Can US forex traders use foreign trading platforms | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

List of institutional Forex trading platforms 6 replies

multiple accounts - use one or multiple platforms? 2 replies

Forex Brokers or Forex Platforms 9 replies

Can US forex traders use foreign trading platforms

  • #1
  • First Post: Oct 15, 2011 8:40am Oct 15, 2011 8:40am
Hi,
Can US forex traders use foreign trading platforms?
Thanks in advance.
Philn
  • #2
  • Edited 12:48pm Oct 15, 2011 12:30pm | Edited 12:48pm
US Traders (FX- Retail) that is, cannot- edit "legally", due to the Dodd-Frank Act be serviced by Foreign Retail FX Brokers.

NO.

ie: If you had an account with FXcm and it was via the UK and you live in the US, your account was switched to the US office and subsequently the US rules,ie: no "hedging" / inverse positions on the same pair-
and
FIFO - "first in, first out"

edit- oh, and margin is 1:50 at best.
Quoting philn
Hi,
Can US forex traders use foreign trading platforms?
Thanks in advance.
Philn
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3
  • Oct 17, 2011 9:11pm Oct 17, 2011 9:11pm
You cannot at the moment but check online for more info on this and on leverage info as well..
  • #4
  • Oct 17, 2011 9:26pm Oct 17, 2011 9:26pm
Does this rule apply to Canadians too?

I am concerned, I trade with Alpari UK, but live in Canada
  • #5
  • Oct 17, 2011 9:58pm Oct 17, 2011 9:58pm
You're fine if you live in Canada...possibly with the exception of B.C. but I think you're fine there too.
  • #6
  • Oct 20, 2011 9:14am Oct 20, 2011 9:14am
Quoting Wacky Canuck
You're fine if you live in Canada...possibly with the exception of B.C. but I think you're fine there too.
Thanks for that info! ...what a relief
  • #7
  • Oct 20, 2011 9:49am Oct 20, 2011 9:49am
Quoting Wacky Canuck
You're fine if you live in Canada...possibly with the exception of B.C. but I think you're fine there too.
Except you can't open an account with MB Trading. Not sure why they only allow Ontario residents to open account with them and no other provinces.

But yeah, the "Dodd Frank regulation" doesn't apply to Canadians. You can trade with anybody.
Make your losses in demo. Earn your profits live.
  • #8
  • Oct 20, 2011 1:37pm Oct 20, 2011 1:37pm
If you're a US citizen residing in an "approved" country, then yes you can. I know, because I'm doing it.
  • #9
  • Oct 20, 2011 3:45pm Oct 20, 2011 3:45pm
What is considered an approved country?

Quoting Dopey
If you're a US citizen residing in an "approved" country, then yes you can. I know, because I'm doing it.
It's easy to be humbled but hard to be humble.
  • #10
  • Oct 20, 2011 3:49pm Oct 20, 2011 3:49pm
Quoting fxrising
What is considered an approved country?
Damned if I know, but I'm sure the gov't has it written down somewhere.
  • #11
  • Oct 20, 2011 3:51pm Oct 20, 2011 3:51pm
LOL I am sure they have exempted all their buddies.

Quoting Dopey
Damned if I know, but I'm sure the gov't has it written down somewhere.
It's easy to be humbled but hard to be humble.
  • #12
  • Oct 21, 2011 11:59am Oct 21, 2011 11:59am
Quoting philn
Hi,
Can US forex traders use foreign trading platforms?
Thanks in advance.
Philn

Yes, you can. There are foreign trading platforms out there that U.S. citizens can use for FX Retail. If you are FX institutional, then the platform's country of origin is moot.

You will have to do some homework, however, on the Retail FX side of the business, if you plan to trade on a non-U.S. platform and you wish to avoid the 50:1 and FIFO restrictions.
Y = MX + B. The most important price level of all.
  • #13
  • Last Post: Oct 21, 2011 1:29pm Oct 21, 2011 1:29pm
Quoting Dopey
If you're a US citizen residing in an "approved" country, then yes you can. I know, because I'm doing it.
Or you create an offshore company and get a friend from say Botswana to provide proof or residence, then you can trade via your company.
0 traders viewing now