stevehopwoodforex.com
https://www.stevehopwoodforex.com/phpBB3/
Print view

Which criminal can we use?
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=182		 Page 9 of 21
Author:  Captain Jack [ Sun Jul 15, 2012 12:39 pm ]
Post subject:  Re: Which criminal can we use?
garyfritz wrote:No, I was responding to Brian. The "they" I mentioned was the Canadian criminals with their IIROC protection.

Thanks for the babypips link. Looks like virtually all the foreign criminals that accept US clients are no-name bucket shops that I wouldn't trust with my money. FinFX is the only exception.

BTW here is another list: http://www.earnforex.com/forex-brokers-us-traders/
I have used FinFX and Tradersway ECN before and have active accounts with both. I woould consider FinFX the stronger of the 2 but I have had no problems with Tradersway. FinFX offers 200:1 while Tradersway offers 500:1 leverage if you wish to use it. For a US broker, I'm going with CitiProFX since PFGBest went bust. MBTading and Interactive Brokers are 2 other good ones in my opinion, but with the lax regulation, who knows anymore. CashbackUSA offers rebates on a lot of US brokers including MBTrading, C itiFXPro and Cowboy IBFX. It is well worth it to sign up there as I get quite a bit of money back each month on my trades.

John
Author:  AnotherBrian [ Sun Jul 15, 2012 7:47 pm ]
Post subject:  Canadian Criminals
Further to my earlier post's about IIROC (Canadian regulator), here is some info that might help you guys out.

IIROC is the regulator in Canada, here's the blurb from there site.
Investment dealer insolvency doesn’t happen very often, but if it does, the Canadian Investor Protection Fund (CIPF) is here to ensure your cash and securities are returned to you, within defined limits.

If you have an account with a CIPF Member you have CIPF protection - coverage is automatic for all eligible customers. For more information, go directly to our Coverage Policy.

CIPF is sponsored by the Investment Industry Regulatory Organization of Canada (IIROC) and is the only compensation fund approved by the Canadian Securities Administrators for IIROC Dealer Members. All IIROC Dealer Members are CIPF Members.

So, for anyone outside of Canada, take a look at this page.... it tells you what and who is covered under CIPF. I can tell you that I was one of the first to get a check in the mail from the MF Global disaster (8K), ALL of my money back. I had an MF Global account that was registered in Canada.

http://www.cipf.ca/Public/CIPFCoverage/ ... olicy.aspx

So, if you think your covered....

Next step - What Canadian broker has Empty4 and is covered under CIPF, and accepts USA or other countries?

I know that Questrade is going to be introducing Empty4 in August some time.

FXCM uses a company called Friedburg Direct, and the web site claims to offer Empty4. I've sent an email to clarify, since I checked 3 months ago they did not have Empty4 accounts in Canada (went to UK for Empty4). I have a small FXCM account in UK. Here is the Empty4 FXCM page.

I've looked at a bunch of brokers over the past week, I always look to see what country they are in. I found one in Mauritius (HotForex). I've been there. I wouldn't go with that broker with your money!! The broker would have to be in one of the large stable countries (with a half decent auditor!!!)

Alternatively, I'm looking at TradingStation II and Strategy Trader both offered by FXCM. I'm not using EA's except for TipsterTrendlines to place pending order. It's not an auto trading strategy, it's atool that does all the grunt work for my manual trades. So depending on what the next 2 months holds, I might go to that platform. After being hit by both MF Global AND PFG, I'm ONLY going with CIPF firms. There are to many f'n crooks in the finance world. The Canadian finance sector including banks are well regulated and offer a solid foundation, the credit crises really never screwed up our banks and real estate in Canada, not sure if anyone outside of Canada realises that.

So, I'm not saying that anyone should jump to Canadian firms, just that from my experience, any firm covered under IIROC and CIPF is well worth looking at in your comparison.

UPDATE:
From the CIPF web site
3. Does it matter if I do not live in Canada, or if I am not a Canadian citizen or a Canadian resident?
No. CIPF coverage does not depend upon residency or citizenship. CIPF coverage is available to you when you open an account with a CIPF Member.

Another UPDATE: FXCM Canada has had Empty4 for about 1 week now. WAY better protection than other countries. Over 5K you also get a free VPS. 1:50 leverage - and that's OK with me!!
Author:  RockyJ [ Mon Jul 16, 2012 9:49 pm ]
Post subject:  Re: Which criminal can we use?
Interesting update from Cowboy IBFX. Now offering TradeStation platform through Cowboy IBFX.

From email today...



As you're probably aware, TradeStation Group acquired the Cowboy IBFX Group in November, 2011. This was preceded by the acquisition of TradeStation by the Monex Group in June, 2011.

The goal of these acquisitions is to help realize Monex Group's vision of becoming a truly global financial services firm. This includes consolidating its multiple forex operations into one group, providing better trading resources and products for our traders. Going forward, Cowboy IBFX will be the global forex brand for the Monex Group.

We're happy to announce today that we are now able to offer the award winning TradeStation platform to Cowboy IBFX customers. In addition, we are launching TradeStation ifx, offering immense liquidity and great spreads for our institutional customers.

Monex Group has a market capitalization of over $500 million USD, representing significant financial stability. With backing from Monex, Cowboy IBFX is more capable than ever before to focus on what matters most: your trades.

Thank you again for your business, Gary Weiss Gary Weiss
President, Cowboy IBFX

Might be of interest to some here... For me after so many years with Empty4 I find it very hard to change..

Disclaimer:...Other than being an Cowboy IBFX customer I have no other relation with the company..
Author:  Fx93 [ Tue Jul 17, 2012 3:43 pm ]
Post subject:  Re: Which criminal can we use?
Captain Jack wrote:I have used FinFX and Tradersway ECN before and have active accounts with both. I woould consider FinFX the stronger of the 2 but I have had no problems with Tradersway. FinFX offers 200:1 while Tradersway offers 500:1 leverage if you wish to use it. For a US criminal, I'm going with CitiProFX since PFGBest went bust. MBTading and Interactive criminals are 2 other good ones in my opinion, but with the lax regulation, who knows anymore. CashbackUSA offers rebates on a lot of US criminals including MBTrading, C itiFXPro and Cowboy IBFX. It is well worth it to sign up there as I get quite a bit of money back each month on my trades.

John
I've got a FinFx demo going and I've noticed their weird swap rates suck some profit out my trades. How can a swap rate be negative both ways? They're listed here at the bottom:

https://www.finfx.fi/en/trading-accounts
Author:  AnotherBrian [ Thu Jul 19, 2012 1:42 pm ]
Post subject:  Re: Which criminal can we use?
taipan99 wrote:
Likewise the Australia Government also protected foreign invested fund to the same as Canada, do a google search, you will find it.
I didn't find it.

I don't think that statement is correct. The Aussie do have regulation but I have never heard of, and cannot find any information that describes an investor protection fund similar to [urlhttp://www.cipf.ca/HomePage.aspx]CIPF[/url] or CDIC in Canada, sponsored by IIROC.

ASIC regulates and there is no refence to any protection fund(s). See this page "Will you get your money back"

If you know something we don't please share details, links, etc. Simple statements like you made don't help anyone, and if the statement is not correct, some newbies might follow the advice and have financial losses. This board is not about that. Please share the details, we all need to choose the most appropriate broker and consider regulation and recovery.
Author:  spotforex [ Tue Jul 31, 2012 4:50 am ]
Post subject:  Re: Which criminal can we use?
Hi everyone :)

Is anyone currently trading with forex.com? Would you kindly share your experience. They've recently launched their new service in Canada: http://www.newswire.ca/en/story/1012571 ... -in-canada. But I'm hesitant to open an account with them after reading negative reviews on other sites, although most are a few years old. One can hope they've changed their ways.

Recommendations would be appreciated.

Thanks
Author:  AnotherBrian [ Wed Aug 01, 2012 3:14 pm ]
Post subject:  Re: Which criminal can we use?
spotforex wrote:Hi everyone :)

Is anyone currently trading with forex.com? Would you kindly share your experience. They've recently launched their new service in Canada: http://www.newswire.ca/en/story/1012571 ... -in-canada. But I'm hesitant to open an account with them after reading negative reviews on other sites, although most are a few years old. One can hope they've changed their ways.

Recommendations would be appreciated.

Thanks
Thanks for this - I sent an email to IRROC asking if they are a member, they are not listed on the web site yet. If they are confirmed as a member and CIPF covers the account I'll open an account with them. At least the funds will be safe. The only other IIROC forex Empty4 firms are FXCM and in the next month Questrade is supposed to announce Empty4. I expect all the spreads to be shitty and nobody offering commission based trading.

UPDATE - They are members of IIROC.
Author:  AnotherBrian [ Thu Aug 16, 2012 3:39 am ]
Post subject:  Re: Which criminal can we use?
I've opened accounts with FXCM and Forex.com, both in Canada.
Started trading today. Forex.com has much better spreads, both offer VPS for free if you have 5K.
So far it looks like they both let you use comments and magic numbers (unlike Oanda)
Author:  garyfritz [ Thu Aug 16, 2012 4:15 am ]
Post subject:  Re: Which criminal can we use?
Sure wish us benighted USians could trade there. :(
Author:  AnotherBrian [ Thu Aug 16, 2012 4:27 pm ]
Post subject:  Re: Which criminal can we use?
garyfritz wrote:Sure wish us benighted USians could trade there. :(
I flipped both of these an email, see what happens. If they say YES they probably are giving the wrong answer, after all, customer service is awesomely crap in the Forex industry as far as the sales team go. They seam to tell you what you want to hear until your app is processed and they tell you the real deal at that time. Have you ever had that happen?
All times are UTC Page 9 of 21

Powered by phpBB® Forum Software © phpBB Limited