It is going to be quiet here without all the american members. Ooh well the rest of us will get over it.
Can US residents trade fx offshore? 42 replies
Offshore Forex for US Residents 2 replies
Offshore accounts 0 replies
DislikedSo at this point NO ONE in USA can hedge or use higher leverage. Thats just great.
Now I have to get gangsta.Ignored
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Dislikednever did happen, traders was freaking out for no reasonIgnored
DislikedIs there anything in the new laws that makes it illegal for US citizens to trade with a foreign forex broker? I have found several foreign brokers that accept US customers. Dukascopy is closing my account.Ignored
DislikedI just received this email from my broker:
[color=Blue]You might be aware of the recent changes in U.S. regulations regarding off-exchange retail foreign exchange. The new regulatory rules—implemented by the Commodity Futures Trading Commission (CFTC), the U.S. government agency responsible for the regulation of retail foreign exchange—apply to retail forex transactions that are offered or entered into by entities registered with CFTC under the Commodity Exchange Act (CEA).
Tadawul FX Ltd. is regulated by Cyprus Securities and Exchange Commission...Ignored
DislikedIf the CFTC can get to TDFX they can get to anyone as TDFX is probably one of the largest or at least really fast growing.
The others will just fall in line. The biggest reason is likely liquidity... they dangle that liquidity carrot over their head when things get tough and they have but little choice to take it with "conditions"... memorandum of understanding or whatever you want to call it.
Off-shore company is the only way at this point I believe... unless you are considered "high net worth" --- like a cool 10 million. That shuts...Ignored