Not the costs to form the company, that’s petty cash.
The brokers’ minimum requirements for deposits; they like large accounts from Americans using this ‘back door’.
O.
The minimal deposit requirements are usually the same for both individuals and corporate entities.
Nope.
I remember when I was searching for a broker I saw several brokers requiring a minimum deposit of a million dollars for this kind of CIs … if memory serves, one even asked for 10m.
In any case, founding and maintaining a corporation isnt’t worth it, if you don’t have a proper trading account (proper meaning 250k minimum).
Hehe, and everybody having that kind of money to invest in forex trading will know how to go about founding an OCI.
O.
Heck, I trade accounts as small as $1,000 that have been opened on my foreign company’s name.
If you don’t want to bother with setting up an overseas company, consider FinFX or MyFXChoice as your brokers. Both of them continue accepting individual US customers.
Bravehoststamps,
I am going to open a trading account with Fin FX. Trading Point gave me the boot just this week after telling me last week I could keep my account. That’s the plan anyways. Upon talking to them, customer service tells me that they have not heard anything from the CFTC and I hope they never do.
Also, will the broker require you to disclose who is behind the corporation? I.E. will they attempt to sniff out U.S. citizens? My guess would be that they won’t or can’t do this.
I don’t think they would ask you.
In any case, it’s a matter of minutes to get a list of the principal owners of any registered company or corporation, by contacting the body with whom it has been registered.
O.
HotForex is accepted US residents and easy to open new account, but they don’t have PayPal. So i’m waiting for them to upgrade funding by PayPal then i deposit.
HotForex has been on our List for some time.
We have a serious problem. ------- Edit: Problem solved. See post #1197.
Page 1 of the Offshore Broker List has been deleted, inadvertently. Here’s what happened:
Several forum members have suggested moving the entire 3-page List to the beginning of this thread, making the List appear as post #1, post #2, and post #3 of this thread.
I can’t do that. So, I asked the moderators/admins of the Babypips Forum to move the List for me. Apparently, they can’t do it either. But, in the process of trying, they have deleted page 1.
Page 1, for those of you who don’t know, is the first half of the list of offshore brokers who [B]will[/B] accept new U.S. customers. (Page 2 is the second half of that list, and page 3 is a list of brokers who [B]will not[/B] accept new U.S. customers.)
I have no idea what will be required to retrieve the lost page (if that’s even possible), or to reconstruct the page. I discovered this problem about 15 minutes ago, and I haven’t had time to consider our options. I will, of course, contact the moderators/admins, but they probably won’t even get my message until normal business hours tomorrow.
For what’s left of our List, see page 113 of this thread.
Stay tuned.
I have no idea how offshore brokers can accept US clients. We all know its illegal, right?
One thing is very interesting. What offshore brokers have that US brokers don’t have? Leverage? With a $1000 capital, who dares to trade with high leverage?
Low deposit? There is oanda with no minimum. And how can you feed yourself with a low deposit in forex when you live in USA?
What the U.S. government is doing is illegal. We are simply trying to exercise what little freedom we have. They are enforcing their laws in other countries through the use of “back door” agreements. This should not have even happened but the backwards U.S. administration in office willed it into action. As I have said before, if they truly wanted to protect us then they would shut down all of casinos in the United States but the last time I checked, you could place a bet at the black jack table where the odds were heavily stacked against you.
Clint, check out this link and you should find the list under the 2ND post by fxwizard: Is This the End of Forex Retail Trading? - ForexStreet.net
Now, the list is old and you may have to go from memory as to which brokers don’t accept U.S. clients: the ones that I know for certain do not: Trading Point, United World Capital, Tadawulfx, Dukascopy, UPFX
Thanks, liggy
I was digging around in the bowels of my computer, and I found a copy of the List which I made, and filed, back in September 2011. I believe it’s more current than the list posted at Forex Street. Also, it’s already formatted in the same way as the rest of the List.
Here’s what I’m thinking:
I will post that old version of page 1 here, at the end of this thread, and ask everyone to help me check and update the info it contains. ----- Edit: see post #1197 for an explanation.
When we have it up-to-date, then I propose posting the entire 3-page List [B]as the first 3 posts in a new thread[/B], to be titled Offshore Broker List, where we can continue our discussion of offshore brokers.
This thread (with the entire List deleted from it) will still be around, and we can link to it from the new thread for anyone who wants to refer to it.
What do you think?
That sounds good Clint.
It’s not illegal for a U.S Citizen to use the services of an off shore business. Ask Mitt Romney.
The various backdoor ‘Memos of Understanding’ are what’s spooking many brokers to not accept US Clients. The legality is something the home countries of these brokers to enforce. Their regulatory bodies are what set the rules. If they say we have an ‘Understand’ with the US CFTC that we have to honor…the broker has no choice of they lose their regulatory standing.
Now let REALLY look at this for a minute. The real reason for all of this is to further close tax haven loopholes that have been in place for decades. Using the guise of “Protecting the investor” is a load of crock. Where’s been all that ‘protection’ during the Mortgage sham!!! Also, FX trading is increasing becoming more automated. This means more and more people will profit and guess which markets don’t like that…the equities and
THEIR brokers. The trend is clear and thus the effort to stop the trend.
You’d think these folks would remember the rule about trends…ride them, don’t fight them…
I applaud the brokers that continue to allow US Customers.
Note: the post which originally appeared here has been deleted.
It is no longer necessary for us to reconstruct the missing page from the Offshore Broker List.
Ananais has retrieved the missing page, and she has restored it to its previous place as post #1124 on page 113.
We currently have two options:
(1) move the 3-page list from its present location to the end of this thread, a process which has to be repeated every couple of months, or
(2) start a new thread, and make the 3-page List the first 3 posts in that new thread
Ananais is still exploring the possibility of a 3rd option: getting the website developer to move the List to the beginning of this thread.
I will wait to hear from her again.
2/21 — Edit: Ananais has worked with the website developer, and the problem will be solved this week.
The 3-page Offshore Broker List will be moved to the beginning of this thread, where it will appear as Post #1, #2 and #3. The rest of the thread will follow, in its present order, after the List. Only the post numbers will change. You will still be able to edit your own posts in this thread, as before.
Oh my goodness. My apologies Clint! It’s now back. I’ll look into other options for you. I’m so sorry! It’s back now though.
The CFTC has the authority because it provides a service and that is to regulate brokers to operate ethically and transparently to prevent another Goldman Sachs fiasco that threatens the economy.
Going offshore allows brokers to escape US authority and operate unethically as many did and still do by allowing excessive slippage, stealing pips, running their own prices etc…
If we want to trade forex and keep our citizenship we must abide by the rules.
That gave me a nice laugh. 
You make it sound like the CFTC will revoke your US citizenship if you trade with an offshore broker, making you a stateless person.
O.