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Attachments: US citizens won't be able to have forex accounts overseas
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US citizens won't be able to have forex accounts overseas

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  • First Post: Edited Aug 25, 2010 12:46pm Aug 23, 2010 1:35pm | Edited Aug 25, 2010 12:46pm
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'accounts2'

accounts2: Hello, my name is Dustin. How can I help you?

later: hi, i will like to know when will the U.K. office and the australia office opens

Please wait while I transfer the chat to the best suited site operator.
You are now chatting with 'Client Services 20'

Client Services 20: Hello, this is Jordi. How may I help you?

later: hi, i will like to know when will the U.K. office and the australia office opens

Client Services 20: We don't have a date yet

Client Services 20: but australia should be next month

later: will you guys be offering higher leverage

Client Services 20: most likely yes

Client Services 20: at least 200

Client Services 20: probably 400

later: cool

later: whats taking so long for the u.k. office to open

Client Services 20: I don't know, just bureaucracy

later: i see, so i can look forward to the australia office opening next month? also will you that office be accepting u.s. residents

Client Services 20: I wish I had more details to give you

Client Services 20: I'm in the dark about most things also, but I'm told september

later: so your not sure if you are able to accepct u.s. resident

Client Services 20: correct

later: wow, thats does us no good, most u.s. brokers that have move there already accepect u.s. residents, so why can't you guys

Client Services 20: I just don't want to promise anything

Client Services 20: There's a new law coming, or already happened, might make it illegal for us citizens to have accounts overseas. The other brokers would lose all their us clients also if they are using over seas accounts/companies

Client Services 20: barnie frank and some other senator working on it

later: WTF, were loosing our freedom by the day, this is BS

later: ok, i see, thanks for your time

Client Services 20: it's part of this

Client Services 20: http://en.wikipedia.org/wiki/Dodd%E2...Protection_Act

Client Services 20: If you want more info

Client Services 20: So we'll see about us clients
so all you U.S. traders running to diffrent countries to get higher then the 100:1 leverage and get away from the FIFO BS and want to hedge will now be force to deal with it, this is just BS. help us
Quoting fxoxford

us citizens will no longer be able to have forex accounts overseas
Where does it say they won't?

I wouldn't rely on 'Client Services 20' too much if I were you...."I'm in the dark about most things.......There's a new law coming, or already happened, might make it illegal for us citizens to have accounts overseas.", he doesn't sound too sure about what he's saying!
Quoting pipmutt
Where does it say they won't?

I wouldn't rely on 'Client Services 20' too much if I were you...."There's a new law coming, or already happened, might make it illegal for us citizens to have accounts overseas.", he doesn't sound too sure about what he's saying!
we also didn't think this no hedging rule and this FIFO and this 100:1 leverage wound't happen and guess what it did so don't be surprise bro, the u.s. is cracking down big time, think about all the changes that has happens in the last 2 years and you will understand there more to come my firend. im glad your keeping hope alive
Quoting fxoxford
we also didn't think this no hedging rule and this FIFO and this 100:1 leverage wound't happen and guess what it did so don't be surprise bro, the u.s. is cracking down big time, think about all the changes that has happens in the last 2 years and you will understand there more to come my firend. im glad your keeping hope alive
I live in UK and have accounts with US brôkers, one of the reasons being 2-43(a), it was one of the best rules I've ever seen, long overdue!

FIFO is just the way markets work, the way forex brôkers were doing it was very unusual, and 100:1? Who in their right mind uses 100:1 anyway!

I think they could have addressed more important issues first like safety/insurance of client funds but maybe they'll get round to that one eventually.

Hey, you could always move to Europe, the weather's crap but it's a better time zone for trading!
Quoting pipmutt
I live in UK and have accounts with US brokers, one of the reasons being 2-43(a), it was one of the best rules I've ever seen, long overdue!

FIFO is just the way markets work, the way forex brokers were doing it was very unusual, and 100:1? Who in their right mind uses 100:1 anyway!

I think they could have addressed more important issues first like safety/insurance of client funds but maybe they'll get round to that one eventually.

Hey, you could always move to Europe!
a move to europe sound a whole lot better right about now, and yes my broker offer 100:1 leverage and if your are a trader you don't use the whole thing it just get you to by more lots but any way it's not good no matter witch way you look at it, trust me bro, there is no traders rights and freedom to trade the way the wanna trade
Quoting pipmutt

FIFO is just the way markets work, the way forex brôkers were doing it was very unusual, and 100:1? Who in their right mind uses 100:1 anyway!

I think they could have addressed more important issues first like safety/insurance of client funds but maybe they'll get round to that one eventually.
exactly! Plus with sub accounts you can be "hedged" anyway

only positives of higher broker leverage is with safety of funds and not needing to carry as much cash on hand(but of course it gets abused)
Quoting mbqb11

only positives of higher broker leverage is with safety of funds and not needing to carry as much cash on hand(but of course it gets abused)
True, I bailed out of Refco after they screwed me over one NFP, just before they went bust thankfully!

So being in the US how do you handle that risk now, or do you just have to accept it?
Quoting mbqb11
exactly! Plus with sub accounts you can be "hedged" anyway

only positives of higher broker leverage is with safety of funds and not needing to carry as much cash on hand(but of course it gets abused)
this is not the point why should my country promote global competition and then shut it down when they see more u.s. traders didn't like the laws they have pass, traders want something diffrent so they go where they think they can trade the way the want too and not be limit.
Quoting fxoxford

why should my country promote global competition and then shut it down
Protectionism?
Quoting pipmutt
Protectionism?
something our goverment was always against i guess things mabe changing
Quoting fxoxford
something our goverment was always against i guess things mabe changing
Against for everyone else, sure! They also said they supported a strong dollar!

Every government tries to protect it's own interests despite what they might try and have the rest of the world believe! I'm not sure who they think they're kidding any more, no-one believes a word of it anyway, lol!
So they're closing the door on overseas accounts first. Then if leverage is not to our liking in the US, there will be no alternatives. Nice. Good way to destroy commerce while trying to 'fix' it.
Open to new approaches.
Quoting fxoxford
we also didn't think this no hedging rule and this FIFO and this 100:1 leverage wound't happen and guess what it did so don't be surprise bro, the u.s. is cracking down big time, think about all the changes that has happens in the last 2 years and you will understand there more to come my firend. im glad your keeping hope alive
All of the "changes" have been positives, as far as I'm concerned.

Killing hedging cuts unnecessary fees to brokers for swaps and dupe commissions that get you nothing.

FIFO makes people realize when they are actually down instead of just holding losers like they don't exist.

Net capital increases protect us all.

100:1 leverage is more than anyone should need.
Quoting wannatradefx
All of the "changes" have been positives, as far as I'm concerned.

Killing hedging cuts unnecessary fees to brokers for swaps and dupe commissions that get you nothing.

FIFO makes people realize when they are actually down instead of just holding losers like they don't exist.

Net capital increases protect us all.

100:1 leverage is more than anyone should need.
i agree to certain exten, there are other brokers outside of the u.s.a. that mabe offering something or something a u.s. trader may need that a u.s. broker can't offer so where stuck with these u.s.a. brokers witch most doest play a fair game with there customers, if the u.s. goverment can stop these brokers from ripping off customers and come up with better rules to protect customer funds then there be on the right track
I wouldn't be surprised - in fact I am convinced - if/that not simmilar rules will be implemented in Europe too. When only I think of people like Merkel and Sarkozy.. And in fact across the world. And then there will be no place to go.

And who is actually using full leverage? No one, it's impossible since one needs a safety margin; that is, the margin requirements usually are the exact reciprocal of the maximum leverage. So in case of - say - 10:1 leverage and 10% margin requirements one even cannot use 10:1, but less.. And such a small leverage only puts a damper on the small accounts - not the big ones.
Quoting m.m.m.
I wouldn't be surprised - in fact I am convinced - if/that not simmilar rules will be implemented in Europe too. When only I think of people like Merkel and Sarkozy.. And in fact across the world. And then there will be no place to go.

And who is actually using full leverage? No one, it's impossible since one needs a safety margin; that is, the margin requirements usually are the exact reciprocal of the maximum leverage. So in case of - say - 10:1 leverage and 10% margin requirements one even cannot use 10:1, but less.. And such a small leverage...
from my understanding the u.s. is in the process of comming up with a bill that will limit leverage on forex to 10:1, this will whipe out all small traders and with no place to go you will need 10k or more to open a forex account
I smell some massive lawsuits if this bullshit comes about. Who the **** gives them them the right to tell me what I can and cant do when It comes to matters like this. It boils down to politicians taking large bribes from u.s. brokers. Dual Citizenship may very well be on the way.
Annoying Precision
Quoting pipmutt
Where does it say they won't?

I wouldn't rely on 'Client Services 20' too much if I were you...."I'm in the dark about most things.......There's a new law coming, or already happened, might make it illegal for us citizens to have accounts overseas.", he doesn't sound too sure about what he's saying!
'Client Services 20' used to work in the lunchroom but he broke too many dishes so they moved him to Client Services. Ya can't just fire the bosses nephew.
This new rule is totally unconstitutional. It's a serious infringement of Freedom of Ownership. If I am allowed to have real estate properties overseas, why shouldn't I be allowed to hold Foreign Exchange accounts overseas? This is a concerted effort tied in to the new 10:1 leverage law to quash the Retail Forex Industry and make sure it doesn't flourish anywhere else.

I thought somebody up there somewhere would have some sense to stop it. But I guess not. I can't believe NFA and CFTC would sink this low to lick the a**crack of those "Big Boys" of Wall Street which already swallowed Billions of $$ in bailout money from taxpayers.
Make your losses in demo. Earn your profits live.
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