---> ONLY use non-US based FX brokers!

Get MT5 FREE from AMP for futures trading (for US clients)

Connect that same MT5 platform to FX Choice in Belize for your FX trading (for US clients).


DONE!
  • #9,942
  • Feb 8, 2017 10:31am Feb 8, 2017 10:31am
Quoting dkrock
{quote} I left them after they got bailed out because last time, when they were Refco, they kept all the clients money. Good Luck.
They were never Refco. Refco was a completely separate firm whose background was futures. They added retail Forex to their offerings and white labeled the FXCM trade platform to avoid creating new technology. Refco didn't keep our money. The judge allowed the accounts at Refco FX to be treated as "loans" to the company and those "unsecured" funds were used to satisfy "secured" debt of the parent company Refco (which was a separate entity).

Source: this guy, who lost his growing hedge fund in the mess and never really recovered.
When you hit 50, coffee becomes part of a proper modeling pipeline.
  • #9,943
  • Feb 8, 2017 10:33am Feb 8, 2017 10:33am
Quoting COGnizant
Solution ---> ONLY use non-US based FX brokers! Get MT5 FREE from AMP for futures trading (for US clients) Connect that same MT5 platform to FX Choice in Belize for your FX trading (for US clients). DONE!
That's a stupid thing to say for several reasons. First it implies that non-US based firms are some how less corrupt than firms state side. Secondly for US traders, that's not even possible. You can't get a reputable firm over seas to take US clients because they don't want the hassles of NFA and CFTC oversight (which in and of itself should tell you something, and it's NOT that they are inherently LESS corrupt.)
When you hit 50, coffee becomes part of a proper modeling pipeline.
  • #9,944
  • Feb 8, 2017 10:49am Feb 8, 2017 10:49am
Quoting TheFxAnalyst
{quote} That's a stupid thing to say for several reasons. First it implies that non-US based firms are some how less corrupt than firms state side. Secondly for US traders, that's not even possible. You can't get a reputable firm over seas to take US clients because they don't want the hassles of NFA and CFTC oversight (which in and of itself should tell you something, and it's NOT that they are inherently LESS corrupt.)
Absolutely wrong!

Who is battle tested through the Swiss-Euro un-peg event?

- Tallinex
- Tradersway
- FX Choice

Who got their ass handed to them from that event?

- FXCM

YES - US traders CAN trade with firms like FX Choice...go due some due diligence!

BTW, US regulatory protection is a con...

- Refco

- MF Global

- PFG

- and now FXCM

US regulators don't really offer you protection any greater than doing business with the three FX firms I have mentioned!
  • #9,945
  • Feb 8, 2017 10:52am Feb 8, 2017 10:52am
Quoting TheFxAnalyst
{quote} That's a stupid thing to say for several reasons. First it implies that non-US based firms are some how less corrupt than firms state side. Secondly for US traders, that's not even possible. You can't get a reputable firm over seas to take US clients because they don't want the hassles of NFA and CFTC oversight (which in and of itself should tell you something, and it's NOT that they are inherently LESS corrupt.)
I trade very complex automated "hedge grid" strategies as a US client using offshore brokers. I started doing this after my great relationship with FXDD here in the US was KILLED by that damn Dodd-Frank garbage. I have had zero issues in all this time trading through multiple offshore FX brokers.
  • #9,946
  • Feb 8, 2017 10:55am Feb 8, 2017 10:55am
Quoting COGnizant
{quote} Absolutely wrong! Who is battle tested through the Swiss-Euro un-peg event? - Tallinex - Tradersway - FX Choice Who got their ass handed to them from that event? - FXCM YES - US traders CAN trade with firms like FX Choice...go due some due diligence! BTW, US regulatory protection is a con... - Refco - MF Global - PFG - and now FXCM US regulators don't really offer you protection any greater than doing business with the three FX firms I have mentioned!

Why not trade with UK or Cyprus Company, they offer Protection of Fund up to certain amount, UK should be £50k per investor n 20k EUR for Cyprus, in case of Company going into liquidation like Alpari and MF Global.

Correct me if I'm wrong.
There is no Guarantee Winner for the Game
  • #9,947
  • Feb 8, 2017 10:59am Feb 8, 2017 10:59am
Quoting SeanSalsa
{quote} Why not trade with UK or Cyprus Company, they offer Protection of Fund up to certain amount, UK should be 50k per investor n 20k EUR for Cyprus, in case of Company going into liquidation like Alpari and MF Global. Correct me if I'm wrong.
Yes - that is workable and I am currently looking to add some brokers to diversify my holdings. I am looking into additional options like you have listed. The FX environment in the US right now is a shithole and I have zero desire to add any accounts in the US with any of these junk brokers left behind.

I have several systems transferring over to MT5 so I am looking for more offshore brokers who support MT5.
  • #9,948
  • Feb 8, 2017 11:09am Feb 8, 2017 11:09am
As for FF, it is going to get wild in here now, lol. Gain doesn't do investor passwords, so all the Forex Police who demand TE are going to lose their minds
You cannot be extraordinary by being normal
  • #9,949
  • Feb 8, 2017 11:16am Feb 8, 2017 11:16am
What is going to happen with FXCM UK?
  • #9,950
  • Feb 8, 2017 11:17am Feb 8, 2017 11:17am
Quoting TheFxAnalyst
{quote} Jason, I get this is your job and you have responsibilities at home, bills, obligations etc. But if you want to maintain even an ounce of credibility in this industry you'll step away from these guys right now...
I'm pretty sure I read on another FX site that Jason and other FXCM user accounts are not real names. They're accounts that ANY FXCM rep can use to drum up business.
  • #9,951
  • Feb 8, 2017 11:18am Feb 8, 2017 11:18am
Quoting dkrock
As for FF, it is going to get wild in here now, lol. Gain doesn't do investor passwords, so all the Forex Police who demand TE are going to lose their minds
I totally forgot that. I left FXCM because they kept truncating my trade history which was jacking up my TE results only to discover (after the fact) Gain didn't do investor PW's. With even less competition in the market, I don't see them implementing it now... Not like people Stateside have a lot of options. OandA and who else?
When you hit 50, coffee becomes part of a proper modeling pipeline.
  • #9,952
  • Feb 8, 2017 11:20am Feb 8, 2017 11:20am
Quoting styles20001
{quote} I'm pretty sure I read on another FX site that Jason and other FXCM user accounts are not real names. They're accounts that ANY FXCM rep can use to drum up business.
That would be interesting, always thought he was a real person.
When you hit 50, coffee becomes part of a proper modeling pipeline.
  • #9,953
  • Feb 8, 2017 12:30pm Feb 8, 2017 12:30pm
Quoting COGnizant
{quote} I trade very complex automated "hedge grid" strategies as a US client using offshore brokers. I started doing this after my great relationship with FXDD here in the US was KILLED by that damn Dodd-Frank garbage. I have had zero issues in all this time trading through multiple offshore FX brokers.
Did you find an offshore broker with reasonable withdrawl fees for US Clients? I opened up an account a few years ago with FX Choice but due to the crazy withdrawl fees I couldn't justify moving forward. As a US FXCM client of many years am looking at going to Oanda or elsewhere but not many choices.
  • #9,954
  • Feb 8, 2017 12:43pm Feb 8, 2017 12:43pm
i think jason was one of those laid off?
  • #9,955
  • Feb 8, 2017 1:01pm Feb 8, 2017 1:01pm
I was with FXCM for 5 years and did not experience any issues, but I was only trading micro lots in 2013-14. Not wanting to move to GAIN, yesterday, I withdrew my funds from FXCM via bank wire (a sizable amount in $'s). The money was in my personal bank account in under 24 hours. Strangely, I feel compelled to thank FXCM for not making this any harder than it already is by tying up my deposit. Sorry it worked out this way...
  • #9,956
  • Feb 8, 2017 1:17pm Feb 8, 2017 1:17pm
Quoting COGnizant
{quote} Absolutely wrong! Who is battle tested through the Swiss-Euro un-peg event? - Tallinex - Tradersway - FX Choice Who got their ass handed to them from that event? - FXCM YES - US traders CAN trade with firms like FX Choice...go due some due diligence! BTW, US regulatory protection is a con... - Refco - MF Global - PFG - and now FXCM US regulators don't really offer you protection any greater than doing business with the three FX firms I have mentioned!
Just tried to open an account with FX Choice and they don't take U.S. clients (United States wasn't an option).
  • #9,957
  • Feb 8, 2017 1:20pm Feb 8, 2017 1:20pm
Quoting ashenv
I was with FXCM for 5 years and did not experience any issues, but I was only trading micro lots in 2013-14. Not wanting to move to GAIN, yesterday, I withdrew my funds from FXCM via bank wire (a sizable amount in $'s). The money was in my personal bank account in under 24 hours. Strangely, I feel compelled to thank FXCM for not making this any harder than it already is by tying up my deposit. Sorry it worked out this way...
I had the same exact experience with them back in October.
  • #9,958
  • Feb 8, 2017 1:32pm Feb 8, 2017 1:32pm
Quoting nondisclosure00
{quote} I had the same exact experience with them back in October.
After the prelude to this news broke (I think 11/1/16 or around) I also considered jumping ship then, but was in a long term position at the time and didn't want to lose it. Now I am in broker research mode again...

Mental note: always have a backup broker setup and be ready to move!
  • #9,959
  • Feb 8, 2017 1:36pm Feb 8, 2017 1:36pm
Isn't it a tax problem trading with an overseas forex brokerage?
  • #9,960
  • Feb 8, 2017 2:24pm Feb 8, 2017 2:24pm
Quoting beantrader
Isn't it a tax problem trading with an overseas forex brokerage?
Just don't report it. What's the problem? JUST KIDDING!!!
I'm far from an expert, but I'm pretty sure it's up to you to claim your wins/losses in forex. They don't report anything to the IRS. Maybe some people here can give some good suggestions on a pro. Or maybe you can do it yourself with a software package? I've been paper trading for 3 years and I'm JUST becoming profitable on a regular basis and feeling comfortable enough to possibly go live. FXCM was my first choice until.........

So glad I took my time. Patience is a virtue in trading.
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