Going offshore to escape the CFTC - Page 409
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  1. #4081
    Join Date
    May 2016
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    40
    Quote Originally Posted by HyperScalper View Post
    For a U.S. person, it's not residency but citizenship and tax liability that's the issue, isn't it?
    Few of us would renounce citizenship to gain access to brokerages... That's a multi-year process.
    hyperscalper
    HyperScalper, you are 100 % correct. It's the citizenship not residency, FATCA strangulation and DODD-Frank Acts that are making 1.5 m Asian Americans thinking about renouncing US citizenship and its in the news these days. Please google for it.

  2. #4082
    Join Date
    May 2016
    Posts
    40
    FYI, for offshore respectable banks you need to be very high net worth (around a few million dollars at least) to be able to open up an account these days as an American passport holder. Even with a residency and dual nationality they will not be able to open one up for you since they have to deal with a lot of compliance issues which terrifies them. The only banks I know of which open up an account for US passport holders would be in UK with a U.K. residency or passport. Rest will all say thank you and escort you out the door.
    Banks in Carrribean would open one for you too with a high monthly fee and most of the time you will not be able to get money in or out as most Carribean banks have lost their correspondence accounts and are forced to work with payment accounts. Previous US administration during the last few years have destroyed offshore banking for everyone in the world not just US citizens.
    Last edited by TimAllen; 04-05-2017 at 06:32 PM.

  3. #4083
    Join Date
    Apr 2017
    Location
    chicago suburb
    Posts
    7
    hello everybody. i've been reading this entire thread for years. i want to express my sincere gratitude to clint and everyone else who has contributed here. while limiting my trading only to demo acct. practice for a couple of years, i have recently reached a point where my wife and i are ready for me to lose REAL money now

    i HAD my eye on tallinex. even had an unfunded but open live account on standby. then i received the email that many of you did about the transfer of u.s. resident accounts to capital city markets.

    it's concerning, as tallinex felt so trusted. but as i look into CCM as a broker, they look enticing. deposit bonus, 1000:1 leverage, 0% hedged margin rate, etc... but they're BRAND new. and it's not like i can take a quick drive to vanuatu and get my money back from a scam.

    so my question (with apologies for the lengthy post): i'm aware that scams exist in the forex world. however, has anybody here ACTUALLY sent a few thousand or so a broker and just had it vanish or be confiscated for some B.S. accusation of arbitrage or something?

    anybody reading this and thinking that i'm a fool for considering capital city markets? or at least relieved that someone is considering being the guinea pig with a new broker?

  4. #4084
    Join Date
    May 2012
    Location
    homedale, idaho usa
    Posts
    178
    Quote Originally Posted by NewGuyToForex View Post

    anybody reading this and thinking that i'm a fool for considering capital city markets? or at least relieved that someone is considering being the guinea pig with a new broker?
    I am looking forward to transfer of Tallinex account to Capital City Markets (CCM). I recently got an email saying there were technical problems in the transfer, but it would eventually happen.

    My minor concern is just that I have to modify our order submission code, because their minimum order size is 0.10 lots with increments above that in 0.01 lots. When calculating a number of bids/offers over a range of pricing, this minimum order size constraint needs to be taken into consideration.

    With Tradersway or FinProTrading 0.01 is the minimum lot size across the board.

    But I am expecting bid/ask pricing to be much better than with Tallinex, so I'm looking forward to it.

    hyperscalper

  5. #4085
    Join Date
    Apr 2017
    Location
    chicago suburb
    Posts
    7
    ccm's micro account offers a minimum order of .01 lots with .01 increments. so that should be good news for you.

    i also received the email about the delay in transferring accounts from tallinex.

  6. #4086
    Join Date
    May 2016
    Posts
    40
    Quote Originally Posted by NewGuyToForex View Post
    ccm's micro account offers a minimum order of .01 lots with .01 increments. so that should be good news for you.

    i also received the email about the delay in transferring accounts from tallinex.
    Interesting you are all going to put your money in a brand new forex company? I would rather move it to some known company listed by Clint. Brand new companies are often scams and Tallinex will not be responsible if you get scammed. They simply offered you an alternative since they were tired of US regulations and told me so in a chat. They told me they can open an account for me since I live overseas. But for you resident in US it's not possible anymore.
    Wish you all the best.

  7. #4087
    Join Date
    Apr 2017
    Location
    chicago suburb
    Posts
    7
    i hear ya, timAllen. i'm definitely a little bit nervous about it. but i'm considering it because it's the broker i'm finding that gives me 1000:1, with .01 trade sizes, and 0% hedged margin. those conditions MAY give me a chance to scrape a couple pennies over time with room to not have everything stopped out or margin called. i dunno. new guy here, as mentioned.

    that's why i was asking if anybody had any concrete experience with being scammed. i realize it IS out there, but is it out there and commom.

  8. #4088
    Join Date
    May 2012
    Location
    homedale, idaho usa
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    178
    Quote Originally Posted by NewGuyToForex View Post
    ccm's micro account offers a minimum order of .01 lots with .01 increments. so that should be good news for you.

    i also received the email about the delay in transferring accounts from tallinex.
    Yeah, but "micro" accounts are a rip-off, although I haven't seen their terms. Needs to be a variable spread ECN account plus commission to satisfy my preferences..... If the micro account were like the "real" or "pro" ECN accounts, then it wouldn't need to be called a "micro" account... LOL

    EDIT: Yes, I see the "micro" accounts have a minimum of nearly 2 PIPs spread, with commission included in the spread. They do have a "minimum" funding for their "standard" accounts of $2,000 but that's nonsense for testing and verification purposes, and everything is negotiable...

    hyperscalper
    Last edited by HyperScalper; 04-10-2017 at 01:49 PM. Reason: additional info

  9. #4089
    Join Date
    Apr 2017
    Location
    chicago suburb
    Posts
    7
    hey hyper. i wanted to send you an email and not bug the thread for this, but it won't let me until i post 17 more messages.

    anyway, as a newbie, i was hoping you could post or email me some of your experience/reasons why i should avoid micro accounts. i really don't know these things and getting nervous that maybe i'm not ready to start if i'm missing the obvious.

  10. #4090
    Join Date
    May 2012
    Location
    homedale, idaho usa
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    178
    Quote Originally Posted by NewGuyToForex View Post
    hey hyper. i wanted to send you an email and not bug the thread for this, but it won't let me until i post 17 more messages.

    anyway, as a newbie, i was hoping you could post or email me some of your experience/reasons why i should avoid micro accounts. i really don't know these things and getting nervous that maybe i'm not ready to start if i'm missing the obvious.
    No problem. It's just basically what I alluded to previously, and most "non-newbies" already know; which is just that, in this case, the spread is a minimum of 2 pips or so (usually that means EUR/USD which is always one of the tightest spreads), and if you're looking at some less common Forex pairs, such as GBP/NZD you could well be looking at 10 pips or more (I have no real idea) with an arrangement like that. Consider that with a "real" variable spread account, with commission separately charged, that a single PIP can pay your commission fee. Therefore, you're at such a huge pricing disadvantage in the Short Term. However, this disadvantage washes out if you're doing medium to longer term trading where the Spread versus your Target distances ratio becomes vanishing small.

    Micro accounts are for "newbies" who are probably doomed to stay in that category and wash out anyway. Brokerages offer this because some traders weirdly don't like the idea of paying Commissions, but equally weirdly are happy that it is built into the spread. Cuckoo !!! With EUR/USD on a decent ECN like Tradersway, you're looking sometimes at 0.3 pips spread or something like that, instead of 2.0 pips or more. As I said, with tighter pricing like that, if your Commission (round trip) works out to the equivalent of maybe 0.7 PIPs, then the market needs to move only 0.7 + 0.3 PIPs for you to pay your Commission from the Net profits. Remember, you Buy the Ask price, and Sell to the Bid price.

    We were all "newbies" at one time !!! That's what this forum is for !! Don't stay a "newbie" for long, and "learn to trade". BUT, let me point out that there's no "learning to trade"; rather it's a complex accumulation of experience, and maybe an edge, which is a learning curve that never stops...

    You might say that any "real" trader is a humble trader; or he's full of it !!! Trading profitably for a living is, IMHO, one of the most difficult businesses, but potentially one of the most lucrative as well for the select few who can systematically "figure it out"..... 'Nuff said.

    hyperscalper

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