I was curious about this and got the following reply:
Quote
Disliked
At this time, regulatory issues prevent FOREX.com from opening accounts with retail customers who reside in the United Kingdom. This is due to the Financial Services Act of 1986. May I suggest contacting our UK partner, TradeStation Europe Limited, who acts as an introducing broker for residents in the UK
BTW I think Forex.com is one of the better capitalized firms out there. I think they're in the top 5.
1986 that’s light years ago and their conforming now? Strange!!!! I have UK
citizen friends that opened accounts with USA firms, show me the law from a
credible source an I will believe them but until then this sounds more like gain’s restructuring or maybe moving offshore in light of the new USA
regulations coming into effect shortly...
Looks like theirs a lot of FX firms reorganizing do to the new Swiss and USA laws coming into effect.
I couldn't disagree more about the UK having much tougher laws compared to the US. I know the UK has more defined regulations about forex and other derivatives. The last I heard the net cap to offer forex and other derivatives was somewhere around 1 million pounds which is much less then the US right now. I know plenty of UK firms that accept US clients and I know a lot of US firms that accept UK clients. This has to do with Gain's firm policies and not UK regulations. I know they have an agreement with tradestation but I dont know if that agreement has anything to do with this. To be honest I have no idea why this would be and certainly dont know why they would be giving clients to Saxo. Let me know if anyone calls them and gets a reason why. Also, Moe why do you think the laws are tougher in the UK, maybe you know something I dont?
Forex.com has been forwarding UK client to SaxoBank.
Does anyone know what's going on with them?
Ignored
GAIN Capital will not accept clients who are residents any of the following countries and provinces:
Afghanistan
Belarus
B.C.
Burma (Myanmar)
Cote d'Ivoire (Ivory Coast)
Cuba
Democratic Republic of Congo
Former Liberian Regime of Charles Taylor
Iran
Iraq
Libya
Nigeria
North Korea
Sudan
Syria
Unita (Angola)
Western Balkans
Zimbabwe
GAIN Capital will not accept clients who are residents any of the following countries and provinces:
Afghanistan
Belarus
B.C.
Burma (Myanmar)
Cote d'Ivoire (Ivory Coast)
Cuba
Democratic Republic of Congo
Former Liberian Regime of Charles Taylor
Iran
Iraq
Libya
Nigeria
North Korea
Sudan
Syria
Unita (Angola)
Western Balkans
Zimbabwe
Ignored
lol, top 20 countries and all of em are in the list ))) kiddin
