$7k is currently my total bankroll for trading at the moment so I guess you could say it’s a lot for me. That’s why I was curious as to if I should split it between brokers or just fine having the $7k with one broker
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Something I am currently working on (since you guys are on the subject) is the offshore company (IBC) route but quickly learning its also no walk in the park in comparison to what you mentioned with the residency option. It is becoming increasingly difficult regardless of either of these options for a regulated broker to onboard anyone that is a US resident but yes there still are a few regulated brokers that will so its an option for anyone willing to go the route and willing to do the research it does take some time
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-One reason is having more options, yes. Another reason is to reduce and/or eliminate tax liability (especially via citizenship and renunciation).
-Only you can answer that question.
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-Most brokers have basic KYC; e.g. proof of address and some form of I.D. such as a driver’s license. This can be obtained fairly easily in most countries if you are willing to take an ‘extended’ vacation. Some places have options that you can simply throw money at and get what you need.
You can reach out to your preferred broker directly and ask them. Many will tell you that as long as you can satisfy the KYC requirements for the country that you are ‘residing in’, then you’re good. Just do not say anything about residing in the US. You may have to choose a broker that allows crypto transfers unless you can get a bank account set up in the foreign country, but then there may be additional tax implications with that.
Things are getting harder, though, and I expect this trend to continue because of government intervention.
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For example, you can get a driver’s license in Mexico with a tourist “visa”, but you also need proof of residency, such as a bank statement, but you would need the latter anyway to open the account with the broker.
OTOH Lirunex (unlike other brokers who have cut off U.S.traders) did give advance notice. And they said they will allow U.S. traders who already have accounts to continue to trade with them. There is still more than a week left before July 1, when the new restriction takes effect.
So many people here have said they were looking for a broker who still offered (U.S. customers) MT4/MT5, while others are doing prop trading, that I thought there might have been a little positive interest in Lirunex, which offers both.
Since my account is so new, I don’t have a lot of experience to report, but I can say that I sent one deposit in USDC and another in USDT, and in both cases the entire amount was credited to my account.
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The July 1st deadline at Lirunex is not accurate. I tried to sign up two days ago and was rejected due to their regulation on US clients. I confirmed it is effective immediately, not July 1st.
I was hoping to get setup before it took effect.
Direct comment from their support when I asked about my rejected status:
“Kindly be informed we currently are not carrying support for new clients from the US due to our regional restriction policy. We sincerely apologize for the inconvenience.”
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Copyrack is Copy trading system, and I can trade myself there as well. And yeah I do not have any issues so far. But I have started using them recently, so I am being cautious for now, will grow the account gradually.
And now all of a sudden I was approved for an account…go figure.
Look like we have to stay away from them.
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Hi everyone,
I am looking for Aussie traders like me who are looking for a good broker (regulated or unregluated).
It is hard to know which one to trade without being scammed.
Can any Aussie trader post here for giving us the name of good broker(s)?
TIA
Hi everyone, hope you all are doing well,
I have a concern regarding to brokers that are regulated by multiple regulatories like CySEC, ASIC, FCA and more importantly Off Shore Regulatories.
so here is my questions, I would be more than happy if someone who has a deep insights could answer this about brokers and have worked with them for many years
basically top tier ( tier 1 ) regulatories like CySEC, FCA, ASIC and etc. has limited the leverage for 1:20 or like 1:30, Now I’m a scalper on a 1min / 2 min chart, and I risk 2% or 1% of my account ( I have an average of 20 points of stop loss on indices ) which requires a leverage of at least 1:50 in order to risk 2 or 1 percent of your account with a 15 or 20 points of stop loss on indices.
so let’s say you sign up with a broker like pepperstone, and it has different entities for different regulatories as you might have noticed.
and they say always register under a tier 1 regulatory so don’t run into issues with brokers.
I wanted to know what if I register with pepperstone but with their off shore entity which gives me more than 1:30 leverage, am I safe just because it’s " pepperstone " or no, no matter the broker, If I want to be safe I need to always register under one of the entities that are under CySEC, FCA, ASIC.???
see I live in turkey, but since I have many accounts in different brokers, I saw that I can actually manually transfer my account to the tier 1 regulatory entities. let’s say ( FCA ), although when I register, the default registration is they put me under the off shore regulatories.
is it safe to register with these well known brokers but under their off shore regulatory ???
it would be awesome if someone could explain about this matter.
Thanks
I just made an acc with Lirunex and uploaded my doc and it was approved
Good to hear that you and Ragtop50 were able to open accounts before the boom falls.
My experience so far with Lirunex has been mainly positive. Main frustration has been getting answers from Support to what I thought were straightforward questions. For example, I asked what the swap fees were for XAU/USD, because, unlike other brokers, they do not have a web page listing swap fees. The first reply I received was about spreads, which was not what I asked about. Maybe language issues are part of the problem—I don’t know. But I wrote back and asked again, and the next reply referred me to MT4. Thus was frustrating at first, because I didn’t know what she was talking about, but then I looked and found a place in MT4 where swap fees are displayed.
However, the system works very well. Deposits are processed within minutes. It is easy to create a new account.
The website shows several deposit options, some of which are not available to U.S. customers. I have used Swift Coin, which Cory (the guy who runs Trader’s Landing), also uses. He told me he has never been charged a fee depositing or withdrawing via Swift Coin. I had the same experience with deposits; have not tried withdrawing yet.
I’m subscribed to 2 copy strategies and 1 PAMM on Lirunex. Some are only available for customers for whom Cory is the IB. I like finding strategies on his website, because he has evaluated them and in most (all?) cases communicated with the trader, so I have the benefit of his take on the strategies and what he learns from the trader. He provides updates on all the strategies he is covering (around 20!) in a weekly video, and I can also subscribe to get written updates from his website.
I’m still also following signals on Signal Start, but there I really feel I’m on my own. No place to discuss different signals with other traders, and no way to communicate with the trader (e.g., ask questions), unless I happen to find the same signal covered on another site that does allow communication with the trader.
Any updates on Tradersway making a new platform available?
Looks like Tradersway and FxChoice, for US traders, are dead meat, thanks to those lovely regulators.
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So there are few regulated brokers that take IBCs and some do not, and insist on even the director being non-US. Can anyone share experiences around this, and how much is the cost of setting this up?
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You need an offshore service provider that can provide
Nominee directors and Nominee shareholders
Who will also provide you with a copy of the nominee’s passport and proof of their address.
Who can also protect you as the owner of the company with
Power of attorney for nominee director (with apostille)
Your company’s rights will be protected under a power of attorney. This will certify that you have full control of the company and the nominee director only represents you. All actions made by the nominee director will be taken under this contract until it ends. Then all rights will revert back to you and the nominee can no longer act on your behalf
Declaration of trust for nominee shareholder
If you appoint a nominee shareholder, you will need to protect your rights to your shares. Issuing a declaration of trust without any loopholes helps you to confirm your full ownership of your shares while the nominee represents you.
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