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Can US residents trade fx offshore? 42 replies

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no regulations stopping US residents from opening offshore accounts

  • #161
  • Jul 8, 2011 12:16pm Jul 8, 2011 12:16pm
Quoting SquareRoot
July 15th is the final deadline for foreign brokers to close unqualified US accounts.

Yeah and after that the CIA will be banging down doors via stealth drones to take you out by force. LOL
  • #162
  • Jul 8, 2011 2:38pm Jul 8, 2011 2:38pm
Quoting pip_seeker
If the CFTC can get to TDFX they can get to anyone as TDFX is probably one of the largest or at least really fast growing.

The others will just fall in line. The biggest reason is likely liquidity... they dangle that liquidity carrot over their head when things get tough and they have but little choice to take it with "conditions"... memorandum of understanding or whatever you want to call it.

Off-shore company is the only way at this point I believe... unless you are considered "high net worth" --- like a cool 10 million. That shuts most...
But what good will a off-shore company do if your still a US Citizen? These brokers not accepting us here in USA always say no "US Citizen" allowed.
  • #163
  • Jul 8, 2011 2:44pm Jul 8, 2011 2:44pm
Quoting LEXngton
But what good will a off-shore company do if your still a US Citizen? These brokers not accepting us here in USA always say no "US Citizen" allowed.
A corporation is its own entity and "should" be treated as a resident of that offshore country. It shouldn't matter where its officers reside.
  • #164
  • Jul 8, 2011 4:49pm Jul 8, 2011 4:49pm
If you have dual citizenship or an off shore business (mailbox) they will accept you.
  • #165
  • Jul 8, 2011 7:27pm Jul 8, 2011 7:27pm
add MIG Bank to the list, as of this afternoon.. does anyone have confirmation of the offshore LLC loophole actually being accepted?
  • #166
  • Jul 9, 2011 4:45am Jul 9, 2011 4:45am
Quoting LEXngton
But what good will a off-shore company do if your still a US Citizen? These brokers not accepting us here in USA always say no "US Citizen" allowed.

For the last time the rule is not based on CITIZENSHIP it is based on RESIDENCY.

The USA believes if you lay your head at night within the borders of the box called the "STATES" you are a moron and need to be protected from yourself.

The brokers who say "US CITIZEN not allowed" don't want the hassle to even try to service any US person. In other words you have to put some time into it and search. (Don't be lazy.)

The formation of an off-shore company puts you outside the borders of the box of the "STATES" (Legal Declaration) thus freeing you to be as big of a moron as the USA already thinks you are.
  • #167
  • Jul 9, 2011 4:55am Jul 9, 2011 4:55am
Quoting RichFWebb
add MIG Bank to the list, as of this afternoon.. does anyone have confirmation of the offshore LLC loophole actually being accepted?
I've heard of people doing it but my biggest problem with it is having to maintain a bank account in a foreign country with no deposit insurance.

You have to maintain a bank account outside the US to be able to pull proceeds out of your forex account or deposit more funds into your forex account.

Then there are the fees.... not like the USA where you can have 1,001 free checking accounts with a $50 deposit. Plus with the Greece default problems you never know who might be effected and how harshly "IF" Greece defaults.

A bank run in a foreign country just closes the bank and they keep your money... as I said before "NO INSURANCE" on deposits. The foreign banks claim they are safe because they have higher thresholds than US has for lending activities of the bank.

BUT, in a world loaded with country spendthrifts and potential default victims you never know what could happen. Name your poison... to me that just exponentially expands your risk.
  • #168
  • Jul 9, 2011 1:37pm Jul 9, 2011 1:37pm
Well, I guess what I will do is treat forex trading like I do stocks or anything else I might buy with the intention of selling at a profit... Manually write down the price paid and price sold.

If I bought a car last week for $5000 and another one yesterday for $2000 and then I sell one today for $4000, guess which one it was I sold.

Same with stocks. If I buy 100 shares at $35 and another 100 shares at $30, then sell 100 shares at $32, which 100 shares do you think I had in mind to liquidate?

So if I buy a lot of AUD/USD at 1.07 and then another lot at 1.06, then sell a lot at 1.062, why would I think about it any different? And why would the government care how I want to keep track of things? Can't software developers make the software display it how I want to see it and have the software log it into accounting how the government wants to see it? Or is that illegal too??? Am I breaking the law by writing prices down and closing positions on paper the way I want?
  • #169
  • Jul 9, 2011 7:37pm Jul 9, 2011 7:37pm
Quoting pip_seeker
Yeah and after that the CIA will be banging down doors via stealth drones to take you out by force. LOL
HAHAHAH this guy is funny........... but he s right

Quote
I've heard of people doing it but my biggest problem with it is having to maintain a bank account in a foreign country with no deposit insurance.

You have to maintain a bank account outside the US to be able to pull proceeds out of your forex account or deposit more funds into your forex account.

Then there are the fees.... not like the USA where you can have 1,001 free checking accounts with a $50 deposit. Plus with the Greece default problems you never know who might be effected and how harshly "IF" Greece defaults.

A bank run in a...

Swiss bank are good. You can trust them plus they are a calm country. A lot of people put their money there plus I dont think that they will be touch by Euro problem. Its the safest place to put your money

Quote
Well, I guess what I will do is treat forex trading like I do stocks or anything else I might buy with the intention of selling at a profit... Manually write down the price paid and price sold.

If I bought a car last week for $5000 and another one yesterday for $2000 and then I sell one today for $4000, guess which one it was I sold.

Same with stocks. If I buy 100 shares at $35 and another 100 shares at $30, then sell 100 shares at $32, which 100 shares do you think I had in mind to liquidate?

So if I buy a lot of AUD/USD at 1.07 and then...

Us regulation are stupid. Its not everyone that will blow up his account in 2 min. your gouvernement think that you r all nuts and now force you to trade with the worst forex broker. How much leverage they give you..50:1, 20:1. When it gonna stop. They should not tell you how to trade.

For now I should not complain about US regulation cause Im a canadian. But guess what, Canada always follow US on their decision........ WHETER ITS STUPID OR NOT
  • #170
  • Jul 9, 2011 8:56pm Jul 9, 2011 8:56pm
The margin don't bother me. Shouldn't use that much anyway. If everything was on a cash basis, I'm not sure a market "crash" would even be possible. Maybe that's the idea behind the 50:1 limitation. But all that's debatable. The FIFO is just nonsense.
  • #171
  • Jul 10, 2011 3:40am Jul 10, 2011 3:40am
i see thread has been move
  • #172
  • Jul 10, 2011 10:50am Jul 10, 2011 10:50am
Quoting PoundTrader
i see thread has been move
Its the CFTC
  • #173
  • Jul 10, 2011 10:16pm Jul 10, 2011 10:16pm
Quoting FlyingTurtle
If I bought a car last week for $5000 and another one yesterday for $2000 and then I sell one today for $4000, guess which one it was I sold.
Unfortunately, many brokers now require "First In/First Out", which means if you bought the car (position) last week and another car (position) yesterday, if you only sold one of the cars (positions) it would be the one you bought last week....which in this case would be for a loss.
  • #174
  • Jul 11, 2011 6:34am Jul 11, 2011 6:34am
In my opinion the regulation now is only on paper and you will not come back your money if something will happen. I hope it will never be, but the best regulation you have it is your premonition, trust only yourself and you will be safety)
Okay, let's have fun...
  • #175
  • Jul 17, 2011 2:18am Jul 17, 2011 2:18am
So no one has gone through the process of forming an offshore LLC (just a few hundred $), and trading through it? This seems like an obvious solution.

Am I missing something?
  • #176
  • Jul 17, 2011 11:52am Jul 17, 2011 11:52am
Quoting RichFWebb
So no one has gone through the process of forming an offshore LLC (just a few hundred $), and trading through it? This seems like an obvious solution.

Am I missing something?

There's more to it than that as I posted a few posts back.

You have to maintain a foreign bank account in the name of the IBC, LLC or whatever.

Which means you need two forms of risk capital. One to stick in a foreign bank to maintain and pay banking fees the other to stick in the broker acct.

A foreign bank account costs more than you can imagine and you take for granted if you live in the USA. (they charge you for everything.)

While people will likely chime in and say "your" money is safer in foreign bank than in the states... it is "your" money not theirs. Before the 2008 melt down you wouldn't really have much to worry about... but times are different now.
  • #177
  • Jul 17, 2011 12:48pm Jul 17, 2011 12:48pm
why is that? a registered address does not suffice?
  • #178
  • Jul 17, 2011 2:55pm Jul 17, 2011 2:55pm
A solution

open a Limited company in UK of which you are 100% shareholder, it is a legal UK entity and is accepted by UK brokers

of course it would be handy to have someone in the UK to speed up paperwork.....ahem...PM...

estimated running costs of around £500 annually, well worthwhile for a profitable trader in my opinion
  • #179
  • Jul 17, 2011 3:17pm Jul 17, 2011 3:17pm
Quoting BenScoobert
A solution

open a Limited company in UK of which you are 100% shareholder, it is a legal UK entity and is accepted by UK brokers

of course it would be handy to have someone in the UK to speed up paperwork.....ahem...PM...

estimated running costs of around £500 annually, well worthwhile for a profitable trader in my opinion
If retail forex DOES get banned, which I dont think it will, how will having a UK based company allow us to still trade?
What is any ocean but a multitude of drops?
  • #180
  • Jul 17, 2011 3:18pm Jul 17, 2011 3:18pm
Quoting Xhale12
If retail forex DOES get banned, which I dont think it will, how will having a UK based company allow us to still trade?
assuming it is banned in the US and not UK, your company can trade with UK brokers
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