axitrader has stopped accepting clients from ontario canada. i went through the application process only to be told ontario is out. rest of canada is still ok
I was actually considering moving to Canada to escape the CFTC but after months of research, it seems most brokers are going the same way. It’s the start of the end if they are starting to block specific states.
I’m trying Tallinex and Forexbrokerinc now though, so all may be well 
[B]CFTC
Secret Snitch
Program[/B]
The CFTC Secret Snitch Program — authorized and mandated by the infamous Dodd-Frank law — has scored another “kill” in their campaign of terror against futures and forex trading in the U.S. and around the world.
•
The CFTC proudly announces the fourth AWARD granted under this program:
a secret amount, paid to a secret recipient
for ratting out a secret entity
for perpetrating secret crimes against the state.
The CFTC’s Proud Press Release
.
And guess who is “the chief financial officer of Hillary Clinton’s campaign and a presidential appointee hopeful in a Clinton administration”?
www DOT marketwatch DOT com/story/democrat-personnel-is-policy-platform-wont-stifle-gensler-other-street-vets-say-reformers-2016-07-18
Thanks for spotting this, RJ9000 !
Let me help out with a click-able link —
Why Clinton could still tap Wall Street talent despite platform pledge - MarketWatch
:42:
As if we needed any more reasons to defeat B!tcHillary.
.
CLINT -
Trader’s Way details will need to be edited. They are no longer offering their cTrader platform to U.S. Citizens. UGHHH! I just spent the past 2 weeks getting familiar with it because I hate MetaTrader.
Here’s the email I received -
Dear Client,
We regret to inform you that the Spotware cTrader platform is no longer available to clients from the United States as of 1st August, 2016. It is therefore not possible to open up additional cTrader accounts from the United States.
Thanks for the heads-up. I will add a note to the Trader’s Way listing.
By the way, is there a story behind your screen-name?
#1 - Not really but I privately thought it would be funny if I got so good at Forex that I’d just sh*t money…lol
#2 - I screwed up when registering and really meant for it to be ForExlax…que sera.
Just got the email from Trader’s Way informing me that cTrader is no longer offered to US clients. How much does setting up an IBC cost? This has gotten beyond ridiculous.
Yes, it kind of broke my heart too. I don’t have the budget right now to pay for a better platform. I might give the free Ninja Trader platform a try and run it side by side with an MT4 demo to check accuracy, etc. I’m a ‘swing’ trader at heart and I’m looking for trades that will go for 2 days to 2 weeks generally. I don’t think it will be a concern for me but likely won’t be good for someone scalping or day trading.
I’ll have to do more investigating. I think that kills Trader’s Way for me. Now I’m thinking Tallinex might be my new home.
Depends where you go and who the registrar is - from about $2,500 (including a bank account) if incorporating in Seychelles, then from about $750 per year to maintain the registration and nominee director, but check things like costs and requirements for closing the company and what costs you might be hit with if you need to change registrar.
Also, before forming an IBC, you should have your (intended) broker check with their bank(s) to see if the proposed IBC and/or bank jurisdictions are blacklisted.
This is a bit of a minefield - while neither jurisdiction is likely to be on an international blacklist, banks generally have their own list of countries they will not deal with and, to complicate matters even further, a bank may be quite willing to open an account for an IBC in a particular jurisdiction, but will refuse to deal with a fully-regulated international bank in the same jurisdiction!
And why did Trader’s Way just shut off the cTrader access,
and not the other account types?
Because of bank issues?
EDIT: removed off-topic items
More likely because the developers of the platform (cTrader) have instructed their brokers to do so.
A similar thing occurred in the Binary Options niche about a year ago.
There are two main platform providers, and both were looking to float their businesses, but were prevented from doing so while US residents were using those platforms as the developers were deemed in breach of US regulations (despite the facts that the brokers licensing those platforms were independent companies, and neither the developers nor their brokers were under US jurisdiction).
In order to gain approval to begin the floatation process, the platform developers were forced to impose a “no US residents” restriction on the brokers that use their platforms, which is why 99% of non-US Binary Options brokers no longer accept US clients.
Ah, thanks…
I have a few questions regarding the offshore forex brokers.
-
Besides FIFO laws and higher leverage (I only use about 20:1 leverage), what advantage do I gain from trading with an offshore broker? The most important attributes for me are ECN order processing, low commissions and security. From what I have read, finding a forex broker that can prove they have a true ECN is difficult. The commissions seem to be similar to US based brokers and the US based brokers have a bit more creditably.
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I am a dual citizen (US and UK) currently residing in the US but lived in the UK 3 years ago for a year and have a bank account setup over there. Could I use a broker in Group 2 (Not accepting US residents)? I have heard really good things about Lmax.
Thanks!
You have more choices. Although Interactive Broker (IB) is as close to ECN as you will get in USA… Not a bad choice at all, but you’ll need your own front end to use automation if i remember correctly. Like multicharts or ninjatrader.
You are in an excellent position. [B]Only use uk-based [/B]residency credentials (passport, drivers license, utility bill, bank statement, etc) as needed to open accts.
Using 3-year-old residency credentials will likely be a problem.
Most brokers require current proof of residency, meaning no more than 3 months old.
.
Absolutely. I don’t think a UK-regulated broker will be willing to open an account for you without seeing a proof of residence from within the last 3 months. Not their fault: it’s all part of the “Know Your Client” regulations imposed on them by regulators - they have to certify that they’ve checked.
Yes, just use a [I]recent[/I] bank statement, utility bill, etc. I’m sure OP can figure it out. It doesn’t even have to be in UK. Residency can be in another country other than USA, Japan, and a couple of other OECD blacklisted countries.
What’s Next for US Forex after Interactive Brokers Abandons Retail Market? | Finance Magnates
I was unaware of this prior to replying the first time. If IB leaves usa retail forex traders behind, there is very little if any hope left for retail traders as far as direct access is concerned. you can still trade stocks or futures, but I suppose that is what CFTC and lobbyists wanted in the first place…to kill retail forex trading in USA by starving out venues where a retail trader actually had a chance at a fair market price.
MB trading had potential as well, but they left. Who is left?
Thanks for your responses! IB leaving the US retail forex is precisely why I stumbled upon the offshore forex broker thread (Which is an awesome resource btw, thanks!) and posted, I probably should have mentioned that.
Needless to say I’m one of the 7% or 2,000 US forex accounts that are getting the boot. I use a scalping strategy with a 20k account size and haven’t found a single US broker that fits my needs like IB did, so I’m feeling SOL right now. I’ve opened a small OANDA account for the meantime but this is far from optimal (as they are a MM).
Might be worth the tax hassle to try one of these offshore forex brokers for US residents. I’m also thinking about moving back to the UK or at least establishing a part time residency there which also a hassle. As mentioned, I don’t have any recent bills to prove residency outside the US. I still have some family there, so I’m not sure if they could help out somehow.