In my experience (and to clarify, I never used 988) I treated all of my foreign and domestic forex accounts in the very same way on my taxes. Not one difference. I put my Alpari losses, my Tradersway losses, ForexFS losses all on the same form and entered each one exactly the same way. The only difference is that when my Tradersway account went above $10,000 in 2015 and also in 2016 I filed the FBAR, which goes to the Treasury, not the IRS. In 2015, my Forex.com gains, AssetsFX losses and Tradersway gains were again entered on the same form. It was nice because I was able to deduct my losses from 2014 to offset the gains in 2015.
One thing you should not do: Donât decide that all of your years with a loss will go on form 988 and all of your years with a gain will go on 1256. The IRS is not stupid and you will be in trouble. My intention in 2013 was to continue trading and be profitable in the future, so I put my 2013 losses on 1256. I was not profitable in 2014 neither so I again put them on 1256. I then used those to offset 2015.
Thank you so much tomd100 for the valuable information. I will take this all into account when doing my taxes this year and thank you for alleviating any worries that I had.
We invite traders in the U.K. who seek and demand FINANCIAL FREEDOM to join us here,
as we search out and support OFFSHORE BROKERS who refuse to knuckle under to
the World Forex Police (CFTC) or the Nanny States they intimidate and control.
Looks like the UK will become the new US with respect to FX. Hopefully it doesnât become that way but I second Clintâs statement; letâs join together and continue to fight!
Sorry if it was covered recently, but does anyone actually use [B]Real Trade[/B]? They always seemed fishy to me with their website that reminds me of the dial-up/America Online ERA from the late 90s. They list PayPal as a deposit method still and are just plain weird when compared to any of the others. I had emailed them early in 2015 to get info from them but they didnât reply. Do they actually operate and actively accept clients?
We should take a look at this broker and decide whether they deserve to remain on our List.
One thing I just discovered visiting their website:
They appear to have no presence in Seychelles (where we have been listing them). On their âContactsâ page, their principal place of registration now appears to be British Virgin Islands, with a London phone number indicating that their physical location is actually in the U.K.
In addition to the BVI mail-drop, Real Trade also lists âPartnersâ in Lithuania, Estonia and Latvia, and these âpartnersâ bear the Real Trade label, so what does that mean? branch offices? subsidiaries? or just IBâs?
Are you aware that we have designated [B]FX Choice[/B] as one of our Trusted Brokers?
In post #7, you will find LINKS to more than 10 of the most recent comments posted in this thread regarding FX Choice â which should answer your first question.
I presume you are asking about [B]Traderâs Way,[/B] our other Trusted Broker. Am I right?
Again, refer to post #7, where you will find LINKS to more than 2 dozen comments about Traderâs Way posted by participants in this thread.
I noticed that you have taken some abuse on another thread for your support of [B]FXGlory.[/B] You wonât face that sort of treatment here on this thread, as long as youâre straight-forward with us.
So, tell us a little about yourself, and letâs talk about FXGlory.
Where do you live? Which FXGlory branch do you deal with? Are you associated with FXGlory in any way [I]other than[/I] as a retail customer? Why do you think FXGlory has gotten so much bad publicity on this site, and on other sites?
Here on this thread, weâve had only one substantive comment on FXGlory in the years that theyâve been on our Offshore Broker List, and it was a sharply negative comment, posted almost 2 years ago.
Apparently, there have been a lot of developments at FXGlory since that comment was posted. So, it should be informative to have you here to contribute some first-hand information.
While reading the fine print on the FXGlory website, I noticed that they have recently expanded into St. Vincent and the Grenadines. The Caribbean region in general, and SVG in particular, have become popular domiciles for forex brokers seeking to locate in jurisdictions where they can deal with U.S. residents, free (or relatively so) from the nazis at the CFTC. Do you know anything about FXGloryâs move into SVG?
Write back soon, and tell us what you know about FXGlory â and more about yourself.
Definitely. [B]Traderâs Way[/B] has higher latencies than other ones I have used (like [B]AssetsFX[/B], which had the lowest). It seems that they do not maintain any servers at all in North America. I recall seeing some other broker with a server in Canada a couple of years back but I donât remember which one. I figure it is for good reason - to keep all all business structure outside of the US/Canada. However it seems like most other brokers have an NY4 datacenter server or something similar and they have not had any issues (knock on wood of course), so I am not sure if maintaining a server within a certain jurisdiction is dangerous or not.
Anyway, yeah while the slow server thing isnât an actual issue, it is annoying sometimes.
Amid the FCAâs continuing efforts to cripple retail forex trading in the U.K.,
brokers there contemplate massive cuts to their London workforce,
and consider moving their corporate headquarters to the E.U.
So, tell us a little about yourself, and letâs talk about FXGlory.
Where do you live? Which FXGlory branch do you deal with? Are you associated with FXGlory in any way [I]other than[/I] as a retail customer? Why do you think FXGlory has gotten so much bad publicity on this site, and on other sites?
Write back soon, and tell us what you know about FXGlory â and more about yourself.[/QUOTE]
Yeah so far he has only posted in defense of [B]FxGlory[/B] in another thread along with a couple of short compliments to other forum members, such as âI like your analysisâ.
Says he is online now, so maybe he will surprise us and not be the James Bond of [B]FxGlory[/B] public relations.
I have been looking into Renesource Capital and will likely open an account there. Their customer service people seem knowledgeable and their English is excellent.
Reviews in English are in short supply, but I found a Latvian forum with a dedicated thread for Renesource (treideri.lv/smf/index.php?topic=521.0 â you need to create an account to read the thread). Google translate seems to indicate that this thread contains multiple satisfied customers, and there is active engagement from Renesource staff there. In particular, they released a statement on the 2015/01/15 CHF disaster, which Iâve quoted below, as I noticed people were worried about the absence of such a statement earlier in the thread.
Thank you for curating this thread; itâs a great resource. If I do open an account I will report back on the experience.
Translated version of Renesource statement on CHF tsunami:
Dear. âTreideri.lvâ forum members!
Renesource Capital IBS notify when in spite of 15 January 2015 (known as the âblack Thursdayâ), the Swiss National Bank (Swiss National Bank) decision to withdraw from the 3rd year long - the national currency the Swiss franc exchange rate peg to the euro (EUR) currency and interest rates down to a negative mark of minus 0.75% and further to the Swiss franc (CHF) values for the rapid growth (in relation to the euro is about 30% against the USD ~ 20%) and volatility relative to the entire country national currencies, Renesource Capital AS IBS performance is not adversely affected and the financial situation can be characterized as stable.
The Swiss National Bankâs decision has confirmed Renesource Capital IBS incorporated risk management technology, risk pÄrvadÄŤbas and control systems as well as financial risk management policy and the sustainability of activities especially heightened foreign exchange market volatility conditions.
Renesource Capital IBS capital base, capital adequacy and financial performance of the above events were not affected and ensure its absolute compliance with legal - regulatory requirements.
The above regard, we inform that Renesource Capital IBS daily operational activities has not been affected and takes place as usual, as well as failure to implement certain restrictions on transactions including cash and derivatives trading and transfers.
We remind you that Renesource Capital IBS clientsâ funds and financial instruments are kept separate (segregated) from Renesource Capital IBS âown funds as well as from other clientsâ funds and financial instruments.
Follow the news and useful information for our social sites.
â this is your first (and, so far, [I]only[/I]) post,
â and it reads like a [I]Press Release.[/I]
Pardon my skepticism â but, I donât believe that youâre just an ordinary retail forex trader, looking for a good broker, considering Renesource Capital, and just wanting to share your thoughts here.
On the contrary, I believe that you are affiliated with Renesource in ways that you donât want to divulge.
Iâll happily state unequivocally that Iâm not affiliated with Renesource Capital, nor am I acting on their behalf. I donât even have an account with them yet; Iâve just corresponded with them about swap rates.
I registered here in order to set my posts-per-page setting to the maximum while reading this thread, and to send a PM to a user who had posted about various brokers in the thread (if I remember right, the user had chosen to disable PM/email).
Iâm not interested in discussing forex and donât intend to post regularly, but I found this thread very informative and was impressed with your dedication to maintaining it. As such, and since this thread doesnât contain any testimonials re: Renesource, I thought I would contribute what I had found.
Your skepticism is understandable. If you let me know what you consider proof that Iâm not affiliated with Renesource Iâd be happy to provide it, but I am not going to reveal any identifying information about myself. I hope youâll forgive me for putting some effort into my posts
Explanation accepted! â Iâll take it as âproofâ.
Welcome to this thread. Post here whenever it suits you. And especially, if you decide on Renesource, please consider keeping us informed about your experiences with them. We have very little to go on, regarding that broker, except the fact that they do welcome U.S. residents.
Sarcasm appreciated!
No apology required. I greatly admire good writing â it speaks of seriousness toward the subject at hand, and toward the writerâs audience.