Actually you are incorrect. There are lot of brokers who don’t even accept US citizens living overseas. Even if they are dual nationals due to Dodd-Frank Act of getting them strangulated. I personally had this problem of being told that we cannot accept due to your government problem. Ditch your passport and you will be welcomed again. Simple as that.
That even includes foreign entities controlled by US citizens. As long as UBO is US citizen even living overseas they deny you. Hotforex, Amana, etc etc will deny you right away. There are few who would accept you and the list is getting shorter day by day. If Donald Trump does not dismantle FATCA and Dodd-Frank, a lot of Americans living overseas will have to ditch US passport as it is toxic and you are harassed everywhere with it. Last year there were lots of Americans who renounced as situation is not improving with US expats and their lives are being messed up with banks and brokerages shutting them off. I see on my bank webpage from some investment related pages that you are restricted from accessing this page since your account is US related account.
Apintrust.com is not a trustable company anymore. They will sell you a company but will not be able to help you open up a foreign bank account. For example, they talk about this huge bank in Seychelles with headquarters in UK. This is Barclays in UK they are indicating. Barclays Bank Seychelles discontinues offshore banking services - Seychelles News Agency. Barclays has discontinued its Seychelles offshore banking services since 2015. So how can they help you open an account there? A lot of these offshore service providers are not being honest with you to make their money. Banking these days has changed a lot. Please be aware of current regulations and rules. You will have a foreign entity that you would have to declare to IRS anyways with no bank account or some Carrribean bank account that you will have problems in transferring your money in and out of there due to lack of correspondence banking since a lot of Carrribean banks have lost their USD and Euro correspondence accounts.
My post #4050 on Monday (about offshore companies, brokers, and banks) was botched pretty badly.
I’ve fixed it. You might want to have a look.
Thanks for the info.
Ask your source is there any other way around this rule.
I thought the offshore corp/llc was a sure thing.
Anybody got any other ideas besides a mutual friend living outside US.
Sounds like the options are…
- Wait for CTFC to drop the hammer on the remaining reputable brokers on their RED hit list
- Painstakingly hunt down your own business banking solutions globally (accepts US citizen beneficial owner, USD/EUR correspondent banking + FX broker money transfers) with backup accounts opened just in case
- bitcoin denoted FX accounts
- non US citizen/resident nominee director & signatory on broker & bank accounts (correspondent banking + FX broker money transfers)
- renounce US citizenship, pay your exit fee, back taxes and move out the country
- eventually give in and trade with Gain (bucket shop operator with multiple fines), Oanda (news release spread manipulator) or CME (<30:1 leverage & expensive real time data fees).
Yes, I was aware that bank was Barclays (UK & Seychelles). The Singapore bank was also OCBC. That information was on their site years ago and has since been removed. Before finding out how difficult this is going to be, I was planning to use them strictly to open entity and find my own banking relationship.
Honestly, regardless of the difficulties I still have to investigate the possibilities of offshore trading via entity. My current offshore broker going down and being stuck with 50:1 leverage or 25-30:1 with CME would be an insane amount of earnings lost for no good reason. The funny thing is that IRS would then get significantly less tax money out of me annually.
After all this bull**** we have been through over these years, option 5 sounds the most appealing.
I would invite you to Turkey but government is is working on banning the citizens from trading abroad… Within a month maybe less they will announce it.
Currently we have only 1:10 leverage and minimum 50000 TRY (nearly 13000 USD) deposit.
Thats why i ended up here, searching offshore brokers and escaping fascist regulators.
I have no doubt that Turkey, too, will pursue the same path as the US.
As for the Option 5, that is the first thing came to my mind when i’d heard about the news
And i want to thank all the contributors to this thread.
Fatih
Hi Clint…I hope you don’t mind me dropping by your thread. Although, thankfully, I’ve not had to utilise any of the information here, I think this thread is absolutely invaluable. Thanks to yourself for keeping it going and keeping it updated and to all the members who contribute their findings to it.
And just adding my own middle fingered salute to the world-wide “nanny state” we are steadily spiralling towards.
Not at all!
Thanks for visiting. Drop by anytime.
.
Hey guys - just stumbled across this thread and had a couple of questions. What are you guys using to deposit and withdraw into these offshore brokers, Neteller won’t transfer to a non US entity if you are a US customer, webmoney not accepting US customers, Fasapay not accepting US customers, and any of your credit/debit cards won’t run to any of these places in my experience. And the bad part is getting money in should be easier than getting it out, there is less options for withdraw than there is for deposits? Any help would be greatly appreciated at this point even though they accept US customers - the main 2 I was trying for was Forex Optimum and PaxForex but Forex Optimum has no options left for me to get money in or out
I suggest you look into getting set up with a bitcoin exchange as bitcoins seem to be the easiest way of moving money in and out of these brokerages in my experience. I currently use Coinbase as Circle stopped accepting bitcoins.
Wire, CC, Bitcoin via coinbase - I have used all 3 methods both in & out
Tomd100- Would you share what percentage cost you see on your bitcoin transactions? I assume withdrawals take a hit from the broker’s spot exchange rate USD–>BTC, then you pay again when you convert back to USD with Coinbase? How much time does it take to reach your Coinbase account? With the BTC volatility I’m seeing, it seems you could take a sizable loss if BTC is having a bad day. Can you convert to USD immediately when received at Coinbase to avoid this?
I have my inbound wire cost at $0, so I’m more interested in BTC for speed and convenience. I have a Bitpay Visa card on the way to experiment with. From what I’ve read, any payment (i.e. from a broker) is immediately converted to USD.
Thanks in advance.
I did not notice any losses when the broker sent the BTC to me, but I have indeed had losses when BTC were left in limbo by the bitcoin network. If there is a bad day you can have losses … or gains on a good day. 
Coinbase has some Instant conversion option in the USD wallet which costs 1% like the rest of BTC transactions there. Seems to be good at limiting the volatility incurred on our side.
Platin FXI see United States of America on here. Website has some guy holding a magnet grabbing money which means the man on the left is an account manager and he is grabbing all of the traders’ funds
In all seriousness, has anyone heard of this site? Before giving them my sensitive information as a test to see if they will accept us, I am wondering if anyone else already has. I haven’t received a reply to my email yet and they do not seem to have a live chat service.
Just wanted to get some feedback about FinPro. I’ve been using their demo and holy-sh#$ what a difference over FxChoice. This is the first tick feed I’ve seen on MT that truly feels like an aggregated feed, and the spreads are 1/10th of FxChoice and commissions are almost 1/2. I’m concerned this may be too good to be true since their website is terrible. Not only is the back-office plain-text (not https) but the instant chat agent says they’ll accept BTC, but then will only send the address through the live chat and can’t confirm the conversion rate (seems shady). Has anyone used them with an account size greater than a few thousand? Have you made hefty withdrawals? Any other concerns?
I’m on record as advocating them on technical grounds. As I’ve said, this is one of the more
“raw feeling” ECN type Tick feeds. restricting myself only to 28 major Forex pairs. Their rep is regularly
asking whether we need anything, and is responsive to queries. Keep in mind that you will
find times when FinProTrading.com (aka TurnkeyFX.srv) will have wider spreads than, say,
Tradersway. This is what it means to call it a more “reactive” feed. As for Live executions,
they are very fast, accurate and, what’s more important “consistent”. I am finalizing a scalping BOT
at the moment, so that is an important feature for me. I think we’ve experienced a few execution
rejections, but it is rare, and we have a retry loop in place for just such events. No withdrawals yet.
Finally, there is a big difference between Demo and Live, of course, so I don’t use Demo accounts.
hyperscalper
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Thanks for the feedback. I tried to PM you but it won’t let me since my post count is <20…