Hello
I’m a German citizen living in the U.S and I’m not happy at all with the U.S regulations towards U.S brokers. Since I’m a German citizen, is there any way for me to open an account with a foreign broker like MIG? Does living in the U.S alone disqualify me from ever opening an account with a Euro broker? This makes no sense to me. Any help is appreciated.
Thanks
Tim
Hi Tim,
In fact MIG has been bought by another broker, to tell you the truth yes the fact that you live in the US disqualifies you from opening an account with a European broker. However the only way you might be able to surpass that if you could produce a recent utility bill from Germany with your address and do the money transactions from and to Germany. Let me know if you need more details.
Regards
Look, do not be discouraged because you can’t open an account with these brokers. You can always trade with offshore brokers who offer even better trading conditions and higher leverage. I had the same problem, but found Profiforex to be a safe haven later on. There are other good ones out there, just look around.
The restrictions of regulations has really made things difficult. But this should not be a big deal for you. The only benefit of trading with regulated brokers is that you will be promised fund-safety. However, the reality is that there is no 100% fund safety in forex. Many traders have lost their funds while trading with these regulated brokers. So, why bother about whether they allow US or not? I agree with the above post, Better brokers are out there and these ones accept US clients and all everyone to enjoy the same trading condition. If regulation no longer have an effect on our funds, then evidently there is no difference between regulated and unregulated brokers in terms of money security. But when it comes to good trading condition and nice platforms, unregulated brokers take the lead. You don’t agree with me? Find a good one and see for yourself.
So maybe unregulated brokers are the way to go? I checked out Profitforex, but I’m not so sure. Can unregulated brokers be trusted? Will my money one day just be gone and the broker will cease to exist?
Can anyone else give me an unregulated broker they trust? I have a hard time finding them on google.
Hi,
It is self explanatory that unregulated brokers can not be trusted. I speak from experience.
Safety and security of funds doesn’t mean to loose or to win a trade, it means that should the company get bankrupt then the regulators will intervene and take hold of the segregated accounts and distribute the money to the clients. besides the compensation funds that also are there to safeguard your funds in the worse case scenario.
Unregulated brokers can do whatever they wish with the funds of clients, they can use them to pay their bills, cars, they are not in anyway obliged to give the money back to anyone. Clients have absolutely no rights whatsoever, how many times clients just did not get their money after asking for a withdrawals, I lost count! plus a regulated broker is obliged to send you the money within 24 hours, if not you can file a complaint, and get your rights!
Regulated brokers are obliged to treat the clients fairly, they have to commit to the best execution and the same trading conditions that are advertised on the website , meaning let’s say if you are trying to close a trade and it is delayed, then you can file a complaint to the FCA and they will be able to investigate that your trade was not executed properly, whereas an unregulated broker doesn’t even have to be online, it can just be a demo account you are trading on while thinking it is real.
There are so many points to discuss here that also touch on financial crimes and money laundry which regulated brokers can not involve themselves in, whereas off-shore brokers accept any money dirty or not, think if your really wanna be involved in that! There are so many more points on why you should trade with a regulated broker rather than an unregulated one, but I will end this with one thought:
Choosing a broker is like choosing a bank or a life insurance firm, would you go for just any insurance policy or just any bank that no one heard or that you just found on google with ICQ or Skype contact numbers rather than real telephone numbers and real offices?
I don’t know about you, but I work hard for my money, and to be honest if I were to go for an unregulated broker I would rather just give my money to charity.
Actually there are some brokers don’t allow US based trader to open account with them. But I think you can ask your family member to open one account for you.