There are trusted services that offer this, but most of them deal with multi millionaires and billionaires
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Concerning Hankotradesâs Act Trader, I donât like it either. It provides too much unnecessary information and lacks important, easy to use features MT4 has. As a last resort, though, Act Trader is better than nothing.
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I checked on this, because I may move abroad in the future, and I would like to know for myself. I asked IC Markets whether they would open an account for a U.S. citizen living in another country, such as Mexico. They said yes. From their answer:
Please be informed that we do accept clients registering from Mexico. You can register and verify your profile as long as the requested documents are provided, we will require an ID document (National ID card, passport or driving license) and a recent proof of residence (utility bill or bank statement) that shows your name and address.
This is only one broker, and I donât know whether they are a good broker, just that they seem to be well-established. Based on that response, I think you might be able to trade with more established non-U.S. brokers if you establish residency in another country, without necessarily giving up U.S. citizenship.
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They are talking about Mexican documents as a citizen of Mexico?
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No, they are not talking about someone who is an citizen of Mexico.
My query was this:
Your website states that you do not accept âUS clientsâ, but I am not sure what precisely that means. I understand that you did not accept people who are residents of the United States.
For the future (as I may move abroad), I am wondering: do you open accounts for individuals who are U.S. citizens but who are residents of another country, such as Mexico?
As a temporary or permanent resident of Mexico you can get a Mexican driverâs license. You also need a utility bill or bank statement as proof of residence. They are saying that with such documents they will open an account for a U.S. citizen who resides in Mexico.
My quick bit of research for this reply revealed that some Mexican states, such as Guanajuato (which happens to be a nice place to live), will issue a driverâs license to someone who has a tourist visa.
Just sharing my understanding of thingsâŚhoping it might be helpful. If you still think this is impossible, you might make a few queries yourself to brokers you might want to trade with.
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Let me update on another topicâŚmy experience with ForexChief. I have deposited and withdrawn Bitcoin. I have traded with them, copying a signal from Signal Start. I had a few problems getting some questions answered, meaning I had to ask more than once, but overall I am satisfied with the service. In all my experiences with non-U.S. brokers, it takes a while to learn the details of their procedures, and I also try to be extra patient thinking that the rep I am dealing with may not be a native speaker of English.
My interchanges so far have been with support staff, either via a ticket or on Telegram. As I already posted, live support (on Telegram and some other platforms) is available 24/7, which I really appreciate. Once I deposited funds, they assigned me a âpersonal managerâ, which is nice. However, I have not asked him any questions yet.
I needed to ask some questions about how to deposit and withdraw BTC (the procedures are a little different for deposit and withdrawal). Within minutes I got the questions answered over Telegram chat. I did not specifically time these transactions, but I would say they were processed within several hours, which I found accessible. No hassles at all for withdrawalâwhich I compare to my first attempt to withdraw from LMFX. I had already uploaded a bank statement as part of KYC, but when I wanted to withdraw some months later, they insisted that they needed a bank statement again, and I had to send it by unsecure email. I refused, and they finally made it possible to send them the statement by secure upload.
An example of an annoyance with ForexChiefâbut one that was quickly resolved: After trying a demo account, I sent funds and opened a live account. I could not get Signal Start to connect to the live account. Signal Start gave error messages telling me to give them the master account password, which was what I had done. After I while I thought perhaps the problem was with the broker, not Signal Start. When I opened a ticket, they replied that (until they received my ticket inquiry) they had not yet activated my account, but now they had activated it. Strange, since when I created the live account on their website, they sent an automated email: âCongratulations! You have successfully opened a Trading Account.â It had login credentials and gave no hint that the account was not yet activated. But now that it was activated, I was able to connect Signal Start and copy-trade.
In general, I am pleased with this broker.
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-For sure. Many options do require a lot of trust (and faith). I think, even if you can move to Mexico and get residency without renouncing (as one example), that is still a big and costly decision and it could all quickly be for naught should the broker decide that itâs not enough to shield them from regulatory predators etcâŚ
-I would say that it really depends. You can set something up through an attorneyâs office (local to that foreign country), and the prices may vary, depending on where it is and what you require etc⌠But you may still need to have some bit of trust with whomever you partner with, especially since they know the local laws (and how to work around them) and you probably donât.
Fortunately, with trading, there are ways to safeguard yourself with password keys and trade copiers etc⌠I am really no expert, though, so I can only speculate about it.
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-Yes. It would seem that ACT (or the use of) is allowing for some circumvention or flying under the radar, so to speak. It just isnât that popular. For those that wish to see its popularity rise, should expect that such lacking interest from regulators could quickly change.
-Great information to know. Thanks for sharing. As mentioned, such a move would be big and costly for most to consider, so one should keep in mind about the possibility that such brokers could change their mind at the drop of a hat, leaving you in a really tough spot, especially if you have a family with you.
I think, it would be best to have multiple backups for anyone that is considering going this route. Even better, by renouncing and obtaining second, third or more citizenships, you can position yourself in the best way, not only in terms of future stability, but tax elimination, banking and even obtaining other work if needed etc. without any worry that something may change.
If you have a family, some citizenship-by-investment programs allow for a spouse or children to be included, or at a significant discount.
-Merry Christmas, Clint, and to all of you and your families.
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Some brokers will require you to show a resident card from the country where you claim to be a resident, others will ask for a lease or utility bill with your name and address.
I prefer citizenship-by-investment over this route
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Theliquidtrader.com has taken over Prosperityfxâ prop trading accounts. I hadnât heard of them, but I thought I would share it for the guys who are into prop trading.
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Can someone please tell me briefly what prop trading is?
prop trading occurs when a trader trades financial instruments for a comapny, using the company money (instead of using their own money) to make a profit for itself.
Thank you.
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Those of you that donât know Coinexx mobile was off-line for over an hour this AM.
Again, I was forced to be away from my terminal and had to rely on mobile.
As usual when contacted their chat âspecialistsâ gave the over-used, canned response âwe are working on it and sorry for the inconvenienceââŚlike I was a shopper at a grocery store or something and not having a live position in profit which eventually turned hard over 20 pips.
Before you cry foul, I did make a profit, donât go there - the market was that strong, but that isnât the point.
Iâve seen this all too many times with these off-shore brokers and the incidences have one thing in commonâŚEASY MONEY. What I mean by that is where the market is trending so hard that even the dumb money can toss any amount of shitt and itâll stick.
They cut it at the perfect point in the market that anyone couldâve situated themselves and made a really good return for the day.
Believe me, if I know itâs happening they (offshore-broker) knows even better. Any fool couldâve entered their position at the NY open and ended up with over 60 pips at the current moment.
But convenient for Coinexx they dropped their feed at the perfect time with the most juice where you to position yourself for the dayâŚ
This was NOT an accident as Iâve seen it so many times.
After the dust settled I re-approached their chat support and I shitt you people notâŚthey acted like it never happened and didnât have a clue what I was talking about. From apologizing like I donât know what they were up to, to acting totally oblivious their mobile feed which I know most traders use over the desktop was up the whole time without issueâŚI asked them two other times on different following chats today for an explanation to which each time they acted like they didnât know what I was talking about. When it first happened they literally had a cut and pasted âsorry weâre having technical issuesâ in the chat box before it even startedâŚ
THIS IS WHERE THE DIFFERENCE LIES between a regulated and non-regulated off-shore broker. They easily get away with these types of tactics that most retail traders assume are honest and accept as âjust another technical issueâ.
Donât ever fall in love with any of these off-shore brokers. This is something I see here. You cannot keep them honest as they donât play by those rules. The only thing we have against them is social media and the community if they get too dirty.
Do not make excuses for these brokers. They are NOT your friends, they are your counter party. When I make a killing they lose a killingâŚIâd like to tell you guys more, but most all of retail traders that utilize off-shore shops will not notice nuances a intraday trader that can pull a respectable percentage every week armed with only a few thousand dollars and 300x leverage can.
I am still in shopping mode and am not committed to any of these brokers to park anything too meaningful (the number is less than most understand) and enough to give my confidence. Iâve seen and experienced too many things so far. One thing is definitely for sure is they are without a doubt my adversary. Things change when you start withdrawals at the end of every week on their dime and in such a lopsided ratio due to the generous leverage.
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I donât think people are in love with any of them. They simply have offerings that are more appealing then whatâs available in the states. Still have to sleep with one eye open, regardless if regulated or not.
Its been mentioned often of spreading out accounts with a various brokerâs to hedge whatever may happen with any individual broker.
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Regulated U.S. brokers have gotten away with it for years and continue to do so.
The regulators bust them from time to time, and people begin to believe that the regulators are keeping them in check
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Yes. Nobody here is delusional enough to believe that these brokers (regulated or not) have our best interests at heart. Similar to remote prop firms, we see them as opportunities to be milked, knowing full-well that they could be gone tomorrow. We mitigate our risk accordingly.
In the case of Coinexx, to be clear, their desktop platform was accessible, but not their mobile? Always better to speak with a supervisor or someone direct if you ever encounter a real problem, since support (in any industry) are usually low-level script-readers that do not have any real clue about solving meaningful problems. Keep records of everything, when possible.
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Also, I like to trade exactly the same setup on multiple brokers, compare results, and drop the brokers that do not perform.
Its hard to do that when there are only 1-3 brokers available.
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