Going offshore to escape the CFTC

Any of you here can easily qualify for residency in Mexico (or other countries) and still reside in the U.S. The process takes about two months after they approve your application in the U.S. (You apply near your hometown but complete the process in Mexico.)

When you receive your residency card, (similar to a green card in the US) more, but not all brokers will accept you. I’ve added two new brokers because I am a Mexican resident. One of them has moved into the top equity position on my system because of phenomenal spreads and execution. I routinely trade majors at 0-1 pip, XAU between 10 and 13 ticks and US30 under 1 point. Other symbols are comparable or better than the brokers all of us know here. Guys- the scalping with this broker would bring tears to your eyes. It has been well worth the time and effort to qualify to trade with these conditions.

Still, brokers remain that restrict US citizens ‘for tax purposes’ which means “We don’t want to do the paperwork to have American citizen clients.” Residency status doesn’t matter. The keys here are citizenship and residency.

The next level up, is to hold residency long enough to qualify for citizenship and a second passport. In my case, that’s five years. I have three more to go and will likely apply for citizenship. A few more brokers will allow me to trade with a non-US passport at this level but others will see my country of birth, and I am once again, kryptonite.

The third level would be to ultimately renounce U.S. citizenship. That is the only path I’m aware of to remove all of the taint. The Treasury Dept. can make life very difficult for brokers and their banks if they choose to do so. I’ve spoken with brokers that could technically accept me based on residency status but decide to limit any U.S. citizen clients as ‘potential future risk’.

I have accomplished my near term goal of having more broker options. I don’t think it will ever be necessary to renounce my citizenship (I don’t want to) but if things go off the rails in the future, I will have that option.

In the meantime, I’m always looking for new brokers with better conditions that will accept me as a U.S. citizen regardless of residency. I posted a link to Solid ECN recently but have not traded with them. Anyone here give them a look or trade with them yet?

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Do you mind sharing which broker you mentioned in this post that gives the phenomenal spreads across all the instruments?

As for Solid ECN, I haven’t looked through them thoroughly but here are my preliminary notes:

  • MT5 only
  • Crypto funding only
  • Created 1:500 ECN demo
  • Spreads are TIGHT on everything. 0.1-2 pips across all 28 currency pairs, 10 cents for gold, 1-1.5 points on NAS100 and US30 (subject to change depending on market conditions)
  • Min and max trading sizes: 1-50 lots for indices, 0.1-50 for oil, 0.01-100 for gold and currencies. Haven’t looked at their stocks but they seem to have all the major NYSE-listed ones.

Can’t speak to their reliability and ease of deposits/withdrawals, but the reviews on Forex Peace Army are consistently positive.

Let me know if this helps! :slight_smile:

solid ecn is interesting , really good spreads with 3$/lot commissions , 1000x leverage(edit:leverage depends on your balance, higher balance lower leverage) and supports trc20 usdt. only minor downside is mt5 only.

but on their FPA page there is a review from a turkey client , he says he made a mistake in lot size and blown his account and solid ecn refunded his initial deposit! how is that even possible?! if they send the orders to the market then that means they paid him for his mistake from their own pocket?!

Tron payments is cool. Not sure many use that. Good commission too. What are spreads like?

111-04-05-22-May-Wednesday

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<1 pip in most cases then. Not bad for lower end commission.

Client mistakes will never result in a broker refunding a client, sound fishy to me

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Yep, that picture matches what I saw just the other day and four months ago. Good to see the super-tight spreads stay consistent!

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yeah it really nice , however that review is fishy as paul said. maybe try them in future with small money to see how they process the withdrawal…

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Over the years, I’ve noticed big differences between brokers. One of the reasons I like FXChoice so much, even though they no longer accept US clients and their spreads are not the best, is I am profitable there. Same exact strategy on some other brokers is not profitable.
Planning on giving ProsperityFX a try soon also, since so many people here are happy with them… Most important metrics in evaluating a good broker are ability to withdraw money and make a profit …

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You will be happy with this broker. I have never had a problem with them., As you know, FX Choice was one of my favorites until they stopped accepting U.S. citizens, but they were also great to me.

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What type of fees are you paying with withdrawals? I have noticed my last few from TradersWay (USDC) and LQDFX (Tether) have been ridiculously higher than normal. I mean 20% profit on an account turns into 17-18% when they hit you with 10-15% on the withdrawal. I don’t believe it is on the broker end, I believe it is coinbase pro.

Coinbase never charges me a fee when I withdraw from Myforexfunds with USDC.

Yes, I do not have any fees with the props either. It is not the actual withdrawal from coinbase to bank. I am speaking of, it is from broker to coinbase. Not sure if the props eat the fees. With my offshore brokers, it appears as if they are sending my actual withdrawal amount, but I always get less and as stated, increasingly less as of late.

You guys should check this out

Turning $0 into $300,000 With Flashloans

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Although I love LQDFX, I believe they had hidden fees on deposits and withdrawals with crypto; if you deposited $300 or withdrawn $300, you would receive 283 or something like that.

I received this email from Eagelfx and several other brokers also sent me similar emails

Dear Traders,
We are contacting you to inform you that LUNAUSD cryptocurrency pair will henceforth be unavailable to trade on EagleFX. The decision to remove the asset has been taken by our liquidity providers in response to the unprecedented activity and price action seen recently for the Terra protocol.

Due to the high risks associated with trading the currency, we feel it is in our client’s best interest to remove the listing all together. As with all investing, there are associated risks and we would like to take this opportunity to remind you of the [Terms and Conditions

Also got this notification from youtube

How This Man Just Caused a $45 BILLION Crash [Terra Luna]

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ProsperityFX is one of my main broker to trade Nas100, and I’m happy with everything. Gl. :v::green_heart: and also I’m looking for a second broker, I don’t know which one to choose, turnkeyfx or coinexx. 🤷

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