Basically no, the LLC benefit would have been if you had capital gains… you would only pay yourself just enough salary to cover the deductions and keep the rest in capital gains not subject to self employment tax.
If you’re in FL your highest capital gains tax rate on personal Forex would be around 29% (Fed only)… ordinary income would be around 38% (fed+self employment).
i thought c o i n e x x brought out finpro trading
https://www.finprotrading.com/
look like the same finprotrading
EDIT: yes they are back in business, i had no clue they was back
Yes, had a chat with them. Agent has no idea about merge with ■■■■■■■, says this company been around awhile, she’s been there 6 months. Can’t tell if it’s the same old finpro, if it is that’d be great, I had an awesome experience with them. Something tells me it is not the same though. How can it be? ■■■■■■■ definitely acquired them and their customer base, it is how I became a ■■■■■■■ customer.
everything is the same as the old finprotrading, everything also lines up with tunrkeyforex and coinex like it did before.
i think it’s a re-launch, to get to the finpro reviews page on FPA you have to go coinex review page.
https://www.forexpeacearmy.com/forex-reviews/12113/finprotrading.com-forex-broker
Well that’s good news. They were great back in the day.
There are other benefits to creating an LLC in lieu of DBA. Also, no offense to anyone here, but you really should consult with a tax professional regarding any business-tax decisions. There are other ways to reduce tax liability and/or defer it altogether. The key is to avoid, not evade, by working within the tax law, and you will be best-equipped to do that by hiring someone that knows what they are doing…in my opinion.
Agreed. Just trying to take advantage of the “legal” loopholes.
Good afternoon all! I am newer to Forex through unregulated brokers. I had a friend refer me to Prosperity4x and see that there’s a lot of conversation about that in here. I was curious how many people have tried it, like it, don’t like it, and why? My biggest fear is funds disappearing. My plan is to start off small but is this a safe place to put $1k-100k+ into or no? Thank you in advance!!!
Is ■■■■■■■ still getting flagged on here?
I guess so… WTH
great broker, love them. i done over 100 withdrawals with them- small and large perfect every time
I agree, Hands up for 
prosperityFx! It has the fastest withdrawal time. I used to withdraw $30/$40 a day in a matter of a couple of minutes to an hour. The only con is a little bit higher commission on fx pairs. I only traded eur/usd. I didn’t mind it.
My new strategy at Collective 2:
Swing trading indices futures.
Do you see any problems with them long term, say 3-5 years or do you think smaller brokers like this will go to the waste side? And if they were to ever close would they return funds? Sorry for all the newbie type questions!
Base on my research if this broker was to go out of business they will return your funds just like fxbrew did, they have a prime broker where they keep customer funds and will be on high alert if they see broker trying to withdraw from customer fund account.
btw they are my main broker so i hope they are around in 3-5yrs if not i have a few other brokers who uses the same service as prosperity
Never trade with more than you are willing to lose. Employ proper risk-mitigation methods such as capital segregation and good money management.
If you invest a percentage of your life savings into a single stock, your risk becomes much higher than it would if you invest that exact same money across 10, different stocks. Likewise, if you walk into a casino with the idea of gambling a portion of your weekly paycheck, your stress will be much higher than someone that is walking in there with play money that they received in a birthday card. Your perspective changes, which may also impact psychology and trading performance.
Very well said. I know I’ve posted this many times, but one of the biggest benefits of using offshore brokers is the leverage available. This allows you to have much less on deposit for margin to execute the same size trade with say 50:1, 20:1, etc. To trade 1 lot of GBPUSD with 500;1 requires $200 in margin, that same trade with a US broker offering 20:1 on GBPUSD requires $5000. Let’s say your stop is 30 pips, you are risking $300, but the 20:1 broker requires $5000. For simplicity, I’m not even factoring the exchange rate. Here is the best way to mitigate risk offshore, round numbers for simplicity:
You have 10K to trade with, let’s say you risk 1% per trade ($100). Keep 80% ($8K) in your own personal FDIC insured bank account and only deposit 2K with broker. Your risk per trade is still based on your trading capital (10K), but 80% is secure in your bank. Since everything offshore is moved through crypto, I’ve always kept 10% with coinbase as well, just in case (never happened) I needed to move funds quickly if margin was getting low.
As your trading capital grows, mitigate that 20% with the broker among several brokers, I was up to 5 at one time. So I had 70% of my trading capital in my bank, 10% at coinbase (also FDIC insured, by the way) and 20% spread among 5 brokers. So no one broker had more than 4% of my capital.
I have since moved to the prop firm route so only keep one offshore account now, but they still only hold 20% of my personal trading capital.
Simply put, use the leverage offered to your advantage by mitigating risk.
Good stuff Grandpipmaster.
I remember way back when you first gave same type of info on mitigating risk.
thanks to you, I have similar set-up.
I want to ask a question on having multiple brokers, have you been able to send crypto from one broker to another and bypassing coinbase or similar? I was thinking of trying to do this and save some fees while balancing my balances between 5 brokers
Thanks
I have never attempted, but I do not see any reason why it wouldn’t work. It’s just going from one address to another.
It is safer to always own one address in any transaction. I have sent small amounts of crypto between brokers several times. However, if something were to go wrong, it could be difficult to fix. Many brokers change addresses each transaction.