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hafnium

Member
25
Posts: 33

Joined: 6/3/2006
Location: Vienna, VA 22182

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Subject : RE: Please Nirvana, we need more forex brokers.
Posted : 2/4/2017 11:30 AM
Post #27435 - In reply to #27428

Most international retail forex brokers decided not to accept US clients due to the heavy regulatory requirements imposed by the NFA.

Two possible solutions to the Forex broker Avails issue. Both however would require dedicated Nirvana resources to make happen.

1. Nirvana FIX API connection (what they currently use to connect to IB via Garwood)
Spotware (makers of ctrader) started allowing direct FIX API connections to their ctrader accounts in 2016. Thus - any broker that offers the ctrader platform should be available. Unfortunately - Spotware stopped allowing US citizens in mid 2016. It was too difficult for them to deal with US NFA regulations. So - this solution will not work for US citizens - but does open up about a dozen brokers for most international clients.

Other brokers (other than ctrader accounts) also offer FIX API connections, but they generally want $25 to $30K to open an account. The big advantage of the ctrader FIX entry is that normally, a ctrader account could be opened by something in the range of $500 to $1000. Even FXCM offers FIX - but you need $25,000 to use it. Similar requirements for OANDA.

2. MT4 is the largest retail Forex platform on the planet. If there is a way to bridge over to the MT4 interface - that would make hundreds of brokers available (US and overseas, including Tradeking, FXCM,forex.com, etc....). However, I am not aware of any service that could provide the bridge over to MT4 (perhaps metaquotes themselves could).

3. Lastly - you could use a strategy that allows you to manually mirror your OT/VT signals - but obviously not an automated solution.



Deleting message 27435 : RE: Please Nirvana, we need more forex brokers.


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