Hey all. I am a U.S. based trader who has been trading FX for about 3 years now. I was recently getting annoyed with U.S. brokers, alongside the crippling limitations by the NFA.
So let us get down to business: I currently have accounts with Oanda and forex.com. I get enough to earn a living. Problem is, U.S. retail brokers are dying like flies. Interactive Brokers kicked out me with their own $10 million or get out announcement in 2016, and now FXCM is out of the U.S. match with their recent actions. In addition to this, the NFA is slaughtering my leverage, and the margin call limitations are through the roof (ex: for forex.com, you get a margin call at 100 percent)
I am unhappy about what is happening for us U.S. traders nowadays. Not at all.
So, me being the adventurous (i.e. mad) entrepreneur that I'm, I decided to go back to offshore brokerage account (it is one I created some time ago to check a recent trading platform which did not work). Yeah, you heard me right. OFFSHORE BROKER. So let's see whether it ends up, no?
Here is the results so far: in the past 2 weeks, I deposited about $500.
Broker: fxchoice
First 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. I managed to get the cash far, and withdrawals do NOT seem to be a issue and made a profit on it. The question is, will the broker continue to give my withdrawals to me? In Belize, although it IS controlled. And it's site regarding client disclosures and FAQs leave much to be desired in my opinion, but so far...I managed to get cash in my bank.
Any remarks? Personally, this account created more profit than all my other accounts combined (weekly profit), but the leverage included with my new trading egy as well as apprehension over the offshore broker status leaves me somewhat concerned.
Who knows. I'll blow off off this account up on the day, or perhaps the broker will not give me my cash back. At any rate, I got a 960% return on my investment that was latest, so I am golden for now.