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US citizens won't be able to have forex accounts overseas

  • #441
  • Sep 4, 2010 10:17am Sep 4, 2010 10:17am
Quoting ckeu
Thank you for contacting us. The next available agent will be right with you.
You are now chatting with 'Client Services 20'
Client Services 20: Hello, this is Heidi. How may I help you?
NONE: hi, just wanted to see if there's any clear information on wether the new CFTC rules will allow me to have an account overseas such as ifbx australia?
NONE: i find conflicting info everywhere
Client Services 20: Yes I understand. As of right now they had amended their decision to be that US citizens may open an account overseas in Australia and hold an account...
You were no doubt talking with IBFX about their new Australia division & finding out they were not the answer to your problems. Well, I've traded with IBFX, and still have a tiny account with them I don't use. They have much deeper problems than leverage, FIFO, or lack of hedging. I would put them in the "Meyer Lansky regulated by Bugsy Segal" camp of US brokers. They also have a US presence, so they are in essentially the same situation as regards US traders as Gain Capital UK. A place like GoMarkets with no US presence is in a different category. A place like Admiral Capital with no US presence, and situated in a country that doesn't even listen to the US is in a different category still.

I listened to the Green conference call. This legislation when enacted may only turn me from a legit trader paying taxes on my Australian account to a tax scoflaw operating from Russia & not paying taxes. Depends on whether they start hassling me. We'll see.
  • #442
  • Edited 10:45am Sep 4, 2010 10:23am | Edited 10:45am
Quoting Toothman
If you want to blame someone blame Wall Street which almost tanked the worldwide economy out of unregulated greed thus causing a regulatory reaction.
Please! If you want to lay blame for the crisis, you can lay alot of blame on Barney Frank and the democratic party for pushing loans on people who could never pay for them. His pushing banks was a big factor that brought on the housing bubble and burst. So he screwed up the housing market first and now is trying to tell us how and where we can trade forex.
Remind me again who was signing these bills into law the past 8 years? But I'm not surprised you would come up with a dillusional statement like that. You probably also think Brawndo is good for watering plants.

Maybe do a fact check once in awhile. You might learn something.
http://www.factcheck.org/elections-2...ic_crisis.html
  • #443
  • Sep 4, 2010 10:24am Sep 4, 2010 10:24am
If someone wants to deposit funds into a broker that is not based in the US, IMO there is literally nothing they can do to prevent you from doing this......If I am wrong someone please correct me
  • #444
  • Sep 4, 2010 10:26am Sep 4, 2010 10:26am
Quoting maheswara
no real traders need 1:100 , unless he is trying to double his money everyday ...

lol well said bro.....who actually uses all of that leverage and survives to tell about it?

My account balance usually floats around 4-6k since I take profits every 2 weeks to live off of and pay for expenses and whatnot.....the most I will ever trade is 3-4 mini-lots if I am SUPER confident about a position, but I'm usually trading 2 mini-lots.
  • #445
  • Edited 1:34pm Sep 4, 2010 10:26am | Edited 1:34pm
Quoting Jhig
US retail traders aren't the only one losing with the Franks-Dodd bill.

Goldman Sachs, JP Morgan to close Principal Strategies Unit.

“The Dodd-Frank bill caused them to have some damage to the business here and they said it’s done, let’s get rid of it,” Michael Holland, who oversees more than $4 billion as chairman of Holland & Co. in New York, told Bloomberg Television."

http://bit.ly/aKvYBm
So suddenly you are all about defending Wall Street? You were probably part of the same mob yelling "let them fail" in 2008. Now, let me think. What changed since then......hmmmmmm can't think of anything. Except now there is a black democrat in the white house but surely THAT could not have anything to do with it...........lol.
  • #446
  • Sep 4, 2010 10:57am Sep 4, 2010 10:57am
Quoting mfoste1
If someone wants to deposit funds into a broker that is not based in the US, IMO there is literally nothing they can do to prevent you from doing this......If I am wrong someone please correct me
You are correct. They can't stop you. US laws are not applicable in other lands, but don't expect the US government to help you when you have problems getting your funds back.
  • #447
  • Sep 4, 2010 11:05am Sep 4, 2010 11:05am
Though the gov, cftc is dressing this as a protective measures, it’s not. The fact is it’s all about their big banks and futures firm buddies wanting the US FX monopoly for themselves. By next year this time you will be hard pressed to find any company other then banks and large futures firms offering FX and you as a US resident will be restricted from trading with anyone but them.
  • #448
  • Sep 4, 2010 1:00pm Sep 4, 2010 1:00pm
Quoting pip_daddy
Remind me again who was signing these bills into law the past 8 years? But I'm not surprised you would come up with a dillusional statement like that. You probably also think Brawndo is good for watering plants.

Maybe do a fact check once in awhile. You might learn something.
http://www.factcheck.org/elections-2...ic_crisis.html
Keep drinking the Kool-Aid. We're going to punish you at the ballot box in November.
  • #449
  • Sep 4, 2010 1:06pm Sep 4, 2010 1:06pm
Quoting pip_daddy
So suddenly you are all about defending Wall Street? You were probably part of the same mob yelling "let them fail" in 2008. Now, let me think. What changed since them......hmmmmmm can't think of anything. Except now there is a black democrat in the white house but surely THAT could not have anything to do with it...........lol.
I wondered how long it take you to pull the race card.
  • #450
  • Edited 2:29pm Sep 4, 2010 1:35pm | Edited 2:29pm
Quoting Toothman
Keep drinking the Kool-Aid. We're going to punish you at the ballot box in November.
Ah yes, I knew I could drag the teabagger out of you. And of course you COMPLETELY disregard the facts when they stare you right in the face. How utterly predicable!

Same old formula every time. You people throw out these wildly inaccurate conspiracy theories. You are confronted on the facts. You completely ignore them and downshift into name calling, bigoty, stereotypes, babbling about big 'gubmit' and your lost 'freedumb' (sic x2), how it's all the brown peoples fault, whatever horseshit retort your pea brain can manage to come up with in between interrupts to flatulate.

Can't think of anything that makes you more credible than being associated with a bunch of hateful old white overweight diabetic paranoid uneducated knuckle dragging morons. Give the man another vouch.......

And you trade Forex?

Which system to do you use? The Glen Beckkk blackboard system? Do you subscribe to Goldline.com trading signals? Oy vey!

Inserted Video
  • #451
  • Sep 4, 2010 1:51pm Sep 4, 2010 1:51pm
Quoting metasearch
Though the gov, cftc is dressing this as a protective measures, it’s not. The fact is it’s all about their big banks and futures firm buddies wanting the US FX monopoly for themselves. By next year this time you will be hard pressed to find any company other then banks and large futures firms offering FX and you as a US resident will be restricted from trading with anyone but them.
if this happens im moving out of the u.s.
  • #452
  • Sep 4, 2010 2:56pm Sep 4, 2010 2:56pm
Quoting pip_daddy
So suddenly you are all about defending Wall Street? You were probably part of the same mob yelling "let them fail" in 2008. Now, let me think. What changed since then......hmmmmmm can't think of anything. Except now there is a black democrat in the white house but surely THAT could not have anything to do with it...........lol.
Oh, I get it! you read a post of mine and think you know me.

So because I'm black that automatically makes me a Dem and Obama supporter?

I thinks,,, not. I told you in another thread, I could care less about political labels and affiliations. I'm pro Capitalism and if theirs a Candide who's pro Capitalism, then he/she/black/white/hispanic/asian will more than likely get my vote.

But tell me this, why is a Canadian so wrapped up in US Political affairs?
  • #453
  • Edited 3:17pm Sep 4, 2010 3:13pm | Edited 3:17pm
Quoting mfoste1
If someone wants to deposit funds into a broker that is not based in the US, IMO there is literally nothing they can do to prevent you from doing this......If I am wrong someone please correct me
When I went to my bank to transfer funds to db, then girl who was helping me said, "This will take a few minutes, because of the dollar amount, we have send notification to the IRS."

Now that the IRS and CFTC are kissing cousins, I'm sure they could easily come up with a black list for the banks to watch.
  • #454
  • Sep 4, 2010 3:42pm Sep 4, 2010 3:42pm
Quoting mfoste1
lol well said bro.....who actually uses all of that leverage and survives to tell about it?

My account balance usually floats around 4-6k since I take profits every 2 weeks to live off of and pay for expenses and whatnot.....the most I will ever trade is 3-4 mini-lots if I am SUPER confident about a position, but I'm usually trading 2 mini-lots.
People,


It is a fact that US Citizen are prohibited to trade CFD's for example, anywhere in this world, that's it, so if you think you will be able to open just an account somewhere else to trade FX without the new rules think twice. Have you noticed that whenever you apply for an account you need to supply several proofs of ID's?
Regarding leverage, how on this earth will the reduction of leverage stop any insane and stupid trader to blow his account up?
But what it will do is that you as a trader will have to put more money into a "death money account". I never have seen in my life that a Bank has lend me money for free but obviously its now ok for the little guy to lend free money to the bank. Besides that it will artificially push up the balance sheet of your criminal broker and your underfunded bank.

I'm not an US Citizen and Im glad about that but if there is fundamentaly something wrong I will voice it regardless if it benefit me or not, so keep thinking that the this Franks - Dodd bill is going to save you,...oh please i have seen a blue elephant in my backyard.
  • #455
  • Sep 4, 2010 3:55pm Sep 4, 2010 3:55pm
Quoting pip_daddy


Ah yes, I knew I could drag the teabagger out of you....
Won't stoop to your level.
  • #456
  • Sep 4, 2010 4:01pm Sep 4, 2010 4:01pm
Quoting Pipstrumpf
People,


It is a fact that US Citizen are prohibited to trade CFD's for example, anywhere in this world, that's it, so if you think you will be able to open just an account somewhere else to trade FX without the new rules think twice....
It's very unlikely that borkers outside the US are going to turn down money.....If i wanna put money in a bank in different country, there is nothing they can do to stop me. I mean for christ's sake its not like I'm trying to evade taxes and park a couple of million.... I have an account with Dukascopy located in Geneva, Switzerland and I claim income and pay taxes to my country regardless of where funds are located, taxes in fact do help the country despite however they are spent by politicians.


What are you trying to say when you're referring to "death money account"? or " lend me money for free but obviously its now ok for the little guy to lend free money to the bank. Besides that it will artificially push up the balance sheet of your criminal borker and your underfunded bank. " ......I'm not quite following you

I'm not, as you put it "looking for the Frank-Dodd bill to save me"...."Blue elephant in my backyard"? What on earth are you going on about?

If it were my decision, I'd BUMP this thread......
  • #457
  • Sep 4, 2010 4:07pm Sep 4, 2010 4:07pm
Quoting Pipstrumpf
I'm not an US Citizen and ...
better to keep your mouth shut, and let people wonder if you're an idiot, then to open it and relieve all suspicion.
  • #458
  • Sep 4, 2010 4:40pm Sep 4, 2010 4:40pm
Quoting mfoste1
It's very unlikely that borkers outside the US are going to turn down money.....If i wanna put money in a bank in different country, there is nothing they can do to stop me. I mean for christ's sake its not like I'm trying to evade taxes and park a couple of million.... I have an account with Dukascopy located in Geneva, Switzerland and I claim income and pay taxes to my country regardless of where funds are located, taxes in fact do help the country despite however they are spent by politicians.


What are you trying to say when you're referring...
Let me put it in another way, if you are an US Citizen try to trade CFD's now. Not possible because here in Australia I know that US Citizen are turned away by the Bank, Brokers you named if they want to trade CFD,s. So with that example the newly passed bill could fall into the same category.
Now regarding the "death money account", because people will have a lower LVR (leverage) available in the future they must top up their account to be able to go on with their actual strategy. You see here in Australia I could but that top up money into a simple and save savings account and earn 5% pa on that amount guaranteed by the government. Money sitting in account for margin requirement is dead money (no income).
The blue elephant thingy was to indicate hey don't believe all the bullcrap politician are dishing out on the table, especially if they are lobbied by big business.
  • #459
  • Sep 4, 2010 5:21pm Sep 4, 2010 5:21pm
Quoting mfoste1
It's very unlikely that borkers outside the US are going to turn down money......
I was a partner in a gaming business based in Gibralter at the time that Bush first proposed the Unlawful Internet Gambling Enforcement Act.

I knew dozens of executives who where actually scared of boarding flights into mainland Europe on the grounds that they feared arrest and extradition. The processes that we (and our competitors) implimented to ensure that we where not dealing with US clients, was staggering.

Prior to UIGEA, we used to take hundred of millions on credit card payments, and illegally code the purchase as non gaming. The card companies where fully complicit, and they knew that everyone was doing it, after UIGEA was proposed, that practice practically disapeared overnight. You shouldnt underestimate the practical difficulties legislation such as this can cause.

When the US authoraties start arresting board members and shareholders of these companies, and extraditing them to stand trial in the US, they'll comply.

Having said that, taking a few hundred bucks off the average sucker with a micro account is a reasonable business, and there will always be someone somewhere prepared to offer that service. The fact that it might just be a few hundred bucks makes it all the easier to hide these types of transaction under the radar. These sorts of fly by night operations already exit anyway, and will continue to do so but dealing with them will probably get a lot harder.
  • #460
  • Sep 4, 2010 5:24pm Sep 4, 2010 5:24pm
Quoting Pipstrumpf
Let me put it in another way, if you are an US Citizen try to trade CFD's now. ..
I did try this myself.

My friend in Germany turned me on to trading, first by teaching me about CFD's. When I returned to the U.S., I wanted to get started trading them in demo. Broker after broker turned me down, saying "residents of the U.S. cannot trade CFD's". I looked into it (my German friend could not believe it), and found out it's true. I believe the U.S. is the only country where you cannot trade CFD's.

So it seems that any forex regulations that would have similar restrictions for foreign brokers applied to U.S. residents would be carried out. If not, then why don't they offer CFD's to U.S. residents now? I don't think any of them want to disregard the U.S. government.
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