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Offshore Brokers... Solution to CFTC

  • #1
  • First Post: Sep 26, 2010 8:49pm Sep 26, 2010 8:49pm
I see a number of threads, but I didnt see a combined offshore broker thread. Please list any and all MT4 offshore brokers, who will/should not be impacted by the new CFTC regulatory changes. Also please give any opinions you may have of these brokers.

It appears as though most of the AUS brokers will not be affected

GOmarkets
Vantage
ForexFS

Also

Eforex
Forex-Metal

I have heard that some of the swiss brokers will not.

ACM
Dukascopy (can anyone verify this, as a rep there told me otherwise)

Thanks.
  • #2
  • Oct 11, 2010 1:14am Oct 11, 2010 1:14am
Wrong as regards gomarkets. They won't trade with existing clients as of 10/19/2010. And that goes for any broker in Australia. ASIC signed a "memorandum of understanding" with the CFTC. Other regulators have as well.

Dukascopy, Mig, etc. are banks & should be ok as a temporary measure until 6/2011.

Best shot at trading outside the US is an unregulated broker.
  • #3
  • Oct 11, 2010 6:01am Oct 11, 2010 6:01am
I will have to read more into this. But the memor of understanding would only apply to brokers holding a licence in the US as well as AU. Which would deem go-markets applicable.

I will research the fine print and post here.
  • #4
  • Oct 11, 2010 7:14pm Oct 11, 2010 7:14pm
I have a partner who is in thailand(Irish citizen). he is going to set up an account....any idea of a good 200:1 broker for a non US citizen....I know that if you are not a US citizen you have no problem as long as the broker is not affiliated in the US....is this true? and of so, how about a list of brokers that will open an account (decent brokers)

Thanks
Fxcellent
GREED IS THE ULTIMATE INDICATOR
  • #5
  • Oct 13, 2010 6:51am Oct 13, 2010 6:51am
Quoting fxcellent
I have a partner who is in thailand(Irish citizen). he is going to set up an account....any idea of a good 200:1 broker for a non US citizen....I know that if you are not a US citizen you have no problem as long as the broker is not affiliated in the US....is this true? and of so, how about a list of brokers that will open an account (decent brokers)

Thanks
Fxcellent
You should be fine with an overseas broker even if they have an office in the US. Just make sure you're account is not setup with CFTC as regulator, instead for example FSA in UK. That's how I do it, and my account is not effected even though they have a related US office.
  • #6
  • Oct 13, 2010 8:40am Oct 13, 2010 8:40am
Quoting fxnobode
You should be fine with an overseas broker even if they have an office in the US. Just make sure you're account is not setup with CFTC as regulator, instead for example FSA in UK. That's how I do it, and my account is not effected even though they have a related US office.
Which broker is that?
  • #7
  • Oct 13, 2010 10:40am Oct 13, 2010 10:40am
Quoting tx_sandman
Wrong as regards gomarkets. They won't trade with existing clients as of 10/19/2010. And that goes for any broker in Australia. ASIC signed a "memorandum of understanding" with the CFTC. Other regulators have as well.

Dukascopy, Mig, etc. are banks & should be ok as a temporary measure until 6/2011.

Best shot at trading outside the US is an unregulated broker.
Why do you say "until 6/2011"? What after that? These banks are regulated by a different authority and aren't impacted by the new law, to the best of my knowledge.
  • #8
  • Oct 13, 2010 10:45am Oct 13, 2010 10:45am
Quoting forextrader9
Why do you say "until 6/2011"? What after that? These banks are regulated by a different authority and aren't impacted by the new law, to the best of my knowledge.
As already mentioned in other FF forum threads, the Frank-Dodd law does indeed have a provision that will prohibit foreign banks from being FX counterparties, effective in July of 2011.

From now until July of 2011, US citizens are free to use foreign FX banks.
  • #9
  • Oct 13, 2010 10:48am Oct 13, 2010 10:48am
Quoting cica515
As already mentioned in other FF forum threads, the Frank-Dodd law does indeed have a provision that will prohibit foreign banks from being FX counterparties, effective in July of 2011.

From now until July of 2011, US citizens are free to use foreign FX banks.
I checked the CFTC website and couldn't find this provision, can someone point me to this?
  • #10
  • Oct 13, 2010 11:00am Oct 13, 2010 11:00am
there is always the offshore ones i have been dealing with one for a year now with no problem they are saying that the new regulations will not effect them and they will keep there US clients ..

RightWinGroup

they are based out of belize and offer up to 400:1
  • #11
  • Oct 13, 2010 11:56am Oct 13, 2010 11:56am
Quoting tx_sandman
Wrong as regards gomarkets. They won't trade with existing clients as of 10/19/2010. And that goes for any broker in Australia. ASIC signed a "memorandum of understanding" with the CFTC. Other regulators have as well.

Dukascopy, Mig, etc. are banks & should be ok as a temporary measure until 6/2011.

Best shot at trading outside the US is an unregulated broker.
US citizens- Dukas is still ok

MiGbank just announced termination of US citizens, I'm really not sure how Dukascopy is getting around this. Its the only broker that I would recommend using before and after the new regulations.
  • #12
  • Oct 13, 2010 11:56am Oct 13, 2010 11:56am
Quoting Tazca
there is always the offshore ones i have been dealing with one for a year now with no problem they are saying that the new regulations will not effect them and they will keep there US clients ..

RightWinGroup

they are based out of belize and offer up to 400:1
Bucketshop
  • #13
  • Oct 13, 2010 12:01pm Oct 13, 2010 12:01pm
Quoting Ipndasno
US citizens- Dukas is still ok

MiGbank just announced termination of US citizens, I'm really not sure how Dukascopy is getting around this. Its the only broker that I would recommend using before and after the new regulations.
MIG Bank is accepting US clients, all banks are, including Saxo bank, DB FX and Dukascopy.

MIG offers 1:500 leverage
  • #14
  • Oct 13, 2010 12:21pm Oct 13, 2010 12:21pm
Quoting Ipndasno
US citizens- Dukas is still ok

MiGbank just announced termination of US citizens, I'm really not sure how Dukascopy is getting around this. Its the only broker that I would recommend using before and after the new regulations.
I just checked with MIG over live chat and what you said is incorrect.
  • #15
  • Edited 12:53pm Oct 13, 2010 12:36pm | Edited 12:53pm
Quoting Ipndasno
Bucketshop
they have STP/ECN no dealing desk.
  • #16
  • Oct 13, 2010 6:26pm Oct 13, 2010 6:26pm
Quoting Ipndasno
US citizens- Dukas is still ok

MiGbank just announced termination of US citizens, I'm really not sure how Dukascopy is getting around this. Its the only broker that I would recommend using before and after the new regulations.
Because Dukascopy is licensed as a bank so they can accept US clients until July, 2011. Any broker who is licensed as a bank can do the same under CFTC regulations.
  • #17
  • Edited 10:03pm Oct 13, 2010 8:39pm | Edited 10:03pm
http://www.forexfactory.com/showpost...ostcount=10859

Brokers who apparently will continue to accept new U.S. clients
http://forums.babypips.com/rate-my-b...tml#post223230
  • #18
  • Oct 14, 2010 3:08pm Oct 14, 2010 3:08pm
Quoting forextrader9
I just checked with MIG over live chat and what you said is incorrect.
But they will not be able to by July 2011. No retail forex accounts from US will be open overseas. This is what I have heard..

I think that all US traders should start getting to use to 50:1 leverage. Our government don't want us to lose.

Cheers
  • #19
  • Oct 14, 2010 3:46pm Oct 14, 2010 3:46pm
Apparently I'm still on the mailing list of an introducing broker and they sent me a mail today about this topic. I have no idea how valid or reliable this info is so do check before you act. I also don't know most of these broker so I don't know how good they are. Hope this helps some of you...

"
We have compiled a list of all our contracting brokers and the effect of the new NFA regs (either directly or policy changes due to) on these firms, please view the list below:

 

  1. FX Open: Will continue to accept US clients.
  2. Instaforex: Will continue to accept US clients.
  3. E Forex: Will maintain existing US clients but will not take new US clients after October 18th.
  4. Tadawul FX: Will continue to accept US clients.
  5. Alpari UK: No changes, does not accept US clients.
  6. FXDD: All US clients will be moved to the NY, USA branch and leverage will be changed to 1:50.
  7. FXCM UK: All US clients will be moved to FXCM US and leverage will be changed to 1:50.
  8. MB Trading: Leverage will be changed to 1:50.
  9. FXCBS: Will continue to accept US clients.
  10. Go Markets: All US clients will be forced to close their account on October 18th.
  11. FX Pro: No changes, does not accept US clients.
  12. Ava FX: No changes, does not accept US clients.
  13. Dukascopy: Will continue to accept US clients.
  14. Nord Markets - Will not accept US clients.
  15. Marketiva - Will continue to accept US clients.
  16. Gallant FX: All US clients will be moved to Gain Capital and leverage will be changed to 1:50.
  17. IamFx: All US clients will be moved to Gain Capital and leverage will be changed to 1:50.
  18. Forex Yard: Will not accept US clients.
  19. FX Solutions UK: All US clients will be moved to FX Solutions US and leverage will be changed to 1:50.

"

  • #20
  • Oct 14, 2010 4:42pm Oct 14, 2010 4:42pm
Quoting MorningMania
Apparently I'm still on the mailing list of an introducing broker and they sent me a mail today about this topic. I have no idea how valid or reliable this info is so do check before you act. I also don't know most of these broker so I don't know how good they are. Hope this helps some of you...

"
We have compiled a list of all our contracting brokers and the effect of...
Thanks for the list and info.
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