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Foreign Brokers and US citizens

  • #1
  • First Post: Jun 18, 2014 8:31pm Jun 18, 2014 8:31pm
What would be the repercussions if a U.S. citizen was to trade with a foreign broker such as Tallinex or Finfx? When talking about repercussions I am referring to all client side repercussions rather than broker side repercussions.
  • #2
  • Jun 20, 2014 7:42am Jun 20, 2014 7:42am
No reprecussions at all other than knowing the fact that neither of these 2 brokers you mentioned are regulated. So if your willing to take that risk go for it. Suggest your initial deposit is small however therefore in worst case scenerio you don't have much risk tied up with either broker.. Couple other offshore brokers who accept US clients are tradersway and forexfs. Latter one being regulated by Australian (ASIC).
  • #3
  • Jun 20, 2014 10:00am Jun 20, 2014 10:00am
Quoting weti
What would be the repercussions if a U.S. citizen was to trade with a foreign broker such as Tallinex or Finfx? When talking about repercussions I am referring to all client side repercussions rather than broker side repercussions.
I don't think there is any problem for US traders
http://www.forexfactory.com/showthre...23#post7433823
  • #4
  • Jun 20, 2014 11:02am Jun 20, 2014 11:02am
Quoting weti
What would be the repercussions if a U.S. citizen was to trade with a foreign broker such as Tallinex or Finfx? When talking about repercussions I am referring to all client side repercussions rather than broker side repercussions.
none for you but that broker is in for a world of hurt if the u.s. regulators can get a hold of them http://forexmagnates.com/cftc-sues-1...forex-clients/
  • #5
  • Edited 12:50pm Jan 22, 2016 12:37pm | Edited 12:50pm
So Weti, after your 900% profit run how was Tallinex for withdrawals? They look like a totally legit broker. Good reviews with the Forex Peace Army and all.

TradersWay is a great broker but the fees, wow. deposit fees, withdrawal fees, swap and like $10 per lot.
Be humble or be humbled.
  • #6
  • Last Post: Feb 17, 2016 12:13am Feb 17, 2016 12:13am
Hey mates,
Let’s clear this out. No regulated EU broker with common sense would take a US citizen as a Retail client - UNLESS he is categorized according to the brokers regulations as a professional trader.
Even if you are not initially categorized as such you have the legal right to be “opted up” in other words to be treated as a professional if you pass the fitness test for this option.

Have in mind that you may lose some investor compensation rights as a professional.

I would think twice before starting with a broker with practices any different than that…
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