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UK brokers not allowing U.S. customers?

  • #21
  • Jan 23, 2010 2:26pm Jan 23, 2010 2:26pm
Quoting Max Thrax
Anyone know anything about these guys and Cysec?

If you search google you wills ee a lot of info about Forexyard being a scam. Stay away. Plus there are reputable firms or atleast firms with a lot of capital that are registered here in the US that also are registered with the FSA in the UK that will take US clients. FXCM is one of them. I do not trade with FXCM but they do take us clients. I would stay away from anything that says they are European but regulated in CYPRUS. You want the overseas firm to be atleast regualted by the NFA. Its like a firm advertising we are a North American broker regulated in Mexico, it just does not have the same big regulations.
  • #22
  • Jan 23, 2010 2:26pm Jan 23, 2010 2:26pm
Quoting Maxsmart
So far I have tried Alpari U.K. and cms forex uk division and both said that they cannot do business with a resident from the U.S. Are we stuck trading in this crummy 10:1 leverage country
The only way a USA citizen can trade with a UK broker is if the UK broker is a member of the NFA and CFTC and offer only Forex and not CFD's. Here are some USA brokers you can trade with in the UK:

ATC brokers (ECN MT4)
FXCM
FX Solutions
Gain/Forex.com
Advanced Markets (STP broker Direct market Acess) In process of FSA approval.
  • #23
  • Jan 23, 2010 2:36pm Jan 23, 2010 2:36pm
Quoting DaleC
The only way a USA citizen can trade with a UK broker is if the UK broker is a member of the NFA and CFTC and offer only Forex and not CFD's. Here are some USA brokers you can trade with in the UK:

ATC brokers (ECN MT4)
FXCM
FX Solutions
Gain/Forex.com
Advanced Markets (STP broker Direct market Acess) In process of FSA approval.
Would a broker in the UK like FXCM have to comply with the CFTC ruling about 10:1 with their US clients even if they're in the UK?
  • #24
  • Jan 23, 2010 2:53pm Jan 23, 2010 2:53pm
Quoting TC East
Haha! Ok, well I thought the US government owned 85% of AIG and 65% of GM, (not to mention the whole healthcare issue, that would take way too long) but maybe my cry of socialism is indeed unfounded?? Heaven forbid I criticize the chosen one...I'll try to grown up then maybe.
It is funny how you guys kept your mouths shut when Bush ran up the deficit, eavesdropped on US citizens illegally, started a ruinous pointless war in Iraq, and generally f@cked up everything he touched. Now suddenly....deep, deep concern. Also, you'll note that the countries we're all thinking about moving our accts to to maintain 100:1 or higher are all, wait for it......here it comes.....drum roll please.....SOCIALIST COUNTRIES. Please do grow up and come back when you do.
  • #25
  • Jan 23, 2010 3:03pm Jan 23, 2010 3:03pm
Quoting TC East
Oh boy. I had a feeling this was going to create a hissy fit with the liberals here and turn this into a political debate. I will come back whenever I want; I certainly don't need your permission, but tell you what; I will just delete my posts then? Grown up enough for you my friend? As you said earlier (only after your tirade of insults), "enough." Is it? I guess we'll see...
Well, someone here is throwing a sissy fit. Not sure it's me. Guess I hit a sore spot. Maybe this is all the rage that built up during the Republican years? The rage you felt you could only let out when theres a Dem in office I guess. I'll note that you never challenged any assertion I made, and chalk up your response to frustration.
  • #26
  • Jan 23, 2010 3:09pm Jan 23, 2010 3:09pm
Quoting TC East
LOL!!



I guess not... Feel free to continue my man; I'm done...
Guess your not taking the advice to grow up.....
  • #27
  • Jan 23, 2010 3:32pm Jan 23, 2010 3:32pm
Quoting Max Thrax
Would a broker in the UK like FXCM have to comply with the CFTC ruling about 10:1 with their US clients even if they're in the UK?
They do not have to comply if they are dually registered with FSA and NFA. The issue comes down to where the funds are and the funds are being held in UK banks and not in USA banks. Although, I would not put it past the CFTC to try to infuence FSA in limiting leverage for USA citizens doing business with FSA brokers in the the future.
  • #28
  • Jan 23, 2010 4:56pm Jan 23, 2010 4:56pm
Thanx DaleC. Hopefully the CTFC won't be able to screw that up.

"I guess not...http://cdn.forexfactory.com/images/s.../yim/happy.gif Feel free to continue my man; I'm done..."
-TC East

I thought you said you were done....'homey'. Another Republican from the hood up in this piece. Play on playa....guess you can't answer my question though.
  • #29
  • Jan 23, 2010 5:03pm Jan 23, 2010 5:03pm
Its amazing how angry conservatives get when you ask them where their concerns were during the Bush administration. Makes you think some people have more loyalty to their party than to their country. Then again, Reagan more than tripled the deficit, and the people who are screaming the loudest about the deficit now, revere him like a god. If this country falls, it won't be because of 'socialism'...it will be because the Enlightenment died here and decisions weren't made based on facts and reason, but on flights of fancy, myths and wishful thinking.
  • #30
  • Jan 23, 2010 5:06pm Jan 23, 2010 5:06pm
Quoting Max Thrax
Its amazing how angry conservatives get when you ask them where their concerns were during the Bush administration. Makes you think some people have more loyalty to their party than to their country. Then again, Reagan more than tripled the deficit, and the people who are screaming the loudest about the deficit now, revere him like a god. If this country falls, it won't be because of 'socialism'...it will be because the Enlightenment died here and decisions weren't made based on facts and reason, but on flights of fancy, myths and wishful thinking....
lets stick to the topic at hand instead of arguing which party sucks more.
  • #31
  • Jan 23, 2010 5:15pm Jan 23, 2010 5:15pm
Quoting endroute
lets stick to the topic at hand instead of arguing which party sucks more.
Agreed. Note I didn't start it....just responded. For the record, they both suck pretty bad at this point.

FXCM UK still offers 200:1, getting back to the discussion at hand. Anyone use them? I was afraid that they were a bucket shop when I was ready to go live a couple years ago, whats their rep now?
  • #32
  • Jan 23, 2010 5:19pm Jan 23, 2010 5:19pm
I have used FXCM in the past, when I was scalping and it was not the best place but if your trading with timeframes as the 30 or 60 they are just fine. Especially also since it will be a place that potentially will be a haven for US clients like myself who will open an account with them again overseas.
  • #33
  • Jan 23, 2010 5:24pm Jan 23, 2010 5:24pm
Quoting ranger
I have used FXCM in the past, when I was scalping and it was not the best place but if your trading with timeframes as the 30 or 60 they are just fine. Especially also since it will be a place that potentially will be a haven for US clients like myself who will open an account with them again overseas.
I guess I need 'scalping' defined for me in this case. I trade on the 1 and 5 minute charts but I only enter into 4 to 6 trades a week roughly. I use a multi-tiered profit taking approach with the smallest tier being 10 pips. Is that 'scalping'? To me 'scalping' are the people who make dozens of trades for 4 or 5 pips at a time.
  • #34
  • Jan 23, 2010 5:29pm Jan 23, 2010 5:29pm
Quoting Max Thrax
I guess I need 'scalping' defined for me in this case. I trade on the 1 and 5 minute charts but I only enter into 4 to 6 trades a week roughly. I use a multi-tiered profit taking approach with the smallest tier being 10 pips. Is that 'scalping'? To me 'scalping' are the people who make dozens of trades for 4 or 5 pips at a time.
I would not say your approach is considered scalping.
  • #35
  • Jan 23, 2010 5:38pm Jan 23, 2010 5:38pm
Hey endroute just saw you over in the elite trader thread. I am rsikit on there. We have been fighting that tranny tax over a year now on the thread and I am also having to put my efforts into this 10-1 leverage crap rule as well! For the op scalping is defined differently by different people. For me I was trading on 1 min chart jumping in and out for a few pips. Hard enough as it is with the spread. It was just a little harder on FXCM. I used gft for my needs there. Now I trade on thelonger timeframes for me 30/60 min so I really do not care what broker I use as long as it is reputable and has good capitalization. There for I would stick with the bigger names we know if possible overseas if the time came and would not trade anywhere thats regulated by cyprus for now. Nothing against Cyprus but from things I have seen a lot of the brokers who are registered there do not have the best reputations according to reviews. Now when I look at reviews, there are plenty negative reviews about all firms, but when you look at the word scam etcc.. It is usually with the least regulated ones.
  • #36
  • Jan 23, 2010 5:40pm Jan 23, 2010 5:40pm
Quoting endroute
I would not say your approach is considered scalping.

I would agree with endroute. I would not call it scalping either. Maybe if you were jumping in 4-6 trades an hour But again everyones definition is different. Just find someplace that is comfortable for you and safe. If this rule happens a lot of us will be in the same boat as to finding a place to trade.
  • #37
  • Jan 23, 2010 5:55pm Jan 23, 2010 5:55pm
Yeah, when the guy told me Cypress...made me wonder. What problems are encountered when using FXCM and 'scalping? Requotes? I would imagine being requoted by even a couple pips would make a huge diff if you were indeed scalping.

If one were to have a relative in a country other than the US, could you use their address to get around these problems and open an acct with someone like Alpari UK? I'm pretty naive about these issues....anyone know?
  • #38
  • Jan 23, 2010 5:59pm Jan 23, 2010 5:59pm
Quoting Max Thrax
Yeah, when the guy told me Cypress...made me wonder. What problems are encountered when using FXCM and 'scalping? Requotes? I would imagine being requoted by even a couple pips would make a huge diff if you were indeed scalping.

If one were to have a relative in a country other than the US, could you use their address to get around these problems and open an acct with someone like Alpari UK? I'm pretty naive about these issues....anyone know?
I would not screw around with the relative thing we want to be legal. Plus I wouldnt think its just about address , you would need a UK bank account to fund it and what not. I would say some requotes, errant spikes in quotes. I would need something more stable then it was, but it might have changed by now. I use GFT and they do not have the best spreads like Oanda would have but very reliable in terms of spreads not wideing around news or errant spikes, or requotes or anything like that. Very stable system. I have used a few others as well. Again now I am trading longer term its not as big as a deal so I would go to whereever as long as the safety was there. But man, Cyprus- no. That tells me they couldnt get US or UK approval for regulation or the firms didnt want to spend the money to apply , so either way a red flag for me
  • #39
  • Jan 23, 2010 6:55pm Jan 23, 2010 6:55pm
Quoting ranger
I would not screw around with the relative thing we want to be legal. Plus I wouldnt think its just about address , you would need a UK bank account to fund it and what not. I would say some requotes, errant spikes in quotes. I would need something more stable then it was, but it might have changed by now. I use GFT and they do not have the best spreads like Oanda would have but very reliable in terms of spreads not wideing around news or errant spikes, or requotes or anything like that. Very stable system. I have used a few others as well. Again...
forex.com, saxo bank, Deutsche bank, ig markets, mig bank. are all non us based banks/brokers that offer spot forex and accept US based clients. There is no need to go with a cutrate outfit to trade forex.
  • #40
  • Jan 23, 2010 6:59pm Jan 23, 2010 6:59pm
Quoting ranger
Hey endroute just saw you over in the elite trader thread. I am rsikit on there. We have been fighting that tranny tax over a year now on the thread and I am also having to put my efforts into this 10-1 leverage crap rule as well!
Dam dude when it rains it pours, we are taking it on all fronts lately. I have tried to get some threads going overhear about the tranny tax but nobody really pays it any attention people really need to wake the F up an realize that we, traders, need to come together and fight this BS.
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