Going offshore to escape the CFTC

Yes it did appear stuck at the level for a bit.

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It’s working now, had a little knot in my stomach moment. Thank you for your response!

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check out some of the tech stocks on your MT4. They were all stuck or lagging or something wrong with them just like Nasdaq. so might have been a stock market thing and not a broker thing.

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According to that IRS article, seems to make sense to make as large of deposits and transactions as you can - at the least over $10k, accompanied with documentation, and pay your chunk of taxes. As long as you are a US citizen, they pretty much have you by the boys no matter what, so just comply and pay your taxes and live to trade another day

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let’s say a guy :roll_eyes: for the past 4yrs been taking 1k to 9k per month from his cold storage wallet and has not paid taxes on any of that, should he be proactive in getting his affairs in order or just wait till the law come knocking or pack his bags and move to another country :laughing:

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Just did a quick Google search on banks that accept BTC - Which Banks Accept Bitcoin? Get The List | banks.com

I’m not even saying buying BTC through the bank, but just accepting deposits in BTC.

Might be a valid option to eliminate the Coinbase middle men of the world.

Still doing research…

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so YOU are the reason the government is cracking down on cryptocurrency???

Another reason to trade offshore. Oanda now charges a conversion fee:

…“This means that realized P&L, fees and/or commissions related to trading instruments which have a different quote currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5%.”

Not much competition in the US market, so they can easily roll this out. Just another example of government distorting markets with unwelcome interference. I’ve been trading FX for a long time and I’ve never seen anything like this.

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To me, the only US broker worth trading with right now is Interactive Brokers - and even they have some serious issues - but in order to trade how I want with them, I would need a couple of mighty large accounts. That’s on my “to do” list down the road, so I can have a USA broker active, but it’s strictly offshore for me right now until I get there.

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I go with option c and pack the bags and move. Reason being there is another HUGE benefit…you will be able to trade with the regulated offshore brokers. You know…the ones the CFTC is protecting us from…LMAX, ICMarkets, Dukas…the ones that protect your money. The irony of it all…the CFTC is “protecting” me from using brokers that protect my money, while CFTC brokers do not. There are a ton of naive traders with US brokers who do not see right through this bulshit.

My face actually gets red and blood presuure goes up everytime I think abut this

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Or, look at prop firms like FTMO, get a 100k-300k funded account that is 0-risk and be able to trade through brokers like LMAX. The more that I look at this option, the more intrigued I am.

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:pray: please don’t let me be the reason :grimacing:

I went through the No Nonsense Forex YouTube training (pretty good info, btw) and he’s with a prop firm called Maverick FX, seem to be good, but the fees are much higher then FTMO. I’m doing my research on FTMO right now too, because why not?

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For sure. There are a handful of them being talked about online these days. Currently, FTMO has the best offerings that I have seen so far, with a 70% profit take and the time and skill required to become funded seem very short and easy, respectively. The trading requirements seem reasonable, as well. That being said, I would be keen on doing a comparison, since these types of prop firms are technically applicable to this thread. Not sure how others feel about it. Having more options for US traders is always a good thing.

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CFTC protection? Hah… PFGBEST immediately comes to mind when I think of the CFTC or the NFA protecting anything. People who feel ‘safer’ trading FX with 4x more of their own cash on deposit, FIFO rule and no hedging are trading with a huge disadvantage. No CFD’s, no metals, etc, etc… We’re lucky we have some options. I’m disappointed Trump has done nothing to fix Dodd-Frank and resurrect the US broker market.

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I’m living option c with mixed results. I left the US almost two years ago, specifically to have more options and trade with any broker. The reality is that when most brokers see an American passport for KYC, it’s over. The technicality seems to be that I’m a US taxpayer. I’ve never gotten a straight answer as to why that’s a problem. I am still persona non grata with many brokers, although I am not “domiciled” in the US.

Not all has been lost- Using my residency ID and proof of address, I have established accounts with one ASIC broker and one CySec broker, but it could all be on borrowed time. Remember FinFx or Tallinex? You wake up one day and your account is being closed because you were born in the Land of the Free. :rofl:

Leaving the US brought me a step closer to the ultimate goal, but there are still barriers for US citizens. We’re the lepers of the trading world.

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coinbase :rage: :rage: :rage: i was able to get around this delay by canceling my withdrawal and sending my bitcoin to coinbase pro and then to wherever i was sending them too but here’s the email they sent me

" Hi JAMES,

Unfortunately, your withdrawal of BTC on May 26, 2020 at 11:07pm PDT has been delayed.

Your funds are secure, and this delay will not affect the sale price of your digital currency. We have delayed this withdrawal for 72 hours to ensure it is authorized activity. You can view the affected withdrawal here.

If you initiated this withdrawal, no action is required and your withdrawal will automatically complete after 72 hours.

If you did not initiate this withdrawal, or believe it is unauthorized activity, you can cancel it at any time during the delay period. You should also disable sign in for your account."

in the FTMO faq section we have this:

The United States citizens are welcome too, but the choice of brokers is limited due to the US regulatory constrains.

They are based in Europe, so I would definitely need personal confirmation what kind of trading there is for US citizens before committing to them

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We offer all US clients the best trading solution in the form of our MT4 accounts powered by data-feed directly from LMAX liquidity provider. We give you, our trader, the best account conditions with super-raw spreads, no markup and a very low commission.

You can check out the free trial to see actual trading conditions for LMAX. Many funded traders from US on youtube. You can also try to reach out to them.

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coinexx use LMAX data-feed via- turnkeyfx and you can also check side by side on myfxbook

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