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

  • #501
  • Sep 22, 2010 10:53am Sep 22, 2010 10:53am
can us citizens still open accounts with firms that are legally considered banks, even though they are located outside the US? firms like dukascopy ubs CS DB?

I would have to imagine we could because there is nothing preventing you opening a bank account in another country.
  • #502
  • Sep 23, 2010 6:31am Sep 23, 2010 6:31am
And there you go!...once again gov. wins at fucking up peoples lives. I guess American people have soften up. When they were talking about lowering margins, the only solutions we came up with, was writing e-mails to these jerk-offs that did nothing. There must be something in the water that prevent you guys from letting your voices be heard...we just let em do as they please and we bitch about it in forums lol
Anything can happen in FOREX. There's no 100% sure
  • #503
  • Sep 23, 2010 6:39pm Sep 23, 2010 6:39pm
Quoting mfoste1
can us citizens still open accounts with firms that are legally considered banks, even though they are located outside the US? firms like dukascopy ubs CS DB?

I would have to imagine we could because there is nothing preventing you opening a bank account in another country.
If you mean for FX trading purposes, then only until July of 2011. The Frank-Dodd financial "reform" law will prohibit foreign banks from being FX counterparties for US-based traders effective in July of 2011.
  • #504
  • Sep 24, 2010 6:05am Sep 24, 2010 6:05am
There is an upcoming meeting scheduled about the bill before implementation of it takes effect:

http://www.cftc.gov/PressRoom/PressR...pr5901-10.html
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #505
  • Sep 29, 2010 10:11am Sep 29, 2010 10:11am
Quoting kapital
There is an upcoming meeting scheduled about the bill before implementation of it takes effect:

http://www.cftc.gov/PressRoom/PressR...pr5901-10.html
It seems the CFTC has already decided on all the actions they will take. It does not matter what the American citizens think. These meetings and the comment period are just a farce.
  • #506
  • Sep 29, 2010 12:37pm Sep 29, 2010 12:37pm
We uncovered a provision buried in Dodd-Frank that will cause forex pools with retail investors to be subject to the CFTC's restrictions regarding counterparties, leverage and hedging. This is a significant development.

Please see our in-depth coverage of this development here http://www.investmentlawgroup.com/cf...dity_pools.htm
  • #507
  • Sep 29, 2010 12:53pm Sep 29, 2010 12:53pm
Quoting forexlawman
We uncovered a provision buried in Dodd-Frank that will cause forex pools with retail investors to be subject to the CFTC's restrictions regarding counterparties, leverage and hedging. This is a significant development.
So if you are running a pool with US citizen investors then the pool will need to trade through a US-based FCM, right?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #508
  • Sep 29, 2010 5:35pm Sep 29, 2010 5:35pm
Quoting Jhig
Its official, FXCM UK will have to move those US clients back home.
Welcome home guys!
Same with FX Soultions UK after the 15th of October. I spent quite some time on the phone and computer yesterday and could not find a non-US based spot forex broker (that offers something over the 50:1 margin) that will still accept US residents after mid-October.
  • #509
  • Sep 29, 2010 5:43pm Sep 29, 2010 5:43pm
Quoting moneymaker2
Same with FX Soultions UK after the 15th of October. I spent quite some time on the phone and computer yesterday and could not find a non-US based spot forex broker (that offers something over the 50:1 margin) that will still accept US residents after mid-October.
What about Dukascopy?
  • #510
  • Sep 29, 2010 6:31pm Sep 29, 2010 6:31pm
This country is going to hell. The crowns in Washington is taking away our freedom every day. With all these laws passed in the last 30 to 40 years, there is NO WAY anyone can undo the damage. A revolution is need to restore the our rights.
  • #511
  • Sep 29, 2010 10:08pm Sep 29, 2010 10:08pm
I've never been more pi$$ed at these clowns in Washington than I am now. What they are supposed to do by law (like pass a budget) they don't do. The things that go beyond the scope of the constitution are the things they focus all their time on.
  • #512
  • Sep 29, 2010 10:15pm Sep 29, 2010 10:15pm
Good day! Can anyone comment on the Friday’s release of American ISM Manufacturing PMI..? I think rates will falter, though, I think this will draw the market rocking... Does anyone consider this a sell for the greenback? Happy pips!
  • #513
  • Sep 29, 2010 11:56pm Sep 29, 2010 11:56pm
Quoting fxoxford
with 10:1 leverage the process of blowing your account will just go much slower because you can't risk as much, it doesn't teach you how to trade and about MM and risk.

Actually, 10:1 won't prevent people from blowing their account. It will make them take much smaller positions.
  • #514
  • Sep 30, 2010 1:36am Sep 30, 2010 1:36am
Try GoMarkets in Australia. They offer up to 500:1 and have taken the position they are regulated by ASIC, not CFTC and will continue serving clients as before.

I also had a chat with MigBank (Switzerland) and they are not changing things one bit in the aftermath of the CFTC. They offer 100:1 except for very large accounts. However, they do not allow scalping (though this is never defined).

Those are two good options.

I'm having to move from Gain Capital UK and am just consolidating it with the rest of my money at GoMarkets. This was held in an IRA account & I'm cashing it in and eating the 10% penalty. A small price to pay to get it at a broker I like. Also, I see alarming rumblings the US Government has its eyes on retirement assets to finance its national debt and bankrupt social security, so I'm making a preemptive strike to protect those assets in the mean time. The current hearings in congress are to devise a way of "encouraging" purchase of "safe annuities" with the money. This translates as US Government debt. And "encourage" will soon become a dictate.

So that's that. Get it out of the country and away from sticky fingers of government.
  • #515
  • Sep 30, 2010 5:20pm Sep 30, 2010 5:20pm
I just got off a chat with GO Markets, and this was their reply to the question if US residents will be accepted as new clients:

Go Markets: We are currently taking legal advice with the new reguations in mind to confirm if we will be able to continue to accept US clients

They expect to have an answer by the 15th of October if not sooner....

Looks like if you reside in the US, you will most likely be forced to trade with a US broker at 50:1 max.
  • #516
  • Sep 30, 2010 6:08pm Sep 30, 2010 6:08pm
In the last 3 days, I have opened and closed 6 positions on the same day.

I used to trade stocks. If I did this with the stock market, my account would be suspended. This is illegal after 2001(9/12 rules). You can't do 6 daytrades unless you're a senator, or rich to meet the min account rules.
Because of this and no honest enforcment of the rules, I found forex.
No bs rules, no hanky panky with manipulation. I love being involved with people of every country and knowing what is going on economically.

And then they dropped the margin and said connected stops were illegal. I thought the first lesson you always get are about stops. Never ever trade without a stop. if you were to be protected, why would they make it illegal? Now I am forced to do separate trades to mimic the same thing. Nice.

And now, you have this. What studies or rationale do you think they did to say 10:1 or 50:1? You really think it's not pulled from thin air?

Someone on another board said just go overseas. I said now you see on a small scale why outsourcing jobs is so popular.

Now we have an obvious unconstitutional rule I would see if I were in East Germany or North Korea.

Now take these types of rules, and add them to every other fact of life and business. And they wonder why people are so angry.

The end result is, and I can call it a lot of names, my own and some from academics, comes down to "jobs for life". You keep hearing about "jobs for life" in communist countries. They have astroturf signs that says "working is a right". It's all the worker. Spread the wealth around. Wealth is bad.
You aren't supposed to aspire to be independant. Your right is to have a job for life, and whatever you are not paid is made up in subsidaries. Who in your office ever quits to start a business or trade for a living? In 15 years I've seen two(one would be me).
To take away your aspirations, and any ability to dream to be your own person, independant or even suppliment your income for the right to have a job for life has a simple term.

Slavery.
  • #517
  • Sep 30, 2010 8:25pm Sep 30, 2010 8:25pm
Excuse my ignorance, but can someone put it into simple terms what the motivation for overseas brokers to cowtow to the CFTC? Lawsuits?

Thanks.
  • #518
  • Sep 30, 2010 8:46pm Sep 30, 2010 8:46pm
Quoting oeden
Excuse my ignorance, but can someone put it into simple terms what the motivation for overseas brokers to cowtow to the CFTC? Lawsuits?

Thanks.
Believe it or not, but foreign corporations can be sued in US Federal Ct even if they do not have an office in the US, or directly do business within the US. As long as they meet what are called "minimum contacts" the foreign corporations can be sued under long arm jurisdiction statutes.

Now, I haven't read the Dod-Frank bill all the way through, and have no idea if it allows the US government to seek injunctions or damages from foreign brokers violating the bill. However, the status of a corporation as foreign would not shield it from suits.
  • #519
  • Sep 30, 2010 9:00pm Sep 30, 2010 9:00pm
Quoting ocmsrzr
Believe it or not, but foreign corporations can be sued in US Federal Ct even if they do not have an office in the US, or directly do business within the US. As long as they meet what are called "minimum contacts" the foreign corporations can be sued under long arm jurisdiction statutes.

Now, I haven't read the Dod-Frank bill all the way through, and have no idea if it allows the US government to seek injunctions or damages from foreign brokers violating the bill. However, the status of a corporation as foreign would not shield it from suits....
Thanks, ocmsrzr.
  • #520
  • Sep 30, 2010 9:15pm Sep 30, 2010 9:15pm
Quoting wannatradefx
Forexia-

Gee, I'd like stocks to have 50 to 1 leverage too. Why are they limiting me there? Every real market has a regulated leverage process. Overleverage is always what gets people in trouble. Bringing that down doesn't take down the market or impede your rights. If you believe that to be the case, then you should be saying you want 1000:1 because, darn it, that's what you want and no one should limit you. People turn that turn this nonsense into a function of their "rights" sound like loons in the Tea Party.
What?

Why not eliminate the 1:10 too then. You sound like you do not use leverage.
They should leave this alone and let the broker determine what they leverage.

This is not about the leverage, this is about control freaks regulating what people should eat, drink, dress like, and soon your @-$ is theirs.

If you think the buck stops here you are day dreaming.
Why did they come up with 'stop at 1:10 or 1:50' ? why not 1:20 or 1:80?

Control freaks is what they are
Pipology 101 student
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