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Thread: It's time to move your account overseas

  1. #1

    Default It's time to move your account overseas

    I just received this email from my broker:

    "Dear Trader,

    Recently, the National Futures Association (NFA), the primary regulatory authority for Forex in the United States, has implemented new requirements that will have significant consequences for your GTS and MetaTrader 4 (MT4) accounts.

    As of August 2, 2009, First In, First Out (FIFO) execution will be required, which mandates that the first order in must also be the first order closed.

    What does this mean for your FX Solutions' trading account?

    The FIFO (First-in, First-out) method for trading means that the oldest trade of a currency pair will be the first closed, or reduced, when a trade is done in the opposite direction in that same instrument.

    You will no longer have the ability to:

    Hedge*
    Place stop-loss or limit orders against a particular ticket
    Modify or close a trade that is not the oldest of a particular currency pair"

    I would love to know who was the genius at NFA to come up with this Idea! Is the NFA being run by a bunch of idiots or what? What the hell are they trying to do? Bankrupt every US based Forex Broker! Well I think it's time to start looking for a reputable Forex broker overseas because this is a NO NO for me. They can kiss my *ss!

  2. #2
    Senior Member
    Join Date
    Jan 2009
    Location
    Australia
    Posts
    631

    Default

    come over to the broker i use in Australia, they are not regulated by NFA but by ASIC, all those new crazy rules do not apply to them or any other broker in Australia, you can still hedge, place any order and use any robot you like, there is no dealing desk, there are no limits what so ever. Also there is no min money to open an account!

    GO Markets...First choice for trading - Home

    Quote Originally Posted by idude View Post
    I just received this email from my broker:

    "Dear Trader,

    Recently, the National Futures Association (NFA), the primary regulatory authority for Forex in the United States, has implemented new requirements that will have significant consequences for your GTS and MetaTrader 4 (MT4) accounts.

    As of August 2, 2009, First In, First Out (FIFO) execution will be required, which mandates that the first order in must also be the first order closed.

    What does this mean for your FX Solutions' trading account?

    The FIFO (First-in, First-out) method for trading means that the oldest trade of a currency pair will be the first closed, or reduced, when a trade is done in the opposite direction in that same instrument.

    You will no longer have the ability to:

    Hedge*
    Place stop-loss or limit orders against a particular ticket
    Modify or close a trade that is not the oldest of a particular currency pair"

    I would love to know who was the genius at NFA to come up with this Idea! Is the NFA being run by a bunch of idiots or what? What the hell are they trying to do? Bankrupt every US based Forex Broker! Well I think it's time to start looking for a reputable Forex broker overseas because this is a NO NO for me. They can kiss my *ss!
    Last edited by wannaberich; 07-13-2009 at 06:39.

  3. #3

    Default

    Quote Originally Posted by wannaberich View Post
    come over to the broker i use in Australia, they are not regulated by NFA but by ASIC, all those new crazy rules do not apply to them or any other broker in Australia, you can still hedge, place any order and use any robot you like, there is no dealing desk, there are no limits what so ever. Also there is no min money to open an account!

    GO Markets...First choice for trading - Home
    Where do you live?

    I would like to know about their spreads but I can't find them on their website!

  4. #4

    Default GoMarkets of Australia?

    Quote Originally Posted by idude View Post
    Where do you live?

    I would like to know about their spreads but I can't find them on their website!
    I'd like to know exactly the same info. And I was wondering whether US traders can open account with them.

  5. #5

    Default

    Quote Originally Posted by Michaelhryu View Post
    I'd like to know exactly the same info. And I was wondering whether US traders can open account with them.
    I would of assume that you can open an account anywhere in the world, the question is if they are reputable! Are they going to give you problems when you withdraw money etc etc... what recourses do you have if they start giving you problems... of course there is always Forex Peace Army which seems to work very well on shaky brokers.

  6. #6
    Senior Member
    Join Date
    Jan 2009
    Location
    Australia
    Posts
    631

    Default

    I live in Australia, they are located a few suburbs away from me. I have been with them pretty much since they first started, so quite a while.

    There spreads are fantastic and so far better than any broker that i have seen or used, many of the large funds and banks use then to trade. One of the scalpers I use with them is fapturbo and as you know it requires tight spreads to be profitable and it is very profitable for me.

    If you do some searches on say forex peace army and other places you will see that they are one of the highest ranked brokers out there, there is nothing but possitive reviews about them, i can only talk from my self however and they are fantastic.

    I have been putting money into my account and taking it out from day one and it is always in my account the next morning no problems what so ever.

    They are regulated by ASIC and none of the FIFO rules apply to them what so ever, there is no dealing desk, it is 100% autmomated from the platform to the market, customer service is great and friendly.

    You can use any robot you like, there is no min account balance required to open and account, they dont care how often much money you make, they make there income only from the spreads and nothing else, the more you make the more you trade and the happier they are.

    Anyhow i just thought i would tell you who i use and why, if you dont want to that is up to you At least it gives an alternative to people wishing to use a broker that still want to hedge and so on.

    To save people doing to search, here is the link to the forex peace army for gomarkets

    GO Markets Aus | GOMarketsAus.com | GOMarketsAus reviews and ratings by Forex Peace Army
    Last edited by wannaberich; 07-14-2009 at 03:34.

  7. #7
    Member
    Join Date
    May 2009
    Location
    Gold Coast, Australia
    Posts
    55

    Default

    I'm with GoMarkets and as well haven't a bad word for them. Spreads are good, I just scalped two trades on the USD/JPY about 10 mins ago and 1 was .9 of a pip spread and the other 1.6.

    I'm in Australia as well and recently had a couple of US accounts. GoMarkets service, honesty, etc, have surpassed the other brokers by a mile.

    Like wannaberich said, they don't care what you do. They make their money on the spread....which by the way is 5 digit.

    Do a searh as well for a refering broker for GoMarkets, I once found someone that will give you $3 USD refund for every lot you trade each month as well as a free EA. I missed out as I had already opened my account.

    Tradewell

  8. #8
    Senior Member
    Join Date
    Jan 2009
    Location
    Australia
    Posts
    631

    Default

    Yeah they are good dono, best broker i have used

    Quote Originally Posted by Dono View Post
    I'm with GoMarkets and as well haven't a bad word for them. Spreads are good, I just scalped two trades on the USD/JPY about 10 mins ago and 1 was .9 of a pip spread and the other 1.6.

    I'm in Australia as well and recently had a couple of US accounts. GoMarkets service, honesty, etc, have surpassed the other brokers by a mile.

    Like wannaberich said, they don't care what you do. They make their money on the spread....which by the way is 5 digit.

    Do a searh as well for a refering broker for GoMarkets, I once found someone that will give you $3 USD refund for every lot you trade each month as well as a free EA. I missed out as I had already opened my account.

    Tradewell

  9. #9
    Member
    Join Date
    Dec 2008
    Location
    Germany
    Posts
    76

    Default Nice!

    Hello fellow members,

    thx wannaberich for the info. Always good to hear statement from customer directly. I will try the broker... better to have one or two accounts


    Alpari (uk) has also no regulation by NFA. You can hedge and open positions like you want. Spreads low, mostly don't get bigger while news time, fast withdrawal process and fast servers.

    Kind regards

    Criss

  10. #10

    Default

    Quote Originally Posted by Dono View Post
    I'm with GoMarkets and as well haven't a bad word for them. Spreads are good, I just scalped two trades on the USD/JPY about 10 mins ago and 1 was .9 of a pip spread and the other 1.6.

    I'm in Australia as well and recently had a couple of US accounts. GoMarkets service, honesty, etc, have surpassed the other brokers by a mile.

    Like wannaberich said, they don't care what you do. They make their money on the spread....which by the way is 5 digit.

    Do a searh as well for a refering broker for GoMarkets, I once found someone that will give you $3 USD refund for every lot you trade each month as well as a free EA. I missed out as I had already opened my account.

    Tradewell
    Here's the copy of my chat with them:

    Go Markets: Hello. How may I assist you?

    you: I'm US resident, what would be the most economic way and easiest to fund my account?

    Go Markets: Are you an existing client of ours?

    you: No, but someone told me about you but he lives in Australia though

    you: I'm looking for an overseas broker

    Go Markets: Ah ok, at the moment we are unable to accept US residents due to the US's trading regulations but have our lawyers working on a way around this at the moment.

    you: It's getting very difficult to trade using US based broker because of the new FIFO rules

    you: Oh really

    you: Is it the Australian officials that forbids it?

    Go Markets: Its because we don't have dual regulations with the US and we are not allowed to market into the states as per the US regulations. What we are investigating is that if you guys find us randomly then can we accept as a client.

    you: I can understand if you can't market inside th US but I can't understand as to why I can't open account with you guys. The whole purpose of me going overseas is to run away from these new rules.

    Go Markets: Sorry but there is nothing we can do about it, we have to abide by the laws of both countries otherwise we can lose our licence. We will be letting all of our US enquiries know if the lawyers find a way around it.

    you: OK thanks.

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