they closed down for US clients awhile ago
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I promise you if the poop hits the fan too much, and the majority of the world “protects us” by preventing good trading, there will be some country, somewhere in the world that will open it’s arms lovingly to all traders who move there. Hopefully they will have a good beach or two, and friendly locals, and cold beer and strong WiFi, and I’ll wave to you from the tarmac as I take off…
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I’m right there with you. Only think is there will be way less traders, but shouldn’t have too much of an impact as retail makes up such a small % anyway. I just hope they leave the prop firms alone. I know nothing about futures. Can you close a small loss and let winners run or must you let the trade run it’s full course. If the latter, I may as well switch to sports betting lol
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make 2021 your year and by the end of 2021 you have start the process, don’t wait till it’s to late.
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2021 going offshore to escape the CFTC literally means going offshore to escape the CFTC. 
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the U.S. regulators are getting more aggressive with their Bank Secrecy Act / Laws. tough laws about to pass in 2021. won’t surprise me if 5 more brokers drop off our list in 2021
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What about creating an IBC in a country that has zero taxation on profits (they exist), and keeps the company officers private? With that couldn’t you trade with any broker you want? Sign up through the IBC then just be paid from the company as an independent contractor, and file taxes in the US as self-employed–being an outside independent consultant/contractor to the IBC? BTW, I’m no guru on this stuff, just been trying to do more research on it.
You should look into CFC ( control foreign corp ) requirements for IBC. You will quickly see you have massive FATCA requirements and GILTI calc…
I found this…
This is nuts. I think I could around this by having a friend outside of the US set something up (that he owns and I’m not a part of) then I’m just an independent contractor of my friends company. The key is finding a country with zero tax on capital gains. From searching around you will pay a service at least $1000 to set that up for you. I’m looking into tax laws of countries where I have friends, so we don’t have to go through some agency and pay some fee, but still have low tax obligations.
Been looking into very simply having a dual-passport, not giving up my US passport. Couldn’t that be a valid option for those of us who can be relatively nomadic? I’m sure you would need part-time residency, but I’m OK with that (re: beaches, cold beer, friendly locals, etc) You would still pay US taxes (get a C corporation for that), and also taxes with your 2nd home, but wouldn’t that be good enough for an offshore broker if you could prove you live there for several months out of a year?
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When I was searching earlier, I found it could take 2 to 10 years depending on the country to get the 2nd passport. Some countries offer citizenship by investment, usually $100,000+.
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I still say the best way through all this is with FTMO or similar offshore prop firm. You can trade how you want, it’s a large trading account, and you literally don’t own an account with an offshore broker.
Then you use that prop firm as your base, and optionally copy trade to any personal broker. And if they go away, just swap them out as needed.
But your base stays the same, ideally. You give up some profit, but you gain in peace of mind.
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FTMO might work for some people but for people who use AI/ML with tuned ALGO’s it will not work. Anyone using databases or code outside of MT4/5 FTMO or similar is not a option. It’s very stupid of FTMO or similar firms to say no EA. If you use EA that limit risk you can take a bad trader and make them a good trader just by using EA that control risk.
Did everything crappy get started in 2010? I just found this…
The Foreign Account Tax Compliance Act (FATCA) is law passed in 2010 regarding taxation of foreign assets of American citizens. Essentially, it allows the United States government to tax its citizens on all income earned and all assets owned, regardless of where that income was earned or where those assets lie. It is taxation based on citizenship, as opposed to taxation based on residency. The United States is unique in its approach to taxation in this way. Almost all other countries in the world tax their citizens based on their residency, meaning that if you are a Canadian citizen but live and earn income in New Zealand, you will not pay Canadian taxes on that income. If you are an American citizen living and earning an income in New Zealand, however, you will pay American taxes on that income. FATCA requires that foreign banks must report all American income and financial assets to the IRS. What this means for those banks is that it is significantly more expensive now to do business with American citizens, and as a result, many foreign banks will make it extremely difficult for Americans to open accounts with them, or even flat out deny Americans the ability to open accounts, simply based on their citizenship. (Thanks a lot Uncle Sam). [Source: https://www.escapeartist.com/blog/banking-in-nicaragua/]
pterodactyl,
Please edit your post to show the source of your quote. Thanks.
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Alright this is my last post about this stuff. I found the following deep in the forums at ForexFactory.
It’s their money. If they want actual traders and not robots, it’s their choice.
Hey, if the prezident can incorporate himself and pay $750/year in taxes, so can we. If they want to enforce rules, we need to use those rules back against them
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you can only try that if you are self employed