Going offshore to escape the CFTC

Hmm, I’m not sure. If you want to deposit 1 billion dollars into their account they might give a special leverage only to you, lol. :wink:

Actually, the bigger the deposit, the harder it is to get a big leverage for it.

I want a fixed leverage like I had on ForexMeta… 50:1

Where can I get that? (Unless ForexMeta fluctuated as well and I did not know.)

Then stick to ForexMeta.

It was sold to Lotus and with the new US government regulations, things could get difficult… right?

How exactly will the new regulations effect me?

Why not ask ForexMeta about it directly?

The company was sold to another company… can still trade, but I am not sure I want to continue.

This is for everyone… Why are you interested in finding a new brokerage? How has the new regulations effected you?

Guys please keep this thread focused on listing and confirming off shore brokers. If you want to review brokers or talk about other features do that in a different thread. This post a an important topic and lets keep in focused on that please.

I sent out emails to a few of the remaining brokers that havent responded. Hopefully we should have some additional answers soon.

I still think that we will see some of the bigger names start to accept US clients again after the 18th once the rules are more clear.

Forex.ch just confirmed that they cannot accept us clients. However if you want to start an offshore firm that would be willing to considering it. lol.

The Offshore Broker List has been updated and moved. For the current list, scroll to the most recent page on this thread.

How did you go with the suggestions in post #105?

Just got a positive response from FinFX:

[QUOTE]Hello XXXXX,

We do accept clients from US. We also recognize the changing regulatory climate in US which has no effect on FinFx’s broker services. We continue to provide hedging, scalping, limit orders and high leverage without the FIFO-limitations.

We look forward in cooperating with you

Best regards,
Customer Service
FinFX Trading Oy
Tainionkoskentie 68
55120 Imatra
Finland

The Forex Megadroid folks sent me an E-Mail about FinFX being desirable after their investigation, and they will accept US clients. I’m sure a bunch of us got that same E-Mail. I will check them out.
On another, related subject:
A question has occurred to me about the ‘Memo Of Understanding’ between ASIC and the CFTC that GoMarkets told me about when announcing they would be closing my account. Is there any way to find out when that MOU was signed?
I wouldn’t put it past the CFTC to be actively pursuing new MOU’s all over the world to force us back into their fold. That way they could, and would, claim that very few people took their investments offshore, so what they did was a ‘good’ thing. It may be that brokers are simply behind the information curve on this, and will be hit with the news as these things are enacted. Grrrr.

I am sure the cftc is trying as hard as they can to execute other memos, but it is not the case that these brokers are unaware. I asked brokers on this list directly about the memo after it was signed. They verified that based done different methods of solicitation and other restrictions that they would not be impacted.

The thing we all have to hope for is that everyone moves their accoun to an off shore broker and that the major forex brokers start to feel a serious impact in regards to profit. If this happens hopefully they will stand up to the cftc and things can go back to normal.

forex.ch as well as a few other brokers also mentioned the possibility of starting an off shore corp. Obviously this wouldnt be cost effective for traders with accounts of 1,000 range. But for mid sized traders, starting an off shore corp, with a registered agent is relatively cheap. Just google starting an off shore corp, there are a number of very quick and reasonably priced options.

Another addition to the list - FXCH:

Our country do not signed any memorandum with CFTC, so it is not related to us.

Best regards,

Michelle Raman
Customer Care Manager
Foreign Exchange Clearing House Ltd
Prime Clearing Member of European Union Electronic Derivatives Exchange EUEDEX™
Registered Member ID: PCM-2367

Here’s a complete list of the IOSCO Memorandum signatories: IOSCO Library Section

Both Australia and Finland appear on the list. Yet the interpretation of the IOSCO Memorandum by GoMarkets might be very peculiar and not decisive for other brokers. Many brokers from countries that are signatories to the Memorandum have confirmed they will continue accepting and servicing US customers after October 18, as this is not in contradiction with their domestic legislation. Moreover, many countries are not signatories to the Memorandum and announced no intentions of becoming ones.

I was looking at the brokers who will still accept us clients… i found fbs has a high leverage, decent spreads, and pretty good reviews. Is there any reason why people dont talk about them more?

More info on FXCH - I have checked and found out they’re blacklisted by FINMA (the Swiss regulatory body): FINMA - Details

Below is a list of brokers from a Forex Yahoo group that will continue accepting and servicing US customers after October 18, 2010 with no restrictions:

Members of the Yahoo MTandI list have developed a list of brokers
who will accept US residents and offer leverage of 100:1 and
higher. We are providing this list to help traders who are
interested in pursuing accounts with brokers who offer greater than
1:50 leverage. We have not vetted this list and do not endorse any
particular broker. It’s offered as a starting point for further research.


Revised List 10-16-10 4:45 pm CST

Brokerages that Will Accept US Citizens

AAAFX (added 10-12-10)
Arab Financial Brokers (added 10-13-10 Jake)
Askobid.com (added 10-13-10 Hope Boyce)
Broco (added 10-12-10)
Dukascopy (added 10-13-10 from CashBackForex. Note: Bridge
from MT4 to their proprietary platform)
E-global
FBS (added 10-12-10)
Fin FX (added 10-15-10 C Franks )
Forex4You (added 10-13-10 Jake)
FOREX MMCIS: (added 10-13-10 Jake)
FXCBS (added 10-13-10 from CashBackForex). Jake confirmed.
FXCompany (added 10-12-10 NB: The Govt of Mauritius stated
it’s revoking the business license of FXCompany in May 2010.
Current status is unclear)
FXM Trade (added 10-15-10 Jake)
FXOpen (May be the same as FXCompany)
GotMoneyFX (added 10-13-10 Jake)
Instaforex
InvestTechFX - Canada (added 10-14-10 Terri Horton)
InvestorEurope.com (added 10-14-10 Jake)
MF Financial (mffx.com) - UK
Marketiva
PrimeBank Forex (added 10-15-10 Abhay )
RVMarkets (added 10-13-10 Jake)
Tadawul
United World Capital (added 10-14-10 Jake)
Windsor Direct (added 10-12-10 Brian Durnil)


E Forex: Will maintain existing US clients but will not take new US
clients after October 18th.


ACM Forex (Swiss-based) (added 10-12-10) Note: FPA
recommends caution in dealing with FCM due to legal action
against them
ACM | AC-Markets.com | Advanced Currency Markets reviews and ratings by Forex Peace Army
markets.com