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Finding a Foreign Broker for a US citizen

  • #1
  • First Post: Jul 20, 2011 3:06pm Jul 20, 2011 3:06pm
Because of the new regulation in the US, I had to close my foreign accounts. But I was wondering what would be the best way to obtain a foreign fx account. I am a US citizen but I have a dual citizenship from my native country. Would anyone like to give me some advice?
  • #2
  • Jul 21, 2011 2:51pm Jul 21, 2011 2:51pm
I already asked this on the forum.
Looks like everybody scared to talk about it or do not care.
Check all the brokers on the Internet and you will find.
This policies are a puzzle for many including myself.
  • #3
  • Jul 22, 2011 4:16am Jul 22, 2011 4:16am
anyone has info about FXOpen broker?
  • #4
  • Jul 22, 2011 7:41pm Jul 22, 2011 7:41pm
I have live account with fxopen.com and when I deposited money, it took me 1 minute to transfer.
I have been withdrawing money for about 10 days now, they keep it pending still. I not worry but small amount is a problem for them.
Among many brokers that I had the only www.upfx.com is the best. I never had a problem with them. They are transparent, instant executions, honest and easy going STP.
In www.fxopen.com I am on DD but they have ECN and I know nothing about it.
  • #5
  • Jul 22, 2011 7:44pm Jul 22, 2011 7:44pm
As much as I know www.liteforex accepts US citizens and is abroad.
I do not get these foreign brokers, its a mess everywhere: some accept, some not.
  • #6
  • Jul 23, 2011 11:35am Jul 23, 2011 11:35am
Quoting Expert44
I already asked this on the forum.
Looks like everybody scared to talk about it or do not care.
Check all the brokers on the Internet and you will find.
This policies are a puzzle for many including myself.
It pays you to do a little more research, but the following link is probably the best you're going to get for now. It is being updated every one or two days, as more & more foreign brokers are dropping US clients.

http://forums.babypips.com/rate-my-b...e-cftc-97.html

One thing I noticed (from the link) is that most of the ones that still accept US clients and SEEM to be regulated by a foreign government have higher spreads on the majors.

If you want to take a chance on a foreign broker that isn't regulated, my recommendation would be to start with a small account and withdraw the profits every one or two weeks. Starting with a small account & regularly withdrawing profits at least gives you an idea of their order fills, requotes, slippage, etc., and how quickly you can get your profits.

I wouldn't wasn't time with a MT4 demo since I've read on here that order fills, slippage, requotes are way different than a live account.

I share your pain, trader!

Good luck
  • #7
  • Jul 23, 2011 11:39am Jul 23, 2011 11:39am
You need to establish residency in the place where you have dual citizenship. ie: address, utility bill etc.

However, IF you have an up to date passport from the other country you might try applying for the account using that, give them a relataives address and tell them you are just visiting the US for work.

They may be more lenient on you due to the dual citizenship.
Although don't take my word for it.
the first sentence I know to be true.
DYODD
G/L
XTrade/
Quoting blindman
Because of the new regulation in the US, I had to close my foreign accounts. But I was wondering what would be the best way to obtain a foreign fx account. I am a US citizen but I have a dual citizenship from my native country. Would anyone like to give me some advice?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8
  • Edited 9:09pm Jul 23, 2011 4:32pm | Edited 9:09pm
Quoting blindman
Because of the new regulation in the US, I had to close my foreign accounts. But I was wondering what would be the best way to obtain a foreign fx account. I am a US citizen but I have a dual citizenship from my native country. Would anyone like to give me some advice?
If you have dual citizenship, then why not renounce your American one anyway? After all, it it doesn't really matter now does it? The average Joe is getting it in the butt from the politicians in Congress who ransack your government like there is no tomorrow. Unless things change, I don't really see any viable future for America. Best bet is stay there while you can if you still have some kind of work, then renounce your American citizenship once SHTF and transfer to the other country where you are considered their citizen.

Since you are a dual citizen, are you by any chance Filipino? The Philippines is the only country I know so far that considers citizenship to be by virtue of birth/blood and not by the place where they were born.
  • #9
  • Jul 23, 2011 7:59pm Jul 23, 2011 7:59pm
It's based on RESIDENCY not CITIZENSHIP.

Many people make this error because certain brokers will turn any american away... this doesn't change the rule.

If you try the passport trick they will just refuse to open the account when you use an American bank to fund the account with if they are playing by the true rule.

If you are that set on breaking the rule find a broker that will accept anyone, however it will likely only be a matter of time until you are forced to again close another account.
  • #10
  • Jul 23, 2011 8:50pm Jul 23, 2011 8:50pm
Quoting pip_seeker
It's based on RESIDENCY not CITIZENSHIP
I see. Thanks for clearing that up. Though I still don't see any difference when you just have to legally state that your permanent residency is out of the country in order to trade foreign currencies.

Whatever the case, this is indeed a hassle for American traders who wish nothing more than to invest and grow their net worth.
  • #11
  • Last Post: Jul 23, 2011 8:55pm Jul 23, 2011 8:55pm
Quoting [Sniper]
I see. Thanks for clearing that up. Though I still don't see any difference when you just have to legally state that your permanent residency is out of the country in order to trade foreign currencies.

Whatever the case, this is indeed a hassle for American traders who wish nothing more than to invest and grow their net worth.

yeah no problem. I don't see any difference either. We claim to live in a global world with "free" markets courtesy of Geinther and Bernanke.

BUT: Put a few US Politicians in a room to write a few laws and clouds gather in unison. LOL
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