-Unlikely to happen for unregulated entities. This was the result of regulators imposing restrictions on entities within their reach.
At the end of the day, anything is possible, which is why we mitigate our risks accordingly by way of diversification. However, the brokers/firms that elect to operate outside of heavily-regulated jurisdictions may still be subject to various restrictions, especially if local governments in those jurisdictions decide to change their policies/legislation etc…
FX CHOICE UPDATE
I asked FX Choice for an update. Their reply:
Please be advised that due to regulatory changes in the US, unfortunately we are no longer able to accept US customers. Because of this note that your profile will be deactivated soon. We apologize for the inconvenient and we thank you in advanced for your time and understanding.
I take this to mean that we should download statements and whatever other data we might need from our accounts for tax returns and other accounting needs ASAP.
SmallPaul, have you ever had to prove to your bank or to the IRS that you earned your trading profits, legitimately?
I was never bothered by the banks because they turned my records over to the IRS, and if the IRS thinks I’m doing something illegal, they contact the authorities. The IRS also has its criminal division I believe.
To stay Legit always Hire an accounting to handle your taxes, they ahould be able to set you up on how to go about different set ups.
Once your account reaches a certain amount and you begin withdrawing, sending ACH and wire transfers, you will be monitored
My brokers send my Bitcoins to my Wallet, either at Robinhood, Kraken or Coinbase, when they arrive, I convert them into USD, then I send a ACH or wire transfer to my bank account, my bank, all they know is that I received USD from a reputable company the companies I mentioned above, there is nothing illegal about these transactions, the only thing that would be illegal is if I did not pay taxes on that money, Depending on the amount but I am a business so I claim all my earnings.
If friends send you bitcoins you should be good.
-Are you being asked to provide proof? Would be interested to know more.
As for myself, no, I have not been asked to provide proof. Many years ago I got behind in my payments to the IRS for some money I owed them, so one day they just seized some money out of my checking account. They never did explain why and never did even acknowledge that they grabbed the money. So I have been wary of what the IRS can and may do concerning any sudden bank deposits over $10,000 and even smaller deposits of $2,000 or more according to my internet research.
After my bad experience in Coinexx, back in January, with high slippage even in 0.01 lots (which I reported here, they acknowledged as a LP problem and compensated), now I’ve experienced another weird thing in GBPUSD during weekend.
Close on Friday was 1.25940
Open on Sunday was 1.25101
This was a 84 pips.
It could happen but I can’t see any spike in my other brokers (Tradersway, LQDFX and Interactive Brokers) or in IQ feed, which is coming from FXCM.
I contacted support and they say that each broker has their own LPs (as we know).
I insisted that this didn’t sound a normal spike and they opened a ticket, which they are supposed to reply in 24 hours. Let’s see what they come up with.
What do you think ? Am I overreacting ? This was not a NZD thing which we know it’s prone to these things.
I don’t see anything similar in GBPUSD in the other brokers.
It’s not the loss that is bothering me, I have dozens of them every month. This trade itself would probably end up in a loss, anyway.
It’s the scope of the weekend slippage, which seems too high. I’m really losing faith in Coinexx and their LPs.
I am a member of a Discord for an EA, and there was definitely talk about this and was unique to Coinexx. It caused a SL hit. I am probably going to just move my Coinexx funds to Tradersway, been considering doing that anyway.
I see that they’ve got their winners and they’re getting paid in real money, what do you think?
Dear Valued Clients,
We are delighted to announce the winners of our Synthetic Indices demo competition! Your participation and exceptional trading skills have made this competition a resounding success, and we extend our heartfelt congratulations to all the winners.
Without further ado, here are the top performers based on the Equity standings:
COM_258101_3 - USD 1,325,108.80
COM_274366_2 - USD 399,196.05
COM_460926_3 - USD 119,787.45
COM_258076_1 - USD 100,395.32
COM_900527_1 - USD 98,019.03
We commend you for your outstanding achievements and remarkable trading prowess. Your dedication has earned you well-deserved recognition, and we are proud to have you as part of our trading community.
As promised, the following prizes will be awarded to the winners:
1st Place - USD 25,000
2nd Place - USD 10,000
3rd Place - USD 7,500
4th Place - USD 5,000
5th Place - USD 2,500
Winners, please expect the prize amounts to be credited to your live accounts within the next 24 hours. These funds will be fully withdrawable, allowing you to enjoy the rewards of your success. We will also contact each winner via email to provide further details about their prizes.
If you didn’t get the prize this time, don’t worry, you still have another chance in the next competition that will be held on April 1st. More information about registration will be sent out over the next couple of days.
A late reply, but thank you to everyone who contributed to answering my questions!
I had it confirmed by a professional recently(I’m a worrier, wanted a concrete answer from a known professional), and also spent some time going through the past 4-5 years of this thread - quite the read!
Some things I wanted to mention after reading the past ~8,400 posts…
Thank you all again for this incredible resource. I’m sure many traders have gained a lot of insight and knowledge through this thread. It certainly opened my eyes to some possibilities.
Thank you to whoever recommended trading Ethereum some time back… may have been a year or two ago… or more. I looked into it and it appears to be a possible fit for my own trading needs… though I need more time following it to be certain… it could just be recent events adding so much volatility to it. Is there a “best” broker/exchange to trade crypto with these days, possibly as a future contract or CFD if spot is unavailable, or has that avenue been more or less closed to US traders now?
Could it be possible that these central bank crypto currencies/digital currencies could help improve forex trading? Lower spreads, lower transaction costs, instant/near instant transfers to/from brokers? I can certainly see the risk of an extremely restrictive, invasive use of such currency, but I could also see it just being an evolution of the current forex market.
For those who switched to futures from forex, how difficult was it for you to adapt? Did you have to adjust your trading system/methods? What are your favorite futures to trade and why?
I recently had a recommendation to look into offshore legal entities. I think I read something about that in this thread as well some time back, but would be interested in hearing more current thoughts on the matter. I’m rather unknowledgeable about them, but would be quite interested to hear everyone’s thoughts on this subject.
It looks like the Metaquotes sweep of MT4/MT5 from US Clients continues, just got an email from Tradersway that they are having to pull Metatrader from US Clients in April. I was hoping the more solid unregulated brokers would not be affected, but it appears that will not be so.
No unregulated broker can really be “solid” - that would be a complete contradiction in terms, more or less by definition: if they were remotely solid, they wouldn’t have chosen to be unregulated, would they?! 
I too have a Tradersway account, too. Are you staying?
Is that still bothering you, let it go and move on
I use that term because you don’t see shady tactics like price manipulation or other sketchy stuff from them. They have a long track record and their reputation is miles above many of the other unregulated brokers. Before they stopped accepting US clients a few years back, they were considered a top choice, even on this list at the time I believe.
The bulk of my current activity is via a few EAs that only work on MT4/MT5, so for that activity I will have no other choice but to move those accounts elsewhere. Now that Forex.com has MT5, I may just go back there and wait this out until all of this settles. Metaquotes isn’t going to stop here, I am tired of moving my funds around.
Fortunately the developer for the EA is realizing that development for another platform, such as TradingView, is going to be necessary very soon.
Brokers who accept U.S. traders but are not regulated are in danger of Metaquotes betrayal, regardless of their agreement with Metaquotes
Trader’s Way has been around for over a decade and banned new US clients years ago… If they are being forced to drop US traders to save their license then no offshore broker offering MT4/5 is safe… It’s only a matter of time before Metaquotes gets around to all of them.
Here is the content of the email from Tradersway:
We have been notified about changes to MetaQuotes’ policies and have been asked to phase-out your trading activity on the MetaTrader 4 and MetaTrader 5 platforms, as you reside in the United States.
If you have open positions, they must be closed by Wednesday, 24 April, 2024 at the end of the trading day. Any remaining positions will be closed automatically at the prevailing market price at or around rollover – 00:00 server time on Thursday 25 April, 2024. Note that this corresponds with 5PM ET, 2PM PT in the US.
We are working on adding multiple new platforms to provide all of our clients with more choices and freedom to trade. As a thank you for your loyalty and support we will offer you 0 trading commissions on your account for the rest of 2024 once a new platform has been implemented, along with other bonuses that we will announce soon. This means you will pay only the spread, we cover the commission, and you keep more of your profits in your trading account.
We understand that this is unexpected. We are doing our best to ensure the smoothest possible transition for all clients so they can get back to trading.
Thank you for your understanding,
Trader’s Way Team
