US accounts with Forex Factory Preferred Brokers | Forex Factory

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US accounts with Forex Factory Preferred Brokers

  • #1
  • First Post: May 4, 2010 1:36am May 4, 2010 1:36am
I tried setting up a demo account with FxPro, but found out there is no option for US residents. I did live chat with them, and their response was that I could select another country to set-up a demo, but US residents are not allowed to open a live account. I replied that I've had demo accounts with them before registered as a US resident, and the rep's response was that it was a management decision and that they are concentrating only on EU customers now. FxPro offers trading on US indices - kind of ironic that residents of other countries can trade US markets live with FxPro, but US residents cannot. I noticed FxPro is a "preferred" broker of Forex Factory. Even though there are members of this forum that live outside the US, I think any broker that doesn't allow live trading to US residents should not be advertised as a "Preferred" broker in since Forex Factory's headquarters are in the US.
  • #2
  • May 4, 2010 3:24am May 4, 2010 3:24am
Quoting eagle4x
I tried setting up a demo account with FxPro, but found out there is no option for US residents. I did live chat with them, and their response was that I could select another country to set-up a demo, but US residents are not allowed to open a live account. I replied that I've had demo accounts with them before registered as a US resident, and the rep's response was that it was a management decision and that they are concentrating only on EU customers now. FxPro offers trading on US indices - kind of ironic that residents of other countries can...

The indices they offer are not futures traded on a regulated exchange, those instruments are called CFDs, there is a restriction for US residents to trade OTC derivatives, US laws as far as i know apply in the US and apply for US citizens outside the US. So, the restriction is the reason that does not allow you to trade CFDs.
  • #3
  • May 4, 2010 5:33pm May 4, 2010 5:33pm
Understood, but what I wrote about the indicies was just a side note - the main point of my post was that I believe that Forex Factory shouldn't advertise brokers as being "Preferred" if residents of the US can't open an account with them since Forex Factory is based in the US.

Quoting streamline
The indices they offer are not futures traded on a regulated exchange, those instruments are called CFDs, there is a restriction for US residents to trade OTC derivatives, US laws as far as i know apply in the US and apply for US citizens outside the US. So, the restriction is the reason that does not allow you to trade CFDs.
  • #4
  • May 5, 2010 7:05am May 5, 2010 7:05am
Quoting eagle4x
Understood, but what I wrote about the indicies was just a side note - the main point of my post was that I believe that Forex Factory shouldn't advertise brokers as being "Preferred" if residents of the US can't open an account with them since Forex Factory is based in the US.
Aren't the preferred brokers just the ones that pay the top advertising dollars?
  • #5
  • May 5, 2010 7:14am May 5, 2010 7:14am
Quoting wannatradefx
Aren't the preferred brokers just the ones that pay the top advertising dollars?
for sure. it's just business and nothing else, FF has to make it's money somewhere
  • #6
  • Last Post: May 5, 2010 2:34pm May 5, 2010 2:34pm
I want you to pay attention to the reasons most of the FX brokers moved from the US to EU. I believe all preffer to trade at the best possible conditions, the ones offering those at the moment are EU regulated brokers, personal opinion.


Regards,
Stream
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