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Brokers for US Residents

AussieTrader
michigansurveys
Oct 08 2010 at 11:52
31 posts
Anyone have any good ideas for potential brokers? My accounts in the UK and Australia have been canceled, thanks to the US government. Seems that as a US citizen, i am too ignorant to handle my own finacial affairs (thanks big brother...)

shylow
Oct 08 2010 at 12:28
5 posts
Same here. The promise of life, liberty, and pursuit of happiness is becoming more and more what the U.S. government tells us it is, whether we like it or not. Let me know if you find a good broker.

Elkart
Elkart
Oct 08 2010 at 12:50
941 posts
MB trading, IBFX.

Next best option is to get an IBC.

https://www.sovereigngroup.com/


Elkart
Elkart
Oct 08 2010 at 13:29
941 posts
I do believe long term they're going to close retail fx for Americans, same as you can't trade CFD's.

Might just as well act now, while it's still legal to act.

Dan (ApacheDan)
Oct 08 2010 at 15:00
9 posts
Same here....they're kicking me out of Go Markets(aus). There's a thread on babypipsdotcom regarding the subject. We, as traders; have to bounce back and find a way to keep trading.

So far, I know that Dukascopy is still accepting US accounts (minimum 1,000), but they are not live with MT4 yet. Also FX Open, is a partner with Dukascopy and have MT4; they confirm a couple of days ago that they will still accept US accounts. On the US side, so far I'm looking at Interbank FX open, which I believe is an ECN, but leverage will be 50:1. Anybody else that can add to this thread will be appreciated. Dan

Phenix75
Oct 10 2010 at 16:42
3 posts
Hi, as it is said, 'to each problem there must be a solution ...'!
What if... a Ltd. European Company opens an MT4 Account for you to trade it under this Company's name
but all guarantee is given to you, login, passwd etc... to trade 'normally'.
Could you then be imaginative or creative to build a kind of LPOA giving you the right to master and conduct your Account/Trading....and think about a compensation a kind of incentive % or Fees if only Profits.
If this is Legal, I am ready to Help.

All the Best


Elkart
Elkart
Oct 11 2010 at 03:46
941 posts
Phenix,

As a US citizen there is no protection for your privacy in Europe as the Swiss banking fiasco showed. So Europe is out. Has to be the east.

You can do that through IBC and nominee directors. Trust funds. Couple of legal vehicles for it and a few jurisdictions of which ironically Hong Kong stands out as the most US friendly, mainly because they won't give a hoot if the US government puts pressure on them. They only have 2 tax treaties - with Belgium and Thailand. And HK isn't on any of the tax haven lists. No local tax if you don't do any business in Hong Kong.

Once you set up an IBC with nominee directors there will be no indication to the broker what so ever that they are doing business with an American citizen. And I don't think anything prevents you from owning a business abroad.

Tax is a separate issue, you can still declare the income an it be all legal.

But it costs money, look at about $5000 a pop. So it's not for the average Metatrader jockey.


rfx (ranesh)
Oct 11 2010 at 04:48
257 posts
Why are the U.S traders being given such a hard time ? Are the authorities 'actually' doing all this in the traders' best interest or do they only think they are ? Are the traders actually being protected by all these new regulations? Just doesn't seem fair in my opinion. Didn't realize your govt. can actually do things to even prevent non-U.S brokers from serving U.S clients. Doesn't really seem fair to prevent traders who are quite capable of making their own choices and decisions.

Oh well... I hope u guys figure out a good alternative. 😉

Wish u guys all the best.

Elkart
Elkart
Oct 11 2010 at 05:11
941 posts
RWFX,

The retail fx side is small. And most of these regulations don't affect the big players. All I can think is that there is a bigger agenda and that the US retail traders are just collateral damage.

Problem is half the liquidity providers are US, so whatever happens to the US traders will spread globally.

One just has the accept that change will always be inevitable in this environment. It is the sharp end of capitalism. Huge players all with their own political and financial agenda slugging it out in high stake chess games. Just got to stay nimble and keep an eye on the ball. All we can do.

Be the reed in the wind...

rfx (ranesh)
Oct 11 2010 at 05:36
257 posts
I wonder whether the big 'hidden' agenda is to completely eliminate all 'retail' brokers ?😱 Probably because they are eating into the large financial institutions/banks ? More than they originally anticipated.

Well... I suppose at the end of the day, if all this results in a scenario where all brokerages globally fall in-line with a banking-like regulatory system it would be good for us ? Just thinking out aloud. 😉

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