Yes, txs for your advice. To tell the truth such way has also a lot problems,to my mind
No, not really. Iâve registered a company over the Internet myself and opened an overseas bank account for it. I didnât need to travel overseas for it myself, all was done online. Thereâs no double taxation either.
Really? Sorry for my ignorance, but tell me how much cost company registration? Or is it free of charge?
Wouldnât it be easier to just open up an overseas mail forwarding service?
No, because brokers require a government-issued ID of the account holder.
Last fall, we noted that [B]City Credit Capital (UK)[/B] was sued in a CFTC âsweepâ (along with 10 other offshore brokers) for operating âillegallyâ as an unregistered RFED. We added a note to the listing for City Credit Capital in our Offshore Broker List, citing the CFTC Press Release detailing the âsweepâ, and we added a caution to âexercise extreme due diligenceâ.
The case against City Credit Capital has been settled (in the CFTCâs favor, of course), with a Federal District Court issuing a $140,000 judgement against them. Presumably, this now settles the CFTCâs vendetta against this particular broker.
We will review City Credit Capital again, to determine whether they will remain in Group 1 of our List.
Hereâs a copy-and-paste from the small print at the bottom of the latest Press Release:
[B]âThe CFTC appreciates the assistance of the United Kingdom Financial Services Authority (FSA).â[/B]
(I [B]bolded[/B] that sentence for emphasis.)
I wonder when the FSA (and the other legitimate foreign regulatory agencies) are going to man-up, and tell the CFTC:
[B]You are not the World Forex Police, so piss off.[/B]
And, lest we forget, [B]there is no law restricting the right of an individual forex trader to establish a client relationship with any broker, anywhere in the world.[/B] The CFTC would be delighted if you could be fooled into thinking otherwise, but their own statement implies your right to deal with the offshore broker of your choice:
"CFTC customer protection information for retail forex customers
"The CFTC strongly urges the public to check whether a company is registered before investing funds. [B]If a company is not registered, an investor should be wary of providing funds to that company.[/B] A companyâs registration status can be found on the National Futures Associationâs website at http://www.nfa.futures.org/basicnet."
Fair enough, CFTC. You have cautioned us to be âwaryâ, and we appreciate your motherly concern. Now, before you overstep your bounds, butt out. Leave us alone. And leave the offshore brokers alone.
Right and some of them also require a utility bill matching overseas address and ID.
Iâm hearing some arenât so strict and simply having the overseas address may work.
City Credit Capital (UK) will be removed from Group 1 of our List.
Thatâs your CFTC â and their bed-partner, the FSA â in action, folks.
The CFTC says, âJumpâ, and the FSA says, âHow high, sir?â
Also that one of UWCFX.comâs âpartnersâ (and the only one that looks like a liquidity provider) is Hellenic Bank.
Mayzus⌠uncommon name. Real? Somewhat foreign to Russia? Sounds Hungarian to me, could be wrong.
[edited to add: OK, got what was knocking on the back door of my otherwise-occupied mind: -> Majus, Magus, thatâs the etymological variant; âMai Zeus,â big guy! 
I feel better now. 
Back to the charts. ]
If you have an offshore company, corporate documents showing the office address should be enough even if it is a virtual one.
Japan too if you notice.
I should hope so; imagine the creatures at the head of banks and brokerages who, if we knew them, weâd cross a four-lane highway to avoid passing near. Yet they want all our personal and financial details in order to allow us to send them our money! whilst hiding themselves. If there were a âKnow Your Dealerâ rule, wouldnât things be so much different? [grin]
Odd, that. What do you suppose is the rationale behind it? Mind you I feel cleaner already, lumped in with them.
Iâm going to update the List again today.
Since the last update was only one week ago, I will retain all the red ink currently on the List, and just add some more.
Todayâs update will include:
⢠Remove from Group 1:
City Credit Capital (UK)
⢠Add data and notes in Group 1:
FXCoice (Belize), RealTrade (BVI), XoomForex (Cyprus), ForexMetal (Panama), and Pax Forex (BVI)
⢠Add to Group 2:
City Credit Capital (UK), FXCC (Cyprus), and IronFX (Cyprus)
Any recommendations to start an inexpensive/low maintenance overseas business?
Canada or UK would work for me. Already found virtual office $15/USD mo.
I am new to this site and find the information very helpful. Where and how do I access âthe listâ
I am an Off shore trader trading my own capital. The accounts is a larger account $ in excess of $500,000 I can use clearing firms from the list # 3 but seek better margins than 50 to one. I am looking for clearing firm that has an ECN, MT4 and better margins on larger accounts and is not affiliated with CFTC.
Iâll take your word for it that you are an experienced trader with a large account. But, judging by your terminology, I donât think you know much about the forex market.
First of all, there are no âclearing firmsâ in forex. There are [B]brokers,[/B] many of whom are retail market-makers, and there are [B]large banks,[/B] which serve as liquidity-providers to those brokers.
Second, 50:1 does not describe âmarginâ; rather, it describes [B]leverage.[/B] However, margin and leverage are inversely related. So perhaps, your careless terminology does not imply any misunderstanding on your part.
And finally, brokers are not âaffiliatedâ with the CFTC. All [B]U.S. brokers[/B] are regulated by the CFTC (a government agency), and by the NFA (an industry self-regulatory organization). This thread is not about U.S. brokers. This thread is about foreign brokers, which we refer to as âoffshore brokersâ. These foreign brokers are not regulated by the CFTC. However, in many cases, the regulatory agencies in their countries have entered into cooperative agreements (called Memoranda of Understanding) with the CFTC, in effect giving the CFTC the power to intervene in the regulation of those foreign brokers, [B]where U.S.-resident clients are concerned.[/B] None of this affects you, if, as you say, you are âan offshore traderâ. Even if you are a U.S. citizen, your official residence abroad means that [B]CFTC rules regarding U.S. residents[/B] do not apply to you. And, even if your foreign broker is the target of a CFTC action for dealing with U.S. residents, that action does not affect you.
Apparently, you are looking for a retail forex broker, who transacts client trades directly through an ECN, offering high leverage for large accounts, in any country except the United States. There are literally hundreds of brokers out there for you to choose from. Our List does not address your needs. You should look beyond the limited universe of brokers discussed in this thread.
The first 3 posts in this thread. However, as I said above, our List does not address your needs.
Thanks for the response. I apologize for the sloppy terminology. I will continue to follow the forum. The leverage imposed by the CFTC on US clients appears to be commonplace in the foreign broker community. I am not looking to over leverage but 50 to 1 is inefficient for my strategy.
It may surprise you to know that Liquidity Providers also ask for deep personal information about a companyâs Directors in order to make business with a broker. In turn, the directors are tasked with due diligence procedures of their own in order to fully check out an LP to ensure they donât do something to bring the broker into disrepute.
Basically, in business everybody wants to know everything about everybody else! 
Having a natural multi-tasking neurology, have been casually looking into Sergey Mayzus and his public trails/tracks. What an engaging raconteur he is! Exhibit A:
Sergey Mayzus - Personal Thread. HOW-TO - Page 11 - CariGold Forum
FX Open feature prominently! I love a Russian with the gift of the gab!
Here I should substantiate relevance to this thread: All traders considering âoffshoreâ without âgoing offshoreâ might profit from the experience of reading this material. Once youâve digested it all, you may conclude something an old mentor once told me (repeatedly): âA broker is an a@@hole.â
Yes, the mentor was a broker.
Colourful quips aside, go read that entire thread - itâs a tasty one.