IF you need suggestion I`ll recommend Hotforex. I have live account with them from more then 1 year and I am happy with them.
Hot Forex is on Clintâs list of Brokers who will not be taking new clients from US/ Canada. Thanks though. Iâm leaning towards myfxchoice due to the tight spreadsâŚAny one with experience with them want to chime in?
Hi, Sonny
Welcome to this thread.
You might want to contact HotForex directly (live chat, or whatever), and inquire about acceptance of Canadian clients.
HotForex is on our List, because [B]they will not accept U.S. clients.[/B]
However, you are able to specify âCanadaâ on the webpage for opening a live HotForex account.
Check them out, before you pass up a possible opportunity.
You summarized what I recommended previously here and a few posts down from there. I do admire the thread though for its original intent. But the longer term strategy is âmulti-flag plantingâ where you are setup either with ID, residency or corporation in at least more than one country. And as you said, no need for the corp when you can do it yourself usually much cheaper and with greater transparency. Just the cost of getting a local ID, phone #, and address/utility, which isnât muchâŚaround $200-300 usd or less than that. Itâs not the documents that cost much, just getting the stuff that produces the documents (guesthouse or apt, utility bill, etc), and of course the airfare; use discount fares or reputable travel agents that do their own wholesale consolidation but still book manually offline. They actually work out to be cheaper that priceline, Expedia, etc. most of the time and can customize legs to a greater degree.
Thanks for your response Clint, I will definitely check with HotForex. This is a great thread and I appreciate all the time and effort youâve put in.
Youâre sure right about tight spreads at FXChoice, especially the stock indexes. Hereâs what Iâm seeing right now: US500 (.5pt) US30 (1pt) DE30 (1pt) CAC40 (1pt). And this is offered without swap or commission.
For the currencies, I was impressed recently with Profiforex. I opened a cent account to check them out, and hereâs a sampling of what Iâm seeing in MT4 (they fluctuate a bit):
EURUSD (.7pip) AUDUSD (1.1pip) USDCAD (1.2pip) NZDUSD (1.5pip) GBPUSD (1.5pip) USDJPY (.7pip)
EURGBP (1.1pip) EURJPY (1.6pip) EURAUD (2.1pip)
These both accept US residents too, which is why I know about them.
For those of you who are still wondering why this thread was created, or are still holding on to the idea that USA is the best place to do retail forex trading may want to take a look at what recently happened with GFTFx USA division:
Full story: GFTâs âexitâ from retail forex US market - the real story | Forex Magnates
Seems like the NFA/CFTC is sending a clear message that the US Residents belong to them, and if they want to trade leveraged products, stick to futures/commodities.
Shocking! (above post)
On a happier note, I want to report that ForexCENT accepted me as a US resident. As the name implies, they offer MT4 cent and regular accounts.
thats nice. Maybe it was answered before but are they regulated? NFA makes it quite clear that no US residents can trade FX with any broker that are registered and licensed outside USA.
the same situation about me
[B]That statement is incorrect. [/B]
First point: the NFA is the futures (and forex) [I]self-regulatory organization,[/I] which means [I]brokers regulating themselves[/I] within the rules and regulations (laws) handed down by the CFTC. [B]The NFA has no jurisdiction over the clients of their member-brokers, or over the clients of any non-member-broker.[/B]
Second point: the CFTC is the government agency authorized by Congress to regulate futures and forex. The CFTC may seek advice from the NFA; but, where rules and regulations are concerned, the NFA dances to the CFTCâs tune. Like the NFA, [B]the CFTC has no jurisdiction over the clients of U.S.-regulated forex brokers, or over the clients of any non-U.S.-regulated broker.[/B]
Bottom line: you, as a retail forex trader, may become the client of any broker in the world who will deal with you, and neither the CFTC nor the NFA has any authority over you.
The IRS [I]does[/I] have authority over you â you are required to pay tax on your worldwide income (including forex profits earned offshore), and you are required to report the existence of offshore financial accounts above the $10,000 (aggregate) threshold. But, the IRS and the CFTC are separate agencies, with separate agendas. The IRS doesnât care what sort of foreign bank/investment/trading accounts you have, as long as they get their slice of your profits.
The CFTC has a short-term agenda to force all the forex brokers in the world to comply with the CFTCâs U.S. rules and regulations. In other words, the CFTC wants to become the World Forex Police. They have been partly successful in implementing their short-term agenda, but only with the cooperation of certain foreign governments and their regulatory agencies.
Anything you hear about the CFTC cracking down on offshore forex trading involves [B]a cooperative crack-down on a particular broker by the CFTC and their foreign regulatory counterpart. There have been no actions against the clients of these targeted brokers.[/B] Those clients have broken no laws. In every case, when offshore brokers have been forced to close the accounts of their U.S. clients, those clients have gotten their funds in full. The CFTC has no authority to interfere with those refund payments, and no authority to stop those U.S. clients from moving their funds to another offshore broker.
As for the long-term agenda of the CFTC, they intend to destroy [I]off-exchange forex trading,[/I] by forcing forex onto a futures-style exchange, with futures-style margins and leverage. But, thatâs a topic for another thread.
It was never about âprotectingâ US investors/traders. It was about money. Money they can make from suing brokerage firms both here and offshore. Look for SEC, NFA, and CFTC to hold hands and make more frivolous lawsuits against forex firms. Someone needs to abolish CFTC altogether. It is utterly useless. Useless beyond reason.
Little victories for traders are coming⌠slowly but they are coming. The more erratic CFTC behaves, more beneficial it will be for traders. And currently, CTFC are behaving like raging lunatics suing everyone they can.
ClintâŚhats off to you for this thread. Iâve searched high and low for many months for a cohesive understanding of the CFTC rulings along with brokers accepting US clientsâŚthank you
The NFA has made it clear that Americans trading offshore is illegal, the CFTC is soon to adopt that stance.
Concerning IRA accounts and evading the law to trade FOREX offshore, there is no competent legal advise that could sustain such an argument in a court of law if such a case were prosecuted. It is actually MORE dangerous to trade this way because of the tax implications. Since those private retirement accounts are entitled to tax exemption, the IRS could prosecute.
The beginnings of an enforcement campaign are starting to take off, more pressure is going to face those who trade offshore from American residency.
SMAN government shill still on here? Clearly, you did not even look at the crappy Dodd-Frank closely at all did you? It is not a matter of illegality; it is matter of what you are willing to risk. Both on your behalf and on the offshore brokerâs behalf. If they are scared ****less of CFTC, NFA, and SEC banding together to sue you and freeze your account, fine. You wonât offer accounts to US citizens. But if you donât give a crap; you will offer accounts to US citizens. Same thing for citizens, if you donât give a crap about CFTC, you will get an offshore account. If you are a shill or a scared little girl, you wonât get an offshore account. And the law enforcement is only coming in the form of ridiculous lawsuits of brokers. CFTCâs suing for FXDD is utterly ridiculous as well. But shills like you love crap like this I am sure. And going offshore is very easy. Having an offshore bank account is not illegal either despite what Democratic morons spewed during the recent presidential race about Romney.
I guess total ruination of banking and investment in USA would be a great accomplishment then. Yes, kick all foreign banks out of USA. Thatâll protect the retards who constantly run to SEC, NFA, and CFTC. Or even to IRS. I donât know what idiots run to IRS complaining about companies. Idiots. Losers and failed traders and poor uneducated people are to blame for useless legislations.
Just spoke with them. Does not accept US clients.
[QUOTE=tom82;242325]Another broker to look at:
FX Pulp
For those who want the benefits of trading overseas, you can set up a company at one of these places below. The first one I heard someone paid $650 for a shelf company. Not sure about the 2nd oneâs cost. Note, I have NOT used either of them so I cannot vouch for them. But I know when you setup you can get an account overseas. Fortunately my spouse carries a foreign passport, and still has an address & phone overseas 
Good luck my fellow Americans and lets hope the USSA does not go bankrupt, Komrad! U.S. National Debt Clock : Real Time
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Thanks for the info, Flintstone! Will check it out.
You know I was just investigating a website this evening â Q Wealth Report. The company is based in the UK, but seems to have research for US residents. One line in particular caught my attention:
âHow to open online offshore brokerage accounts to profit from world markets â even for US citizens who are normally blocked from offshore brokeragesâ. Not sure if they are talking about forex or equity brokerages or all of the above.
Probably wonât do anything now, but time for a âPlan Bâ!!!