Question about trading forex by US non-residents?
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  1. #1
    nnpra is offline Newbie
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    Default Question about trading forex by US non-residents?

    Hello All,

    This is my first post here and I'm also very new to Forex in general. I'm now in the process of finding a broker and then found out that US has some kinds of rules that brokers must be registered with NFA to serve US customers. Thus, some brokers just block my IP right out of the bat. Some still allow you to go through the application page, but have no "USA" to be chosen for the fill of country. Some don't have any restriction at all.

    If I were a US citizen, then this would be clear that I can't go for brokers from UK, Cyprus, etc. But the complication is that I am a non-resident (for both tax and general purposes) who is living in the US for study. Does anyone know if it's OK for me to use my computer, which is physically in the US, to trade through foreign brokers who aren't registered with NFA??? Some brokers also say "domiciled in the US" so I'm not sure.

    Since I'm graduating soon within a few months and will move back home, I think it would be clear by that time that I'm free to trade with Europe-based brokers. However, I will still have a US bank account as a handle for my other investments (stocks and mutual funds). Would it be OK if I still use this account to fund my forex account in those foreign brokers?

    Some may say that it's easiest to go for US-based forex brokers but I just can't find any with good spreads, let alone hedging and leverage rules. So, if not utmost necessary, I want to try some alternatives. Any comment on this would be appreciated!

    Thank you

  2. #2
    Buckscoder's Avatar
    Buckscoder is offline FX-Men Honorary Member
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    Hello, I guess the best path to find out is to ask your prefered broker.

  3. #3
    adam2010's Avatar
    adam2010 is offline Junior Member
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    Quote Originally Posted by nnpra View Post
    Hello All,

    This is my first post here and I'm also very new to Forex in general. I'm now in the process of finding a broker and then found out that US has some kinds of rules that brokers must be registered with NFA to serve US customers. Thus, some brokers just block my IP right out of the bat. Some still allow you to go through the application page, but have no "USA" to be chosen for the fill of country. Some don't have any restriction at all.

    If I were a US citizen, then this would be clear that I can't go for brokers from UK, Cyprus, etc. But the complication is that I am a non-resident (for both tax and general purposes) who is living in the US for study. Does anyone know if it's OK for me to use my computer, which is physically in the US, to trade through foreign brokers who aren't registered with NFA??? Some brokers also say "domiciled in the US" so I'm not sure.

    Since I'm graduating soon within a few months and will move back home, I think it would be clear by that time that I'm free to trade with Europe-based brokers. However, I will still have a US bank account as a handle for my other investments (stocks and mutual funds). Would it be OK if I still use this account to fund my forex account in those foreign brokers?

    Some may say that it's easiest to go for US-based forex brokers but I just can't find any with good spreads, let alone hedging and leverage rules. So, if not utmost necessary, I want to try some alternatives. Any comment on this would be appreciated!

    Thank you
    Hello,

    I deal with a US-based broker which have fixed 2 pips spread & support a lot of pairs which is non-supported by other brokers, they have too a 25% bonus on your deposit, check out if it fits you Pairs & Spreads
    hope that helped you I tried 2 find out what is most comfortable with you.

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