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

  • #41
  • May 9, 2012 9:29am May 9, 2012 9:29am
Quoting Pidgeon
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 had an account with TP, they "Officially closed my account" to be in compliance with DF regulation. Trading Point was a great site, IMHO, but now, no longer accepts U.S. Citizens.
  • #42
  • May 9, 2012 12:04pm May 9, 2012 12:04pm
Why not just trade with a US broker, regulated by the NFA/CFTC who utilizes netting? Essentially if your broker permits netting you can effectively hedge and avoid FIFO regulations and let your broker take care of it.

US brokers offering netting:
FXDD
ILQ
Alpari (Must request netting when opening account!)
Citi
PFG Best (most recently)

US broker not permitting hedging, strict FIFO compliance:
Forex Club
FXCM
FX Solutions
IBFX / TS
Forex.com
GFT
Penson
  • #43
  • May 9, 2012 4:41pm May 9, 2012 4:41pm
I think the reason why we are using offshore brokers to get a decent leverage with small accounts.

It's getting harder and harder to find an offhsore broker that is trustworthly and allowing us to trade.





Quoting Forex2k10
Why not just trade with a US broker, regulated by the NFA/CFTC who utilizes netting? Essentially if your broker permits netting you can effectively hedge and avoid FIFO regulations and let your broker take care of it.

US brokers offering netting:
FXDD
ILQ
Alpari (Must request netting when opening account!)
Citi
PFG Best (most recently)

US broker not permitting hedging, strict FIFO compliance:
Forex Club
FXCM
FX Solutions
IBFX / TS
Forex.com
GFT
Penson
  • #44
  • May 10, 2012 4:32pm May 10, 2012 4:32pm
hotforex is no longer accepting US clients either as per there website's (http://www.hotforex.com/) footer: "Hotforex does not accept U.S. clients."
  • #45
  • Jun 1, 2012 2:03pm Jun 1, 2012 2:03pm
Haven't heard anyone mention Trader's Way. They accept US clients and have micro/nano accounts.

They get good reviews on FPA and similar review sites.
  • #46
  • Jun 1, 2012 4:42pm Jun 1, 2012 4:42pm
Quoting spyderman
Haven't heard anyone mention Trader's Way. They accept US clients and have micro/nano accounts.

They get good reviews on FPA and similar review sites.
The reviews posted on FPA are fake, even says so at the top of the page: http://www.forexpeacearmy.com/public...ay.com/profile

I wouldn't use them
  • #47
  • Jun 2, 2012 4:00am Jun 2, 2012 4:00am
Quoting spyderman
Haven't heard anyone mention Trader's Way. They accept US clients and have micro/nano accounts.

They get good reviews on FPA and similar review sites.
, u.s. traders stay away from scam brokers. also it is what it is.
  • #48
  • Jun 5, 2012 10:08am Jun 5, 2012 10:08am
Found a couple more brokerages still accepting US clients not on the original list:

LucrorFX - http://www.lucrorfx.com/

CM Trading - http://cmtrading.com

FX Company - http://www.fxcompany.net

I have no idea how how legitimate these companies are...
  • #49
  • Jul 16, 2012 12:09pm Jul 16, 2012 12:09pm
One of Pipjet's recommended broker's that accepts US and accepts down to $100 initial deposit is FX Choice (myfxchoice.com), they are in Belize. I had no problem coming aboard with my $100.
Since I'm only a beginner fx EA experimenter I had no notions about the turbulence around this subject of foreign forex broker for us Americans. In looking forward I queried a traders' tax site and got this negative info that we aren't by law allowed to do this. Am a bit chagrinned by all this, but seeing some posts here (around #25-#26) it seems less than $10K and not violating other countries laws is my justification thus far.

Thoughts folks? Feel Pipjet won't do nearly as welll on NFA 50:1's, similar to their Megadroid that needed Finfx ecn.

Jerry
  • #50
  • Jul 16, 2012 12:42pm Jul 16, 2012 12:42pm
Quoting Batch
I had no problem coming aboard with my $100.
And what did it cost to wire that $100 to them? 25% of your account?

Quote
Thoughts folks? Feel Pipjet won't do nearly as welll on NFA 50:1's, similar to their Megadroid that needed Finfx ecn.
You'll have better odds in Vegas than using any of these 2-bit useless commercial systems.
  • #51
  • Jul 16, 2012 1:39pm Jul 16, 2012 1:39pm
Quoting Trader KGB
And what did it cost to wire that $100 to them? 25% of your account?
they use AlgoCharge, fee = $4, my bank also charged $3.

You'll have better odds in Vegas than using any of these 2-bit useless commercial systems.
Come now people, let's be more analytical than just reactively negative,help your fellow forum-ites.
  • #52
  • Aug 3, 2012 12:32pm Aug 3, 2012 12:32pm
Quoting tekknik
The reviews posted on FPA are fake, even says so at the top of the page: http://www.forexpeacearmy.com/public...ay.com/profile

I wouldn't use them

Well I can't speak for all the reviews, but mine is posted on FPA and it definitely is not fake.

I have 5 live accounts with Trader's Way. One is an ECN. Like all brokers they have their good and bad points.

So far I can't complain about anything. I haven't withdrawn but have moved funds between accounts.

Everyone needs to do their due diligence though. Personally I'm looking to move to ILQ as they allow hedging/netting via the back office.

To the point of legality...the NFA's ruling deals with what is or isn't "allowed" for brokers who wish to play ball with them.

Here's a good read on the ruling.
http://www.nfa.futures.org/news/PDF/...Adj_112408.pdf

Especially note toward the bottom of page 6. Notice it's dealing with "FDM"s (Forex Dealer Members) and their compliance.

Believe it or not the NFA cannot dictate what a foreign based company can or can't do unless that company wants to play in their backyard, and that seems to include opening accounts for US based customers. Now if that broker wants to be affiliated with the NFA, then they can be forced to comply.

Just my thoughts...I'm sure there will be more
  • #53
  • Aug 3, 2012 12:53pm Aug 3, 2012 12:53pm
Pipjet (Megadroid folk's new EA) recommended, out of 5 foreign brokers that they recommend, one that accepts USA folks, FX Choice. They also accept small $100 deposit.
I was concerned that like many foreign brokers ........or at least hearsay on forums saying......that they would be reprimanded by NFA and having them oust USA folks......but MD says not to worry about and FX Choice says they are under Belize regulatory authority. FX choice does say if their hand is forced they will return the money, and I've been in contact w/ one Hungarian that has withdrawn with no problem, so for time being I relax, lol. Comments?
Jerry
  • #54
  • Aug 10, 2012 12:17pm Aug 10, 2012 12:17pm
Quoting Forex2k10
Why not just trade with a US broker, regulated by the NFA/CFTC who utilizes netting? Essentially if your broker permits netting you can effectively hedge and avoid FIFO regulations and let your broker take care of it.

US brokers offering netting:
FXDD
ILQ
Alpari (Must request netting when opening account!)
Citi
PFG Best (most recently)
I, too, was hoping to find a US broker that did not require FIFO by using their backoffice to settle the trades from MT4 but after reviewing these 5 on forexpeacearmy, it looks like none of them are safe or trustworthy. I don't even want to hedge or scalp, all I want is non-FIFO so I can close part of my second order without having to close the entire first order first. Guess I'll have to write some crazy EA to manage my trades as if my account was non-FIFO. What a crock!
  • #55
  • Aug 10, 2012 12:28pm Aug 10, 2012 12:28pm
I am not a a lawyer or an accountant but just have to comment that any overseas broker that has no physical presence or operations in the U.S. is not and cannot be subject to U.S. laws (though I get the impression the U.S. would like to make everyone think so).

Per my accountant, what the U.S. has done is require U.S. citizens to file reports quarterly on overseas holding/bank accounts. If you are a U.S. citizen with foreign accounts and fail to file these reports per U.S. law (check your attorney and accountant to see if they are applicable to you), it is a criminal offense rather than a civil offense.

Other options are to create a foreign corporation that holds, owns, and trades the assets. Of course, as a U.S. citizen you then must file the proper reports with the IRS as owner or partial owner of a foreign corporation. The big advantage is that you can use any broker you want. The big disadvantage is the additional paperwork and entity related costs.

There aren't many brokers that take U.S. clients because they have a bank account, web servers, or other assets in the U.S. which makes them subject to U.S. law.
  • #56
  • Aug 11, 2012 3:56pm Aug 11, 2012 3:56pm
Does TD Ameritrade allow hedging?
  • #57
  • Aug 11, 2012 8:55pm Aug 11, 2012 8:55pm
Hey Mer

Long time

I made comments to CFTC when they where extrapolating the rules.Many traders did, to no avail.

What good is it to have all these rules that hurt U.S. Citizens and then
NFA can not verify a Bank Statement, i.e. PFG or put people in jail, i.e.
Corrzine.

Best Idea I think, is to have an offshore corporation and then use a regulated
UK Broker
  • #58
  • Oct 15, 2012 11:45pm Oct 15, 2012 11:45pm
50:1 leverage with my 1000$ account I average 2to3$ per 6 hours of trading.
Thank you Dodd-Frank .
  • #59
  • Dec 4, 2012 9:08am Dec 4, 2012 9:08am
Quoting Favorite
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...
You got that right! Just pay the IRS.
  • #60
  • Jan 11, 2013 2:14pm Jan 11, 2013 2:14pm
Quoting italldepends
Any offshore FX broker not registered at the NFA and accepting US clients is breaking the US securities market law, plain and simple. CFTC has fined numerous foreign brokers recently for doing just that. You are playing with fire here, people. Brokers like FinFX, UPFX and others accepting US clients are in fact breaking the law and they will be fined, plus people will soon start to get sent to jail. You never mess around with US law enforcement agencies. Be careful.

Better start reading this site: http://cftc.gov/PressRoom/PressReleases/index.htm...
Maybe you should spend a little more time in the Law books, this is incorrect. FinFX is not regulated, and yes, they do accept US CLients.

Forex is not regulated at all in the country of Finland. Because of the Dodd-Frank Act the CFTC has gone to great efforts to either warn or sue non-US brokers who accept US clients, for which reason many non-US brokers stopped accepting US clients, and returned the money of their existing US clients before closing their accounts. As a result US citizens desiring to trade in Forex are forced to open US Forex accounts, and trade with very low leverage (50:1) so that you often have no choice but to deposit a lot of money in your account if you want to trade safely and get anywhere financially (in Forex) without getting a margin call that would normally wipe out a small deposit depending on the lot size of your choice. So in essence the Dodd-Frank Act indirectly (even if unintentionally) makes it harder for the poor in America to trade Forex, but it is not a problem for those who are already rich and have enough extra income they can afford to use in a US Forex account. The intentions behind the Dodd-Frank Act is to protect US citizens from losing money to scam non-US brokers who take the money and eventually run with it. In this regard your money is safer with a US Forex broker because of all the strict rules in the US regarding Forex. But this does not mean every non-US broker is a swindler or scammer. Anyway, now US citizens, or residents at least, cannot open accounts at almost any reputable broker out of the US. The non-US Forex brokers who were affected by the Dodd-Frank act were those that were regulated in their own countries. Since FinFX is not regulated in Finland FinFX cannot at this time be touched by the CFTC. FinFX so far appears to be a very honest broker and they are still accepting US clients.

They offer good leverage and no FIFO or hedging restrictions.
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