Foreign Account by US Citizen

Beginner Questions
1

Hi all,

I’ve been digging around for an answer but no luck. I did find a list of foreign forex brokers that accept US residents but they are all sketchy.

I have dual citizenship (US and Venezuela) and I have family in Spain and Italy. If my family were to open an account with let’s say Oanda or some other trusted broker.

Would I be able to execute trades and what not? Would my IP give away my location thus. Locking the account? What if Im able to spoof my location? Has anyone tried this or know of someone who has or can anyone direct me to a post where this has been discussed?

Thank you!

2

You have quite the criminal mind.

And you accuse the offshore brokers of being sketchy ???

3

Ahaha, just trying to take advantage of 1:100+ leverage.

I looked up 4-6 of the brokers on the list and they all have reviews that should keep a trader away from them, even brokers categorized as trusted.

4

Don’t do anything like this, the legal implications are multiple and serious.

A theoretical way around the issue would be to remit capital to an overseas relative and have them trade from an account they have legally set up in their own country. The trades would be on your instructions to them and naturally they would remit the profits back to you. However, It is even difficult in some jurisdictions to do this legally - persons opening an account can be compelled to prove adequate capital assets and income.