This is also interesting, I will try it sometime.
Its not residency that matters. Its your passport. I hold residency in 2 other countries and it always comes down to citizenship . As for funding with credit cards, thats a new thing. International bank transfers were the norm for many years. I never had any problems.
I have found this to be not true. I have 2 passports and the main brokers have refused to open an account for me. They want proof of residency.
fxtradeweb.com is down⌠for me. I have found that the website does not load when I try to connect from my ip.
I have been asking them a few questions. They do not answer my emails.
Could they have blocked me?
If they did, I donât know what to say.
[QUOTE=âfxtrade;641037â] I have found this to be not true. I have 2 passports and the main brokers have refused to open an account for me. They want proof of residency.[/QUOTE]
Suppose it depends on the broker. Mine were Swiss. At the time, ACM, Swissquote and dukscopy. They dropped me in 2008. I had a bank account in Switzerland, home in Odessa and tokyo yet still no go. Couldnât keep my accounts open.
Can you provide specifics to what specific reasons they gave to drop you?
Update on my interaction with them. After trying the demo account for a few days, I wanted to test a live account with some money(they target higher end clients, so their mins are quite high compared to other brokers) so I decided to ask a few last questions. Asked about regulation, headquarters, company size, feed, market depth, and possibly meeting personally at their headquarters in Finland.
They ended up blocking me(my IP) and ignoring my emails. I got in touch with a client of theirs(from another forum), who is gathering a group of traders to open accounts with them with some special deal. He contacted them on my behalf. Turns out they told him, to tell me, that âthey were not prepared to take me as a clientâ. Fortunately I did not deposit anything with these people, which would have been money lost.
Please be careful with this website. Iâm thinking itâs only a couple people behind that website.
Best regards.
Iâm surprised to hear about the conflict you are having with FXtradeweb. Itâs unusual for a broker to cut off communication with a potential new customer who is simply exercising due diligence prior to committing to a live account.
However, that being said, due diligence is a two-way street. Just as you have the right to evaluate a broker using all the information available to you, that broker, in turn, has the right to evaluate you, and to decide whether to enter into a broker/client relationship with you. Their evaluation of you may involve information other than simply the data required in their online account application.
I have no knowledge regarding the content, or the tone, of your communication with FXtradeweb, and Iâm not implying that there was anything inappropriate in those communications. Iâm simply saying that they can end their conversation with you, for reasons of their own. And just as they canât compel you to do business with them, neither can you compel them to do business with you.
I hope that this situation is nothing more than an unfortunate misunderstanding, and that you will be able to resume your inquiry into FXtradeweb. Please keep us informed.
In the meantime, I will reference your recent posts #2165, #2176, and #2179 (together with this post) in the FXtradeweb listing on page 1 of this thread.
^^ but that type of cutoff is unlikely. What legitimate broker would NOT want a potential client to visit their operations?
I know that IBFX Au runs a minimal crew in Australia, but I was disappointed to find out that they do not allow people to visit what appears to be a virtual office; all of those operations (deposits/withdrawals/customer service) are initiated from their USA office (you can visit their USA operations). This does their Au clients a great disservice as the majority of other Au brokers do indeed have staffed offices that people can visit without any hesitation (at worst, some advanced notice is needed).
edit: remember, finland does not formally regulate forex and certain other financial products. So a brokerâs word is all you have to go on. I commend fxtrade for this valuable update. I know first hand that âstated infoâ on the website does not mean that it is validâŚespecially when it comes to things like not using virtual dealer or where clients funds are held. It is unfortunate that some investors are in fact attracted to shiny objects and bold promises and let their emotions get the best of them. Sometimes it is out of fear that they will miss out. A fool and their moneyâŚ:28:
Extra kudos to fxtrade for taking some extra diligent steps, especially for a higher deposit amount.
I agree with you. They apparently were âinsultedâ by my questions. That is the explanation they gave the fellow member at the other forum. That they felt insulted in a live chat. They were simple questions about market depth, feedâŚetc. They want $50,000 USD minimum for a pro account, so last thing I asked was if I could meet someone personally at their offices if I flew to Finland. They said ok, but to call ahead of time, to which I agreed. Minutes later I was blocked. Be careful guys.
Best regards.
I have never had a problem with them, maybe there is more to this than is being told⌠:33:
no broker would block someone for asking questions about their feed and market depth, as that relates to the service they are providing you - its only in their best interest to give you the info you require so you will open an account with them. If what you are saying is true I would have been blocked a long time ago!
I agree.
Maybe I was blocked because I asked to meet with someone. I asked about regulation, fund segregation. Given there is no real regulation, and them asking $50K Min for a pro account, I asked to meet someone at some office somewhere in Finland or Estonia.
dunno what to tell you, personally iâm happy with their service which has been pretty fast and professional, I have a few friends trading with them on their ECN and Pro accounts also⌠only you and them know what happened in your chats, so best to pick another broker from the front page of the thread
^^
The actions of the CFTC actually forced people who were looking offshore to explore the shadier options of the industry. Because the majority of the established brokers and those in regulated environments simply refused to deal with US residents. Many of those brokers that still accept US clients on page 1 would not be considered for such large deposits if US residents could pick (without CFTC intervention) any overseas broker of their choice. But at least these brokers get an opportunity to play the underdog so to speak.
Knowing what I know about the industry, you canât be too careful when it comes to counterparty risk.
[QUOTE=âfxtrade;642127â] I agree. Maybe I was blocked because I asked to meet with someone. I asked about regulation, fund segregation. Given there is no real regulation, and them asking $50K Min for a pro account, I asked to meet someone at some office somewhere in Finland or Estonia.[/QUOTE]
When i had swiss brokers, i would check in a couple times a year at their primary HQ. One broker had yearly seminars. Trading lots over 1m had to be done via hard paper. Nothing virtual.
PellucidFX - WARNING - they are a total scam. Check the FPA case I have open - they have taken more than 60,000 euros profits and counting.
Damon Hunt the âownerâ has disappeared and they do not respond to any comms. AVOID THEM LIKE THE PLAGUE!
You can add ForexFS to the list of brokers no longer accepting US clients. https://www.forexfs.com/pages/open-an-account/open-a-live-account.php :49:
Sadly, you are correct.
I will make the necessary changes to the List later tonight.
Hello,
I know there are broker those allow US Traders. I am planning to open live account with some of them but some what cautious. Is there anyone in this forum who is aware of any case where CFTC has taken action against any company or individual for trading with offshore brokers?
Take your pick:
CFTC Sues 14 Forex Companies
CFTC sues 11 more firms for accepting US retail forex clients | Forex Magnates
F for Forex, F for Finland - a discussion with FinFX | Forex Magnates (comments)
FXOpen settles with the CFTC for accepting US clients | Forex Magnates
Courthouse News Service
City Credit Capital settles with the CFTC for accepting US forex clients | Forex Magnates
InterForex - Another foreign forex broker settles with the CFTC | Forex Magnates
CFTC Sues Australian Broker Halifax Investment Services for Unlawfully Soliciting U.S. Customers | Forex Magnates
But in short, yes the CFTC does attempt to cause a public relations nightmare for brokers who actively solicit USA residents. This is why the overwhelming majority of offshore brokers regulated in UK, EU, AU, NZ, and even Cyprus, BVI, etc do not bother with US residents mainly due to the legal headache; they are in group 2. A few bold ones (mostly lesser regulated) are accepting US residents (group 1)