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UK brokers not allowing U.S. customers?

  • #41
  • Jan 23, 2010 7:08pm Jan 23, 2010 7:08pm
Quoting endroute
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.

I know its a double whammy, was fighting the tax just fine until last week when this leverage rule was unveiled!!! I actually trade Binary options as well. There are pros and cons, but one thing is all this regulation and taxation will not affect them, its just something I am getting used to. I traded them about 6 years ago when US citizens could trade them overseas until a law passed now I trade them with IG and NADEX. I am not sure if people so not care as much over here becuase alot of people are from europe or what but the biggest proponent of this tax is Gordon Brown, but also UK already has a tranny tax= the stamp tax and they have regulated ways around that tax for the retail trader, like what NADEX is trying to offer here in the states. Either way I am trying to fight the hell out of this but it is a dam rollercoaster! Monday there is a mini IMF meeting and g7 meeting so maybe the US will push its own bank levy agenda and quash the financial transaction tax talk but for now it seems people are awaiting the key report from the IMF due in April.
  • #42
  • Jan 23, 2010 10:42pm Jan 23, 2010 10:42pm
Ive been with FXCM UK for 6 months. So far no problem. Overall though, the new rules are pathetic.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #43
  • Jan 24, 2010 8:51am Jan 24, 2010 8:51am
Quoting Max Thrax
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.

Actually, they're not. Apart from places like Cuba, North Korea and perhaps Libya, China and Turkmenistan and the likes, there a almost no socialist countries left in the world.

It's just a misunderstanding by Americans. I've heard them describe having healthcare for all that's 100% free at the point of need as 'socialist'. That's a laugh, if free healthcare was socialist every developed country in the world with the exception of the United States would be socialist. Socalism is nationalising the means of production, exchange and distribution.

As for Forex and the free market I think the solution is to separate the banks and this is what I think we will see happening. Banks don't operate in a free market and haven't since the 1800's, manly because the consequences of a bank going bust is not like the consequences of a factory or shop going bust. We therefore need high street banks who take deposits off savers and issue loans to be completely seperated from banks that speculate so the banks that speculate can be left to go bankrupt if they're wrong; accounts in these speculating banks shouldn't be guarenteed either. One reason the dotcom crash didn't have such a bad impact is the losses stayed with the losers, when you merge highstreet banking with speculating the losses end up every where, so the system needs changed. Can you imagine where we'd be if the bailouts hadn't happened and we'd let the likes of AIG just go under, it would be like the end of days...
  • #44
  • Feb 24, 2010 11:19am Feb 24, 2010 11:19am
Quoting ranger
I know its a double whammy, was fighting the tax just fine until last week when this leverage rule was unveiled!!! I actually trade Binary options as well. There are pros and cons, but one thing is all this regulation and taxation will not affect them, its just something I am getting used to. I traded them about 6 years ago when US citizens could trade them overseas until a law passed now I trade them with IG and NADEX. I am not sure if people so not care as much over here becuase...
i had a look at nadex, is this a regulated binary options broker? i have been trading on a demo account and now want to move into real money. But am v new to this and not sure where is safe to put my money. I have got link to start demo at nadex but this seems v different to the demo i was trading. any advise? thx
  • #45
  • Feb 24, 2010 4:23pm Feb 24, 2010 4:23pm
Just fake your identify, open an offshore bank account and presto, UK Account.

or

You can change citizenship and be non-usa just like that.

LOL..

But honestly, it really suck why UK not accepting US accounts.
  • #46
  • Feb 24, 2010 5:25pm Feb 24, 2010 5:25pm
If the current lack of jobs in the USA keeps up much longer-Mexico and Canada will be the ones building a fence to keep us poor Americans out of their countries! I still blame the bungler Bush(Jr.) for the demise of our way of life and the current President is powerless to effect any real meaningful change. Soon-flipping burgers will be considered a GOOD job. At least that job has free meals.
FF = Forex Faggots
  • #47
  • Feb 25, 2010 7:49am Feb 25, 2010 7:49am
do you have to pay taxes on the binary options payout? I NEED A JOB
  • #48
  • Feb 25, 2010 8:37am Feb 25, 2010 8:37am
Quoting keano1
do you have to pay taxes on the binary options payout? I NEED A JOB
yes you do. I have traded some and Nadex and am quite happy with their services, I am still getting used to the options trading but it is good. Deposits and withdrawals are easy and fast. Just did an ach withdrawal on Sunday and it showed up in my bank account on Wednesday.
  • #49
  • Feb 25, 2010 8:58am Feb 25, 2010 8:58am
On this subject of English brokers not taking American traders. I was turned down by FXSalt, but even the employees of the broker did not know this until I was having difficulty setting up my new live account and even with a direct phone call from London we could not get the account up so the gentleman said he would have to talk with his partner. The partner called a short time after and we still could not get the set up done and so they told me that they would have to check with their IT guys. Later that day I received a call from the first partner and he told me that their bank (CITIcorp) would not let them take my account. He was very nice about it even gave me names of other brokers that I could contact.
  • #50
  • Feb 26, 2010 5:05am Feb 26, 2010 5:05am
does anyone know anything about eztrader? offer hourly binary options?
  • #51
  • Feb 26, 2010 2:32pm Feb 26, 2010 2:32pm
Quoting keano1
does anyone know anything about eztrader? offer hourly binary options?

For binaries EZTRADER is more of a gambling site, its all in or nothing. There is no chance to get out of a bad trade, thats something that is hard to swallow and you have to be 100% right to make money. So caution before trading that way. I assume your overseas correct, soon you might be able to trade NADEX here in the states for binaries but you can also try binaries with IG Markets if your in Europe.
  • #52
  • Feb 28, 2010 8:02am Feb 28, 2010 8:02am
Quoting keysharp
He was very nice about it even gave me names of other brokers that I could contact.
Would you mind posting the names of the other brokers they referred you to. It'd be nice to now a few more, "just in case."
  • #53
  • Feb 28, 2010 2:44pm Feb 28, 2010 2:44pm
Quoting eclayf
Would you mind posting the names of the other brokers they referred you to. It'd be nice to now a few more, "just in case."
Both of these brokers will accept new accounts from U.S. customers. I've recently opened an account successfully with both. Be aware though that their screening process is going to be tougher than U.S. based shops and Dukascopy requires a minimum of $5,000usd to open an account (FXCM UK allows smaller accounts).

Both of these brokers are ECN's which means they aren't betting against you like most brokers (GFT & FOREX.COM are examples). Read the fine print and you'll find that non-ecn or non-stp brokers (most brokers in other words) are taking the opposite side of the trade. This is like handing your money over to the casino owner and saying "Did I win"? What do you think the odds are?

Good luck and hand over your pips
  • #54
  • Mar 1, 2010 7:09am Mar 1, 2010 7:09am
I have made an attempt to sign up again after I read your message and so we'll see. I have three live accounts running and two are dealing desks.

The names of other brokers that were given to me were just the run of the mill Forex.com, Alpari, FXCM. Nothing to get excited over.

The only reason I wanted to sign up with Salt is that my demo was doing very well and them being ECN brokers made it a sure thing.

Thankis for your reply.

Have a good trading day.
  • #55
  • Mar 2, 2010 1:53pm Mar 2, 2010 1:53pm
Well, FXSalt called me again, all the way from England to the US of A. I was told they could not process my application and that it was again denied by CITIcorp. I asked why didn't they just e-mail me the refusal and they told me that they want the business and to get a non-US address. They seem to be good people to work with.

But that is ok, I can deal with IamFx, Tadawul, Forex place etc.
  • #56
  • Last Post: Mar 3, 2010 11:18am Mar 3, 2010 11:18am
If FXSalt (I've never heard of them by the way) is saying you should come up with a non-US address I'd be a little leary, especially if you happen to be a U.S. resident. I'm not an attorney, but I suspect that would be commiting a fraud.

Just sign up with FXCM.uk and be done with it. They have a decent trading platform with trading from their charts and they're an ECN. You won't be trading against the 'house' that way, unless you're opening a micro account. I believe ALL brokers take the other side of you action and trade against you when you trade in a micro account due to the insignificant amounts of money involved. They may be a little challenging to get started with but they're large and very well regulated by NON-U.S. agencies.

Have fun and get started soon so I can take your pips
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