That is very interesting. It is a good point that a lot of companies with the S.A. designation are legitimate and trustworthy. Thank you for your help clearing up if it is safe to buy chocolate from S.A. food companies. I am wondering if you also have any information regarding currency brokers in general and Dukascopy specifically. I know you are a risktaker and am sure that buying a can of Quick and sending 200K to a 5 year old broker are equivalents for you. Some of us poorer and more risk adverse traders like to do a little research first. But by all means, feel free to rely on the chocolate/trading correlation to make your decisions. I was joking about you being a retard before, now I am pretty sure you need a helmet to go to the grocery store.
If you are up for a laugh, check out the earlier years here: http://web.archive.org/web/*/http://www.dukascopy.com/ Especially the "incontrovertible proof" of the Duka-Theory is most lol. When i spoke to them ~2 years ago, i found out that they aren't very good with English. Also, they claimed they would pass along the HotspotFXi book on their platform (which was quoted in 0.1 pip increments, while Dukas quoted in 0.5 pip increments, so it didn't quite add up). Also, you don't deal in 100K lots on EBS like on Dukas, so you might want to double check the accuracy of that information.
Thank you pippi, That is the kind of stuff I was looking for before getting into a snit with "risktaker". Solid, first hand accounts that could lead to more research. I didn't even think of the standard size issue becasue I don't trade that big or with either "broker". So they are probably holding trades and passing off to ICAP and the rest of their providers. Not that that is in and of itself bad. If played straight, it would be better than 99.999% of the retail shops out there. I can't get it out of my head that a true ECN would have to have a lot of balance sheet to rent out if they were going to do STP with the bigger providers, and there capital doesn't look like it would support this. Also, 100 to 1 also doesn't jibe if they aren't running a book and holding customer tickets. These are just some of my issues, but hey, I hope I am wrong. I would love to have this kind of access to big providers, with 100 to 1, great commisions, and a stable and trustworthy broker. Being outside of the prying eyes of Obamarica would also be a plus. I just don't think it is realistic. Anyone trading anything substantial with them? Anyone availed themselves of their Custodian Service? I find it a little strange that although they claim to offer line of credit through Swiss banks, they don't list them. There are Swiss banks and then there are SWISS BANKS
Well, if your question is, would I put serious money with them? My answer is NO. But then, FX is not my 'cup 'o tea' so.... I prefer markets with less predators (or easier prey). I'm just pointing out that your assumption that an "SA" business is suspicious because it's based in Switzerland with Russian owners is not well-founded. I'm not endorsing Dukas in any way. Hey, I'd probably set it up the same way. What, you want Putin to put you in Siberia for 20 years if you question something or manage to make a good profit?
Everytime you post you seem to go out of your way to make my point for me. I agree completely. Russia does not have a firm, well established government based on the rule of law. They are also a nascent capitalist economy. Switzerland has been a haven for those who want to skirt the law for a long time. These are not racist or nationalistic assumptions, just statements of fact. There are great banks and brokers in Switzerland (Pictet, UBS, et cetera), there are also some really bad actors. The proof is in the pudding, and I was hoping someone respectable and experienced could give us some pudding. Fiduciary responsibility is a huge issue. So let's pose the question. Has anyone deposited and subsequently withdrawn large amounts from Duka? How fast was the wire? How were the executions. When researching Duka I was assured they would open an account from a BVI or Nevis or Panama S.A. and allow an American national to control it. They kind of hinted at being able to assist with the structure as well. Maybe they are one of the honest bad guys. That would be really terrific.
nothing shady about that advice either. In fact, I know overseas brokers who tell me the same thing and I deal with them all the time. Reputable brokers too! Even some American-based ones. You can't trade many instruments out there if you/your operation is strictly US-based. As for Dukas itself.... That's still a different equation. There's no law against a US person establishing a BVI/Panama/Nevis operation, at least not yet. It's only against the law if you derive unreported income from it. What does "assist with the structure" mean?
What does "assist with the structure" mean? [/B][/QUOTE] I don't know exactly, risk. I assume recomending or making introductions to law firms, expediters, banks. That type of thing.
I know them very well as I am external manager and I trade via Swiss FX marketplace Dukascopy. I trade only because they can offer me 30 million execution without any problems and fast. This broker is not for small traders as minimum to open an account is 50 000 $
Dukas copy is a very good and reliable broker they do have a pro spread and a huge liquidity ( they sell liquidity to others brkers some well known) If you are not confortable with putting your money with them no problem you can let it in your bank account and give them a bank guaranty ( depending on you rbank credot of course ) i tried something like 20 brokers retails and pro and dukascopy is among the best