I'm very disappointed with the lack of response I've gotten from the emails I sent to 18 offshore forex brokers.
Actually, "disappointed" doesn't really cover it. The results were pathetic. Of 18 brokers contacted, only 3 bothered to reply ---
Forex FS (Australia) replied that they meet our criteria (for offshore brokers)
Tadawul FX (Cyprus/Switzerland) replied that they meet our criteria
MIG Bank (Switzerland) replied that their legal status is being reviewed, and they will give us an answer later
Here is the text of the emails that I sent out:
I participate in a forex traders' forum here in the U.S. Recently, there has been a lot of interest on our forum in the topic of offshore forex brokers, and some of our members have begun compiling a list of offshore brokers who meet two criteria:
(1) brokers who are NOT regulated by the U.S. CFTC, and cannot be compelled by the CFTC to comply with any U.S. rules or regulations
(2) brokers who will accept new U.S. clients for spot forex trading
If [ broker name ] meets these criteria, please reply to this email, so that we may include you in our list of recommended offshore brokers. Thank you.
Very truly yours,
(signature and email address)
I will send follow-up emails to the 15 brokers who have not responded, as well as several other brokers who have been suggested in recent posts on this thread.
I'll send those emails out Sunday evening (New York time) --- which will be Monday morning in all offshore locations.
In my follow-up email, I will change the wording to simply ask whether each broker accepts new U.S. clients and wants to be included on our list of recommended offshore brokers.
I recently learned that Tadawul FX is not actually domiciled in Switzerland. They are domiciled in Cyprus, with European offices (and European regulation) in Switzerland.
Accordingly, I'm showing their name as Tadawul FX (Cyprus/Switzerland) from now on.