So, um, what is going to stop the JD from going after US citizens that are trading with over seas brokers?
Although Iām in aussie and dont know american law, I cannot see how the JD can go after the trader. How would they know who is trading in the first place let alone who is trading overseasā¦ and even if they did know how can they go after everyone? its a bit like downloading moviesā¦ they can say its against the law, but how can they chase everyoneā¦and it wouldnt be commercially viableā¦ going after the brokers is a different storyā¦ There is less of them and they have more money go afterā¦
Itās even simpler: in their rules, the CFTC has not imposed any restrictions on the US individual traders but on the brokerage firms servicing them instead, since this agency regulates financial firms that belong to the industry and not the consumers of their services.
UK-based City Credit Capital in response to my question āDo you currently accept US citizens?ā has replied the following:
Yes, we do.
It is important you are aware the City Credit Capital is not registered or affiliated in anyway with the CFTC or the NFA. The changes to the forex market in the Dodd-Frank bill are there for your protection.
While the FSA (UK) offers significant protection for the consumer, the rules and regulations are much different. You must understand all the risks involved and the potential consequences of opening an account outside the United States.
Any americans here with fxopen? Iām with them, seem decent to me.
Is this a real UK firm, that would be big. The cftc would have no way of knowing who is trading currency withh an offshore broker, unless the broker gives the information.
Another UK-based firm, UFX Bank, to date listed as undecided on our list, has informed me theyāre also not subject to the CFTC regulations:
UFXBank does not operate from the US. The CFTC does not regulate brokers that do not operate in the US.
Sincerely,
Thomas
I looked them up on the UK FSA website under their firm reference number 232015 - the company indeed shows up in the records. You can try it yourself at FSA Register . Canāt get any more real than that. 
Good to see. I think we definitely have a solid list. Now as client mentioned I think it is time to start to collect as much information as we can about the accepting brokers. Platforms, bank, leverage, execution style.
Please anyone who has experience dealing with any of our accepting brokers please post your info and experience.
I personally have dealt with tadawul, forexfs, and have had all around positive experiences.
One more broker accepting US customers to complement our list - AskOBid. Below is a transcript of my chat with a representative of theirs:
Alice Lopes: Hello and Welcome to Askobid. How May I Help You Today?
Jacob: Hello
Jacob: Do you currently accept US customers?
Alice Lopes: yes
Jacob: And the new US CFTC rules do not affect you?
Alice Lopes: Askobid is a trade name used by O.C.M. Online Capital Markets Limited, an investment firm based in Cyprus and as such, is regulated by the Cyprus Securities and Exchange Commission (CySEC Cyprus Securities and Exchange Commission - license number 108/10 .Askobid also complies with European union regulations as set by -MiFID Markets in Financial Instruments Directive , Please click on the link below:
Alice Lopes: MiFID Forum | ISITC.EU & MiFID.COM
Alice Lopes: We are located in Cyprus a European Member State and as such we are regulated by both the local Cyprus Securities and Exchange Commission (CySEC) Cyprus Securities and Exchange Commission as well as under the European regulations of -MiFID Markets in Financial Instruments Directive MiFID Forum | ISITC.EU & MiFID.COM.
Jacob: ok, thank you for your information
I have been following you guyās research for awhile now and I just wanted to say thanks for your efforts. I am a US resident and have had my accounts bounced back and forth due to the CFTC. You have certainly helped in my search for another overseas broker. Quick comment, something that has been on my mind for awhile, the CFTC may not be able to extend itās power to overseas brokers but wouldnāt holding an offshore account raise a red flag with the IRS? They may not be able to force you to come back to a US broker but they could audit you to death. Thatās not going to stop me but it is something to consider.
Clintā¦Honestlyā¦
You are freaking awesome!!!
Thanks for all your hard work in compiling this information. Admin should make this a sticky.
Nothing is going to happen if you wire funds to your overseas broker from your US bank account. The US CFTC does not impose any restrictions on the US individual traders, but on brokerage firms servicing them instead, since the CFTC is legally called to regulate financial companies and not the consumers of their services (I think Iāve already mentioned it somewhere in this thread).
I second this suggestion.
Thanks, Johnny
But, actually, an unbelievable number of people contributed to this thread. Here they are:
[B]bravehoststamps (Jacob), dragofx, marionette, sandpipper, o99016mh (Magnus), Shr1k, nicklang, java guy, vosterfxandy, Merchantprince, fxvoilaaa, tokolosheman, Buckscoder, ApacheDan, rogelio 11, Gudimy, sergio2010, tom82, turkdude, forexdiva, kneal, DaTrader, Supernova, alamoland, millerja01a, xiaoming1970, mj2009, jcgibson, SDC, Got Money FX, Jimifan, mizuki, Justus, mandersonjr, forex assistant, robstanberry, SHEdmond, fxfrench, hazelj80, TradeRunner, Bishnitz, Eli, glassman, witsnpips, Ducky, d-pip, quertymyfx, rjmah319, REDgab, kimtrader1965, Jack Wasp,[/B] and [B]johnnykanoo[/B]
Iām the one who should be thanking all of them ā so, [I][B]thanks, guys![/B][/I]
A good man you are.
I was thinking about them. Would I get in trouble for having an account with them since its overseas? You didnt get in trouble yet?
Why would you? Whoever says you would, let them point us to a provision in the US CFTC rules imposing any restrictions on the US individual traders.
Kidding you are! I did almost nothing and thanks for YOUR contribution (not only in this thread)!
Exactly. Itās totally cool to trade with fxopen.