Going offshore to escape the CFTC

Broker Discussion Forex Brokers
4038

R

I believe Tallinex and all others still take US citizens living outside of US. So if you are actually living outside of US and have bills coming to that address just apply for an account. I chatted with several reps from different forex companies and they all told me if you can prove living outside of US then it’s not a problem. It’s a problem for them to accept resident US citizens these days since it seems like they are targeting US and even Canadian markets which they are not allowed to do. So plz read their webpages where they state no soliciting for US and Canadians living in US and Canada. I don’t want to name anyone for obvious reasons whom I chatted and called but if you are living outside US and Canada then you don’t have a problem with most traders. Just apply simply and keep it to yourself. Yes some of them like Dukascopy or Hotforex will not allow anyone to open an account with them even with a slight taint of US citizenship. It doesn’t matter even if you are dual Candian or dual or tri national even. If one of your citizenship happens to be US then it’s simple no with some traders not all. If you are living outside US with proof then you would be able to apply with many using their drop down box which will never show US in that box.

4039

I am a forexbrokerinc client and a tallinex client. I am considering whether to switch to FX Choice, to simply put all the money from forexbrokerin into my fxcm US account OR to wait… I will be coming back here to report. I called forexbrokerinc 36 hours ago or so and was told they would no longer be offering retail forex trading, and had partnered with fx choice and that higher ups would be transferring accounts there, or I have the option to withdraw the money. BUT: I also contacted my account manager at ‘fbi’ and was told this: [excerpt]

For the time being trading is still suspended (for demo and live environment), however the website works just fine. [it had been down]

[B]Unfortunately, I cannot provide you a time frame when the trading will be resumed. [/B] [emphasis added]. I am waiting for a reply from the account manager in response to the one I got. … it sounds, to me, from this that, in time, forexbrokerinc will continue to offer retail trading.

I shall return next week as soon as I have something to say.

4040

[B]foretradex, shepherd, HyperScalper, TimAllen,[/B] and [B]NanE[/B] —

Thanks for your recent posts regarding Forex Broker Inc and Tallinex.

• [B]Forex Broker Inc[/B]

Given the information we now have on Forex Broker Inc, it’s clear that this broker no longer qualifies to be in Group 1 of our List. I will remove them from the List in a couple of days.

If, in the future, they resume operation as a retail forex broker, and once again welcome new U.S. clients, we can discuss whether to reinstate them on the List.

In the meantime, current clients of Forex Broker Inc need to decide whether to (1) withdraw their funds and close their accounts, or (2) allow the transfer of their accounts to FX Choice. That decision should probably be made promptly.

• [B]Tallinex[/B]

Regarding Tallinex, I continue to hold the opinion that existing U.S. clients [I]who are happy with this broker[/I] should remain with this broker. Going forward, the CFTC will have no way of knowing whether Tallinex is continuing to host their former U.S. clients, and if so who those clients are.

In my opinion, by closing the door to [I]new[/I] U.S. clients, and making that new policy abundantly clear on their website, Tallinex has removed the only issue the CFTC could reasonably have with them.

• [B]EarnForex[/B]

We have compared lists with EarnForex once or twice in the past.

Their current list, which you linked to, is one that I have not seen previously. I took a quick look at it and noticed (1) some names that are currently on our List, (2) some names that we have already purged from our List, and (3) some names that I’m not familiar with.

The EarnForex list needs a thorough review, to see what we can glean from it.

I will try to attend to that in the near future —
— but I would welcome the assistance of any of you who feel inclined to help out. :slight_smile:

• [B]LQDFX[/B]

I’m inclined to add this broker to Group 1 of our List, but I would like to hear opinions from the rest of you, before doing so. See these posts #3780 and #3791 for the previous discussion.

.

4041

I just received and replied to an interesting email from Tallinex this morning. This smells a little like they’re searching for US customers locations (US residence) in anticipation of purging those US customers. I opened my Tallinex account two years ago, provided the necessary proof of identity and address documentation at the time of my initial application, which was accepted. Since that time I’ve never been asked to upload new documentation of identity and address… until this morning. But, the Tallinex email appears to indicate that they think mine is a “new” account application, which it is not. I’m wondering if they worded the email this way intentionally, so as not to appear to be searching for US customers to get rid of. What makes me so curious are the comments of: “you are receiving this email as a registered account holder”… okay, so they know I’m a registered account holder. And yet, further into the email they state: You already registered some of your details, so there should be very little else required in order to complete your application…" Weird, I didn’t just apply… I’ve had the account for over two years.

Below is the email I received from Tallinex and my response.

====================

From: Kevin Poorter <[email protected]>
Sent: Saturday, October 22, 2016 11:04 AM

You are receiving this email as a registered account-holder at Tallinex.

If you would prefer not to receive future updates from us then please log in to your back-office and change your newsletter setting.

Dear (my name here)

This is a friendly reminder that your back-office username is ###### and you can log in from here:

https://www.tallinex.com/office/

[B]===================================

Why Tallinex is THE best brokerage for you!

===================================[/B]

I would like to thank you for choosing Tallinex as your preferred brokerage.

At Tallinex, we strive to maintain a strong, positive relationship with our clients, and ensuring a great trading experience for all clients is of the utmost importance.

OUR GOAL

Our primary objective is to help get you trading by ensuring that your application process is fast and smooth.

To this end, we have a friendly team able to help you at any step of the process. Should you have any concerns, or experience difficulties, they will be there to answer questions and get you back on track.

[B]You already registered some of your details, so there should be very little else required in order to complete your application - most likely, you just need to submit the following documents via the Documentation menu of your back office:

  • Government-issued photo ID i.e. passport / driving license
  • Recent proof of address i.e. utility bill[/B]

If anything seems unclear then either drop us an email ([email protected]), visit the website and ask our live-chat team, or give us a call on +44-203-514-2400 …whichever you choose, we will do our best to assist you.

Happy Trading :slight_smile:

Kind regards,

Kevin Poorter
Client Liaison
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com=========== My response…

Hello Kevin,

Thanks for the email.

I provided images of my drivers license,proof of address, copy of birth certificate, etc. when I originally opened the account a couple of years ago. Thus, I have not re-applied for an account with Tallinex. Mine is a two year old account, not a new account.

I think this email may have been sent in error. Unless Tallinex is looking for proof of US citizens who still reside in the US, and is looking to purge US clients…??? Is that what is happening here ???

I sincerely hope that Tallinex is not folding to the pressures of the US government and CFTC. Tallinex has been wonderful to work with for the past two years and has excellent customer service.

I recently read that Donald Trump has said, if elected president in November, that he would dismantle the Dodd / Frank regulations which is the same law that put so much pressure on off-shore brokers like Tallinex. Please, if at all possible, hold on to your US customers until after the presidential election. And if Trump is elected, give him a year or so after he takes office in January, to see if he does indeed dismantle the Dodd / Frank regulation which would allow brokers like Tallinex to continue to accept US citizens as clients without fear of punishment.

Sincerely,
(my name here)

4042

Well done, sk!

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4043

Thank you Clint, and you are most welcome. I’ll post here again if / when I hear anything back from them.

I added the paragraph about Trump in the hopes that I might be able to convince Tallinex to wait a while before making a permanent decision to purge US clients. Maybe they had not heard about Trump’s intent to dismantle Dodd / Frank. And maybe they’ll look into that fact before moving forward with whatever decisions they’ve made up to this point. fingers crossed

4044

Donald Trump will not do anything to dismantle Dodds Frank Act. Politicians often break promises during political campaigns that they never keep. Please keep that in mind. People do not know that FATCA was a brainchild of US Congress in Bush’s time not Obama. It was passed by a majority after Obama took over and he only signed it. The wheels had been moving towards it even before he took office. Dodd Frank act was put in forward by two Congressman too. Donald Trump promises a lot but he is just fooling you like every politician. It does not matter whether he wins or looses. The Act is there to stay unless we have sensible congress to withdraw it (I can only dream of a sensible congress).

4045

I am not holding my breath for any single politician to do anything that they promise. And I’m not going to get political as I believe all politicians are shysters. So, you’re not telling me anything that I don’t already know and agree with. However, it appears that there are others who also want to repeal it the Dodd / Frank act… or at least part of it. Maybe retail traders will benefit.

4046

I hope you are right but I doubt that they will repeal it. They will put some changes to regulations and add more fines to it as far as I read on Google. Politicians are lawyers or work with lawyers to change laws to benefit the lawyer community. Lawyers always find some loopholes to the system. Ask a good tax lawyer and he will tell you ways to avoid all these regulations while fully complying with laws.

4047

Agreed again… lawyers and shysters. :slight_smile: My goal in adding that paragraph to Tallinex was to attempt to get them to “wait and see” before purging their US clients, if indeed, that is what they intend to do.

4048

sk they start all their emails this way,
"You are receiving this email as a registered account-holder at Tallinex.

If you would prefer not to receive future updates from us then please log in to your back-office and change your newsletter setting."

I haVE an account there as well that I trade daily except Saturday :slight_smile: and I got no such email, They have been excellent to work with so far, and I doubt they are going to start purging us clients, I hope not I am making money with them every day :smiley:

4049

could clowns in congress ever be sensible?!?

4050

Yep, I’m aware that every email from them starts out that way. My curiosity comes from the thought that, if they know I’m a registered account holder, then why would they need more identity documentation…?

However, since you said that you got no such email from them, maybe it was indeed an email sent to me in error. Thank you for saying that you didn’t receive a similar email.

4051

Has been a [I]month[/I] now since the email from the 21st of September by [I]ForexBrokerInc[/I]…

“The period of suspension for accepting new orders will start from 00:00 platform time (GMT +3) Thursday 22nd September 2016 until further notice.”

A month of trading suspension seems like a long time but whether they get it through with FX Choice or not, wouldn’t hurt to just a have an American FX broker.

[I]*note: Trump is not a politician.[/I]

4052

I spoke with Tallinex today and they simply cannot accept any new us clients, but old ones with live accounts are not going to be affected and 100% deposit bonus remains but in order to get $100% bonus on a $1000 deposit you have to trade 500 full lots. I may have to bump the volumne up a bit :slight_smile:

4053

I have removed Forex Broker Inc from Group 1 of our List, and moved them to Group 2. And I have removed all of the old red ink from the first 5 posts in the List, and updated the Links in post #7.

I’m still looking for input/opinions/suggestions on several questions:

  1. Should we consider designating additional brokers as Trusted Brokers?

If so, which brokers should we consider?

  1. Or, should we abandon the Trusted Broker designation, removing it from Trader’s Way and FX Choice?

  2. Should we actively look for, and vet, new candidates for our List?

If so, can anyone offer information on the brokers in the EarnForex list?

  1. Should we add LQDFX to Group 1 of our List?

  2. Should we delete the List and close this thread?

.

4054

Definitely do NOT delete the list and close the thread…! This is the only thread / forum that I know of where this kind of info is available and people exchange current info / experiences about brokers.

4055

I agree with sknight1, please don’t delete the list or close the thread!

4056

I also vote to NOT delete the list or thread.

4057

Please do not delete the thread. Just arrived back to report - see messages close to this one; haven’t read since I last posted. Just got off phone; have some clarity re Forex Broker Inc. For quite a while, several weeks, they were on track, high management was, to enlarge or adjust liquidity from what it had been since the founding of the company. They kept on this track until last week, when a decision was made not to resume retail trading ‘any time soon.’ And to change in the general ways I think we understand from what they’ve said - FX Choice is now offered.

Maybe more.

Yes, it is risky to keep the thread open; anything posted online is always risky. That is why am am not on facebook, twitter, etc. and feel for people who are ignorant enough to think it’s ok to be participating in them. But, we cannot shut down the context we’ve created for ourselves. I am shocked by the fact that people are unaware of the history of one of our candidates in the us - here is a link from a foreign site that clearly is on the same page as the forces we are fighting - go to forexcrunch and look up 5 forex lessons Clintons stellar debate performance. That’s the url.

We will all have to find a way to survive inside if the election is lost. In my opinion, this is entirely due to the fact that people cannot find a way, prayer is the chief one, and to the right channel, to escape the box they are in.

I likely won’t be responding because it usually creates stress for me to try to engage online; I just hope we all persevere and trade carefully.

We must all find a way to pray about the election that God’s will be done - and we pray that God’s will is not that we be punished severely but there are P L E N T Y of reasons why that may be the case…