MIG Swiss - no taxes? | Forex Factory

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MIG Swiss - no taxes?

  • #1
  • First Post: Mar 17, 2006 6:43am Mar 17, 2006 6:43am
Hello there,

Has anyone got any experience with MIG (http://www.migfx.ch/)? it's a retail forex broker using the MT4 platform with very tight spreads and, apparently, you dont pay taxes since they are Swiss.

Anyone trading with them to give some feedback?
  • #2
  • Mar 17, 2006 10:48pm Mar 17, 2006 10:48pm
I'm a little confused about the tax issue, I thought if you live in US, you pay tax on your trading profit, regardless where the broker firm is located at (Swiss, England or wherever). Am I wrong. Thanks a lot
Issam
  • #3
  • Mar 18, 2006 4:46am Mar 18, 2006 4:46am
Quoting imashal
I'm a little confused about the tax issue, I thought if you live in US, you pay tax on your trading profit, regardless where the broker firm is located at (Swiss, England or wherever). Am I wrong. Thanks a lot
Issam

Check out Merlin's comments


http://www.forexfactory.com/forexfor...?t=2607&page=2
  • #4
  • Mar 18, 2006 9:11am Mar 18, 2006 9:11am
Quoting imashal
I'm a little confused about the tax issue, I thought if you live in US, you pay tax on your trading profit, regardless where the broker firm is located at (Swiss, England or wherever). Am I wrong. Thanks a lot
Issam
You are correct, US Citizens owe federal tax on income world-wide. You need to talk to a good tax attorney if you want to open an accoutn overseas to make sure you're good with the IRS.

Also take a look at this thread if you're in the US

http://www.forexfactory.com/forexfor...?t=2607&page=2
  • #5
  • Edited 6:17pm Mar 8, 2009 5:36pm | Edited 6:17pm
How come the links above are not working?

update.... skip this. I already found the post referred to. thanks.
  • #6
  • Mar 9, 2009 12:35am Mar 9, 2009 12:35am
Quoting WTB
Hello there,

Has anyone got any experience with MIG (http://www.migfx.ch/)? it's a retail forex broker using the MT4 platform with very tight spreads and, apparently, you dont pay taxes since they are Swiss.

Anyone trading with them to give some feedback?
MIG has the worst execution in the world. My live trading account with them had a lifespan of 2 weeks before I closed it. The "very tight spreads" are completely meaningless. Meaningless because you have to wait for up to a minute just to get a requote! Not a fill mind you, a requote! And during that time, the price moves 10 pips, 20, whatever. So the spreads don't mean a thing.

Of course, it's a great marketing ploy, especially since there's no way to know anything about live execution unless you trade a live account.

A lot of threads on here about MIG. You really shouldn't have to start a new thread to find out all you need to know...
  • #7
  • Mar 9, 2009 12:40am Mar 9, 2009 12:40am
Quoting imashal
I'm a little confused about the tax issue, I thought if you live in US, you pay tax on your trading profit, regardless where the broker firm is located at (Swiss, England or wherever). Am I wrong. Thanks a lot
Issam
You are absolutely correct. If you are filing an honest tax return, you pay taxes on your income. Period. A broker's location has nothing to do with it. You're obligated to pay taxes on income from whatever source too, even if it's your neighbor paying you $10 to pull weeds from his yard.
  • #8
  • May 12, 2009 6:11pm May 12, 2009 6:11pm
Quoting TC East
MIG has the worst execution in the world. My live trading account with them had a lifespan of 2 weeks before I closed it. The "very tight spreads" are completely meaningless. Meaningless because you have to wait for up to a minute just to get a requote! Not a fill mind you, a requote! And during that time, the price moves 10 pips, 20, whatever. So the spreads don't mean a thing.

Of course, it's a great marketing ploy, especially since there's no way to know anything about live execution unless you trade a live account.

A lot of threads...
I've been with MIG for over a year and haven't had any problems. Great people and decent execution. I don't scalp or trade in high volatility so re quotes don't affect me.
  • #9
  • Last Post: May 13, 2009 2:58am May 13, 2009 2:58am
The taxes depend on agreements between both countries, first check the tax treaties published at http://www.irs.gov/ and double check with your tax advisor. If you have paid tax where the profit originated you should not be obliget to pay it once again in your country - a double taxation appears in such case.
About MIGs execution, i do not know a retail broker who does execute without reqoutes or slippage at news releases or volatile markets(ECNs does not count ), what about you?..
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