LMFX broker discussion

ph_trader

Active member
Oct 20, 2011
396
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#46
nah, i mean in my situation lets say, I took a risk (investing money i dont mind loosing), so each risk has two outcomes maybe three loose or win maybe break even. I traded earned got my investment back (thats a win win) or traded lost with an amount i dont mind losing (take it and move on) basically i put in to prospective what might happen, safety protection is good dont get me wrong, I am for good regulations in good countries good companies will always be a plus. but I keep an open window for what ifs, everything good started from nothing, more like a leap of faith LOL corny as it may sound but thats how brokers start.

I guess what im trying to say is, this is all a personal prespective, on the other hand if i were to lets say go with a good amount with a very good regulated broker a new broker and all of a sudden **** happens and lost it all with the broker closing up now thats worst case scenario a lose lose situation. and me coming from south east asia no matter how much i have it wont be as easy to get it back.

like alpari UK not sure if people got their money back after the CHF last year, ****** was another known (wont say good) but they continued to accept deposits despite not being able to release any withdrawal for months. and many more, fines here and there. etc.

its more of a scattered thoughts really, about brokers regulations etc. but as traders in the end what matters is do i earn? can i hit my roi? if i do no matter what broker it is with what regulations they might have then as a TRADER its a win win situation.. dont mind my thoughts too much if you find them with no directions, but these are little things that keeps me thinking and it does help when taking certain risks. :)
 

moka2

Active member
Aug 9, 2012
529
13
28
#47
nah, i mean in my situation lets say, I took a risk (investing money i dont mind loosing), so each risk has two outcomes maybe three loose or win maybe break even. I traded earned got my investment back (thats a win win) or traded lost with an amount i dont mind losing (take it and move on) basically i put in to prospective what might happen, safety protection is good dont get me wrong, I am for good regulations in good countries good companies will always be a plus. but I keep an open window for what ifs, everything good started from nothing, more like a leap of faith LOL corny as it may sound but thats how brokers start.

I guess what im trying to say is, this is all a personal prespective, on the other hand if i were to lets say go with a good amount with a very good regulated broker a new broker and all of a sudden **** happens and lost it all with the broker closing up now thats worst case scenario a lose lose situation. and me coming from south east asia no matter how much i have it wont be as easy to get it back.

like alpari UK not sure if people got their money back after the CHF last year, ****** was another known (wont say good) but they continued to accept deposits despite not being able to release any withdrawal for months. and many more, fines here and there. etc.

its more of a scattered thoughts really, about brokers regulations etc. but as traders in the end what matters is do i earn? can i hit my roi? if i do no matter what broker it is with what regulations they might have then as a TRADER its a win win situation.. dont mind my thoughts too much if you find them with no directions, but these are little things that keeps me thinking and it does help when taking certain risks. :)
Sorry but to me it seems that you are taking this entire thing about proper markets transparency etc very lightly ! I have lost money in ASIC regulated Fx broker failure ( so not even Malta or Cyprus but supposed to be first world country like AUS! ) that woke me up so in my search this is dam important that my capital is protected please don;t trivialize this aspect by saying this is random thoughts etc(n) By the way you mentioned you are from asia .. Let me ask you a simple question why so many financial houses has regional HQ in Singapore simple becasue good regulations and Rule of Law...
 

june_girl7

Active member
Apr 9, 2016
320
4
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#48
Basically the forex broker have some identity which defines the best broker, so i want to know about this broker. What are the good norms of this broker? Any one has experience with this broker?
 

moka2

Active member
Aug 9, 2012
529
13
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#49
Basically the forex broker have some identity which defines the best broker, so i want to know about this broker. What are the good norms of this broker? Any one has experience with this broker?
So I am assuming you are asking about This Broker LMFX

Any broker ( FX CFD/OTC) you wish to consider please ask point blank questions
(if they pass if you get satisfactory answer you can consider it - I suggest you also have a look at the thread on FXCM and my questions to them and the answers)
Q
- Where are they regulated ( Best UK)
- Does that countries authority guarantee client money in case of broker failure?
- Is the broker offering true ECN

(Warning: do not fall for the sales pitch saying/ you funds are in a Top tier bank etc that is half the answer, THAT DOES NOT PROTECT you in case broker goes burst)

Once the answers are positive then you can compare between brokers on spread/ carry charges. platform etc

BY the way you seems to be based in India, if so I doubt if it is legal to trade on Margin FX outside India!
 
Likes: Jason Rogers

ph_trader

Active member
Oct 20, 2011
396
6
28
#50
the thing about india, I mean i have read somewhere that the gov do not allow forex trading, but if you look at the number of indian traders (and i believe they are really good at it) there is a lot.. is there like a bypass to it or something.
 

moka2

Active member
Aug 9, 2012
529
13
28
#51
the thing about india, I mean i have read somewhere that the gov do not allow forex trading, but if you look at the number of indian traders (and i believe they are really good at it) there is a lot.. is there like a bypass to it or something.
Being a good trader and being allowed to trade as per Reserve Bank/ govt rules are two diff things
 

ph_trader

Active member
Oct 20, 2011
396
6
28
#53
i think they do offer a VPS service

back to indian traders, what i mean is, in india in general i think trading forex outsite the gov jurisdiction is not allowed, but the governemnt do not have the power to contain it.. well thats how i look at it.. thats why people are still able to trade, there is nothing wrong in trading and risking ones own money, but some governments try to keep the situation contained through other means. in my situation i do trade forex and get my profits into my bank account in forms of remittances, small fees, but I dont think its declared as forex trading profits. maybe coz our gov are pretty much immature in this field. though there was one local broker that did not last long, they offered mt4 and god knows what happened after that
 

moka2

Active member
Aug 9, 2012
529
13
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#54
Trading FX from India

Hello PH
Are you from India or Philippines? diff rules may apply
As far as India is concerns IT IS not allowed, people may do it but they can get detected and the Indian authorities are not that dumb inward remittance has to be explained
 

progix

Active member
Feb 25, 2016
212
2
28
#55
I guess indian traders can trade with online forex brokers however the brokerage business is not allowed so the authorities do keep checks on outward and inward transactions.. IMO
 

ph_trader

Active member
Oct 20, 2011
396
6
28
#56
Hello PH
Are you from India or Philippines? diff rules may apply
As far as India is concerns IT IS not allowed, people may do it but they can get detected and the Indian authorities are not that dumb inward remittance has to be explained
im from the phil, and yes i am aware that india do not allowed off shore trading/forextrading.. but the thing is i also get my forex profit through local banks etc and it does appear like any other remittances, meaning this will include normal money transfers from online money processors, i think skrill can be used as a mod of payment to some online services something simillar to paypal. I get my forex earnings to a local bank and its tagged "remittance" of course fees will aply but its very small, not indicating if its from forex nor if its from skrill. and so on.. thats why i say there are still many many indian traders despite having a law saying its not allowed, im not saying thats its the right thing to do but im saying people do do it :)
 

moka2

Active member
Aug 9, 2012
529
13
28
#57
im from the phil, and yes i am aware that india do not allowed off shore trading/forextrading.. but the thing is i also get my forex profit through local banks etc and it does appear like any other remittances, meaning this will include normal money transfers from online money processors, i think skrill can be used as a mod of payment to some online services something simillar to paypal. I get my forex earnings to a local bank and its tagged "remittance" of course fees will aply but its very small, not indicating if its from forex nor if its from skrill. and so on.. thats why i say there are still many many indian traders despite having a law saying its not allowed, im not saying thats its the right thing to do but im saying people do do it :)
It is illegal for Indian residents period! people may get in to trouble one day !
Here is the RBI link

https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8427&Mode=0
 

progix

Active member
Feb 25, 2016
212
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#58

moka2

Active member
Aug 9, 2012
529
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#59
I guess you guys are sharing interesting and important discussion however as per my knowledge I think any Indian trader is allowed to trade upto the amount of 15K USD or lower with certain terms and conditions associated with this.
Where do you get this info? any govt website link? if not it is just hear say!