Why are US clients banned? | Forex Factory

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Cyprus Forex Brokers banned from accepting non-EU clients 12 replies

Why are US clients banned?

  • #1
  • First Post: Feb 3, 2008 12:07pm Feb 3, 2008 12:07pm
There are a ton of great large forex brokers that I am unable to open an account with because I am a citizen of the United States.

For example http://www.forex.ch/applyind/account1.php in the nationality drop down list they list over 100 countries that they accept clients from, but not the US.

I have 2 questions for anyone out there.
1. Why are US citizens banned from opening accounts at alot of reputable foreign brokers?
2. How can I get around this?

I have tried calling up tax lawyers to find out about setting up a foreign corporation, but the brokers still will not accept any orders originating from the US or a company owned by a US citizen.... What's with this?

With the new requirement of 20 million for Forex brokers looking to be ineffect by the end of this year, are we limited to 5 brokers? Really... is there anything we can do?
  • #2
  • Feb 3, 2008 12:22pm Feb 3, 2008 12:22pm
There is to my knowing no problem with pure FX firms. But as soon as they are making markets for products that trade on a regulated exchanges in the USA, such as stocks, commodities or index futures, they are violating american law if they grant access to americans and would potentially risk being legally prosecuted by american authorities. That makes it impossible for CFD brokers like CMC Markets or ABN Amro marketindex to accept american customers.
  • #3
  • Feb 3, 2008 12:34pm Feb 3, 2008 12:34pm
Give thanks to Uncle Sam, He figured out that Americans were making money that he could not tax and then passed laws that made all these brokers AND Banks go through so much red tape that they gave up and said "okay, no Americans" UBS used to require at least $150,000 minimum to open an account here in Switzerland, and this is a normal account with nothing to do with investment banking. Now they won't even do that. Every time UBS opens an account for a new client that client must fill out a form proving they are not a U.S citizen or hold a green card. However, a few million will convince even UBS to open an account for you even if you are a U.S citizen.

Big brother does not want you to spend or invest your money in other places out of his reach, in other words.

LAND OF THE FREE*

*restrictions may apply. Void where prohibited.
Just Trade It
  • #4
  • Feb 3, 2008 2:33pm Feb 3, 2008 2:33pm
Agree to a certain extent. Void durings times that I suggest.


Quoting Big Wave Rider
Give thanks to Uncle Sam, He figured out that Americans were making money that he could not tax and then passed laws that made all these brokers AND Banks go through so much red tape that they gave up and said "okay, no Americans" UBS used to require at least $150,000 minimum to open an account here in Switzerland, and this is a normal account with nothing to do with investment banking. Now they won't even do that. Every time UBS opens an account for a new client that client must fill out a form proving they are not a U.S citizen or hold a green card. However, a few million will convince even UBS to open an account for you even if you are a U.S citizen.

Big brother does not want you to spend or invest your money in other places out of his reach, in other words.

LAND OF THE FREE*

*restrictions may apply. Void where prohibited.
  • #5
  • Feb 3, 2008 7:07pm Feb 3, 2008 7:07pm
That's right, ya just can't get away from good' ol Uncle Sam ...
  • #6
  • Feb 16, 2008 1:36am Feb 16, 2008 1:36am
Land of the FREE and the Home of UNCLE SAM ....... with a NOOSE around our knecks, just waitin for the killl! IMO











Quoting Big Wave Rider
Give thanks to Uncle Sam, He figured out that Americans were making money that he could not tax and then passed laws that made all these brokers AND Banks go through so much red tape that they gave up and said "okay, no Americans" UBS used to require at least $150,000 minimum to open an account here in Switzerland, and this is a normal account with nothing to do with investment banking. Now they won't even do that. Every time UBS opens an account for a new client that client must fill out a form proving they are not a U.S citizen or hold a green card. However, a few million will convince even UBS to open an account for you even if you are a U.S citizen.

Big brother does not want you to spend or invest your money in other places out of his reach, in other words.

LAND OF THE FREE*


*restrictions may apply. Void where prohibited.
  • #7
  • Feb 16, 2008 9:38am Feb 16, 2008 9:38am
Quoting Big Wave Rider
Give thanks to Uncle Sam, He figured out that Americans were making money that he could not tax and then passed laws that made all these brokers AND Banks go through so much red tape that they gave up and said "okay, no Americans" UBS used to require at least $150,000 minimum to open an account here in Switzerland, and this is a normal account with nothing to do with investment banking. Now they won't even do that. Every time UBS opens an account for a new client that client must fill out a form proving they are not a U.S citizen or hold a green card. However, a few million will convince even UBS to open an account for you even if you are a U.S citizen.

Big brother does not want you to spend or invest your money in other places out of his reach, in other words.

LAND OF THE FREE*

*restrictions may apply. Void where prohibited.
How about if you held two passports? So one American passport, and another passport from a different country (X). Would the broker allow you to open an account as a citizen of Country X?
  • #8
  • Feb 16, 2008 10:22am Feb 16, 2008 10:22am
Quoting forexmoments
How about if you held two passports? So one American passport, and another passport from a different country (X). Would the broker allow you to open an account as a citizen of Country X?
its sounds good, but all your info in the account application must come from that country, like home address, bank info, home telephone number. they know your not gonna show your a citizen from country bahamas and have all your info in the u.s.a. that will draw a red flag. and also they say no resident of the u.s.a.
If I Go Broke Trying Then I Will die happy.
  • #9
  • Feb 16, 2008 12:28pm Feb 16, 2008 12:28pm
and garbage [red tape] [PatriotACTT.LiesCRAPola] that is causing no other Countries to want to deal with us anymore! It is all fabricated lies .... to make us happy to lose all our freedoms and return us to the NatziGermanyDAYS and N.W.O. enslavement ! But why is it that no one even complains or cares anymore about it? Seems like we are all happy to be overrun by ourRuthlessNatzzziPolititianss?IMO
  • #10
  • Feb 16, 2008 4:19pm Feb 16, 2008 4:19pm
The control of money flow is the most important item in our time

watch this:

http://video.google.com/videoplay?do...truth+and+lies
/ ... clarifying decisions ... /
  • #11
  • Last Post: Feb 16, 2008 5:49pm Feb 16, 2008 5:49pm
Quoting Big Wave Rider
Give thanks to Uncle Sam, He figured out that Americans were making money that he could not tax and then passed laws that made all these brokers AND Banks go through so much red tape that they gave up
It has more to do with securities regulation than taxation. If taxation were the sole reason, why would US citizens be allowed to open overseas FX trading accounts? It's not like FX gains are reported..
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