Wait for CTFC to drop the hammer on the remaining reputable brokers on their RED hit list
Painstakingly hunt down your own business banking solutions globally (accepts US citizen beneficial owner, USD/EUR correspondent banking + FX broker money transfers) with backup accounts opened just in case
bitcoin denoted FX accounts
non US citizen/resident nominee director & signatory on broker & bank accounts (correspondent banking + FX broker money transfers)
renounce US citizenship, pay your exit fee, back taxes and move out the country
eventually give in and trade with Gain (bucket shop operator with multiple fines), Oanda (news release spread manipulator) or CME (<30:1 leverage & expensive real time data fees).
Yes, I was aware that bank was Barclays (UK & Seychelles). The Singapore bank was also OCBC. That information was on their site years ago and has since been removed. Before finding out how difficult this is going to be, I was planning to use them strictly to open entity and find my own banking relationship.
Honestly, regardless of the difficulties I still have to investigate the possibilities of offshore trading via entity. My current offshore broker going down and being stuck with 50:1 leverage or 25-30:1 with CME would be an insane amount of earnings lost for no good reason. The funny thing is that IRS would then get significantly less tax money out of me annually.
I would invite you to Turkey but government is is working on banning the citizens from trading abroad… Within a month maybe less they will announce it.
Currently we have only 1:10 leverage and minimum 50000 TRY (nearly 13000 USD) deposit.
Thats why i ended up here, searching offshore brokers and escaping fascist regulators.
I have no doubt that Turkey, too, will pursue the same path as the US.
As for the Option 5, that is the first thing came to my mind when i’d heard about the news
And i want to thank all the contributors to this thread.
Hi Clint…I hope you don’t mind me dropping by your thread. Although, thankfully, I’ve not had to utilise any of the information here, I think this thread is absolutely invaluable. Thanks to yourself for keeping it going and keeping it updated and to all the members who contribute their findings to it.
And just adding my own middle fingered salute to the world-wide “nanny state” we are steadily spiralling towards.
Hey guys - just stumbled across this thread and had a couple of questions. What are you guys using to deposit and withdraw into these offshore brokers, Neteller won’t transfer to a non US entity if you are a US customer, webmoney not accepting US customers, Fasapay not accepting US customers, and any of your credit/debit cards won’t run to any of these places in my experience. And the bad part is getting money in should be easier than getting it out, there is less options for withdraw than there is for deposits? Any help would be greatly appreciated at this point even though they accept US customers - the main 2 I was trying for was Forex Optimum and PaxForex but Forex Optimum has no options left for me to get money in or out
I suggest you look into getting set up with a bitcoin exchange as bitcoins seem to be the easiest way of moving money in and out of these brokerages in my experience. I currently use Coinbase as Circle stopped accepting bitcoins.
Tomd100- Would you share what percentage cost you see on your bitcoin transactions? I assume withdrawals take a hit from the broker’s spot exchange rate USD–>BTC, then you pay again when you convert back to USD with Coinbase? How much time does it take to reach your Coinbase account? With the BTC volatility I’m seeing, it seems you could take a sizable loss if BTC is having a bad day. Can you convert to USD immediately when received at Coinbase to avoid this?
I have my inbound wire cost at $0, so I’m more interested in BTC for speed and convenience. I have a Bitpay Visa card on the way to experiment with. From what I’ve read, any payment (i.e. from a broker) is immediately converted to USD.
I did not notice any losses when the broker sent the BTC to me, but I have indeed had losses when BTC were left in limbo by the bitcoin network. If there is a bad day you can have losses … or gains on a good day.
Coinbase has some Instant conversion option in the USD wallet which costs 1% like the rest of BTC transactions there. Seems to be good at limiting the volatility incurred on our side.
Platin FXI see United States of America on here. Website has some guy holding a magnet grabbing money which means the man on the left is an account manager and he is grabbing all of the traders’ funds
In all seriousness, has anyone heard of this site? Before giving them my sensitive information as a test to see if they will accept us, I am wondering if anyone else already has. I haven’t received a reply to my email yet and they do not seem to have a live chat service.
Just wanted to get some feedback about FinPro. I’ve been using their demo and holy-sh#$ what a difference over FxChoice. This is the first tick feed I’ve seen on MT that truly feels like an aggregated feed, and the spreads are 1/10th of FxChoice and commissions are almost 1/2. I’m concerned this may be too good to be true since their website is terrible. Not only is the back-office plain-text (not https) but the instant chat agent says they’ll accept BTC, but then will only send the address through the live chat and can’t confirm the conversion rate (seems shady). Has anyone used them with an account size greater than a few thousand? Have you made hefty withdrawals? Any other concerns?
I’m on record as advocating them on technical grounds. As I’ve said, this is one of the more
“raw feeling” ECN type Tick feeds. restricting myself only to 28 major Forex pairs. Their rep is regularly
asking whether we need anything, and is responsive to queries. Keep in mind that you will
find times when FinProTrading.com (aka TurnkeyFX.srv) will have wider spreads than, say,
Tradersway. This is what it means to call it a more “reactive” feed. As for Live executions,
they are very fast, accurate and, what’s more important “consistent”. I am finalizing a scalping BOT
at the moment, so that is an important feature for me. I think we’ve experienced a few execution
rejections, but it is rare, and we have a retry loop in place for just such events. No withdrawals yet.
Finally, there is a big difference between Demo and Live, of course, so I don’t use Demo accounts.
hyperscalper
Yes, I signed to evaluate FinPro, and now I’m getting these weird “Try my EA”
emails, which I’m not really happy about, since I dont know whether the emailer
is my legit contact. or just some 3rd-party that is somehow involved with my account
Well, I haven’t had that experience, but they did offer me a VPS with
colocation “less than 1 millisecond” from their servers. In my case, I
pointed out that our software needed more horsepower, so the rep
chased up a solution, with a very high price tag. So I politely declined
their solution, but I can say that you can get a Windows Server 2008
VPS solution for $28 / month, 3 dedicated Xeon cores, 6gb dedicated memory from
an Amsterdam based service seedvps.com . NOT AN ADVERT. Just saying
that very cost-effective VPS’s are available today with great performance
which are less than 1 millisecond latency from Tradersway, FinProTrading, and others
backend services, situated in the Amsterdam area.
Hey everyone, My name is patrick and I’m from US. I’m looking to go offshore and am speaking to someone and he was helping me setup an offshore company but he said nowadays it’s hard to find a bank willing to take Forex traders and companies… My laywyer/agent basically says he will get the whole process done for me if I find a bank willing to work with Forex traders. Can anyone here tell me what offshore banks do so, or what banks are any of you guys banking with if you too are offshore? Any help would be awesome,
I’ve been trying to solve this problem for a while. If you take a look at FATCA and FBAR, it will be immediately apparent why foreign banks don’t want anything to do with average net worth U.S. citizens. Compliance with U.S. Treasury regulations aren’t worth it. In order to snare a relatively small number of criminals, (tax evaders, terrorists, drug dealers, etc.) Millions of innocent Americans, living or working overseas (and offshore FX traders), have been sent to the basket of deplorables.
I don’t think your obstacle with banks is being a trader. It’s more likely that your residency and/or citizenship is the problem.
For myself, I’m experimenting with Bitcoin and looking at alternative residency options. I’m interested in Bitcoin for the sake of cost saving on withdrawals (and speed) and having residency outside the U.S. will hopefully open up trading options.
I’m sure most of us here would like to hear about your experience in the future. Please share what you learn.
