why wouldn’t it work, your place of birth stay the same on all passports it doesn’t say you are a current citizen of your place of birth.
if i gave up my U.S. citizenship it doesn’t change my place of birth on my new passport
I can’t see where to do that on my app. That was quick in rolling it out. No messing around there at all!
Without renouncing the more diligent regulated brokers (EU/AUS) might require proof of local employment as a US Expat…but getting back onboard with the lower KYC brokers we currently have access to would likely be no problem.
i never plan on signing up with a heavy regulated broker, if brokers on our list is force to dump their u.s. clients i will have no problem signing up with them with my 2nd passport
I don’t have a second passport, but if foreign residency will suffice for some brokers (and it does), then another passport should be useful for some others.
As I mentioned in a previous post, many brokers will stop when they know you are a US taxpayer. Second passport or residency doesn’t matter to them.
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This doesn’t sound good:
However, celebrations were somewhat stifled by small print that revealed PayPal wouldn’t let users transfer their cryptocurrency into or out of PayPal—nor would users have control of the private keys, a long string of numbers and letters that allow holders to move their digital assets.
From PayPal Just Gave 346 Million People A New Way To Buy Bitcoin—But There’s A Nasty Catch
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from my understanding even if you renounce your citizenship your new country passport will still state your place of birth, so you don’t think i can open a broker account not being a u.s. citizen and because my new passport has my place of birth as the USA
Yeah it kinda deflates the excitement over the announcement.
Supposedly in the announcement, they are working on it for payment methods. Ultimately users still need to have full control tho, sending and receiving.
If and when it does give that ability then that is huge, but who knows in this overbearing regulatory environment.
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I’m not an expert but I’ve been working my way through the process for a couple of years now.
What I know so far:
- The test for some brokers is your country of residence.
- The test for other brokers is your tax domicile (If you have a US passport, you are a US taxpayer)
I can’t speak to the possibility of a broker rejecting you because of your nation of birth. If you have renounced your US citizenship, then you are not a US taxpayer and no longer subject to US domiciled tax treatment. However, the CFTC, NFA, US Treasury have made US citizens radioactive. Brokers may have a policy that it’s just easier to avoid potential problems with their banking and LP relationships and reject any persons or entities with US ties.
I haven’t figured out what the metric is for different brokers to accept/reject traders based on residency or tax domicile. The best thing you can do is send an email and ask. I was able to add two brokers not on Clint’s list to my system by having residency outside the US and it’s a good bet there are more of them.
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Not only that, but their rates are high. Even if I could work with BTC through them, I wouldn’t.
|1.00 – 24.99 USD |0.50 USD|
|25.00 – 100.00 USD |2.30%|
|100.01 – 200.00 USD |2.00%|
|200.01 – 1000.00 USD |1.80%|
|1000.01 USD |1.50%|
You’re paying the same rates above 1k as Coinbase, and don’t forget the spread, which will probably be pretty large.
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I know a guy in south america that is able to use his full time residency and tax presence to use foreign brokers. He said you need to prove you are physically president for the purpose of foreign earned income deductions i.e, it proves you qualify for the deduction and aren’t a resident of the united states. He said the crypto FTX exchange does this and has a correct interpretation of Dodd Frank, but the others don’t. So you would need to own real estate or sign a lease and get a tax number and bank and address and utility with long term residency abroad.
It’s good to know, but I’m really hoping that crypto derivatives take off onshore in the states and finally get approved properly in a sane manner. But the CME FX future on yen, aussie, etc are better than OANDA. OANDA is bad on every metric. Futures have far better fees.
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The “Notorious HyperScalper” has been quiet lately, but I should be clear
about what I’ve decided. I’ve strongly hinted earlier that the CFTC and NFA
have won the battle to drive Forex from the U.S. and to penalize any foreign
entities who deal with U.S. persons.
So, I’m going with the winners in this battle; and cutting my losses in Forex
in favor of U.S. Futures trading, specifically the volatile and lucrative Nasdaq
futures contracts, NQ and the micro contract MNQ.
Why? Well, one major reason is that the action in Forex tends to be during
the London session; and a U.S. timezone makes it very difficult to participate
in the action. U.S. Futures, by contrast, trade vigorously (dangerously?)
during my waking hours.
I’ve said before that a business can’t be built on the uncertainty of those
offshore brokers who are (temporarily?) willing to work with U.S. persons,
with the constant threat that such willingness could easily be revoked for
business or other reasons, by those brokers.
Money transfer restrictions on offshore repatriation of funds, is another
serious challenge so often discussed in this thread.
For those, and other reasons, “I’m Out” of the Forex business entirely.
So, after 4+ months of struggling with coding up a new software
infrastructure, hosted by NinjaTrader 8 the best of my decades of
research has been poured into this new effort; and things couldn’t
be better…
I’d like to think I’m a fighter; but there comes a time to throw in the
proverbial “towel” and that’s what I’ve finally done. But, it’s quite
true that “When one door closes, another opens” and that’s where
I’m building my business, and have discontinued all of my foreign
servers in favor of interaction with CME futures.
I’d like to “go quietly” and I’m not saying others should follow my
lead, because that’s an individual decision for each trader.
Originally many years ago, I started in Futures. I provided
software, and found that nearly all of my clients were underfunded
due to the e-Mini contract sizes. So I switched to Forex where
Risk levels could be made as low as 1% of the minimum Risk
levels of futures.
Then in the past 2 years Futures introduced the Micro contracts,
which are 1/10th the value of the e-Mini contracts. This allows for
Cost Basis averaging over 10 micro contracts; being roughly the
equivalent of a single mini contract. This allows for under-funded
traders to play the game in futures; and so I resurrected my old
Futures code, heavily modified it; and interfaced again to futures
through NinjaTrader 8 platform and lots of heavy and fast coding
in C# which is a “ripoff” of Java, and so my Java skills are fully
transferrable to C#, making it easier.
Also, I should mention that there is a modified “prop trading”
firm called LeeLoo which provides an interesting path for unfunded
traders to get a leg up, and rapidly ramp up profits. I’ve decided
to use this path, but let me be clear that to Win in futures, just
as in any other area, on a day trading or scalping basis, that
extremely high technology is required to give you an edge.
A transition is brutal; so you’re advised to stay with “the Devil
you know” rather than switching desperately to something else
without a really solid Plan. You’ve been warned 
'Nuff said.
hyperscalper
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That has been my position as well. Im really only trading Nasdaq and Dow CFD’s on FTMO and mini contracts on AMP futures. Close out at the end of the day and sleep easy.
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I started with the ATAS platform, using AMP futures. Furiously coding, and “guessing”
a lot about how things worked in the code. But when I found ATAS could not reliably
hold onto the Rithmic feed; I was forced to ditch it.
Fortunately, I had a non-technical friend who was a NinjaTrader fan. He was not
able to communicate to me how powerful NinjaTrader could be, since he was not
a developer. As luck would have it; the ATAS platform (a Russian company) used
C# and had a structure influenced by NinjaTrader; and so once I “dug into” the
guts of NinjaTrader I understood I could migrate everything over there in a couple
of weeks.
The ATAS platform is woefully under-supported; but NinjaTrader is ridiculously
overly supported which is absolutely great for advanced developers; even though
they cannot support everything, they always go the extra mile to point you in the
right direction.
Unfortunately, NinjaTrader protects its proprietary technology, and AMP was
unable to switch me to that platform, so I had to leave them. In the end, I can
say that NinjaTrader 8 is a “dream” for powerful, unlimited multi-threaded and
unrestricted coding. However, they can’t support everything, of course.
I am able to do local socket comms between Ninja and Java code, able to
use extremely high performance execution queues, unlimited multi-threading
and all of that with the confidence that their Technical Support is always
there, never trying to stop even the most extreme of AddOn and custom
code.
For example, I can initiate a Market order from a New York dedicated
server, into the MNQ contract (micro Nasdaq) and receive Fill confirmation
in 70 milliseconds. If I were hosted in the Chicago area, that would
drop by maybe 20 milliseconds or so… This uses Rithmic routing.
As another example, I handle peak data rates on “the Book” or “Depth
of Market” from the Rithmic feed approaching 1000 events per second;
and an able to “see” the Depth of Market as far out as 80 ticks up
and down from the current market. It’s incredible, but what to do with
all that data, to predict price movement? …that’s the trick…
No more “off topic” stuff from me!
hyperscalper
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Isn’t she from The 5th Element?
All I trade are S&P, Nasdaq, Dow and BTCUSD. If you know what you are doing, 1 trade with any of them can be as much as a whole week’s worth of most Forex pairs
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Hey man that is great and more or less what I’m doing, but I have a number of questions. Can you elaborate on this LeeLo thing just out of curiosity?
But more importantly I have been intimidated by NinjaTrader because of poor customer service reputation. I am a bit different than all of you here in that I built everything inside tradingview so I only use things like metatrader and NT for order routing. Tradingview is specifically for signal generation, it could never compete with order routing software.
But that being said the hurdle for me with NinjaTrader is that I would need to use the “Order Instruction File” feature which is a noob thing, but a great way for new people to get into NT. If you think it is possible to integrate webhooks into C# in NT, I’d love to hear as well. But I’ve seen numerous complaints to NT about the Order Instruction File feature not working.
I’'m not primarily a coder, but I’m trying to learn python and get my associate to work with Python. I actually got a quote from CQG Platform that they will facilitate their API for 8 to 16 k a year for order routing, which works with Python, which I prefer.
And for the record I’m using metatrader with Amp. But it isn’t ideal. But it should work in the beginning. I already have third party things to route orders to Metatrader.
I would agree micro indices contracts are the way to go with futures, or perhaps gold.
But indeed the learning curve to Futures has been brutaaaaaal because there are no resources or forums for it! The software challenge is by far the worst part. Support and help is nonexistent.
No more “off topic” stuff from me!
I would beg to differ. I actually came here to doomer post about Banking Secrecy Act.
Seriously guys I think the Kabash is coming down and the BSA is about to end all this crypto offshore stuff. They are extending the travel rule and Fincen rules to Crypto and transactions over 250 dollars. It’s insane. They prosecuted Helix, They have the ability to prosecute any developer in the world now.,
I would strongly urge us all to start a new thread that focuses on this coding and platform and technology related things concerning american futures because the support is much less well established online compared to forex. There’s no equivelent of Baby Pips for futures online, it is hyper noob unfriendly.
I’m well into my way of transitioning to domestic futures. Hoping to do CQG eventually, but want to do NT.
Why did Amp not support NT? Because I am certain Amp is a supported broker for the NT platform I could have sworn, I am almost sure it is listed on the AMP site. Maybe it is the particularisms of your C# code, but could different implementation on NT support Amp? Amp has really good margins.
Tradestation is adbominable.
No Ninjatrader used to be just software then they begin bought out a broker and began making their money from offering stocks, futures and options. They then got rid of other brokers but if you had a license before then [I had license from amp] then you were grandfathered. Same thing happened with tradestation.