Hey all. I'm a U.S. based trader who's been trading FX for about 3 years now. I was recently getting annoyed with U.S. brokers, along with the crippling restrictions by the NFA.
So let's get down to business: I currently have accounts with Oanda and forex.com. I earn enough to make a living. Problem is, U.S. retail brokers are dying like flies. Interactive Brokers kicked me out with their "have $10 million or get out" statement in 2016, and now FXCM is out of the U.S. game with their recent actions. On top of this, the NFA is slaughtering my leverage, and the margin call limits are through the roof (ex: for forex.com, you get a margin call at 100%)
I'm not happy about what's going on for us U.S. traders these days. Not at all.
So, me being the adventurous (i.e. crazy) entrepreneur that I am, I decided to go back to offshore brokerage account (it's one I created a while ago to test a recent trading system which didn't work). Yeah, you heard me right. OFFSHORE BROKER. So let's see whether it works out, no?
Here's the results so far: in the past 2 weeks, I deposited about $500.
Broker: fxchoice
Initial total deposit (since going back on 2/13/17): $500
Profits (as of 2/26/17) : $15,828
Withdrawals (as of 2/26/17): $4800
More details are in my trading platform. Withdrawals do NOT seem to be a problem, and I was able to get the money thus far and made a profit on it. The question is, will the broker continue to give me my withdrawals? It IS regulated, but in Belize. And it's website regarding customer disclosures and FAQs leave much to be desired in my opinion, but so far....I was able to get money in my bank.
Any opinions? Personally, this account made more profit than all my other accounts combined (weekly profit), but the leverage involved in my new trading strategy as well as apprehension over the offshore broker status makes me a bit worried.
Who knows. Maybe I'll blow this account up on the next day, or maybe the broker won't give me my money back. At any rate, I earned a 960% return on my recent investment, so I'm golden for now.
So let's get down to business: I currently have accounts with Oanda and forex.com. I earn enough to make a living. Problem is, U.S. retail brokers are dying like flies. Interactive Brokers kicked me out with their "have $10 million or get out" statement in 2016, and now FXCM is out of the U.S. game with their recent actions. On top of this, the NFA is slaughtering my leverage, and the margin call limits are through the roof (ex: for forex.com, you get a margin call at 100%)
I'm not happy about what's going on for us U.S. traders these days. Not at all.
So, me being the adventurous (i.e. crazy) entrepreneur that I am, I decided to go back to offshore brokerage account (it's one I created a while ago to test a recent trading system which didn't work). Yeah, you heard me right. OFFSHORE BROKER. So let's see whether it works out, no?
Here's the results so far: in the past 2 weeks, I deposited about $500.
Broker: fxchoice
Initial total deposit (since going back on 2/13/17): $500
Profits (as of 2/26/17) : $15,828
Withdrawals (as of 2/26/17): $4800
More details are in my trading platform. Withdrawals do NOT seem to be a problem, and I was able to get the money thus far and made a profit on it. The question is, will the broker continue to give me my withdrawals? It IS regulated, but in Belize. And it's website regarding customer disclosures and FAQs leave much to be desired in my opinion, but so far....I was able to get money in my bank.
Any opinions? Personally, this account made more profit than all my other accounts combined (weekly profit), but the leverage involved in my new trading strategy as well as apprehension over the offshore broker status makes me a bit worried.
Who knows. Maybe I'll blow this account up on the next day, or maybe the broker won't give me my money back. At any rate, I earned a 960% return on my recent investment, so I'm golden for now.