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Thread: Going offshore to escape the CFTC

  1. #1391
    fxfrench's Avatar
    fxfrench is offline Verified Broker Support for FXOpen Junior Member
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    Quote Originally Posted by bravehoststamps View Post
    What is the current minimal deposit for an FXOpen ECN account? I noticed spreads to be really great there - among the industry's lowest.
    $1000 is the minimum ECN deposit, but I would suggest $2000-5000+ depending on your circumstances of course.

  2. #1392
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    bravehoststamps is offline FX-Men Honorary Member
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    Quote Originally Posted by fxfrench View Post
    $1000 is the minimum ECN deposit, but I would suggest $2000-5000+ depending on your circumstances of course.
    Thanks. I will go with Pepperstone.com for now - spreads for their Razor accounts are identical to yours, but the account opening minimum is much lower ($200).

    Here's also an excellent real-time Forex brokers' spreads comparison for live accounts: Spreads | Myfxbook

  3. #1393
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    Quote Originally Posted by bravehoststamps View Post

    ...FX Choice (Belize)....please, add it to your list.
    Got it. Thanks.
    - Risk is the Price we pay for Opportunity -

  4. #1394
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    Quote Originally Posted by Shatners Last Stand View Post

    I noticed Hotforex was removed from the list of brokers accepting US residents on 8 March. This might not be correct.
    Quote Originally Posted by Clint View Post

    Well, that's interesting. Please us keep us informed about your experience with HotForex, especially your experience withdrawing funds from your HotForex account.
    Quote Originally Posted by Shatners Last Stand View Post

    Will do.
    Shatner,

    I'm gathering info for an update to the Offshore Broker List this week.

    Do you have anything further to report on HotForex?

    Do you have an active, funded, live account with them? Have you done any withdrawals from your account?

    Have you talked with anyone at HotForex about your status as a U.S. resident? What is their current position regarding new U.S. clients?

    Thanks, in advance, for your reply.
    - Risk is the Price we pay for Opportunity -

  5. #1395
    sman1109 is offline Junior Member
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    Quote Originally Posted by fxfrench View Post
    Hi GypsyTrader. I asked the lawyer for offshore and he said it would be legally acceptable since the offshore company is the client, not the US resident Director. You have an all clear from FXOpen NZ and also for FXOpen AU.
    Does FXOPEN have a Chinese branch, some traders would like to use 400:1 leverage and will open an offshore business in China to have capability.
    Last edited by sman1109; 04-10-2012 at 01:09 PM.

  6. #1396
    sman1109 is offline Junior Member
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    Quote Originally Posted by bravehoststamps View Post
    Thanks. I will go with Pepperstone.com for now - spreads for their Razor accounts are identical to yours, but the account opening minimum is much lower ($200).

    Here's also an excellent real-time Forex brokers' spreads comparison for live accounts: Spreads | Myfxbook
    You're going to need more than a minimum of $200 to open an offshore company in Australia why be frugal with the minimum deposit ?

    Then you'll have to pay taxes in two countries with all the expenses a small deposit does not seem practical
    Last edited by sman1109; 04-10-2012 at 01:08 PM.

  7. #1397
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    Interim update to the List

    Later this week I will update the List of Offshore Brokers. Here are the updates gathered, so far:

    2 brokers will be added to Group 1


    FXChoice (Belize)

    Pepperstone (Australia)


    2 brokers will be moved from Group 1 to Group 2


    Uni-FX (U.K.?) --- their website has been replaced by one webpage which says "This Account Has Been Suspended". I will place a note on the listing for this broker saying that they may no longer exist.

    Universal FX (British Virgin Islands) --- formerly listed (erroneously) as Switzerland --- this broker no longer accepts U.S. residents as clients; their website says "Universal Investments (International) Ltd is a company registered and located in the British Virgin Islands and does not solicit or accept customers that reside in or are domiciled in the United States or its territories."



    Also, with this update, I will be filling in some of the blanks in the current broker listings (spreads, leverage, etc.).


    If you guys have any additional info for this update, now is the time to post it. Thanks.
    Last edited by Clint; 04-10-2012 at 06:13 PM.
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  8. #1398
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    Quote Originally Posted by sman1109 View Post
    Then you'll have to pay taxes in two countries
    No: Australia and the United States treaty - key points

  9. #1399
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    Quote Originally Posted by Clint View Post
    Interim update to the List

    Later this week I will update the List of Offshore Brokers. Here are the updates gathered, so far:

    2 brokers will be added to Group 1


    FXChoice (Belize)

    Pepperstone (Australia)
    Pepperstone does not open accounts for individual US customers - only for their non-US companies.

  10. #1400
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    fxfrench is offline Verified Broker Support for FXOpen Junior Member
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    Quote Originally Posted by sman1109 View Post
    Does FXOPEN have a Chinese branch, some traders would like to use 400:1 leverage and will open an offshore business in China to have capability.
    Yes, you can try MT4 ECN真实外汇交易平台|模拟外汇-FXOPEN中文官方网站 to join other Chinese FXOpen traders.

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