As of October 18th US residents will not be permitted to open accounts with Alpari UK. If you would like to apply for an Alpari US account please click on the link below.
Online Application: https://my.alpari-us.com/en/openliveaccount/
I guess I don’t understand.
Why would people be interested in all of these marginal fx overseas brokers when dukascopy is staring them right in the face.
1000.00 minimum deposit
ECN
Established and trusted by many for many years
Regulated by Swss banking laws
great spreads
can trade down to .10 cent pips if you wish
accepts US customers
no cftc/nfa moronic rules…
etc etc
for me and my money it seems to be a no brainer but I guess i’m missing something. It just seems many of these johnny come lately fx brokers should make more people nervous. Again i’m sounding like a shill, but this is exactly what my mind thinks and my fingers type.
My FXCM UK account is being returned to the US against my will. Oh well, no surprise that the Feds messed up a good thing. I have looked into Dukascopy as well, and it seems the way I will go. Any info about using Dukascopy? If so, how are withdrawals and slippage? Thanks
Withdrawals are in the bank the next day, and I’m not sure that I have ever been slipped. I don’t trade during news releases though.
No, fxopen won’t be affected.
THE COMMODITY FUTURES TRADING COMMISSION
WELCOMES YOU TO
STATE-CONTROLLED
FOREX
Meet Gary Gensler
Don’t even THINK about moving your forex trading offshore.
If you do, we will track you down, and bust your ass.
Credits — Fictitious “Gary Gensler quote” made up by Clint — Nasty “Gary Gensler face” made by Gary Gensler.
looks like a snake in the grass
Here ya go:
Plus then find a company at the Bahamas. Flat tax zero percent. 
1 Like
nice place, bahamas. lol.
[B]Buckscoder[/B], thanks for your contribution.
I went onto the site that you linked to — “[B]100 Forex Brokers[/B]” — and filtered their list for brokers that accept U.S. clients.
Then I matched those results against the list of 24 brokers on post #13 on this thread.
According to “100 Forex Brokers”, the following 17 brokers (from our list of 24 brokers) accept U.S. clients.
I have arranged these 17 brokers in two groups, based on whether [B]marionette[/B] and [B]dragofx[/B] agree with the website.
[B]Group 1. The “100 Forex Brokers” website says these brokers accept U.S. clients, and BP forum members do not disagree (however, see exceptions noted below)[/B]
Finotec (U.K.) — marionette says this broker has U.S. operations (so, does not qualify as “offshore”)
MF Global (U.K.) --- marionette says this broker is facing a class-action lawsuit in the U.S.
ACM (Swiss)
C.I.M. Banque (Swiss) --- IF you go to Switzerland to open your account
MIG Bank (Swiss)
Tadawul FX (Swiss)
dbFX (German) --- Clint says it's not clear that this broker is beyond the reach of the CFTC
IG Markets (Australia)
WSD (New Zealand)
Saxo Bank (Denmark)
[B]Group 2. The “100 Forex Brokers” website says these brokers accept U.S. clients, however, one or more BP forum members disagree, as noted below[/B]
CMS Forex (U.K.) — marionette says no
One Financial (U.K.) --- marionette says yes, dragofx says no
ODL Markets (U.K.) --- marionette says no
Dukascopy (Swiss) --- marionette says no
Finexo Global Investments (German) --- dragofx says no
Forex Web Trader (German) --- dragofx says noAs it happens, one of the few threads I follow at FF is run by a so called commercial member, Clockwork, who has some sort of relationship with Dukascopy. I think he’s an IB for them but don’t quote me on that.
Anyway, I came across this post and thought it might be pertinent:
Forex Factory - View Single Post - Silent Service Method
Thanks, Magnus.
Regarding some of the brokers we have been investigating:
[B]Finotec[/B] — U.K. domiciled, FSA regulated
One of our members said that Finotec has a U.S. presence (which, if true, would make them subject to CFTC rules regarding U.S. clients). However, I can find no evidence of this. Finotec does not even have a telephone in the U.S. (Their offices, reachable by telephone, are in London, France and Cyprus). Accordingly, I am adding this broker to our list of “qualified offshore brokers who accept U.S. clients.”
Here’s something that needs investigation: Finotec’s website ( Finotec Product Range & Conditions ) shows forex trading hours as: Open 00:05, and Close 20:55 (evidently those are London times). Is this for real? A forex broker that closes for 3 hours and 10 minutes every day?
[B]
Dukascopy[/B] — Swiss domiciled, FINMA regulated, Swiss banking license 2010 (Dukascopy Bank SA)
One of our members questioned whether Dukascopy accepts U.S. clients. Others, who currently trade with Dukascopy, say that Dukascopy will continue to accept U.S. clients. I am adding Dukascopy to our list.
[B]C.I.M. Banque[/B] — Swiss
I am removing this broker from our list. On the account-opening page on their website, they clearly state: “U.S. Residents must come into our offices in Geneva or Lugano.” I don’t believe this will suit any U.S. members of the Babypips community who might be considering offshore brokers.
[B]CMS Forex[/B] — U.K./U.S.
I am removing this broker from our list. Their website clearly states that they are CFTC-regulated, and belong to NFA. I believe that the website Forex Broker Guide is wrong to list them as a U.K. broker, regulated by the FSA.
[B]One Financial[/B] — U.K. domiciled, FSA regulated
I have confirmed that this broker accepts U.S. clients, and has no exposure to the CFTC. I am adding them to our list.
More info to follow, as discrepancies are resolved.
Edit: Sunday 10/3
I am removing [B]Alpari-UK[/B] and [B]MF Global [/B] from our list, because they both have a U.S. presence. Alpari (UK) is affiliated with Alpari (US), which is CFTC regulated. And MF Global has U.S. commodity futures brokerage operations regulated by the CFTC.
So far so good. One withdrawal, pretty much easy, processed within 3 days. Customer service is really good, 24 hours on weekdays and the representatives sound really knowledgable and ahave been very helpful.
I received an interesting email from a Cyprus-based forex broker, inviting me to move my trading to their firm. Perhaps you have received the same email. I think this broker’s sales pitch is worth reading, so I’ve copied and pasted it here.
I’m not interested in advertising this broker, so I have replaced their name with empty brackets, like this [-----].
Dear Forex Trader,
We have watched in agony as the CFTC’s new margin requirement rule was passed. Anyone who is interested in keeping their right to act as an individual in a free market society likely has shivers running down their spine as a result. The rule will be implemented on October 18, 2010, whether we like it or not. Many people objected to the proposed new rule, which was initially presented in its 10% margin requirement guise, in order to lull people into the belief that the 2% margin requirement that actually passed is OK, and that this was a victory for the retail investor. This is not the case. This is not a victory for anyone except those who would usurp our freedom.
While using extremely high leverage is certainly not a good idea for most traders in most circumstances, it should not be within the realm of the CFTC’s power, or anyone else’s, to protect adult individuals from themselves. High leverage can be a very useful tool for investors who do not wish to keep all their capital in their trading account. Now, such investors will either have to keep more of their capital tied up with a broker, be happy with smaller returns, or move to an overseas broker.
The high leverage available at overseas brokerages is proving to be a honeypot for many retail investors around the world. There are a number of offshore brokerages, with no ties whatsoever to the CFTC or to the US, that right now are happy to have your business. Many of them are unregulated or loosely regulated bucket shops that see this as an opportunity to quickly make a buck from those fleeing over-regulation in the US.
Others have an eye to the future, and would rather build a long-lasting and mutually beneficial business relationship with those whose freedom is in danger due to over-regulation. One such company is [-----], a fully regulated (though not OVER-regulated) European brokerage. Regulated by the Cyprian Securities and Exchange Commission and under the jurisdiction of the Markets in Financial Instruments Directive, [-----] is in an ideal position to offer a new home to the exodus of traders that are leaving US brokerages for greener pastures overseas.
The rest of this email is contact-information for this particular broker.
Just a heads-up — I thought you might be interested in reading their sales pitch.
This thread was opened in order to enlist the due diligence of Babypips Forum members to evaluate potential offshore brokers.
In our broker evaluations, we are using only 2 criteria:
(1) is the broker totally free of CFTC regulation (or other CFTC mischief-making)?
(2) does the broker accept U.S. clients?
The list we are developing is a work-in-progress. This list is far from complete. Rather, it is simply a starting point.
Here’s the list as it currently stands.
[B]U.K. brokers[/B]
Finotec
HY Markets
One Financial
[B]Swiss brokers[/B]
ACM
Dukascopy
MIG Bank
Tadawul FX
[B]German broker[/B]
Forex Web Trader
[B]Danish broker[/B]
Saxo Bank
[B]Australian brokers[/B]
GO Markets
IG Markets
[B]New Zealand broker[/B]
WSD
Questions remain regarding the following brokers. (More research by Forum members is needed.)
ODL Markets (UK)
dbFX (German)
Axi Trader (Australian)
Latitude FX (New Zealand and Australian)
At this point, we need to do 3 things:
(1) double-check the 12 brokers which have made the list so far.
(2) resolve the questions surrounding ODL, dbFX, Axi Trader, and Latitude FX.
(3) expand our search to include more of the 300+ brokers we know are out there.
Clint,
some firms to add based soley on the fact that they are not cftc exposed and will accept us clients.
FBS
Forex-metal
vantagefx
forexfs
This is based strictly on the above criteria.
FXM also I think.
Update
I have sent an email inquiry to 13 of the 16 brokers listed in post #66 on this thread. My email asked each broker whether they meet the criteria we have set: (1) not regulated by the CFTC, and (2) will accept U.S. residents for new forex accounts.
The 3 brokers I did not email are:
[B]ACM[/B] (Swiss) - they have already confirmed that they belong on our list
[B]dbFX[/B] (UK) - they have previously replied, and their status is under internal legal review
[B]ODL Markets[/B] (UK) - this broker is a subsidiary of FXCM-UK, and will be compelled (by the CFTC’s strangle-hold on FXCM-US) to get rid of any U.S clients they may have.
In addition to the 13 brokers included above, I also sent emails to: [B]ActivTrades[/B] (UK), [B]Finexo[/B] (German) and [B]Varengold[/B] (German) — to double-check the info we have previously received.
And, finally, I included 2 new names in my emailing: [B]Forex FS[/B] (Aus) and [B]Halifax Online[/B] (Aus).
Replies to my emails are dribbling in slowly. I will report the results in a couple of days.
Hi all,
Another Australian forex dealer is ForexCT based in Melbourne.
ForexFS seesm very solid. There server is in dallas so the ping should be fast. They are true stp and so far the service has been very good. They are relatively new, but they appear to be a great option.