I would not suggest that they do. I simply mean that the regulatory compliance issues are getting ridiculous. Americans will continue to get pushed out more and more because of this nonsense.
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This has been Spotwareâs policy for several years. I had a ctrader account at I think Traderâs Way around 2014-15 and they had to kick me off the platform.
Iâve never understood how using trading software was/is regulated? Nobody ever explained why I was getting booted other than being American. Maybe @SmallPaul has it correct- Just avoiding scrutiny.
Itâs a shame. Ctrader is superior technology but I think theyâre starting to get traction with contributors writing EAâs and I know a guy whoâs porting some MT4 EAâs over.
Someone always trying to keep us with one arm tied behind our back.
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-That is interesting to know and not totally in line with FTMOâs statement. Then perhaps, it begs the question⌠why now? Easy for FTMO to say behind closed doors that their reasoning involves avoiding unwanted attention. However, from a traderâs perspective, one cannot rule out the possibility that they are dropping it because of other reasons:
- Operational costs (greedy)
- Loss of control (manipulation)
But, I am can be very cynical about these things.
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@_METHOS - I went digging to find this old email because I remember being really P.Oâd that Iâd spent some time preparing to use cTrader, and one day, I was no longer allowed to log in.
I learned that Spotware hosts the entire platform and the broker canât mod anything unlike MT4/5. I also saw the proof that this matters on better fills and more positive slippage using cTrader. I was just getting momentum with it when they crushed me.
I was told in a later email it was a âresidencyâ issue. Just one of many needless problems that came up during that time. It added motivation to pull it together and leave the US by 2018. That solved most of my problems except for the occasional broker that I canât use because I have a US passport. Residency outside the US doesnât solve everything but it helps a lot.
Itâs good to be cynical.
Note the chat about Tallinex- another senseless headache some people here will recall.
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-Exactly.
And even if the removal of CTrader only applies to US client base, it could still greatly benefit any broker/firm while giving them plausible deniability. Most brokers/firms do not offer CTrader for a reason, according to my understanding based on what traders like you have shared about it.
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Spotware tried to eek out a market share from Metatrader. Dodd Frank caused many to exit USA market. That POS legislation requires regular reporting to US regulators. That put off many non US operations, and why this very thread exists.
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Since weâre back on the subject of offshore brokers, can anybody explain why many of them are requiring KYC recently? Where is the pressure coming from?
Hello, merger of these two companies was a surprising news for me as well. But your post here caught my attention. I have quite a large account with Coinexx and have been taking regular withdrawals (recent was last week). Never had a problem. I am again raising a larger withdrawal today and will let you know how my experience is. It would be great if you keep us posted as well.
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The withdrawal hit my wallet about an hour ago. Iâve never had a problem with Turnkey in the past and I ordered the withdrawal through their website. However, all of the support messages came from Coinexx. Since your account was already with Coinexx, I hope to hear it is processed more promptly.
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Hey there, Thanks for the update⌠I got my withdrawal in like 22 hours, so no problem again. For me, Coinexx has always been steady so far. But of course we should be vigilant and keep each other informed about our experiences.
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Thatâs true! Then again theyâll always find ways to dodge the game - wonder whom such bodies intend to serve.
In times of war, when countries are trying to stop money flowing to certain countries that have been sanctioned, brokers/industries who donât offer KYC could be a constant target, as observed by MT4âs phone app issues.
Iâm just speculating, who knows?
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As a US citizen planning to move to an EU country (Portugal or France) and establish residency there, I understand that I canât open an account with the many brokers operating there, because of US citizenship However, looks as though my current US broker (OANDA) requires that the trader be a resident of the US, per this statement on their website: âTo apply, you must be over 18 years old, and a legal resident of the United States.â So, once Iâm resident overseas they wonât allow me to trade on this account? Iâll contact them after the weekend for clarification.
If true, thatâs a big Catch-22. Has anyone been in this situation? The only option would be to use one of the offshore brokers listed here?
Sad to say this but that has not worked for other Americans maybe it works for you, i heard the minute you show your residency card they ask you where are you a citizen, and when you say America they wonât let you open an account because u.s. citizens are ban from opening an account with other well known regulated brokers, maybe it works for you so keep us posted
Iâm pretty sure as a US citizen I canât open an account over there, which is why I want to find out whether at least I can keep using my US OANDA account. After the weekend, Iâll ask them whether in fact I can continue to use my US account once resident in another country. Or, try one of the trusted brokers listed here which might be better anyway.
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Ok i get it, I donât know how that work
-Why do you need to tell them anything? People travel and trade. US-based VPN/VPS is cheap. Youâre still going to have to pay US taxes, presumably, so I do not see the problem. Anyway, you are here; plenty of offshore brokers that will take your money. I am no expert, however.
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My sister was a US expat working in Lux 3-4 years ago. She was able to open a EU broker account. When she came back to the US she still had access to account until she decided to close it.
If a US citizen has residency + local bank account + local employment they may treat them differently. That being said, after ESMA regs their leverage limits are worse than the US now.
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Interesting read what ended up happening to 1broker.
https://1broker.com/
Looks like he had to pay the SEC âdisgorgementâ.
He had a great platform. Beyond the REST API and trading CFDs, I also appreciated the follow trading. I remember searching for the most successful traders and then seeing what they were doing. 90% of them were risking too much and blew up their accounts. Very few stayed at the top for long. Being able to watch the few consistent traders helped me improve. 1broker provided value to the trading community even beyond being a broker.
Interesting case docs. âCertain high net worth individualsâ can trade CFDs legally, but the rest of us common rabble apparently are not allowed. The rules make little sense.
As a taxpayer, I much prefer the FBI concentrate on bad hombres instead of an Austrian kid guilty of innovation. Better idea would have been to require a few controls like KYC and let 1broker continue operating. Maybe let SEC take notes on how a brokerage should be run.
All said, I am glad they didnât lock him up. Could have ended much worse. He is a free man and might end up creating something in the future. Innovation should be encouraged. Hoping to see 1broker version 2.0 in the future.
Also of note is that 1broker clients got their money back even after 1brokee was shut down. Sounds like he was running an honest business.
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Thanks for the information. Perhaps EU brokers will let me open an account with clear proof of residency. And, perhaps OANDA doesnât care if you trade abroad as long as youâre still a US citizen. Presumably they have digital nomad clients. They might have meant that citizens of other countries can open accounts in the US as long as theyâre legal residents of the US, not that US citizens canât trade from abroad. Iâll post back once I ask them.
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