DislikedAt this time, I would not believe anything your broker says about the matter....Ignored
- Joined Apr 2009 | Status: Live and learn. | 21,826 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
US citizens won't be able to have forex accounts overseas 536 replies
CFTC bans use of credit cards to fund retail forex accounts 21 replies
Somewhere to document my thoughts... 134 replies
Price Action Document 14 replies
DislikedAt this time, I would not believe anything your broker says about the matter....Ignored
DislikedAt this time, I would not believe anything your broker says about the matter....Ignored
DislikedInstead of brokers moving accounts overseas, I'm hoping brokers would become banks and move away from CFTC/NFA/SEC regulations. There are a lot of benefits to trading with a bank, such as funds protections (FDIC). For those that don't know what I'm talking about, look into CitiFX and DBFX. These brokers banks and are under banking regulations and do not have to deal with CFTC rules/regulations. Would like to see US brokers follow the ways of Dukascopy, SaxoBank, Citi, DBfx.Ignored
DislikedInstead of brokers moving accounts overseas, I'm hoping brokers would become banks and move away from CFTC/NFA/SEC regulations. There are a lot of benefits to trading with a bank, such as funds protections (FDIC). For those that don't know what I'm talking about, look into CitiFX and DBFX. These brokers banks and are under banking regulations and do not have to deal with CFTC rules/regulations. Would like to see US brokers follow the ways of Dukascopy, SaxoBank, Citi, DBfx.Ignored
DislikedAt this time, I would not believe anything your broker says about the matter....Ignored
DislikedJhig,
The CFTC can't regulate oversees brokers but what if the broker has a branch in the US and in the UK like FX Solutions? Can they punish the US branch for offering accounts in the UK somehow? That's what I'm worried about. They'll be able to twist these brokers arms more if the broker has branches in both countries.
Also, I wouldn't put it past the IRS to make things difficult on the individual trader(audits) if you're using an oversees broker.Ignored
DislikedAt this time, I would not believe anything your broker says about the matter....Ignored
DislikedSuch a regulation would not fall into their competence. It is not their business to forbid any US citizen to transfer his money to bank (or other) accounts in foreign countries. They regulate trading of certain securities within the US and not how people spend (or earn) their money elsewhere.
Neither you as a private person are regulated by the CFTC (you are regulated by laws but not by the CFTC) nor would your overseas broker be regulated by them. Naturally there cannot be anything about this in any of their documents.Ignored
Disliked7bit,
Do you think this reply to a trader is just CFTC blowing hot air trying to scare us back to the US. Or can they make it painful to continue to trade oversees through maybe the IRS? Please read the reply below.
Quote)
"Below is an official clarification on the new CFTC regulations which...Ignored
Dislikedif your “foreign broker” is an unregistered affiliate of an FCM, as of October 18th, it will either have to be registered as an RFED or FCM, or transfer accounts to someone who is. If your “foreign broker” was a foreign bank, it can continue to serve as a forex counterparty to US retail customers until July of next year. Security deposit/leverage rules will apply to all registered entities doing business with US retail customers.
So it clearly states that they have no power what so ever over foreign owned/operated brokerages like go markets...who...Ignored
DislikedAssuming they can't control the broker, can they strong arm the US trader if he/she uses someone like Go Markets? thanks.Ignored
DislikedBut let me play devils advocate. How are current US citizens who own/operate businesses abroad (Europe, Carribbean, mexico etc...) and make an income on those businesses "strong armed"???
They pay US taxes.
That is ALL the US can do...I mean look at that senator from DC...Charlie Rangel...he's in trouble because he rented out his condo in the Dominican and didn't pay taxes on the income he banked. He's a US citizen making money in another country, all while living in the US...how is that any different than any forex trader who makes money...Ignored
DislikedNot 100% sure but they are not apart of the FXDC
http://forexmagnates.com/mb-tradings...-requirements/Ignored
DislikedAnybody trading with MB trading, US? I trade with MB trading and did not receive any formal email or any kind of notification about the leverage change. I am going to contact them, but i hope they will still give me the 100:1 leverage.Ignored