Indeed, the fellow trader who gave me this advice had the same freeze problems with MT4 from another broker. Re-installing MT4 directly to the C: drive solved his problem. So, he advised me to do the same. He was pretty certain that it was a Windows OS issue. But, he knows a lot more about operating systems than I do. 
I have not been keeping up on the best way to structure currency and non-currency derivatives trading profits/losses on tax returns, Shatners Last Stand. I think a good thing to do is have a personal 30 minute question and answer telephone session with an accountant at Robert Greenās company. I think they charge something like $ 75 to 150 for such an appointment with ocassional special discounts.
Robert Green is now circulating a petition to be given to Congress and the IRS urging them to change part of the tax code so that certain trading losses and expenses can be deducted from tradersā profits on their tax returns. The issue is Section 475 marked-to-market (MTM) reporting, Section 1091 wash sale loss rules and trader tax status (business treatment). I signed the petition online last week. So far he has over 600 signatures on the petition, and he has requested signers to encourage as many other people as possible to sign it, too. I think all the people reading the comments on this forum should contact Robert Green to request the petition form be emailed to them so that they can sign it, too. Signing it online takes less than 30 seconds, plus you are allowed to make a comment which I think the IRS will be able to view. This is an opportunity to give them āa piece of your mind.ā The petition form also can be forwarded by email to others you think might be willing to sign it, too. By pulling together as a team maybe we can help to lower our federal taxes.
Wouldnāt hurt to go ahead and enforce the Fair Tax system.
Appreciate the advice, compounder. And thanks for highlighting Greenās tax initiative. I donāt trade frequently enough to qualify for business treatment. But I will certainly follow his efforts. Who knows, maybe someday Green would be willing to lead an initiative to repeal the dreaded forex language in Dodd Frank. But I suspect that will be a much tougher nut to crack.
Have you heard anything from Skrill? I setup a Skrill account for the same purpose and the ACH message is still there. Iām wondering if Skrill is having some āregulatoryā issues in the US? I also emailed Joe at Traderās Way to see if he has any info. Iāll post what I hear. Please share any further info you might have from Skrill. Thanks.
Several weeks ago I saw this on my Skrill account so I called their UK number and asked about it. I was told they were experiencing a problem and thanks for my patience. When I asked if they had a time frame as to when they think it may be resolved, I was told that they have no idea at the moment.
Youāre probably right, they may have some ACH license problems because they process US Forex transactions.
After commissions, spread, withdrawal fees, wire fees, etc. the numbers can really add up. I understand thereās a cost to doing the business, but that doesnāt mean you stop trying to reduce expenses. I was hopeful Skrill was an option, but it isnāt looking very good.
The rep at Traderās Way replied to my email, āWe do not know why Skrill cannot process ACH transactions and have no information on it.ā Then he mentioned using Payza as an alternative. Oh great.
I am not sure if my reply was clear or not so I want to make sure anyway: I meant that Skrill probably has some ACH license problems because they process US FX transactions. I donāt think you can have an ACH license without a bank account in Canada or the USA, and I doubt that [B]Traderās Way[/B] or any other FX broker overseas would dare open a bank account in either of those countries for obvious reasons.
I donāt think that they would stop trying to reduce expenses or stop trying to provide alternatives as it would be an obvious hindrance to their business. I think these brokers are doing all they can really and that beggars canāt be choosers - if we want to trade FX overseas then we have to be more understanding of the reality of how difficult it is to move money out of the United States.
tomd100- Yes, I understood what you meant. I also meant to convey the idea of reducing my expense and wait time from the traderās side of the equation. That was the goal with Skrill. I want to leave as much cash as possible in my trade accounts, but sometimes I have an unexpected expense that requires cash. That triggers more fees and waiting. I shouldnāt have to keep cash out of the market, earning next to nothing, because access to my money is artificially difficult.
Since the market is slow today, I had some time to explore some other options. One broker I found is a bank and a broker. Wouldnāt it be great to have your bank account connected to your trade accounts and just pay expenses with a Visa debit? Need cash? Transfer it from a broker acct online and go to the ATM- Done. Thatās the way it should be. I also noticed that Skrill offers this option (debit card), just not in the US (Of course) which would avoid the ACH hassle (and another delay).
The regulatory complexities give me a migraine but Iāll continue to look for a reasonable solution. There has to be one. Maybe the one Iām looking at now has possibilities. One thing is certain, Iām going to have to setup residency outside of the US and/or setup a company offshore to leverage the trading and financial advantages the rest of the world already has. Iāve been trying to avoid that for years, but I think itās time to admit defeat and just get it done.
I agree with you 
I have an account with TD Bank and considered using TD Ameritrade. I donāt hedge and I donāt care about FIFO anyway since I trade one or two pairs at a time. The leverage is what bothers me. If we were given 100:1 leverage, then I would be happy. OK, maybe 200:1ā¦
Please keep us updated on your findings! 
There are only a handful of retail brokers who do this (are a bank and allow margin, profits/losses directly from the bank account) to be posted directly to trading account. Minimum deposits will likely be $10k and upā¦usually $50k+
At least your funds are mostly segregated this way. What you really want is a bank account and brokerage that are independent from each other, yet you can still have an agreement to post margin from the bank account. That will be like $100k+ deposit.
Yes, Iāve noticed itās a six-figure amenity while looking around today. When I started trading, IBFX just gave me a debit card attached to my account. They were the worst broker Iāve ever used, but I really miss that convenience. I moved to MB trading and would still be there, if not for the rule changes in 2010. They didnāt have a debit card, but I would get a paper check in the mail the very next day after a request. How things have changed. Nothing is easy or convenient if you want to trade without senseless US restrictions.
Just to update the situationā¦
Tallinex have recently been processing withdrawals back to credit/debit cards wherever possible.
This is a distinct advantage to clients, as card withdrawals currently carry [B]no fees[/B].
The applicable conditions are:
- card withdrawals are limited to the non-refunded sum of previous card deposits
- qualifying deposits must have been made through our current merchant service provider (deposits since March 8th)
Our back-office tracks how much of each card deposit has been refunded already so thereās no āwasteā, and a single withdrawal may require multiple card deposits to cover the requested amount. Regardless, the entire process is handled automatically.
Unfortunately, restrictions on card processing for US residents means that itās not possible to make payments to cards - only a series of refunds up to the transaction total so, in situations where perhaps $1000 is being withdrawn but only $700 was deposited by card, the balance will need to be sent as a wire transfer, and that portion will attract our standard wire fee.
Although not the perfect solution we envisaged before learning of the limitations, itās definitely an improvement for the vast majority of clients.
Itās not your citizenship that matters, itās your residence location?
Yes, I agree with all. It is absolutely 100% the regulations here in the US causing all of the problems. This should be much simpler, the market is tough enough. However, even without the regulations on leverage, FIFO and hedging, I still donāt see any US broker that is not a crook. I truly believe if they reversed these restrictions, I would still trade where Iām at now. Which is ironic, considering we are considered to be the toughest regulatory environment in the world, just not for the brokers, only the traders. Just further strengthens the point that the regulations are of zero benefit to the trader. Having withdrawals to credit card up to the deposited amount is great IF YOU ARE NOT A PROFITABLE TRADER. Withdrawing profits is the issue and hopefully is for all on this forum, because if you are not profitable, it is definitely not worth this hassle. I am still using Skrill at Traders Way. My original deposit was by credit card and I withdrawal only through Skrill and ACH works just fine. I believe you cannot deposit funds to skrill through ACH, however withdrawal still seems to work fine.
frank1234- Thanks for the Skrill info. Whatās the turnaround time for a withdrawal to reach your bank account via ACH? Itās seems the broker --> Skrill transaction is very fast, but how much time does Skrill take transferring to your bank account?
Itās one day from the broker to Skrill and one day from Skrill to bank account.
While researching brokers that offer pre-paid Visa/MC, I saw this. Pretty sad group to be in.
[B]IronFX does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea.
[/B]So far, Iāve noticed some use Skrill, Payoneer, etc. as their pre-paid āofferingā, but neither is an option for US residents. Dead end there.
[QUOTE=aaceofspades;701985]While researching brokers that offer pre
Lol, Iāve posted that in other forums before. Land of the free, baby!
Looks like even Iraq and Afghanastan enjoy more trading freedom than good 'ole US of A