Can US residents trade fx offshore? 42 replies
Anyone still thinking of opening your own offshore mm Broker House? 2 replies
Offshore Forex for US Residents 2 replies
Banks Now Asking For Forex Business Plan Before Opening Accounts 7 replies
Offshore accounts 0 replies
DislikedLooks like you are misinformed. GoMarkets customer Rep via chat just told me that this applies to any US resident who is paying taxes in the US, not just US citizens.Ignored
DislikedWell, you will be surprised that those on work permit pay their taxes, 100% of them.Ignored
DislikedJeff,
I agree with you, but our lawyers are at present finding out if there are recipricol agreements between US regulators and Australian regulators and then that could throw a spanner in the works.
There are agreements between the SEC and ASIC so now they are searching for CFTC and ASIC agreements.
Again this is not a stance we want to take but will keep clients updated accordingly and being a regulated firm we have to act in a proper fashion.
CheersIgnored
DislikedThink about it. Do you think those foreign entities are going to report and comply to the tax laws of EVERY country in the world? OMG! Can you image them sending 1099's to all US citizens they do business with and filing a copy with the IRS, or for that matter a year end tax report to the taxing authorities of every nation, for every customer round the globe? Are our US brokers currently doing that for every customer they have in a foreign nation? I don't think so. My God we can't even get some foreign nations to extradite criminals, but were supposed...Ignored
DislikedI wonder how they would verify this. Send them your overseas vs. US tax return?Ignored
DislikedSo far at least. Just tried to open commercial accounts with GFT/UK and FXsol/UK for my entity, acting as CFO and was denied based on MY status, which has nothing to do w/ the entity I work for. This violates pure entity status, and I'm not the/a beneficiary.
So am I to believe that no other US corps are allowed to trade foreign FX??
Can't be, so how are they doing it??
OR - Unless someone can offer a list of REPUTABLE FX brokers who do not have US branches, yet do allow us entities.
stir it.
PIgnored
DislikedMy research tells that banks (local and foreign) are not bound by these new regulations. These are banks and NOT brokers.
Ignored
DislikedMy research tells that banks (local and foreign) are not bound by these new regulations. These are banks and NOT brokers.
The banks that are accepting US residents are:
Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)
All, please advice what your research tells.Ignored
DislikedAnd the vague 'discretionary' nature of the regs suggests our predicament is not clearly stated law, but 'interpretation' based on industry buy-in and they (brokerages) don't haven the stones to class-action those bribed sell-out snakes who somehow have them by the short 'n curlies. But as others say here, lets wait for the actual pan-out first.
PIgnored
DislikedThis is the problem all big companies are having in regards to every 2000 page bill passed this last year or two. Some companies are still asking for clarifications for regulations after deadlines have passed.
I dont' know why we need a congress if they are going to delegate power everywhere else.
And I"m not even talking banking bill!
Welcome to being a "citizen of the world".Ignored
DislikedThe banks that are accepting US residents are:
Updated list:
MIG Bank - 1:500 (Min deposit $2000)
Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)
All, please advice what your research tellsIgnored
DislikedThe banks that are accepting US residents are:
Updated list:
MIG Bank - 1:500 (Min deposit $2000)
Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)
All, please advice what your research tellsIgnored
DislikedLooks like MIG Bank is the way to go with that colossal leverage. I just chatted with one of their reps and he confirmed that they are not affected by CFTC regulations. If this is true, then this will be my new broker for some time. Kudos!Ignored
DislikedCan you please share the link where it says "until 2011" because you seem to know more than the banks. Even they are looking into this and don't know much about this rumor.Ignored
DislikedCan you please share the link where it says "until 2011" because you seem to know more than the banks. Even they are looking into this and don't know much about this rumor.Ignored