Forex Trading

[kurtyordy]

does anyone know or understand why so many forex brokers no longer deal with US residents?

 

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[randomcapital]

Say thanks to Dodd/Frank. U.S. residents are not allowed to have foreign brokerage accounts under the new regulations. The foreign brokers only comply.. Welcome to the People's Republic of The United States where the government will tell you what you can or can not do with your own money.

 

[Jake]

Say thanks to Dodd/Frank. U.S. residents are not allowed to have foreign brokerage accounts under the new regulations. The foreign brokers only comply.. Welcome to the People's Republic of The United States where the government will tell you what you can or can not do with your own money.

Seriously?? I won't get political so I'll stop now :smx4:

 

[CarrieW]

the only way to open an account with a non us broker from the us is to circumvent the us totally and open/start a corporation or foriegn company somewhere else and open the account from offshore.

most credit card companies will no longer process purchases made in relation to forex.

alot of hosting companies will not host forex websites.

this is because people who dont do their due dilligance bitched and moaned so much about forex being a scam... when in reality they didnt fully understand anything about the forex market... so essentially they are trying to Protect us from the big bad forex world... LOL

personally I think its the most retarded thing like ever...

It did not effect me in any way, as I was trading below their 1:50 new cap with a us broker before the government decided I was too stupid to manage my own money...

 

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[randomcapital]

Seriously?? I won't get political so I'll stop now :smx4:

Not sure what else to call it as long as I can't invest my own money with whoever I see fit. If you still want to call it free market capitalism, be my guest.

Should I go into no hedging, first in first out, leverage, no metals trading allowed kind of constraints U.S. traders are subject to? Probably not.. I see you are good with the hammer..

 

[Jake]

Not sure what else to call it as long as I can't invest my own money with whoever I see fit. If you still want to call it free market capitalism, be my guest.

Should I go into no hedging, first in first out, leverage, no metals trading allowed kind of constraints U.S. traders are subject to? Probably not.. I see you are good with the hammer..

Maybe I came off the wrong way. My seriously?? was directed towards the law that's in place and not your thoughts on the matter.

 

[randomcapital]

Maybe I came off the wrong way. My seriously?? was directed towards the law that's in place and not your thoughts on the matter.

My appologies then. This is something I feel very strongly about, as it adversely affects my ability to make a living... If it would only help avoiding the next crash, but it doesn't.. The FED is very busy inflating the mother of all bubbles as we speak, and this one is gonna be as ugly as it can get..

 

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[Jake]

My appologies then. This is something I feel very strongly about, as it adversely affects my ability to make a living... If it would only help avoiding the next crash, but it doesn't.. The FED is very busy inflating the mother of all bubbles as we speak, and this one is gonna be as ugly as it can get..

Ugly indeed..the "exorbitant privilege" will be lost

 

[EdwardWhite]

FinFX takes US clients. But they don't have to deal with regulatory body, like FSA or NFA, to dictate their behavior. Their still finanical laws in Finland, but you won't have an organization to complain to, and in your behalf.

But they still seem to get really good reviews. As always user beware.

But Im sticking with my US broker, even if I don't have the advantages of high leverage and hedging, like the rest of the world does. You don't need much of either, at least..that what I tell myself. Thought the hedging thing could been fun, by going to a Sharif law broker that doesn't give intrest swap nor charges you a commision, and using the other broker, to hedge your account, zeroing out your results, leaving you just collecting the swap.

Oh, there even a Broker that can't legally advertise for Stocks, that based out in St Kitts or Bermuda(forgot which island they were based from).. that will take US Clients, and will let you Daytrade US markets without the 25k rule, and allow a bit more leverage, which is nice for shorting. Also, they might pay a more competitive money market rate, so even leaving your money in there, would gain you a bit more interest than what we are getting.

Forgot their name Though sorry. But you could find out about them easily. I didn't really meet their account requirements of a 2500 dollar account. Yet :smxF:

 

[JasonR]

What is this next crash you speak of? I'm highly interested...

 

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[Jonleehacker]

I'm in Canada and we had the same thing and my account was closed, I was able to open an account with FXCM, with their UK division. It worked out well, they even let me denominate my account in Canadian funds, which is already a great trade compared to having a US $ account

 

[kurtyordy]

thanks all. anyone have experience with fxclub? only one I found so far that accepts AE for funding.

 

[CarrieW]

testing

it doesnt like what I want to say it wont let me post lol I will try here again. leaving out those naughty naughty words lol


even if a foreign broker accepts us clients(most legitimate ones will not) they and you still have to follow us rules and regulations... that is unless you want to take the chance on having your account siezed for illegal activity.

 

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[EdwardWhite]

Forex is not considered as investment or financial instrument in Finland
and there is no need to have license nor is there regulation for it
currently.
Companies can register themselves to authorities, but they are still not
regulated. In Finland only companies which are regulated can be registered
to Finnish FSA (FIN-FSA)."

So they get to give the NFA the finger. They can't register to the FSA, because..well its not allowed.

So thats how they get away with it. And no your account won't be confiscated. If the NFA wanted to get into an argument with them, they would sue the broker directly. They could care less about your account, unless you were attempting true fraud.

That and your paying taxes from it. As long as you report it, its fine.

 

[EdwardWhite]

Oh broker reviews- check out forexpeacearmy or forexfactory. Plenty of opinions on there. Also google the various forex forums. Try to check out at least 3 sources, then check the NFA website, to see if they have claims against them. While some might settled, you can look to see what the reasoning behind the trouble is. By then you should know if a broker worth working with.

 

[CarrieW]

Forex is not considered as investment or financial instrument in Finland
and there is no need to have license nor is there regulation for it
currently.
Companies can register themselves to authorities, but they are still not
regulated. In Finland only companies which are regulated can be registered
to Finnish FSA (FIN-FSA)."

So they get to give the NFA the finger. They can't register to the FSA, because..well its not allowed.

So thats how they get away with it. And no your account won't be confiscated. If the NFA wanted to get into an argument with them, they would sue the broker directly. They could care less about your account, unless you were attempting true fraud.

That and your paying taxes from it. As long as you report it, its fine.

I am sure you are likely right... I personally wouldnt chance it. noone thought online ga mb ling was illegal either untill they froze and confiscated everyones stuff. they thought being offshore in a different country where what they were doing was legal. untill the gvmt decided to take everyone accounts... the fastest way to make something happen is to say it cant.

 

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[randomcapital]

testing

it doesnt like what I want to say it wont let me post lol I will try here again. leaving out those naughty naughty words lol


even if a foreign broker accepts us clients(most legitimate ones will not) they and you still have to follow us rules and regulations... that is unless you want to take the chance on having your account siezed for illegal activity.

Yes, they can do that according to the laws.. It may not happen but I'm always thinking of that housewife being sued for millions because she downloaded a stupid song.. It's easy to make an example off someone just to scare everybody else..

Also beware of any offshore broker taking U.S. clients. Those are the shady ones.. The serious brokers will simply comply to avoid any head ache..