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Brokers for American Citizens

  • #1
  • First Post: Aug 9, 2017 6:52am Aug 9, 2017 6:52am
Hi All,

I have an account with an American based broker, needless to say that I am not happy with 50:1 leverage and other rules.

I have searched to find a decent offshore broker, but it has been a nightmare. I also have Canadian citizenship. Many of the offshore ones accept Canadian citizens. I have two question.

1. Is there a decent trustworthy broker out there that take American Citizens?
2. If not, would it be possible (legal) if I use my Canadian citizenship to open an account with a broker that does not take American Citizens?
  • #2
  • Aug 9, 2017 4:49pm Aug 9, 2017 4:49pm
And how do you later explain to the tax service the movement of money on your accounts? Forex in the US is banned.
  • #3
  • Aug 9, 2017 5:49pm Aug 9, 2017 5:49pm
Quoting Kuznec
And how do you later explain to the tax service the movement of money on your accounts? Forex in the US is banned.
Forex in the US is banned?! Do you know what you are talking about?
  • #4
  • Aug 9, 2017 6:05pm Aug 9, 2017 6:05pm
Quoting Kuznec
And how do you later explain to the tax service the movement of money on your accounts? Forex in the US is banned.
IRS: We Don’t Care How You Get it. Just Be Sure and Report it!
Dragon Rider
  • #5
  • Aug 9, 2017 6:13pm Aug 9, 2017 6:13pm
Quoting barloc
{quote} IRS: We Dont Care How You Get it. Just Be Sure and Report it!
Exactly. FX is not band in the US. There are two brokers that are based in the US and regulated by FTC. The problem with FX in the US is that you cannot have a leverage larger than 50:1 and no hedging....
  • #6
  • Aug 9, 2017 9:36pm Aug 9, 2017 9:36pm
Hey dude, I would have to recommend checking out Finpro trading. I'm also very unhappy with the limitations imposed on us Americans which lead me to do some research on which brokers accept US clients and are also reputable and honest. Finpro was at the top of the list. So i've been demoing with them, just testing random things and so far so good. Tight spreads, good leverage, and superb customer service. But do yourself a favor and look up some reviews, that way you go in confident.
  • #7
  • Aug 9, 2017 9:58pm Aug 9, 2017 9:58pm
Quoting chosen1
Hey dude, I would have to recommend checking out Finpro trading. I'm also very unhappy with the limitations imposed on us Americans which lead me to do some research on which brokers accept US clients and are also reputable and honest. Finpro was at the top of the list. So i've been demoing with them, just testing random things and so far so good. Tight spreads, good leverage, and superb customer service. But do yourself a favor and look up some reviews, that way you go in confident.
I know about Finpro, unfortunately they are not regulated.
  • #8
  • Edited 3:26pm Aug 10, 2017 11:22am | Edited 3:26pm
Quoting Domahh
{quote} I know about Finpro, unfortunately they are not regulated.
FXCM was regulated and look what they did. The only brokers you will be able to open an offshore forex account is through a broker that is not subject to the CFTC and most likely not regulated. There are only 12 offshore brokers that will open accounts for US citizens. And most of them are not regulated. Information about these brokers and reviews/comments can be found here : https://forums.babypips.com/t/going-...the-cftc/35612. Finpro is labeled as a trusted broker with good reviews.

And one last thing, the forex market is not regulated. Dodd Franks does not regulate the forex market, it attempts to control it by restricting who we trade with and how we trade. We were conned to believe that they were trying to protect the consumers, but it is not protection it is restrictions. Other citizens have choices and freedoms, we do not. Regulations are not always good.
  • #9
  • Aug 15, 2017 5:31am Aug 15, 2017 5:31am
Quoting Domahh
{quote} I know about Finpro, unfortunately they are not regulated.
No regulated broker will take on US clients and not follow the US regulations (50:1 leverage, etc).
  • #10
  • Aug 15, 2017 5:32am Aug 15, 2017 5:32am
Quoting Domahh
2. If not, would it be possible (legal) if I use my Canadian citizenship to open an account with a broker that does not take American Citizens?
I can't see why not. Although your proof of address will show you as a US resident and you'll have difficulties on this point.
  • #11
  • Aug 15, 2017 6:03am Aug 15, 2017 6:03am
fxchoice
  • #12
  • Aug 15, 2017 6:31am Aug 15, 2017 6:31am
I am Canadian and I use Vantage FX in Australia, they're ok, I think they can take US residents. To Use your Canadian citizenship you would likely need a Canadian address and bank.
  • #13
  • Aug 18, 2017 6:36am Aug 18, 2017 6:36am
Quoting Domahh
{quote} Forex in the US is banned?! Do you know what you are talking about?
Not sure if forex is banned in the US however i think they have some law restrictions to trade with offshore brokers and thats might be the reason that many brokers does not accept traders from US. Still there are a few which accept traders from US, Canada, Japan etc.
.
  • #14
  • Aug 18, 2017 10:43am Aug 18, 2017 10:43am
The CFTC screwed American forex brokers with absurd rules. Your best bet is Trader's Way, I've been with the a couple years and I'm constantly impressed at their insanely low spreads. If there is a better broker out there for US citizens, I'd like to know about it.

Only problem is they shut their feed down an hour early on Friday, which I find completely unacceptable and a bit amateurish. Other than that I only have positive things to say.
  • #15
  • Aug 21, 2017 3:55pm Aug 21, 2017 3:55pm
This may be a dumb question, but I'm just getting started - do US restrictions apply to US citizens living abroad? I am a US citizen living and working in Ireland, with an Irish bank account.
  • #16
  • Sep 8, 2017 11:10pm Sep 8, 2017 11:10pm
Quoting jfx5603
This may be a dumb question, but I'm just getting started - do US restrictions apply to US citizens living abroad? I am a US citizen living and working in Ireland, with an Irish bank account.
They'll want to see some identification to open an account.

If your ID reads that you're a United States citizen, they won't allow you to open an account (however a residence ID is a different matter... it's not illegal to do it that way - again as long as you are legally a resident at that address at the time you open an account). Report all profits to the IRS, and you should be fine.
  • #17
  • Last Post: Sep 9, 2017 3:51am Sep 9, 2017 3:51am
open a shell company or a trust in panama or seychelles
practising coitus interruptus
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