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What happens when US citizens switch to Non-CFTC Brokers

  • Post #1
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  • First Post: Sep 8, 2010 5:24pm Sep 8, 2010 5:24pm
  •  pilotui
  • Joined Jul 2009 | Status: Disabled Vet | 734 Posts
Like gomarkets, FXDD malta etc...

What kind of legal ramifications would switching to a foreign broker have for a US Citizen? (Purposefully evading the new CFTC rules)

I do not plan on lying down for the US...I've done it before but I didn't do it for this kind of Big Gov't, in you house crap.

I have just as much right to lose money in Forex as I do in real estate/poker/strip clubs/car dealer etc...


Please any comments are welcome
  • Post #2
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  • Sep 8, 2010 5:44pm Sep 8, 2010 5:44pm
  •  TradeRunner
  • | Joined Sep 2009 | Status: Member | 298 Posts
Quoting pilotui
Disliked
Like gomarkets, FXDD malta etc...

What kind of legal ramifications would switching to a foreign broker have for a US Citizen? (Purposefully evading the new CFTC rules)

I do not plan on lying down for the US...I've done it before but I didn't do it for this kind of Big Gov't, in you house crap.

I have just as much right to lose money in Forex as I do in real estate/poker/strip clubs/car dealer etc...


Please any comments are welcome
Ignored
Exactly !!!
As for the ramifications I'm not sure anyone is sure yet. I have a UK based account (I'm US) and asked the broker if my account was going to be moved back to the US. They don't know yet but will issue a statement sometime soon.
 
 
  • Post #3
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  • Sep 26, 2010 9:52pm Sep 26, 2010 9:52pm
  •  joseclar
  • | Joined Feb 2010 | Status: Member | 38 Posts
This is beyond a disgrace. If they want to tighten regulation, fine. More complete disclousures etc. But the US Gov has absolutely no right to tell me where I can invest my money and where I cannot. If I want to buy african commodities, or swiss property, who are they to tell me otherwise.

I hope every dollar of retail forex moves offshore. This regulatory chnage is totally facist.
 
 
  • Post #4
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  • Sep 27, 2010 12:12am Sep 27, 2010 12:12am
  •  sg_trader
  • | Joined Apr 2010 | Status: Member | 85 Posts
What for u want to switch to unregulated brokers. Do u want not to see your money ever again?
 
 
  • Post #5
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  • Sep 27, 2010 12:24am Sep 27, 2010 12:24am
  •  Aja
  • | Joined Nov 2009 | Status: Member | 316 Posts
Go and FXDD are regulated.
 
 
  • Post #6
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  • Sep 27, 2010 12:30am Sep 27, 2010 12:30am
  •  sg_trader
  • | Joined Apr 2010 | Status: Member | 85 Posts
they work under fixed spread. Same like interbankfx. They have thin liquidity.
 
 
  • Post #7
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  • Last Post: Sep 27, 2010 1:28am Sep 27, 2010 1:28am
  •  cica515
  • | Joined Jun 2010 | Status: Member | 36 Posts
In the case of FXDD, they do have a US affiliate (FXDD US), so FXDD Malta would not be an option for US traders...
 
 
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