Transfer money between brokers by trading?

[Masil]

Is that a regulatory rule in the country where you trade, that you can't take out your money when you want from a customer account, or is this a prop firm?

Exactly the question I wanted to ask, is it that the brokers are in collaboration or what? I think maybe you should sort this out with your broker or something.

 

[Vuu]

Then how can they stop you from taking your money out of your account? I must be missing something.

I think he should speak with the broker, it's an issue for them to resolve. There must be something wrong somewhere.

 

[Masil]

I think I agree, it's an issue for the broker. Am sure they can work it out there, since they might know what went wrong or what's happening.

 

[Vuu]

Honestly, we can't really decide for individuals here. The best we can do is advise and the final decision rest with us. We should just make sure we do what's best for us.

 

[Masil]

True we can't decide for no one, but we can surely advise the folks here, especially newbies. Sometimes we really do not appreciate something until we face a problem relating to that thing.
Same goes for demo.

 

[Vuu]

Masil, what really discourage the few that don't trade with demo is the fact that there are some differences between demo and real account.

 

[Sig]

If you're offshore and working with bucket shops anyway, then sure, you can transfer funds by trading against yourself at another account. Just find a very illiquid product with a massive bid/ask spread. Your gaining account offers the product a penny inside the current ask, making it the NBBO. Your "losing" account then immediately buys from your "gaining" account at the ask. The losing account then immediately turns around and offers a penny inside the bid, and sells it back to the "gaining" account at a loss. Rinse and repeat until you've moved all your money over. Pretty sure there are one or two rules that prohibit this, but like I said, if you're dealing with bucket shops making up their own rules anyway then why not do some illegal shit yourself!

 

[Masil]

If you're offshore and working with bucket shops anyway, then sure, you can transfer funds by trading against yourself at another account. Just find a very illiquid product with a massive bid/ask spread. Your gaining account offers the product a penny inside the current ask, making it the NBBO. Your "losing" account then immediately buys from your "gaining" account at the ask. The losing account then immediately turns around and offers a penny inside the bid, and sells it back to the "gaining" account at a loss. Rinse and repeat until you've moved all your money over. Pretty sure there are one or two rules that prohibit this, but like I said, if you're dealing with bucket shops making up their own rules anyway then why not do some illegal shit yourself!

I would want to ask; how practical and realistic is this, have you tried it?

 

[Sig]

I would want to ask; how practical and realistic is this, have you tried it?

Of course I haven't tried it, as I mentioned it against the law and I have no reason to put myself in legal jeopardy in order to test it out because I deal with reputable U.S. based brokers!

 

[pipeguy]

I'm yet to figure out this myself.

Situtation is this, that I've been trading arbitrage with a broker. Broker knows and allows it. However only allows to withdraw 100% profit on a 5 month cycle. I made much more than that, so cannot withdraw that anytime soon.

So question is, if knowledgeable people in here, can figure out some sort of trading strategy to "transfer" the money to another broker. Maybe some sort of hedging between them, with the goal of winning on target account?

Well if they offer juicy swaps you can open short-long position on some high yielding pair in two brokers, so the trade is hedge but you earn swaps. High leverage and wide stops should do the trick