BarrySDCA
Commercial Network Services
Overseas brokers for US citizens: legal or illegal? 22 replies
Any brokers offering high leverage accounts to US citizens? 22 replies
Broker offering penny accounts to US citizens? 1 reply
I am not able to create virtual accounts anymore 7 replies
CFTC NEW Document - Overseas Accounts OK? 58 replies
Dislikedhow will this law impact non-us clients who have accounts with us brokers? will they also be forced to 10:1 leverage? These measures looks draconian in the first place and should be condemned.Ignored
DislikedDoes anyone have a link or point of contact so we can voice our opinion to these criminals? Not that it probably matters.Ignored
DislikedYes it will affect non-US clients.
Non-US clients will also have to trade with a decrease in leverage if this proposal is approved. 10:1 will be for ALL US brokers.Ignored
DislikedThis is exactly what a lot of us has been saying. I have to believe not a lot of traders read the proposal.
While traders are focusing on the 10:1 margin decrease, the real issue to Registering Brokers. The proposal basically says, non-US brokers will have to register with the CFTC/NFA to accept US clients. Brokers located in UK, Europe, Australia, New Zealand, etc with no ties to the US will have to either register to keep existing US clients and/or accept new US clients. At the moment, the rules doesn't state US traders can't trade with overseas...Ignored
Disliked'Client Services 20' used to work in the lunchroom but he broke too many dishes so they moved him to Client Services. Ya can't just fire the bosses nephew.Ignored
Disliked
Money is the end game and CME offers a steady stream of it. The US government is not making any money off retail forex.Ignored
DislikedThe only way around this proposal, if approved, would be to trade with a broker thats located in a country with no ties to the US as there are little legal ramifications. Theres a reason large brokers are moving accounts to Cypress and other countries similar. The problem with that is little regulation is available; traders will be at the mercy to their broker if something goes wrong. At the moment, the best thing to do is to wait, and see where this goes. We retail traders may luck up; the proposal may not get approved. At the moment, it is just...Ignored
DislikedWell this proposal, if became law, will be a true test of the integrity and honesty of US Retail Forex brokers and the necessity of watchdog organization like CFTC and NFA....Ignored
Dislikedlol, and if he screws this one up he's being moved to Customer Complaints!Ignored
DislikedWhere does it say they won't?Dislikedus citizens will no longer be able to have forex accounts overseasIgnored
I wouldn't rely on 'Client Services 20' too much if I were you...."I'm in the dark about most things.......There's a new law coming, or already happened, might make it illegal for us citizens to have accounts overseas.", he doesn't sound too sure about what he's saying!Ignored