“Don’t ask don’t tell”…Just Apply and find out (some dealers say no on the outside, but if you apply you get the account…lol).
Please excuse the interupption…but essentially this is what residents are reduced to doing in the USA. I have lived my life around lies…I have lied myself and I am not any better than anybody else. But I find out about dealers from hearing their name and going to their websites…I always go to their live chat with questions and I check other sources for their reputation.
Now if I am to trade offshore I am placed in a position of lieing verbally to them or fraudulently signing a statement…I avoid lieing every chance I get and I do not consider myself a liar…Why in the He&* do I have to lie to open a forex trading account offshore?..something is soooooo wrong with this picture…be careful Traders.
Please get out of denial and if you must trade Retail Spot Forex as a resident of the USA…then trade with the handful of dealers left in the USA…or trade Futures…Save up your money for the minimums…it is just not possible any longer to turn 200 bucks into several million in one year…take your time and change your expectations.
Again…I am on your side fellah’s…but leverage is a “no no” and the proported cause of the Global meltdown (along with Fox news…HeHe)…and the financial powerhouse of the world is at war with leverage…
ES
I have contacted them and received the following confirmation from them of their acceptance of the US customers:
Dear Investor,
first of all we would like to thank you for contacting Trading Point.
Regarding your question, we would like to inform you that we do accept U.S. clients. We are able to provide our services to U.S. Clients as we have a cross border license, obtained through our regulator (CySEC),
which allows us to provide our services to 179 countries including the United States. As such a US citizen may open up an account with us and benefit from such things as a higher leverage and hedging of their positions.
We are happy to inform you that from 02/05/2011 Trading-Point covers all transfers (deposit/withdraw) and reimburses the fees back to its clients (except bank wire where we cover only our bank).
You are welcome to use Bank wire, Moneybookers, Neteller, Credit/Debit Card (Trading Point accepts Visa, Visa Electron, MasterCard, Maestro, Switch, Solo and Diners Club).
Hi Clint,
I went to TP and here is the info they publish:
Spread on all majors: ‘As low as 1 pip’.
They have three account types, Micro: No minimum dep. Leverage: Various to 1-500
Standard: Minimum $3,000. Leverage: various to 1-200
Exec. Minimum Dep. $100.000. Leverage various to 1-100
Hedging: Yes.
Demo accts. do not expire.
Trading-Point absorbs transfer fees. (If you send a thou. and the fee is $30 they replace that amount in your acct. in a few days).
Oh yeah, they have a 20% bonus for first time deposits, and a 10% bonus for subsequent deposits. (Loyalty Bonus).
They are regulated by CYSec only, as far as I could tell. I went to CYSec and crawled through some, but not all of their database. They are in fact registered, and I found no negative info. Keep in mind some of the published reports are in Greek, and… No I won’t make the obvious joke!
These government files are time consuming, and I was there for about 2 hours. I will go back, but not until the CFTC crap is out, digested and the dust has settled.
John
I should add I went through all the reprimands and fines levied from the beginning of 2009 on. Trading Point does not appear. Trading point was established in late 2009…
RealTrader.org says in their response to my inquiry they also accept the US customers:
Thank you for your interest in the services provided by Real Trade Group.
The Company opens Forex accounts to clients worldwide including U.S. residents.
Should you have further questions, do not hesitate to get in touch with us.
We’re available to help you Monday through Friday (excluding weekends and holidays).
I would be willing to bet that the vast majority of our respective US Representatives & Senators aren’t even aware of how this horrific piece of legislation (Frank - Dodd) has negatively affected the freedom & ability of every US citizen to earn a living as a trader. This facist regime, along with their minions in Congress and the bureacrats they’ve empowered have simple gone too far and this crap must first be stopped and then repealed or amended! They may have the regulatory power to dictate to and force their will on domestic brokers, but it’s beyond belief that this kind of power can extend abroad. We’ve all seen just about every off-shore broker that once gladly accepted US clients cave in one by one to the CFTC and now we’re like a bunch of leepers. Who would have ever imagined that being a US citizen would be a such a curse and grounds for this kind of international discrimination? Maybe it’s too late, nothing can be done and we just have to try and play by their ridiculous rules or quit … but maybe not, at least without a fight. The House of Representatives currently has a large Republican majority and many of them are newly elected and conservative. Although the Senate is still controlled by the Dems, there are now also quite a few newly elected, conservative Republican Senators there, as in my state (PA). Perhaps if someone who is adept at writing and very familiar with the all the nuances of this legislation would craft a letter that addresses these issues, it could be posted here and in other forms. This letter could then be copied and sent out by those of us that still care about liberty & freedom to all of our respective Representatives & Senators. I’m certain that many of them are not even aware of this intrusive government overeach. Best case, we luck out and one of these letters happens to reach a patriot in DC that still believes in a government that is for the people, by the people & of the people and something gets done on this - worse case, at least we tried and are no worse off than we are now. Thoughts & feedback on this welcome!
I took my time to download and install the Investors Europe MT4 platform to check on their spread values for our list. Their EUR/USD spread averages at 1.5 while GBP/JPY does not appear to be available as an instrument with their MT4. I will ask them about it. Most other pairs are available though.
I have also gone to the CySEC (Cyprus Securities and Exchange Commission) website’s warnings section. A very interesting place indeed. There I have found warnings about the following brokerages that appear on our list:
Thanks, Jacob, I’ll add those alerts to the List later tonight.
I noticed the apparent absence of the GBP/JPY from the pairs menu on the Investors Europe website, as well.
Seems odd to me. Please let me know if you find any more info.
I have already heard back from them. They’ve informed me one should open the GBP/JPY chart through the Market Watch by selecting “Show All” there first. I have thus managed to check their GBP/JPY spread - it’s 3.3 on average.
Foreign brokers that are also banks (Dukascopy, MIG Bank, Saxo Bank, ACM, dbFX) ceased to accept and service the US customers effective July 16, 2011 (this deadline was outlined for them in the initial US CFTC regulations adopted in October 2010).
The SEC-regulated brokers that are not CFTC-regulated (Interactive Brokers, Charles Schwab etc) have been granted a one-year extension to opearte under the old rules until the new retail Forex rules are introduced for them by their regulator - the SEC (the US Securities and Exchange Commission).
Other than that, not a damn thing happened to the US CFTC-regulated brokerages that continue operating on the regulations adopted by the CFTC in October 2010.
IMO, there has been too much fuss about the scale and scope of the next portion of new regulations which never materialized. To me, the current rules for the CFTC-regulated brokers are final (or, at least, final until repealed), as taking them one step further would simply kill the retail Forex industry in the United States.
“If it comes to our notice at any time that you are resident in the United States, Hong Kong or any other country in which we consider that the provision of the services contemplated in the HY Markets Customer Agreement is prohibited, we shall have the right to suspend all activity in the Account and to take the following action: …”
Plus, get this:
“if the Account is in credit and if the amount is more than the initial amount deposited, the amount deposited will be refunded as mentioned in a) above. The treatment of any remaining balance will be resolved by our Compliance Department.”
In other words, they might confiscate your profits!
This in interesting from City Credit Capital in London: One of the first foreign brokers I have heard of that says they will accept U.S. accounts, but subject to U.S. Regulations. My guess is that they are in reality handing off U.S. residents trades to a U.S. affiliate.
Welcome to City Credit Capital Live Chat. Please wait for a City Credit Capital representative to respond. We will be with you shortly.
You are now chatting with 'City Credit’
City Credit: Hello and welcome. How may I assist you?
Me: Do you accept U.S. accounts?
City Credit: Yes we do subject to US regulations on trading
Me: Thanks!
Last
Bucks…I am tending to agree with Brave…Africans fleeing to Gibraltar…well lets assume its true…its kinda obvious, look at a Map where else would they go from Morocco, Gibraltar and Spain are obvious choices.
As regards the claims of Gibraltar…not a place to keep money…again i have to sau hmmmm.
Ive done some searching and it appears that the majority of the UKs Gambling and online gaming and casinos are all registered and licensed out of Gibraltar, these are multi million dollar companies, not sure they would be there if not safe.
The Gibraltar regulator seems to follow almost identical rules for clients safety as the UK FSA…again understandable given their ties to UK.
Lastly far from finding evidence of Gibraltar being shady I read the International Monetary Fund review of Gibraltar that states…An IMF review found that Gibraltars banking sector was totally compatible with 27 of the 30 applicable international norms, and largely compatible with the remaining three…they went on to say "these are among the highest standards of supervision attained by any country in an IMF review"
Which again makes sense sine it appears all Gibraltar has to offer is Financial services.
Right - all of the Mediterranean countries including Italy, Spain, and France have refugee flow challenges from the South to deal with - it does not mean anything. Of course people from the poorer South are going to try to migrate north. I did not understand from the start in what way this was supposed to be a negative.
Bank J Safra (Gibraltar) Limited
Bondpartners International (Gibraltar) Limited
Credit Suisse (Gibraltar) Limited
EFG Bank (Gibraltar) Limited
Investor Services (Gibraltar) Limited
Investors Europe Limited
Jyske Bank (Gibraltar) Limited
Lloyds TSB Bank (Gibraltar) Limited
Logistable Limited
Lombard Odier Darier Hentsch Private Bank Limited
ProSpreads Limited
Quay Financials (Gibraltar) Limited
SG Hambros Bank (Gibraltar) Limited
The Royal Bank of Scotland (Gibraltar) Limited
The Royal Bank of Scotland International Limited
Turicum Private Bank Limited
1.) There are political instabilities or issues.
2.) Corruption is usual business.
3.) I do not know enough regarding the business there.
4.) There is no regulation authority other than from local business authorities.
5.) It would cost me an expensive flight ticket to get there to get my money back.
If any one of those criterias are met, I stay away. There are other choices where I can invest my money with less question marks rising.
Regarding those refugees I am with you. It was just to show that it is close to an northafrican border, but rhose refugees were not the core element of my decision.
What you do is of course not related to anything what I think or decide as it is your money and not mine.
I can’t grasp how the CFTC lunacy overshadows a major limitation of US trading. That being that Americans are in the wrong time zone for many currency pairs. To trade the cable, for example, it behooves one to be living in the time zone of concern which includes Europe and Moscow. Trading in the US is analogous to being lobotomized and amputated, unless one moves offshore and nightowls in a city that never sleeps like New York. The CFTC rulings along with ban on precious metal trading and currency-flight taxes is just acknowledging that the best days are behind the USA, as currently realized. The politicians who now win US elections there are those who deliver their constituency {liberals, teabaggers} to their campaign contributors {banksters, oligarchs}, just as in most third-world backwaters. I would think it more prudent for the middle class to read the writing on the wall and foment protests like Greeks (which won’t happen) or relocate. Americans could also acknowledge their leaders have acquired odious debt, of which they are not in turn obligated to repay. But Americans en masse invariably lean towards myopia and corpofascist propaganda so that is a pipe dream. In short I think everyone reading this thread knows subconsciously that the CFTC snafu is simply the tip of a continental iceburg miring citizens in debt, contracts, and fascist laws bent upon squashing any real freedom from those serving the elite. At some point self-preservation has to kick in, as is did in the American Revolution fought over the Currency Act.
I can’t mention the American Revolution without revealing the lies and mindless delusion in which Americans subsist. Americans have been lied to and brainwashed to say the American Revolution was fought over tea! No, the war was about the Currency Act. There’s even an idiot collective which bought the lie wholesale, calling themselves the Tea Party. They may as well have [B]IDIOT[/B] tattooed on their forehead. A link for those interested BANKERS GONE WILD - HOW THE US GOVERNMENT HELPED WALL STREET GANG-RAPE AMERICA’S MIDDLE CLASS | WHAT REALLY HAPPENED
No clue about the hubris over African immigrants. I doubt the CFTC or the FOREX market cares. :28: So I would ask people in this thread to think long and hard about their increasingly toxic environment, and whether they should perhaps instead learn a language and get out of Dodge. Many nations have little inclination to care how you make money or how much you make, unlike the USA.
