List of Brokers taking U.S. Clients with hedging, scalping and no FIFO

Look bottom line is that the government of USA has regulated the US forex industry so as to make them accountable to their traders... However these regulations go much to far as they now force all US citizens and residents to trade only with these NFA regulated brokers. MANY US citizens and residents still desire to trade with non NFA regulated brokers but can't and that is just not right!!! Let the individual trader pick and choose their broker, we are adults after all. Anything else is wrong, wrong, wrong...

No.

Brokers of an independent Country are bound by their own Countries laws, the US has no jurisdiction. You could try arguing that the US citizens are acting illegally, but not the other Countries broker.

If a US citizen in another Country abides by the other Countries laws, can the US deem them to be acting illegally? That would be a better question for a less arrogant lawyer to address.

The Americans have the right to make money abroad and they also have the right to keep money abroad. If the American makes money abroad he has to fill the appropriate taxation forms and pay the taxes, if the American keeps some money abroad (having an offshore Forex account, having an offshore Bank account), and the amount is more than 10K - he has to inform IRS, but that's it! As long as the guy pays taxes and informs IRS about his accounts abroad, he is OK, everything is legal.

The American traders go offshore not because they want to avoid paying taxes (it is just stupid and illegal), but because they want to hedge and don't like FIFO and 50:1 leverage.

Seems indeed that FinFX is the only one left for US residents to be considered. I spoke with their support and they assured me they have plenty of US customers and no issues whatsoever. I checked the NFA and CFTC sites but couldn't find anywhere clearly stated to be forbidden for us to open an account with these brokers. All BS about them not suppose to accept us.
Does anyone have a link with an official, clear explanation about this? Is it illegal? If so, then what could be the penalties if they catch you? Thx!

There is no such thing as "U.S. Forex Industry."

By definition, FOREX is International and there are no set of international laws that prohibit one citizen from Country A, do business with a company, or entity in Country B. Furthermore, there is no Central Clearing of currency (spot) transactions. In reality, there is no hard and factual way to even determine where the transaction takes place, given the fact that either some or all of your offer could be counter-partied with 1 or more different sides with their respective offer, or Bid or Ask. Your true counter-party could be anywhere on earth - in any country - at any time. So, who is to say precisely where the transaction takes place, or gets finally settled.

Lastly, these same government crooks hold and have been holding off-shore accounts for Real Estate Investment Trusts, Foreign Equities, Foreign Bonds, Offshore Family Trusts, Offshore Corporations, Offshore LLCs, Offshore LLPs, etc., from the dawn of mankind. How dare these same criminal in Congress, declare that U.S. Retail Traders, have to trade with U.S. Bucketshop Brokers exclusively!

That's creating a Monopoly. That's a violation of Anti-Trust Laws in spirit!!! These unethical clown in Congress, violate the spirit of the law, at the same time they tell you, that you are violating the letter of the law. How hypocritical is that.

Now, good quality brokers such as: Divisa Capital FX, will no longer accept U.S. Clients.

Your ONLY viable option in the entire United States of America, is now down to CitiFx. Can you believe that crap, folks! That's right, CitiFx is your only Non-Bucketshop hope in the entire United States of America.

That's called ANTI-TRUST Violation - if I've ever seen one. And, if not, Congress darn sure did violate the Spirit of our Anti-Trust Laws when they handed down Dodd.Frank. First, the CFTC de-leveraged all U.S. Retail Traders. Then, Dodd.Frank comes along to stick it up your rear-end with a monopolistic ploy to re-direct (repatriate) U.S. dollars.

And, for what? To "protect" U.S. Citizens? That's what they claim in their drafts - that the laws and regulations somehow protect U.S. Citizens.

Congress doing what only Congress does the best - getting in the way of The People and their Rights. Dictating to The People, how they should live their lives and conduct their business. THINK about what Congress and the CFTC did, folks. They are literally telling you who you can broker with, and what kind of broker relationship you can have when you do. You are being forced to broker with whom they want you to broker with.

And, if you wanted to have a relationship with a foreign bank, you were told that you cannot have such a relationship! That's really the bottom line. We call them Trading Accounts, as if that somehow changes the reality. What if you wanted to open an account with MiG Bank, or Saxo Bank, or any number of non-U.S. banks. Would that be ok? Sure! But, what if you then want to Trade Currencies - which is nothing more than saying that you want to engage your Bank in the specific transaction of currency exchange. All of a sudden, Congress says NO.

What kind of sense does that make? I can have a bank account with a foreign bank. I can engage in all kinds of different types of banking transactions and business transactions involving the transfer of funds both into and out of all my bank accounts. But, if I engage in "Currency Speculation," then all of a sudden, I'm breaking U.S. Federal Law?

That has got to be the most ridiculous and glaringly transparent FLAW in the so-called Dodd.Frank and latest CFTC rulings that you can imagine.

Oh, it's ok Mr. Jones. You can have an account with DB. You can transfer money from your DB account to any private citizen anywhere in the world. But, you cannot trade currencies through DB.

That is illogical BULL and it proves their attempt at establishing a monopoly, in the face of anti-trust laws. And, all of us just sat on the fat of our rear-ends and LET IT happen.

Like Sheeple, we LET IT happen!

is there any of brokers that gives some kind of welcome bonus?

I believe "Hot Forex" is no longer taking US clients and was strong-armed like the rest, but could be wrong. I seen the thread at Babypips edited to reflect HF no longer an option. Not cool

According to their website, UPFX- www.upfx.com will also no longer accept USA clients. You might want to update the OP.

A shame, from what I can see they look good

To add to the list - Trading-point, located in Cyprus accepts US clients.
http://www.forexbrokerz.com/brokers/trading-point-forex has some info, or their home page: www.trading-point.com. I have had a live micro account with them for about 6 months now.

I seen someone on BP post they were able to open an account with HF so something here might have changed, again.

You must have slipped through the cracks. I seen TP closed many of their USA accounts on other people. Best not ask them about it if you are happy

Some people might find this list helpful

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

This to me would seem to be the most pertinent (and perhaps bottom line) question from this discussion:

Is it in fact illegal for US residents to open and trade an account with a broker not in compliance with these US regulations?

A definitive answer to this would be valuable.

I can confirm as of today Hotforex is indeed closing their doors to all current and prospective US traders. I received notification from them today. They have given in to cftc regs.
US hotforex traders have until June 5th to close all open positions or they will be closed by the broker on that date.

there's no way to get around it, the only way is to deal with some unregulated scam broker who's looking to steal your money

Unfortunately, this is very close to the truth after my VERY long quest to find out otherwise. There were a couple here or there that might be okay, but they either have higher costs or were in a smaller Country where any regulation is going to be questionable when push comes to shove.

I finally figured out how to trade successfully with small accounts and huge leverage. HF was a fantastic broker for my kind of high frequency day trading.

I used the HF platform leverage and bonus and traded $100(not typo) and traded it to over $20K in 3 weeks. I got this US client shutdown today.

Desperately looking for a similar broker. Will greatly appreciate such info.

Just a confirmation, Trading-point is officially closed to US customers. Accounts are being shutdown as of last night.

So you think it's all about protecting the consumer eh?
What if brilliant Barney and his cohorts decide it's now in our best interest that we not conduct any banking or business matters in another state but the one we reside in? What if they then decide we should keep the money within our own county of residence? Will such legislation serve us better? Will we be better "protected" then? Americans of late seem to liken to a pot of slow cooking frogs. You are a prime example!!

There is good legislation , there is bad legislation... and there is illogical legislation...This whole thing part of the legislation hitting the retail investors is the most dumb/illogical/ targeting wrong section of citizens with no useful outcome...... and causing economic losses to the country.... feels like we are passing some third world beauracratic laws with no participation from the folks who are targeted...

I have heard of some people partnering with trusted foreigners to open an account and they trade and form different partnerships...Just play by the rules. There are always legal loopholes. Just have to be smart...I have some great traders that will trade with a foreigner (after due diligence of course) legal and lucrative...