I will put them on the “no” list.
Think Forex broker does not accept US customers.
Hey, it’s not like these clowns haven’t ALREADY been slapped on their little white fannies for overstepping their bounds. Google “cftc unconstitutional” and you’ll see where they lost a court case about a decade ago. Different issue, different regime, but same wrongheaded nanny-state mentality.
Don’t remember which of you gentlemen said it, but you’re right – if we were organized we’d have a stronger voice. As it stands we’ll just get pee-d on without end. I nominate the dude that had the idea…
I recently read an ancient historian’s account of Palestine around the time of the birth of Christ, and he made a noteworthy statement:
“There was at the time much grumbling and unhappiness, but it takes more than that to make a mark on the record.”
Ya’ll have a great wkend.
hillbilly
Thanks. I will add them to the “no” list.
I know for a fact from a US friend of mine that his broker ACM continue to accept Direct clients from the USA, as do MIG - both being from Switzerland.
On another topic, I see that you put Switzerland as the place of origin for the broker FXCH, I had never heard of them, myself being with a Swiss broker, and so by simply going to their website I noticed that they are in fact based in both the UK and the Commonwealth of Dominica…but not Switzerland, just a small point.
[QUOTE=Clint;228104]Tuesday, November 9
Updated listing (latest changes shown in red)
OFFSHORE BROKERS
PAGE 1
Here is an updated list of the 87 brokers mentioned so far on this thread, and the results of our inquiry into whether these offshore brokers will open new accounts for U.S. residents at this time.
This page shows most of Group 1 - Brokers who will accept U.S. clients after October 18, 2010.
The remainder of Group 1 is shown on Page 2.
Page 2 also shows Group 2 - Brokers who will not accept U.S. clients.
Group 1 - Brokers who apparently will continue to accept new U.S. clients (53 brokers)
Note: information on platforms, initial deposit, leverage, and spreads was obtained from broker websites. In some cases, this information is not readily retrievable. If you are able to fill in some of the blanks below, please do.
Most brokers offer more than one type/size forex account (nano, micro, mini, standard, etc.). In each of the listings below, the account referenced is the account requiring the smallest initial deposit.
It is not possible to show spreads for all currency pairs, for each broker. Instead, two spreads — for the EUR/USD and the GBP/JPY — are shown for each broker, as a rough representation of their spread menu.
ACM (Switzerland)
Platforms: Advanced Trader, MT4. – Min. initial deposit: 2,000 USD. – Max. leverage: 100:1.
– Spreads: EUR/USD 4 pips, GBP/JPY 9 pips.
Online Forex Trading | Currency Trading | ACM
Dukascopy (Switzerland)
Platforms: JForex, JForex API. – Min. initial deposit: 1,000 USD. – Max. leverage: 100:1 (30:1 weekends).
– Spreads: EUR/USD 1.5 pips, GBP/JPY 2.5 pips, plus commission (approx. 0.5 pip).
Forex trading, ECN Broker, Managed accounts, Swiss FX trading platform
FXCH (Switzerland) — exercise extreme due diligence — see — FINMA - Details
Platforms: MT4, MT5. – Min. initial deposit: 2,000 USD. – Max. leverage: 500:1. – Spreads: EUR/USD 1 pip, GBP/JPY 1 pip.
Forex-swiss.com, forex swiss, forexswiss 24 hour online Forex trading with No Dealing Desk
MIG Bank (Switzerland)
Platform: MIG Trading Station. – Min. initial deposit: 2,000 USD. – Max. leverage: 500:1. – Spreads: EUR/USD 2 pips, GBP/JPY 10 pips.
Home - MIG BANK
I have received this response from [B]Kinetic Securities (Australia)[/B] to an email inquiry sent on Saturday:
Hi Clint
Kinetic Securities are not a foreign affiliate of a US Future Commission Merchant (FCM),
Kinetic Securities are regulated by the Australian Securities and Investment Commission (ASIC).
Please see below:
Minimum amount required to open a new forex account : $1,000 USD
Maximum leverage available to retail forex customers: 1:500
Representative spreads: EUR/USD 2 pips, GBP/JPY 3 pips.
Jacobus Nel
Forex Business Development
Kinetic Securities
P: (02) 9295 9800 | F: (02) 9295 9890
Sydney - Melbourne
The problem here is that the new rules are not against us “the people” or the traders but are for the brokers, they will need to fight, because sooner or latter they will lose their customers. Who is stupid to spend time for a trade with a leverage of 1:50 when he can make at least twice the profit with an offshore broker at 1:100 or 4X with 1:200.
What I think is that they (the brokers) expected from this rulling a repatriation of US accounts and that people will stick with them. I had one account repatriated but it ended-up overseas plus I closed one US account and open up another one offshore, Thanks to this marvelous list.
So the bottom end is that the brokers are the losers and us the traders are distributing the new “print-outs” or QE2 overseas.
As for an idea lets ask our bankers like Wells Fargo, Citi ,Chase, etc to allow us to open up a foreign account in a different currency as they do it in all the other parts of the world and if they don’t do it, make sure you get a written letter with their denial and reasons and then we will sue them.
Marketiva does not accept US client.
You don’t need so much leverage!
One of the skills you need to develop is to be profitable with a little leverage as possible.
Anything more than 50:1 is suicide. Actually even 50:1 is pushing it.
I aim to keep my TRUE leverage (my position size divided by my acct balance) under 20:1 even though my account is set up for 50:1 maximum.
Using a lot of leverage is a clear sign of greed and impatience, the market likes to take from the greedy and impatient who have not yet realized forex is an investment, not a casino.
Ok, XtremeForex, you can buy your Bentley in the next 5 years. Which is totally fine and dandy. Although, i think i prefer mines for Christmas. 
True, greed does destroy accounts (i’ve had several blown) but it also taught me a lesson…Fear the Kraken and live as a coward,…but if you tame it… then my friend, The World shall be Yours!
I agree with you about the casino, forex is not a casino, but an investment, but where would you invest your money , in bank that gives you 1% or in one that gives 10%, secondly using a low leverage you have to invest more money into a trade and that is limiting your number of trades you can make. What I am trying to say is that the new ruling which also forbids hedging and the way you close trades, the margin call, is an infringement to our basic rights of trading and I will not accept them in a free country. I was making a decent living with an average of 2000 + a mo. from an account that I started with $1000 and worked hard for more than 2 years to do that using a broker with a leverage of 1:100, hedging scalping, and now after oct. got my account repatriated and my income impossible to be realized with a US broker. I call this socialism or even communism where some losers make the rules just because they could not win. And if you think that’s greediness then we all are greedy, and impatient to survive this life, and only the homeless and the bums have a higher human status.
Leverage is a good thing to have once you start making constant pips every day , week , month and years, and must be used with caution for the beginners, but once you have a strategy and a discipline achieved, why would you limit your profits and waist time to gain less for your hard work.
I know there are a lots of people that take Forex like a Casino but that’s their problem and their money and if their state bans Casinos they are free to go to Las Vegas or Atlantic City to gamble, and no casino will ban them to gamble based on their residency. What is happening right now with Forex is frightening because we are banned by some foreign brokers because of our residency and unfortunately the list is growing.
Another broker that’s not accepting (banning) US residents DELTASTOCK FX
We call it toxic citizenship. The cure is an off shore trust or IBC. Moving may be next if the toxicity continues to spread. In the land of the used to be free, we can not smoke Cuban cigars, use marijuana or go to see certain countries. All of which Canadians can do without fear of reprisal.
“basic rights of trading and I will not accept them in a free country…”
Free? not any more. We may not like the notion that we have lost our rights to freedom, but sooner or later, reality has to set in… Freedom in the US is a thing of the past.
Hello all, I have a quick question regarding U.S. citizens living abroad.
I am an American who has been residing in the Middle East for the last two years. I have been practicing on demo accounts for the last year and I would like to open a micro account with FXCM in January 2011.
I have an address, telephone number, residency card, and a bank account in this particular country. I reside in this country for at least 325 days of the year.
This means I should be able to open a micro account with FXCM UK, correct? Or will I still be rejected because I am a U.S. citizen?
Thank you in advance and I apologize if this is in the wrong section. I’m new to the forums.
- David
Why wouldn’t you rather open an account with a broker with no US presence?
I am comfortable with FXCM. Either way, their UK branch is under FSA and not CFTC. What complications would there be?
In regards to my question posted above, since I am not a U.S. resident currently, that means I can sign up with just about anyone, correct?
What does FXCM say about it? Have you inquired with them on the matter?
I have but no response yet - they are being a bit slow. I’m just anxious for an answer, so I figured to try some forum boards.
If I know up front that I will be rejected, then I’ll start looking into some other brokers ASAP.
First time I see someone looking to open an account with FXCM after the new US CFTC regulations came into effect. Hardly anyone would now, not knowing what the CFTC buds come up with next. I trust they should be the ones to trade by their regulations, not us. If you want to join them - well, it’s your choice.