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  • #573,121
  • Dec 11, 2011 9:31pm Dec 11, 2011 9:31pm
This is correct. US Citizens can open an account with an overseas broker if they are not a resident of the US (living abroad). US based traders can't. Each broker has their own rules regarding banks and other details, but the main rule is based on country of residency. If the OP is not based in the US than it's possible he can open an account with Dukascopy.

Quoting AaronWard
As a US citizen i can open a dukascopy account if I can prove I am not resident in the US. Other brokers do not allow me to open an account even if I am not resident in the US. One american broker will not allow me to open an account if I am using a Canadian bank account.

It is a real mess.
  • #573,122
  • Dec 11, 2011 9:34pm Dec 11, 2011 9:34pm
Quoting shocfacter
Fin FX is the best overseas option for Americans. I am still thinking about opening an account with them because this Dodd Frank crap is insane.
what specific problems do you have with the Dodd-Frank regs?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #573,123
  • Dec 11, 2011 9:35pm Dec 11, 2011 9:35pm
Quoting cloggie
The late amendment we saw on Friday evening after Cameron decided to veto already shows that Bulgaria, Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania and Sweden will not sign up to treaty changes without going back to their own parliaments first, so the plan is already unraveling.

We have had all weekend to think about what the Germans are proposing and to read the fineprint, lots of politicians in that list of countries would not want to put the Germans in charge of their own budgets and spending.

What really matters to...

  • #573,124
  • Dec 11, 2011 9:37pm Dec 11, 2011 9:37pm
Quoting Fudomyo
This is correct. US Citizens can open an account with an overseas broker if they are not a resident of the US (living abroad). US based traders can't.
I was offered an oversees account but I am a resident of the US. I am not a US citizen but a permanent resident and carry an oversees passport and a US Green Card. As long as I have a Dutch passport, I can open accounts in Europe, no matter where I actually live.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #573,125
  • Dec 11, 2011 9:40pm Dec 11, 2011 9:40pm
Quoting The Fool
what specific problems do you have with the Dodd-Frank regs?
I pretty much am against ALL the changes they made. They didnt need to be made. I and everyone else who trades are grown men and women who dont need to be big brothered any more than we already are by US government regulatory agencies. Long story short, I dont need anybody telling me how much of my money I can risk at any given time.
  • #573,126
  • Dec 11, 2011 9:45pm Dec 11, 2011 9:45pm
Quoting shocfacter
I pretty much am against ALL the changes they made. They didnt need to be made. I and everyone else who trades are grown men and women who dont need to be big brothered any more than we already are by US government regulatory agencies. Long story short, I dont need anybody telling me how much of my money I can risk at any given time.
the problem is that there are plenty who do need to be told and have their hands held. the bigger problem is that they aren't allowed to fall on their face to then learn how not to fall on their face.

it's a system designed to give strength to the weakest links, while simultaneously handicapping those who are strong. every step of the way the poor, uneducated, ignorant, are getting more and more of the pie. each bite they take their ability to weaken the entire system grows. the US is surely suffering under the weight of those who can't and won't help themselves, and it's only a matter of time until apron-strings are cut.

the biggest problem of all is that as the weakness consumes the whole there are those who otherwise would and could have made something of themselves who are now stuck in a world where too many open mouths and hands are taking what's on offer. what support is available for those who would make something of it is diluted amongst all of who would waste it's potential.
Congratulations ScalaFX for coming out of the closet!
  • #573,127
  • Dec 11, 2011 9:47pm Dec 11, 2011 9:47pm
Quoting KillerWhale
I was offered an oversees account but I am a resident of the US. I am not a US citizen but a permanent resident and carry an oversees passport and a US Green Card. As long as I have a Dutch passport, I can open accounts in Europe, no matter where I actually live.
You may have gotten lucky. I know someone living in the US who carries an Italian passport and a Green Card who had to close down his Dukascopy account. He was given the option to transfer his funds over to a US based affiliate, or have his balance refunded in July. It may be that he was using an American bank when he opened the acct with Dukascopy which is why he was flagged. I had POA on the acct so I know first hand this was the case.
  • #573,128
  • Dec 11, 2011 9:53pm Dec 11, 2011 9:53pm
Quoting shocfacter
I pretty much am against ALL the changes they made. They didnt need to be made. I and everyone else who trades are grown men and women who dont need to be big brothered any more than we already are by US government regulatory agencies. Long story short, I dont need anybody telling me how much of my money I can risk at any given time.
uh huh. Dodd-Frank did not do a thing to change the way I trade. I trade futures and spot. spot at oanda where leverage was capped at 50:1 so no change. I never saw the point of long/short in the same account so no change. I can "hedge" trades with correlated pairs or in a subaccount anyway, which i sometimes do, so no change. FIFO? status quo in futures and at oanda, as long as trades have differing values you can close them in any order. So no change.

The ONLY advantage I can see in having an offshore account is higher leverage. But 50:1 is plenty for me.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #573,129
  • Dec 11, 2011 9:56pm Dec 11, 2011 9:56pm
Everytime I short eur/usd I feel kind of guilty because I know that in order for me to make money I need the pair to fail. And right about now, "fail" for the Euro means that things arent fixed over there and every time it fails thats just another nail in its coffin. I mean, i dont want the Eurozone to break apart. I dont think it would be good for forex traders as it would throw the markets into turmoil for months and years to come. Not to mention, 17 or so old/new separate currencies thrown back into the mix. Jesus freaking CHRIST that would be a pain in the a$$. Does anyone even remember what it was like to trade currencies before the Euro? If so, your thoughts on that would be appreciated.
  • #573,130
  • Dec 11, 2011 10:01pm Dec 11, 2011 10:01pm
Quoting Fudomyo
You may have gotten lucky. I know someone living in the US who carries an Italian passport and a Green Card who had to close down his Dukascopy account. He was given the option to transfer his funds over to a US based affiliate, or have his balance refunded in July. It may be that he was using an American bank when he opened the acct with Dukascopy which is why he was flagged. I had POA on the acct so I know first hand this was the case.
Residency (or lack of) is the key. Using an American bank account was the clue.

If he opens an Italian bank account and then only shows his Italian ID and address he should be fine.
Kill the ego, or it will kill the mission.
  • #573,131
  • Dec 11, 2011 10:07pm Dec 11, 2011 10:07pm
Quoting shocfacter
Everytime I short eur/usd I feel kind of guilty because I know that in order for me to make money I need the pair to fail. And right about now, "fail" for the Euro means that things arent fixed over there and every time it fails thats just another nail in its coffin. I mean, i dont want the Eurozone to break apart. I dont think it would be good for forex traders as it would throw the markets into turmoil for months and years to come. Not to mention, 17 or so old/new separate currencies thrown back into the mix. Jesus freaking CHRIST that would...
Feeling guilty is the worst thing you can do, it is why so many people fail in this business. Wouldn't it be better to short the Euro so heavy that it will fail and then give all the money you have to hungry European people?

New voice message: Why are you calling me? If I need you, I'll call you!
  • #573,132
  • Dec 11, 2011 10:08pm Dec 11, 2011 10:08pm
the only reason i chose instaforex is because they give me a free $400 trading bonus every month, free means free

it helps
  • #573,133
  • Dec 11, 2011 10:09pm Dec 11, 2011 10:09pm
Quoting The Fool

The ONLY advantage I can see in having an offshore account is higher leverage. But 50:1 is plenty for me.
See thats the thing. Its good enough for you and for SOME others but what about the people who have different trading styles? No matter HOW you slice it, some of our OVERALL trading power was taken away when it was reduced to 50:1. I am happy for you that your trading style wasnt effected (this time) but it would probably behoove you to get on the protest bandwagon when it comes to these matters because they probably arent done taking things away. Eventually after they keep taking and taking and we're down to 5:1 and god forbid 1:1 I guarantee you'd have a problem with what they're doing THEN. I dont mean to come off as a hard ass here but these regulation changes fire me up every time I think about them. Traders who were satisfied with these last round of changed just are not seeing the forest for the trees.
  • #573,134
  • Dec 11, 2011 10:10pm Dec 11, 2011 10:10pm
Quoting The Fool
not to pick on you, but just curious - what are the restrictions that you find so onerous?
Actually that's a good question. Even though the Frank-Dodd Bill (aka Tweedledee-Tweedledum Act) has restricted the account, I am still able to meet my targets, at least thus far.

Daily ~2%
Weekly ~10%
Monthly ~50%

I resent the government, in the name of protecting the little guy, restricts us and allows the big boys to continue unabated. But the reasons are:

Reduced Margin
FIFO (So stupid)
No Hedging

With some brokers there are ways to get around those except the margin such as FX Solutions which allow multilevel positioning that avoids FIFO and have sub account where you can hedge your current position.

The U.S. government is heavy handed. Most overseas brokers will not accept u.s. accounts simply because they do not want to confront the feds--NOT that it's illegal. Through international law, the fed can get info from foreign banks. They don't want the hassle.

Dukascopy will take u.s. accounts using their Dukascopy Bank SA.
Taigen Profit This Month: na
  • #573,135
  • Dec 11, 2011 10:18pm Dec 11, 2011 10:18pm
Quoting KillerWhale
Feeling guilty is the worst thing you can do, it is why so many people fail in this business. Wouldn't it be better to short the Euro so heavy that it will fail and then give all the money you have to hungry European people?

LOL, Oh dont get me wrong, I will HAPPILY spend the money I make from a Euro collapse. My point though, is that It will be hard for us to make money from then on out. I mean, if the Euro goes down there wont be one bit of stability in ANY pair for a looooong time to come. So im just looking past the trees so I can see the forest here. I personally would trade a one time big profit opportunity if somehow it would mean the Euro wouldnt collapse. Its just better for all in the long run.
  • #573,136
  • Dec 11, 2011 10:20pm Dec 11, 2011 10:20pm
Quoting shocfacter
the forest for the trees.
most suckers lose in forex. high leverage is sucker bait.

gambling is not a "right". I just find it funny when people who are rich enough to trade in the first place get incensed about their "rights" being taken from them.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #573,137
  • Dec 11, 2011 10:21pm Dec 11, 2011 10:21pm
Quoting Taigen
Dukascopy will take u.s. accounts using their Dukascopy Bank SA.
if this is true it would be good to know - i will email them & get back to you
"If The Fool persists in his Folly he will become wise." - William Blake
  • #573,138
  • Dec 11, 2011 10:23pm Dec 11, 2011 10:23pm
Quoting shocfacter
Everytime I short eur/usd I feel kind of guilty because I know that in order for me to make money I need the pair to fail. And right about now, "fail" for the Euro means that things arent fixed over there and every time it fails thats just another nail in its coffin. I mean, i dont want the Eurozone to break apart. I dont think it would be good for forex traders as it would throw the markets into turmoil for months and years to come. Not to mention, 17 or so old/new separate currencies thrown back into the mix. Jesus freaking CHRIST that would...
I'm sorry but are you NUTS? Shorting forex is an entirely different concept than shorting stocks. Currency from time immemorial, has fluxuated daily, based on--you name it--wars, famines, discoveries, etc..

Prices on currencies are base on pairs which are inverse to each other. Stocks are based on it's valuation alone. Shorting in both arenas are absolutely necessary in order to maintain equilibrium in values.

The best thing, in my opinion, is for the Euro to lose in value. That would stimulate their economy to be able to sell on the market for less prices. Why do you think the US feds wanted our currency to plummet? Why did the Swiss threaten the European community to do quantitative easing if they purposely continued to strengthen their currency value? The next day, the Swiss plummeted. Japan did the same thing.

You need to read up on this basic notion.
Taigen Profit This Month: na
  • #573,139
  • Dec 11, 2011 10:24pm Dec 11, 2011 10:24pm
Quoting shocfacter
LOL, Oh dont get me wrong, I will HAPPILY spend the money I make from a Euro collapse. My point though, is that It will be hard for us to make money from then on out. I mean, if the Euro goes down there wont be one bit of stability in ANY pair for a looooong time to come. So im just looking past the trees so I can see the forest here. I personally would trade a one time big profit opportunity if somehow it would mean the Euro wouldnt collapse. Its just better for all in the long run.
Lack of stability== volatility==Lots of money to be made.
Kill the ego, or it will kill the mission.
  • #573,140
  • Dec 11, 2011 10:25pm Dec 11, 2011 10:25pm
Quoting shocfacter
See thats the thing. Its good enough for you and for SOME others but what about the people who have different trading styles? No matter HOW you slice it, some of our OVERALL trading power was taken away when it was reduced to 50:1. I am happy for you that your trading style wasnt effected (this time) but it would probably behoove you to get on the protest bandwagon when it comes to these matters because they probably arent done taking things away. Eventually after they keep taking and taking and we're down to 5:1 and god forbid 1:1 I guarantee you'd...
And when I complain about the "frank/dodd" act its not just that. It was all that crap they did around that time. The FIFO crap, the no hedging thing, ALL of that. Its all just pure BS and all of us just lying down and excepting it is just opening the door for them to take more. As a matter of fact, right after they made those changes is when every US trader should have traveled to washington and put on our own "occupy" like protest against it.
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