no regulations stopping US residents from opening offshore accounts

Matt: it's not your fault. It's not your fault, man.

Actually it's complicated. But as I am understanding it at the moment Dodd Frank doesn't restrict us from trading overseas it just limits legal relief for overseas companies who would typically offer us their services. If companies aren't in compliance with the CFTC they are wrong for the time being and the CFTC has some rules that are different from what we were used to. In event there is a dispute between the client and the offering company and a court won't provide a potentially favorable ruling because of the new regs why would they bother....?

Have not researched much further yet, but I would suspect there is a way to trade like we used to and one will eventually be found... The sticking point at the moment is obtaining legal and regulatory relief should a dispute arise which would be fair to all parties... A court is not likely to rule for an overseas company at the moment is my understanding.

More of us are going to have to start paying attention, researching solutions, and making contacts if we want to figure out how to trade again like we used to or work to make some modifications to the law which will encourage overseas brokers to take us again and that they will be assured legal protection in our system...

I am guessing there are ways to still trade like we used to maybe through a bank perhaps??? (Don't know.) There are some exceptions out there. Got to ask around and research!

"
1) The LLC that I already have setup is not sufficient to open an offshore FX account."

I don't think you need an LLC. There are several foreign brokerages that accept US citizens.
The broker CANNOT be US based or have an office in the US that falls under US rules.

"2) Our government is going communist."

Not far from it. that's for sure.

"The main issue I'm having with my broker is FIFO. "

If that's your only concern try InterbankFX. They seem to have found a way to skirt around the FIFO rule.

"I'm 21 years old and I'm already considering moving out of the States as soon as I graduate. What does that say about this country?"

That it definitely isn't the same country it once was.

Matt Damon
"This is sad our politicians make regulations like this to restrict citizens. I'm in the military and it sickens me that I go and fight for this country while these idiots waste time making rules that does nothing to help our country."

That's a very sad thing indeed. I admire the fact that you're in the military and value fighting for the freedoms of our country.
It seems though, that there is no freedom that the politicians won't take away to further their own self-interest in some way.

Thanks for this. I downloaded MT4 and got a demo account with IBFX and it appears to fix my FIFO problem. I will probably just open two accounts under my LLC so I can hedge. I still have to do some research on IBFX. Everything I've read online bashes IBFX pretty bad but it was mostly reviews from retail traders (who I'm guessing blew up their IBFX accounts). I currently trade on an ECN so I'll have to adjust.

There's a thread in the BabyPips Forum, called Rate My Broker, where page 108 lists the latest updates about the status of known brokers re: acceptance of US residents. The thread is called: Going offshore to escape the CFTC. I also have found some posts by traders who have experience with some of the brokers on the list.

Since I live a few blocks south of the border, this doesn't impact me directly; but I do prefer my broker to be outside the reach of any restrictive 'make-it-up-on-the-go' regulatory agencies...

[quote=sunsue;4979650]There's a thread in the BabyPips Forum, called Rate My Broker, where page 108 lists the latest updates about the status of known brokers re: acceptance of US residents. The thread is called: Going offshore to escape the CFTC.

The following is the list, thanks to Clint at BabyPips:

Tuesday, November 15, 2011

OFFSHORE BROKERS

Recent changes (past 2 months) shown in red.

PAGE 1 of 3
__________________________________________________

Here is an updated list of the 110 brokers mentioned so far on this thread, and the results of our inquiry into whether these offshore brokers will open new accounts for U.S. residents, following the release by the CFTC of new rules governing U.S. retail forex.

Pages 1 and 2 show: Group 1 - Brokers who will continue to open new accounts for U.S. clients.

Page 3 shows: Group 2 - Brokers who will not accept new U.S. clients due to recent CFTC actions.



Group 1 - Brokers who will continue to accept new U.S. clients (40 brokers)

Note: information on platforms, initial deposit, leverage, and spreads was obtained from broker websites. In some cases, this information is not readily retrievable. If you are able to fill in some of the blanks below, please do.

Most brokers offer more than one type/size forex account (nano, micro, mini, standard, etc.). In each of the listings below, the account referenced is the account requiring the smallest initial deposit.

It is not possible to show spreads for all currency pairs, for each broker. Instead, two spreads --- for the EUR/USD and the GBP/JPY --- are shown for each broker, as a rough representation of their spread menu.

Email (or telephone) contact info has been added for each broker in Group 1 for those who wish to make their initial contact without visiting the broker's website. See discussion here - Going offshore to escape the CFTC


U.K. / western Europe

• City Credit Capital (UK) --- note: this broker is currently the target of a CFTC lawsuit ---
--- see Press Release PR6108-11 at Press Releases - CFTC for details --- exercise extreme due diligence
Platform: Markets Trader platform (web-based or downloadable). -- Min. initial deposit: 2,000 USD. -- Max. leverage: 100:1.
-- Spreads: EUR/USD 3 pips, GBP/JPY 8 pips.
Online Forex & CFD Trading - City of London-based, FSA-Regulated Forex & CFD Broker
Email: [email protected]for making initial contact with City Credit Capital without using their website.

• Uni-FX (UK)
Platform: MT4. -- Min. initial deposit: 100 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 5 pips.
Uni-FX Forex Brokerage
Email: [email protected]for making initial contact with Uni-FX without using their website.

• Universal FX (Switzerland) --- white-label partner of ACM/SwissQuote
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Universal FX | Swiss Forex Broker
Email: [email protected] (English language) for making initial contact with Universal FX without using their website.

• FXM Financial Group (Germany)
Platform: FXM Trading Station. -- Min. initial deposit: 100 USD. -- Max. leverage: 400:1. -- Spreads: EUR/USD 2 pips, GBP/JPY _______
Home page | FXM Financial Group | FOREX | FOREX Broker | FOREX Trading | ECN Broker
Email: [email protected] for making initial contact with FXM without using their website.

• Fin FX (Finland)
Platform: MT4. -- Min. initial deposit: 150 USD. -- Max. leverage: 300:1. -- Spreads: EUR/USD 3 pips, GBP/JPY 7 pips.
Home
Email: [email protected] for making initial contact with FinFX without using their website.


Russia / eastern Europe

• MRC Markets (Russia) --- not regulated --- exercise extreme due diligence ---
--- see FSA Alert---http://www.fsa.gov.uk/pages/Doing/Re.../moneyrain.pdf
Platform: MT4. -- Min. initial deposit: 200 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 7 pips.
MRC Markets
Email: [email protected] for making initial contact with MRC Markets without using their website.

• Renesource Capital (Latvia)
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Renesource Capital
Email: [email protected] for making initial contact with Renesource Capital without using their website.

• X-Trade Brokers (XTB) (Poland)
Platform: XTB Trader (MT4). -- Min. initial deposit: 500 EUR. -- Max. leverage: 100:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 7 pips.
Options trading, forex, CFD, forex trading, commodities, trading, fx, risk, management, currency, forex market, risk management, cfd broker, forex broker, options, indices, platform
Email: [email protected] for making initial contact with X-Trade Brokers without using their website.

• Varchev Financial (Bulgaria/UK) --- regulated in both countries
Platforms: MT4, mobile MT4. -- Min. initial deposit: NONE. -- Max. leverage: 500:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 8 pips.
Varchev Financial Services - First Name in Investments
Email: [email protected]for making initial contact with Varchev Financial without using their website.


Pacific / Asia

• Forex CT (Australia)
Platform: ForexCT Platform. -- Min. initial deposit: 100 USD. -- Max. leverage: 200:1. -- Spreads: EUR/USD 5 pips, GBP/JPY _______
ForexCT Forex Trading
Email: [email protected] for making initial contact with Forex CT without using their website.

• Forex FS (Australia)
Platforms: MT4, Tradency Mirror Trading Platform, Avalon FX Pro Platform. -- Min. initial deposit: 500 USD. --
Max. leverage: 200:1 (currencies), 100:1 (metals) -- Spreads: EUR/USD 2 pips, GBP/JPY 5 pips.
FOREX FS - HOME
Email: [email protected] for making initial contact with Forex FS without using their website.

• Intel FX (New Zealand) --- not regulated
Platform: MT4. -- Min. initial deposit: Cent account 1 USD, Micro account 10 USD. -- Max. leverage: 500:1.
-- Spreads: EUR/USD 2 pips, GBP/JPY 7 pips.
https://www.intelfx.com/
Email: [email protected] for making initial contact with Intel FX without using their website.

• Lucror FX (New Zealand)
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Forex Trading, Brokerage Accounts, and Asset Management | Lucror FX - New Zealand
Email: [email protected]for making initial contact with Lucror FX without using their website.

• OMFinancial (New Zealand)
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Trade Futures, Foreign Exchange, CFD's and Equities - 24 Hour Market Access
Email: [email protected] for making initial contact with OMFinancial without using their website.

• RV Markets (Hong Kong)
Platform: MT4. -- Min. initial deposit: 1 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 1 pip, GBP/JPY 7 pips.
RVMarkets - CONTACTS
Email: [email protected]for making initial contact with RV Markets without using their website.

• SHKdirect (Hong Kong)
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Sun Hung Kai Financial
Email: [email protected]for making initial contact with SHKdirect without using their website.

• Smart Trade FX (Hong Kong)
Platforms: SmartTrader, MT4. -- Min. initial deposit: 100 USD. -- Max. leverage: 200:1.
-- Spreads: EUR/USD 0.8 pips, GBP/JPY 2.4 pips, plus commission = 0.07 USD per 1,000 units of currency = 0.7 pip .
SmartTradeFX - Online Forex Trading. Currency trading.
Telephone: 1.888.613.7839 for making initial contact with Smart Trade FX without using their website.

For the rest of Group 1, see Page 2 --- scroll forward to the next post on this thread.

Last edited by Clint; 12-05-2011 at 08:17 PM.

Tuesday, November 15, 2011

OFFSHORE BROKERS

Recent changes (past 2 months) shown in red.

PAGE 2 of 3
__________________________________________________

Group 1 (continued)


Mediterranean / Middle East / Africa

• Investors Europe (Gibraltar) --- note the reduction in maximum leverage to 50:1 for U.S. residents
Platforms: MT4, Currenex Viking, FIX API Trading. -- Min. initial deposit: $250 (ECN/STP accounts). -- Max. leverage: 400:1 (50:1 for U.S. residents)
-- Spreads: EUR/USD 1.5 pips (avg), GBP/JPY 3.3 pips (avg).
Investors Europe :: Forex, CFD :: Service Liquidity and Technology | Europe Premier Offshore Stock Brokers
Email: [email protected]for making initial contact with Investors Europe without using their website.

• Ask-o-Bid (Cyprus)
Platform: MT4. -- Min. initial deposit: 1,000 USD. -- Max. leverage: 200:1. -- Spreads: EUR/USD 3 pips, GBP/JPY 8 pips.
Online Forex Trading Platform - Learn & Trade with Askobid.com
Email: [email protected] for making initial contact with Ask-o-Bid without using their website.

• IKOFX (Cyprus) --- not regulated --- exercise extreme due diligence ---
--- see CySec Alert --- http://www.cysec.gov.cy/Downloads/In...KOFX%20Ltd.pdf
Platform: MT4. -- Min. initial deposit: 1 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 7 pips.
FOREX | CURRENCY TRADING | FOREX BROKER | FOREX TRADING | METATRADER4 | IKOFX
Email: [email protected] for making initial contact with IKOFX without using their website.

• Trading Point (Cyprus) --- note: this broker is currently the target of a CFTC lawsuit ---
--- see Press Release PR6108-11 at Press Releases - CFTC for details --- exercise extreme due diligence
Platform: MT4. -- Min. initial deposit: (none). -- Max. leverage: 500:1. -- Spreads: EUR/USD 1.9 pips (avg), GBP/JPY 5.4 pips (avg).
Forex | Forex Broker | Trade Forex | Trading Point
Email: [email protected] for making initial contact with Trading Point without using their website.

• XoomForex (Cyprus)]
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
:: - Welcome to XoomForex - ::
Email: [email protected] for making initial contact with XoomForex without using their website.

• Royal Forex Trading - RFXT (Lebanon) --- removed from this list

• Arab Financial Brokers (Kuwait)
Platforms: AFB Platform (MT4), AFB Multi Terminal (MT4). -- Min. initial deposit: 50 USD. -- Max. leverage: 400:1.
-- Spreads: EUR/USD 2 pips, GBP/JPY ? pips.
Islamic Investment, Forex Trading, Commodities Brokers, Oil Trading - AFB
Email: [email protected] for making initial contact with Arab Financial Brokers without using their website.

• FX Company (Mauritius -?) --- not regulated --- exercise extreme due diligence ---
--- see CySec Alert --- http://www.cysec.gov.cy/Downloads/In...%20Company.pdf
Platforms: MT4, MT5 beta. -- Min. initial deposit: 100 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 8 pips.
FxCompany. Online Forex Trading Systems & Platforms, Automated Forex Trading Software
Email: [email protected] for making initial contact with FX Company without using their website.

• Hot Forex (Mauritius)
Platform: MT4. -- Min. initial deposit: 25 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 0.7 pips, GBP/JPY 2.5 pips.
https://www.hotforex.com/
Email: [email protected]for making initial contact with Hot Forex without using their website.

• Lite Forex (Seychelles) --- removed from this list

• UpFX (Seychelles)
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
UPFX - Forex Offshore Broker... This is UpFX
Email: [email protected]for making initial contact with UpFX without using their website.


Central America / Caribbean

• forex-metal (Panama)
Platform: MT4. -- Min. initial deposit: 0 USD. -- Max. leverage: 500:1 (for balance up to $500), 200:1 (for balance over $500).
-- Spreads: EUR/USD 2 pips, GBP/JPY 8 pips.
https://forex-metal.com
Email: [email protected]for making initial contact with forex-metal without using their website.

• Forex MMCIS (Panama)
Platform: MT4. -- Min. initial deposit: 500 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 1 pip, GBP/JPY 6 pips.
FOREX MMCIS group | Top Forex broker
Email: [email protected]for making initial contact with MMCIS without using their website.

• PipFixed (Panama) --- removed from this list

• MF Financial (Belize) --- note: this broker is currently the target of a CFTC lawsuit ---
--- see Press Release PR6108-11 at Press Releases - CFTC for details --- exercise extreme due diligence
Platform: MFFX Trader. -- Min. initial deposit: 100 USD. -- Max. leverage: 200:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 8 pips.
Online Forex Trading System, Global Foreign Currency & Exchange Broker
Email: [email protected] for making initial contact with MF Financial without using their website.

• Real Forex ( ? ) --- unregulated broker incorporated in France, owned by Finocorp (Belize) ---
---exercise extreme due diligence
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Real-Forex.com | Exclusive ECN broker
Email: [email protected] for making initial contact with Real Forex without using their website.

• The Collective FX Global (Belize) --- note: this broker charges a monthly fee in lieu of commissions
or mark-ups on bank spreads --- exercise extreme due diligence
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
https://www.thecollectivefxglobal.com/
Email: (available only through their website)

• 4RunnerForex (British Virgin Islands)
Platforms: Java Webtrader, MT4. -- Min. initial deposit: 100 USD. -- Max. leverage: 100:1.
-- Spreads: EUR/USD 0.9 pips, GBP/JPY 2 pips.
4RunnerForex.com - Forex Trading | Forex | Forex Broker | Currency Trading |
Telephone: 1.646.430.8380 for making initial contact with 4RunnerForex without using their website.

• F/B Capital Markets (British Virgin Islands / Russian corporate offices)
Platform: FB Trader. -- Min. initial deposit: 300 USD. -- Max. leverage: 200:1. -- Spreads: EUR/USD 2 pips, GBP/JPY 8 pips.
F|B Capital Markets: Trade FX, CFDs, Futures; brokerage service, financial investments, online broker
Email: [email protected]for making initial contact with F/B Capital Markets without using their website.

• Forex Club International (British Virgin Islands / Russian regulatory authority)
Platforms: ModernFX (micro), ClassicFX (micro), ActTrader (mini). -- Min. initial deposit: 0 USD. -- Max. leverage: 100:1.
-- Spreads (micro account): zero spread, commission (on profitable trades only) = 0.40 USD per 1,000 units of currency = 4 pips.
-- Spreads (mini account): EUR/USD _______, GBP/JPY _______, (no commission).
Forex Trading | Currency Trading | Forex Education | Forex Broker
Email: [email protected] for making initial contact with Forex Club without using their website.

• Loyal Forex (British Virgin Islands) --- not regulated --- exercise extreme due diligence
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Loyal Forex
Email: (available only through their website)

• PaxForex (British Virgin Islands)
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
PaxForex - Forex Bonus and Contest | Gold | Silver | Currency Trading | CFD - PaxForex
Email: [email protected]for making initial contact with PaxForex without using their website.

• Real Trade (British Virgin Islands) --- Russian broker registered in BVI (regulation-?)
Platform: Real Trader 4 (MT4). -- Min. initial deposit: $20. -- Max. leverage: 500:1. -- Spreads: EUR/USD 1.5 pips, GBP/JPY 6 pips.
Forex / Форекс - Real Trade Group (note: website is in Russian --- for translation, click at the top of the page)
Email: [email protected] for making initial contact with Real Trade without using their website.

• 2pipsForex (Dominica) --- [do not confuse Dominica with Dominican Republic]
Platform: MT4. -- Min. initial deposit: 2,000 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 1 pip, GBP/JPY 1 pip.
2 pips forex, Online forex trading, 1 pips spread on all currencies
Email: [email protected] for making initial contact with 2pipsForex without using their website.

• FXCH (Dominica) --- not regulated --- [do not confuse with Forex.CH (Switzerland) in Group 2]
--- exercise extreme due diligence --- see --- FINMA - Details (this complaint has been settled)
Platforms: MT4, MT5. -- Min. initial deposit: 2,000 USD. -- Max. leverage: 500:1. -- Spreads: EUR/USD 1 pip, GBP/JPY 1 pip.
Forex-swiss.com, forex swiss, forexswiss 24 hour online Forex trading with No Dealing Desk
Email: [email protected] for making initial contact with FXCH without using their website.

• Trader's Way (Dominica) --- [do not confuse Dominica with Dominican Republic]
Platforms: __________. -- Min. initial deposit: _______. -- Max. leverage: _______. -- Spreads: EUR/USD _______, GBP/JPY _______.
Best Forex MT4 Broker | Online Trading | Micro & ECN | Fixed & Variable Spread | Best Trading Conditions Possible | MetaTrader 4 & WebTrader & MobileTrader - Trader's Way
Email: [email protected](for opening new accounts)

For Group 2, see Page 3 --- scroll forward to the next post on this thread.

Last edited by Clint; 12-05-2011 at 08:13 PM.

Tuesday, November 15, 2011

OFFSHORE BROKERS

Recent changes (past 2 months) shown in red.

PAGE 3 of 3
__________________________________________________

Group 2 - Brokers who apparently will not accept new U.S. clients (70 brokers)

Activ Trades (UK)

Alpari (UK)

CMS Forex (UK)

Finotec (UK)

Hantec Markets (UK)

HY Markets (UK)

MF Global (UK)

ODL Markets (UK)

One Financial (UK)

UFX Bank (UK)

ACM/Swissquote (Switzerland)

C.I.M. Banque (Switzerland)

Dukascopy (Switzerland)

Forex.CH (Switzerland)

MIG Bank (Switzerland)

dbFX (Germany)

Finexo (Germany)

Varengold (Germany)

Saxo Bank (Denmark)

Nord Markets (Sweden)

HMS LUX (Luxembourg)

Internaxx (Luxembourg)

Strato Markets (Netherlands)

Broco Forex (Russia)

Insta Forex (Russia/BVI)

Maximus Capital Markets (Latvia)

Atlantic FX (Bulgaria)

Marketiva (Montenegro)

Axi Trader (Australia)

BMFN (Australia)

GO Markets (Australia)

Got Money FX (Australia)

Halifax Investment Services (Australia)

IBFX (Australia)

IG Markets (Australia)

Kinetic Securities (Australia)

Vantage FX (Australia)

Latitude FX (New Zealand)

Robo Forex (New Zealand)

Phillip Futures (Singapore)

AAA FX (Greece)

FIBO Group Holdings Ltd (Cyprus)

Forex Web Trader (Cyprus)

Forex Yard (Cyprus)

Fx Pro (Cyprus)

Tadawul FX (Cyprus)

Traders Trust (Cyprus)

United World Capital (Cyprus)

Windsor Brokers (Cyprus)

Royal Forex Trading - RFXT (Lebanon)

GTL Forex (United Arab Emirates)

FBS (Mauritius)

FX Cast (Mauritius)

FX Open (Mauritius)

Nord FX (Mauritius)

You Trade FX (Mauritius)

Accent Forex (Seychelles)

Lite Forex (Seychelles)

eFOREX (Panama)

IamFX (Panama)

InovaTrade (Panama)

PipFixed (Panama)

Ava FX (British Virgin Islands)

BForex (British Virgin Islands)

E-Global/Forex4You (British Virgin Islands)

Forex4You (British Virgin Islands)

Forex Place - 4xP (British Virgin Islands)

FXCBS (British Virgin Islands)

iTrade Capital Markets (British Virgin Islands)

Think Forex (British Virgin Islands)

For Group 1 of this list, scroll back to the previous 2 posts.

Last edited by Clint; 12-05-2011 at 08:15 PM.

Read more: http://forums.babypips.com/rate-my-b...#ixzz1iCd5qDHB

Very nice list i like FinFx so far.

Hi faxxion, I read the Press Release PR6108-11 at CFTC ( http://cftc.gov/PressRoom/PressReleases/index.htm ) and there appears to be a glimmer of light in the gap I saw. It seems that the only suits mentioned were against brokers who were "counter party" to trades. I am new at all this but it sounds like ECNs or STP brokers would not be a problem. Just a thought. And thanks for posting Clint's list here.

One more legitimate law firm is Mata & Pitti, and they are located in Panama.

Looks like this thread has gone dormant.

I've been trading with GFT here in the US, and they have just announced that they are leaving the retail forex US market. It was suggested to me by an acquaintance that I open an offshore LLC and trading account.

From the Baby Pips list posted above (I'll go through their thread after this), it appears an LLC is not necessary, just finding a broker who still accepts US clients. I also see the list is over a year old.

So what path have others traveled? Broker? LLC?

Mark,

Either will work.

The only brokers accepting US customers are non-CFTC member firms. Most foreign non-CFTC firms also have US subsidiaries that are CFTC regulated or vice versa. The CFTC has been threatening to revoke their member status unless they stop accepting US customer accounts with their foreign counter part (think FXCM and FXCM UK, Alpari and Alpari UK). Therefore you must find a reputable firm that is not also a firm doing business in this country. The best I have found is FinFX. That is not an endorsement and I do not have an account with them.

The reason most US traders go the LLC route is that you can then chose any broker you like. Remember, it is more expensive to set up and maintain, so your account size must justify the extra expense.

William

I see Clint's updated list is down to 30 brokers. I assume it is just a matter of time before there are even fewer.

So I guess that leaves opening an offshore LLC as the best option. It sounds like the creation of such an entity is fairly easy and not overly expensive, but I have not learned enough as yet to understand the longer term cost and taxation issues.

In the mean time, I have heard my account will be transferred to ThinkorSwim/TD Ameritrade, although I have not heard this from GFT as yet. This will at least buy me time to figure this new territory out, and hopefully allow me to make a smart decision.

Thanks, William!

Mark,

While a transition may go smoothly from GFT to another broker, I have also seen things go not so smoothly and peoples funds were at risk. It would may be a good idea and withdraw your funds and find another broker to trade through until you make alternate plans. It is always better for you to be in control of your funds rather then let them be in limbo until a transition.

Best regards,
Steve

Other than the tax issues I don't see enough benefit to justify going through the brain damage of securing an off-shore account.
Can anyone enlighten me by explaining the benefit they have seen by going off-shore?

I opened an account with IBFX when they first closed my overseas account and have had no problems or complaints. (with IBFX )

What really upsets me the most about the whole thing is the fact that we even have cause to create a thread like this one in the first place.
AND that as US citizens we have to go to another country to secure freedoms that we used to have here.
I guess we are smart enough to vote them in but not smart enough to make wise decisions and protect our own wealth.

Since Dodd-Frank and the issue of tax evasion has gained the spot light I think you're right. They won't be happy until they close the loop holes.

I'm a young trader, just as yourself, and I am fervently trying to find a way out of the US. The US is transitioning into socialism, it is very obvious. I want to open a quant trading business, and I'm afraid that regulations in the US are just too unnecessarily strict for me to do so.

BE CAREFULL!!! - Don't open an account with Investors Europe - they stole over $8000 from and they operate under the false pretence that they are regulated in Mauritius (and/or Gibraltar) but they are not regulated anywhere I checked with the regulators

Just found this for PaxForex, when try to open Paxforex.com: "The Domain for PaxForex has been Seized by FBU "!!!

It's paxforex.org now

This has similarities to the sec exam priorities 2024