In a few minutes, I will remove [B]Berndale Capital (Australia)[/B] from Group 1 of the Offshore Broker List.
Berndale Capital contacted the [I]Babypips[/I] admin, requesting the removal, and [I]Babypips[/I] contacted me.
Here is the PM I received from moderator Pipzilla:
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Thatâs really strange. I received an email from Berndale just a few days ago that they do accept US citizens as clients. Let me email them again and find out and get a confirmation as I was about to open an account with them.
I just logged back in, after 14 hours away from the forum, and just saw your post. My reply probably comes too late to stop you from sending that email, but Iâll give it a shot, anyway.
Berndale Capital, like a few other offshore brokers (who shall remain un-named), may be instituting [I]dual policies[/I] regarding U.S. clients:
⢠Policy #1 â the public policy â âWe bow down to the almighty CFTC â We do not accept U.S. clients.â As part of this policy, Berndale might want to be removed from our List, which (letâs face it) is probably a target-list for the CFTC.
⢠Policy #2 â the private policy ([I]this is the one that actually applies to you,[/I] and to any other interested U.S. resident) â U.S. clients are accepted (although Berndale denies that they are) â FUCFTC.
If Berndale has told you privately that they will take you on as a client, take them at their word. Go ahead with the account they are offering to open for you. Berndale has a good reputation. They wonât abuse you.
There are various ways to work around the dictatorship known as the CFTC. Youâve found one of those ways. Use it.
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Hi Clint, you are correct. I did email to them right away after seeing your first post but did not hear back from them as of yet. Maybe they change their policies a few days ago and my contact was not aware of it. He never responded back to me regarding it so even if I had applied they would have still said no. Thank you for saving me from unnecessary paperwork. We have a predatory govt that is strangulating the offshore industry with overburdening regulations. That is why they are saying no to us. In my case, I donât live in US and I am living away from US for a long time now. But I still have to pay a lot to CPAs every year to file my forms.
Hello, Tim
I see from reading your previous posts in this thread that you are looking for a [I]managed[/I] forex account.
Your most recent post seems to indicate that you are giving up on Berndale Capital.
I went back to your first post, and extracted this partial quote â
I donât know your definition of âsmall managed type accountâ, but if a minimum investment of A$100,000 is something you can consider, then you might want to investigate Hunter Burton Capital in Sydney, Australia.
They are essentially a forex hedge fund, managing accounts for clients in various countries. As a fund, rather than a broker, they may not be under the thumb of the CFTC, and they may be willing to take you on as a client â[I] but, I am guessing here.[/I] I only know what I have read in one or two places about Hunter Burton.
Here is a very recent Finance Magnates article about Hunter Burton.
And here is their contact information â
Level 14 Lumley House
309 Kent Street
Sydney NSW 2000
Australia
David Campbell +61 411 156 805
Tony Bradley +61 409 222 879
From here on out, the investigation and the due diligence is all on you.
Good luck.
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Hi Clint,
I was thinking about one of your lasts posts over the last days, you said the brokers in the beginning of this thread might be a target list for the CFTC.
This is of course only an assumption, but if you are right, have you ever thought that this thread is just making the work of your biggest enemy (CFTC) a lot easier, after all?
We know that the thread helped many people finding brokers, but it also saves a lot of money and time for the CFTC for just putting the list for free in their hand.
We can look at it from the Berndale Capital point of view. Maybe they accepted US clients, but as their double policy was discussed here in an open thread, they might have been penalised or at very least it became clear what they were doing. In the very end they had no other option then to tell the admin to delete them from here. Maybe their double policy (in case it existed) was destroyed in this thread or their only chance to keep it doing is to eliminate themselves from this thread. They might think if they are not listed here, maybe they do not get free marketing, but at least once in a while they can get customers while not being in dager.
What do you think?
FE
I have thought about that, and I have no idea how to remedy the situation, short of closing down this thread (i.e., deleting the List entirely).
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Which probably wouldnât help anyone except the CFTC in my opinion. There are other forums out there, all over with threads about offshore brokers, ratings, etc. If the CFTC doesnât find it here, theyâll see it somewhere else. Fear is their real power. (and Iâm sure Clint agrees)
I think this is where political action is required via calls, letters and emails to your congress persons - both House and Senate. And you do have to call and write by hand. It has been proven that emails go almost completely ignored. Calls really get their attentionâŚrepeated, ceaseless, weekly calls. *For the record I actually do this, so I do walk the walk.
There is also the petitions(dot)whitehouse(dot)gov website. 100K petitions in 30 days and the White House has to respond. Nothing will get done before the Presidential elections, thatâs guaranteed. The GOP has made it clear they wonât cooperate with Obama. They just want to wait it out. After the election? Who knows. In the mean time, there is roughly 6 1/2 months to plan, get a movement going, gather momentum and support and maybe get 100k signatures.
I say shine a light on it, yell, complain, point out the self-evident truths.
In honor of Howard Beale -
âI want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window, open it, and stick your head out and yell, Iâm as mad as hell, and Iâm not going to take this anymore!â
You can try all you want but wallstreet has more money than you and I and they have the govt bound to listen to them with financial donations. There are millions overseas who want to get rid of RBT so these type of FATCA and all chocking regulations go away. For people outside is much worst. For people living inside US you can open an account in a US brokerage. Try doing that while living overseas. Yes you have to go to US in person with a US address but they watch IP addresses if you log on from outside US, your account will be flagged for closure because even they donât want to put up with US regulations for clients based overseas if US citizens. The offshore brokers complain due to over protectionism of US govt they have to reject US clients even if living overseas. Double jeopardy!!. Many international companies donât want to hire US citizens because of too many of our govt regulations for foreign companies in hiring US citizens. Try telling that to your congressman and they will just put that complaint in their waste basket.
Yes many people tried before but court rejected all their arguments for RBT.
Clint, That would not help us by closing that list or this thread down. Eventually they will find out on their own as each person will have to file their taxes worldwide and other forms so they know already which broker is accommodating US clients and will go after them. You are helping us out and we appreciate all your efforts. Thanks.
ForexExlax, look up Senator Rand Paulâs fight and he failed too to stop all this mess from starting in the first place. Secondly, for those of us who live overseas have banks giving us letters to close our accounts since they donât wish to have anything to do with us. Itâs not just brokerages but banks too want to reject us due to our citizenship.
Residence based taxation which is what the whole world believes except Eriteria and US. Eriteria is a country which is admonished by Canada, US and other countries at UN for going to extremes to tax their citizens worldwide. . No one even questions US that US is the same way. Itâs such a hypocrisy that they mock Eriteria and not dare to speak of US doing the same.
US and Erirteria have CBT only two countries in the entire planet that have CBT = citizenship based taxation instead of RBT = Residence based taxation. While Eriteria cannot force anyone to pay these taxes, US govt will force you everywhere and even jail you. Bankers and brokerages worldwide will not blink an eye and open accounts for those holding Eriterian passports but will tell you to leave the bank politely once they see your shiny blue US passport.
â Thanks â
Granted. I think we all understand the powers behind it and no one is under any illusions that it is an easily overcome obstacle. As far as I can tell our only options are to petition and yell and scream and fight. One thing I learned in sales is that you have to ask. If you donât ask, you donât get. I donât see how it would hurt and Iâm the type that would rather try and fail then not try at all. I donât see any other recourse. If you have any better ideas, please share them, because I donât have any. lol
Well, you can try writing your petitions but I doubt they will listen to us or even 1m signatures if we collect them. Senator Rand Paul tried to stop FATCA and failed. Dodd Frank law which is behind this strangulation of offshore forex brokers to reject US citizens was passed by Obama to âprotectâ us. FATCA was designed to stop evasion but if you read now US is the biggest tax haven for foreigners with no exchanging of info for foreigners investing in US. Hypocrisy at its height it punishes all offshore banks if they have any US citizen and not reporting them. No wonder offshore bankers reject you when you show them your passport. US signed IGAs with different world govts under threat to report all US citizen and resident bank account information but this is one way street. It will not share data with foreign govts for their own citizens opening up accounts in US. It has made itself the only tax haven in the world for foreigners.
Yes you can complain all you want that your local bank overseas is rejecting you and closing your checking account due to unnecessary regulations imposed by US govt. ForexExLax try living overseas and opening up a local bank account. Yes in a democracy you can complain all you want. Wish you all the best though with your complaint. The powers to be wanted US to be the only tax haven in the world and they succeeded in their goals to cut off Switzerland and make US the new âSwitzerlandâ for foreigners only. Now UK after Brexit is thinking of cutting their corporate tax to 10 percent to become another low tax haven. Being with EU they could not achieve this goal.
I think ForexExlax is right. We traders need to â[B]kick, scream, yell, scratch, bite, and punch[/B]â unceasingly until Dodd-Frank is removed or amended in our favor. The longer and more intensely we carry on like that the more likely Dodd Frankenstein will be junked, it seems. I really do wish that Clint, since he is so good at organizing things, would try to create some type of petition and present it to Congressmen expressing our legitimate complaints. Clint, even if your efforts to organize a signed petition turn out to be less than perfect, it seems that your efforts will inevitably do [B][I]more good than harm [/I][/B]for us.
I like to sometimes listen to late night talk radio. Several times in the past the subject of the extreme vulnerability of Americans has come up concerning what would happen if another Carrington class solar electromagnetic pulse hit the earth. Professionals keep saying that this is not a matter of âif,â but of âwhen.â Experts keep warning that about 90% of Americans would be dead within a year from starvation from such a solar blast. One of those massive EMPs struck in 1859 catching many telegraph machines on fire and another in 2012 just barely missed the earth. A number of Congressmen keep trying to pass legislation to force the electric utility companies to harden their big transformers which would be destroyed by such big EMPs, but so far no federal laws have been passed to force hardening the transformers which take about 6 to 8 months to custom design, make, transport, and install under [I]normal economic conditions[/I]. 85% of these big 50 to 120 ton transformers that are made partly of electrical grade steel are manufactured in Germany and Japan, so replacement would take a very long time. [B]My point is[/B], I think it would be good to [B]attach to the tradersâ petition an urgent request[/B], as a reminder (of what they already know), to pass legislation forcing all electric utilities to harden their very vulnerable large transformers that give us life saving electricity to cook, have running water, power electric gasoline pumps for food transport trucks, etc., etc. Remember, traders canât trade if they are dead from starvation.
Dodd-Frank Act was put there to stop offshore investing by US citizens and residents for Wall Street to capture everything we have and squander away as they plz. You can protest do whatever you can but I bet powers to be do not repeal their laws once they benefit congressmanâs pockets. This is the bitter truth. When Dodd-Frank law initially no one protested except offshore investors and foreign forex companies. Now everyone is realizing its effects. FATCA is the most intrusive piece of legislation that came out to make US citizens overseas give up their US citizenship to simply avoid loosing their jobs, their savings etc and even their marriages from breaking up. Try telling your foreign spouse that you want to report their joint account with you to your govt. Google for more information. While foreigners can open up accounts in US easily, you cannot do the same overseas. Managers of banks will tell you sorry your govt regulations are too complex and harsh penalties on our banks to put up with so we donât want US clients anymore. This is exactly what Senator Rand Paul was fighting about.
itâs been over a month since you guys was able to except credit card deposit , what happen tallinex?