FXOpen is considering the legal ramifications of the new law and will issue a press release on the subject shortly. FXOpen complies with International Law and will follow any recommendations from our new regulators(also soon to be announced) in due course.
Thatâs great to hear. What country is FXOpen currently domiciled in and regulated by?
As far as I am aware, FXOpen used to be domiciled and regulated in Mauritius. I came across the following release whereby the government of Mauritius stated they would revoke the license of FXOpen back in May, 2010: http://www.gov.mu/portal/sites/ncb/fsc/download/Communique_25May2010_2.pdf
I would therefore appreciate detailed information on your current place of domicile and regulation before I consider opening an account with FXOpen.
Australia-based ForexFS has confirmed they will continue accepting US customers after October 18, 2010:
Dear XXXXX,
You have answered your own question. Forex Fs is regulated by ASIC and therefore doesnât follow to US CFTC rules. We will accept US customers after October 18, 2010.
Regards,
FXFS
Tim G.
Support
Forex Financial Services Pty Ltd
AFSL 323193
Currency House, Level 2, 23 Hunter Street, SYDNEY NSW 2000
Toll-free number: 1800-18-63-64; Fax: +612 9232 3599
FOREX FS - HOME
Regarding the 4 broker names you submitted, evidently nobody has contacted them yet.
Perhaps you could take on that task?
In the meantime, I will add them to the list of brokers for whom we do not yet have information.
BFOREX (Switzerland)
Phillip Futures (Singapore)
UFX Bank (UK)
You Trade FX (UK?)
[B]tom82[/B]
Hi, Tom
On second thought, it might be more effective for one of us here in the U.S. to make those inquiries.
These brokers seem to respond best to U.S. residents who appear ready to move their accounts immediately.
Thanks for your willingness to help.
The Offshore Brokers list has been updated and moved. For the current list, scroll forward to the latest page on this thread.
Clint,
My thoughts exactly.
That is why I had not approached brokers, they might have thought my enquiries were strange.
Glad I can be of help in an alternative way.
i am with Broco and i have gotten no emails. they have no offices in the US. they are FSC regulated in maritius. I would say they will still accept us clients. i would put them on the still accepting list
Have you contacted them specifically in regard to this matter? I did twice, but got no response.
Meanwhile, NordFX has confirmed the new CFTC regulations wonât impact them:
Hello.
We have no special limits connected with new US CFTC regulations for our US clients.
FXCast will accept US citizens if they provide a non-US address and maintain a bank account outside the US:
We accept people with a US passport and place of living and bank account outside US.
You will understand that we have no interest to work together with a so called âregulation authorityâ which thinks that it can tell the rest of the world how to work and simply places their citizens under disability.
I will add NordFX to the list.
Note: do not confuse NordFX (Mauritius) with Nord Markets (Sweden)
FXCast will accept US citizens [B]if they provide a non-US address[/B] and maintain a bank account outside the USâŚ
I will take that as a ânoâ.
Weâre looking for offshore brokers who will open new accounts for U.S. residents (not ex-pat Americans living abroad).
From FXCast, quoted in the previous post:
âYou will understand that we have no interest to work together with a so called âregulation authorityâ
which thinks that it can tell the rest of the world how to work and simply places their citizens under disability.â
Thatâs telling it like it is!
Iâm going to post that in the [B]Quotes worth quoting[/B] thread.
Yet another confirmation from a broker that will continue accepting US customers - this time from Canada-based SmartTradeFX:
We accept US clients.
Arthur Smelyansky D.M.S.
Another [B]country[/B] heard from â interesting!
The list of [B]good guys[/B] keeps growing.
New Zealandâs largest Forex broker WSD Global Markets has also decided to split paths with Gary Gensler and proudly announced their acceptance of US citizens after October 18, 2010 with no restrictions:
Greetings from WSD Global Markets; we write to you in response to your inquiry below.
[B]Yes we do accept US clients for Forex trading accounts. You certainly can open a trading account with WSD Global Markets.[/B]
This is great to hear. Hopefully more and more countries will follow suit. The UK is still a major problem right now imo. We need to see the fsa, or one of its bigger firms stand up to the cftc.
I think the major Forex brokers with US presence will actually be the first ones to do it. Starting today, they will lose a very significant portion (if not most) of their US customers to an abundant list of offshore firms with no US presence who do not feel they should be regulated to death by the US CFTC boss Gary Gensler in sovereign places of their domicile without violating any of the domestic laws.
I would like to suggest that we, as a group, concentrate on three things this week:
B[/B] Continuing to add to our list of [B]offshore brokers who will open new accounts for U.S. residents[/B].
B[/B] Gathering the following 4 items of information for each of those brokers:
Platform (MT4, etc.): __________
Amount required to open an account: __________
Leverage allowed: __________
Typical pip spreads: __________
I will add this information to our list (post #220) as you report it here. And we should double-check each otherâs information.
B[/B] Getting answers â [B]yes[/B] or [B]no[/B] to U.S. clients â from the following 11 brokers, whose status is undetermined at this point:
MIG Bank (Switzerland)
BFOREX (Switzerland)
dbFX (Germany)
Forex Web Trader (Germany)
HY Markets (UK)
Hantec Markets (UK)
UFX Bank (UK)
You Trade FX (UK)
Halifax Investment Services (Australia)
Phillip Futures (Singapore)
Broco Forex (Russia) â DONE â this broker will accept new U.S. clients
is it 100% legal to open an offshore account for an U.S. resident?
would we just claim our winnings like normal on our taxes?
Clint, I think that is a great idea. I got an initial confirm on HY markets. I am still waiting for a definite answer.
I also think at this point it would be great to hear from anyone who has been using or is opening with any of the âacceptingâ offshore firms.
hereâs your answer for Broco. got it in 1 minute from live chat
â09:49:08 Thank you for contacting us. An operator will be with you shortlyâŚ
09:49:09 Operator Nektaria Theodoridou joined the chat
09:49:12 Nektaria Theodoridou: Hello! Welcome to our support. How may I help you?
09:49:35 Visitor: hello. are you guys still accepting us clients?
09:49:47 Nektaria Theodoridou: ye sure
09:50:10 Nektaria Theodoridou: we donât have any problems with the us accounts and new law
09:50:23 Visitor: ok thank you
09:50:35 Nektaria Theodoridou: You are welcomeâ
I was here before they even had no hedging.