Report of Foreign Bank and Financial Accounts (FBAR)
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR)
just took my funds out of FXCM they only gave me two chices ...Take the money out by next friday or they would roll it over with forex.com. Not happy about this so I am been more careful finding my next broker any recomendations that will trake forex traders from the USA that are dependable and reliable...tks
just took my funds out of FXCM they only gave me two choices ...Take the money out by next friday or they would roll it over with forex.com. Not happy about this so I am been more careful finding my next broker any recommendations that will take forex traders from the USA that are dependable and reliable...tks
just took my funds out of FXCM they only gave me two chices ...Take the money out by next friday or they would roll it over with forex.com. Not happy about this so I am been more careful finding my next broker any recomendations that will trake forex traders from the USA that are dependable and reliable...tks
Ignored
If you live in the US your choices are slim. You either have Forex.com, Oanda, or a number of Offshore Brokers. You could also open up a Foreign based corporation but my understanding is that is time consuming, can be costly, and would involve extensive reporting for taxes. I just opened up a corporate account with Oanda, closed account with FXCM and funds are in the process of being transferred.
Thanks and I am afraid you are right they appear to be the only game in town because of the stupid regulations. I am also checking out Tradersway.con out of Dominic. They take USA accounts but My spider sense is a little uncertain. I am still looking closed my account with FXCM and having my funds transfer to my business account. Stay in touch
Joined Apr 2013
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Status: Always Learning
|345 Posts
if you are big size traders (account > 250k) in US, which broker would you trust? I know people who used to use interactive brokers and after IB got out of forex, they just moved to trading futures.
Yep..Too bad for us the US traders. Personally, I chose to go offshore with lqdfx - a broker that accepts US clients and provides good trading conditions. Been trading with them for quite some time now and honestly I am happy with my choice. Spreads are lower, leverage is high (if u prefer higher leverage) - way better conditions than US based brokers. Definitely would recommend!
I have always heard negative things about going with an offshore broker. Have you tried to withdrawal money yet? Also, what is the size of your account? I could see it not being a terrible option possibly for a small account size. But it seems very risky if you have a large account, $10,000 USD+.
That is who I trade with (Oanda). So far I have no complaints. The only thing I wish I could do is trade metals, this is one reason I looked into going offshore. I do not understand why you cannot trade Gold and Silver with the US brokers. What is the reason behind this?
