So you are saying its ok for people like you to blast Oanda and FXCM, but if others mention a broker you don’t like its bad? I mentioned it where others mention their choice which is normal. Do I personally prefer them? Yes, sure. You may prefer to trade within in the U.S. regulatory system which is your problem and not others. It is funny how you and others disregard smaller brokers which they have never dealt with. Flashback Mr. Dribble: The brokers people like you promote all the time have started where the small brokers are now and grew over time. I think my choice of broker is a gem and when people ask me where I moved part of my off-shore business I will tell them. I will also tell them about an alternative to the brokers you gag over all the time. Now go on Mr. Dribble and trade your account away.
Paxforex are not regulated so surely you should not be promoting them as this is rather risky to send your money to an unregulated country.
I don’t have an account with Oanda, MB or FXCM I am merely saying that they are a much safer option and I at least know they have sufficient capital behind them as is required unlike these offshore brokers. You shouldn’t be giving out advice to newbies to go with an unregulated broker which goes against everything a professional would advice.
Maybe I am wrong and you are a pro or something:o
I agree but each to their own I guess. Personally I only would have an account with a well regulated broker but I guess this thread is more about bucketshops. They are the only brokers that accept US customers outside of US now going by the list at the start of the thread.
Wow, i feel weird aura.
No offense here, just share our thought without ofense anyone 
I have to disagree. Are there plenty of bucketshops, yes that is true but to state that only bucketshops accepts US clients is ridiculous. Have you actually tried for yourself? I highly doubt it and traders should open accounts where they feel like doing so. Personally I opened an account there to find out for myself and not what others say. That is the only way to find out about a broker.
Everyone screams bucketshop here and bucketshop there without having any knowledge about a broker. Sure, if regulation is your prime concern than you need to find an outlet who gives you that. The fact that no regulatory body looks into them does not bother me, what I care about is my trading account.
There are so many brokers out there and yes there are terrible ones among them, and then there is always a hidden gem. I am confident that I found one of those gems for myself as I have been trading with them for over a year without having a single negative instance to report.
Now tell me why that is not good?
I would not be so serious about regulation. I know such stories from big accounts about so big and regulated brokers that you would ran away from the forex market
All problem with regulation that it cares only about money laundering and saving funds inside the country. They do not care about clients’ money inside a broker.
Today I was again reminded of how it feels to be a citizen of a shunned, third world country. 2pipsforex.com, in their chat window, bluntly said “no” after I asked if they accept US traders, then they (Herman) abruptly closed the chat session before I had enough time to type in “thank you” and “goodbye.” This is the 2pipsforex that requires a $2,000 minimum initial deposit and provides 500 to 1 (even 1000 to 1) leverage and 1 pip currency spreads, which of course are excellent features (excluding the deposit), the latter two now available mostly in the free world only.
This broker is still on Clint’s #1 List.
Thanks for this update, compounder.
I am presently attempting to open a live account with 2pipsforex. I will report on the outcome.
It is always important to weed out the good from the bad. It is true that there are plenty of forex bucket shops out there, but then there are some great smaller brokers out there who may not be regulated but offer a great service to their clients. Most people simply disregard them which is perfectly fine, but to tell others that a broker who is not regulated is a bucket shop is just idiotic.
Thanks for the update compounder. I have never dealt with them so I can’t really comment about their validity as a broker. Clint mentioned that he will try to open an account and report back so I am looking forward to that.
I sent an email to 2pipsforex, ahead of my application to open a live account with them.
Here’s the text of my email to 2pipsforex:
I am interested in moving my forex trading accounts out of the United States,
and I am looking at the Caribbean region as a possible venue for doing business.
Does 2pipsforex accept U.S. citizens/residents as clients?
Thank you in advance for your reply.
Best regards,
Clint ___________
Here’s a copy-and-paste of their reply to my email:
no
Best regards,
Francine Walton
Customer Care Manager
Global Clearing Group Ltd
www 2pipsforex.com
Prime Clearing Member of EUEDEX™
European Union Electronic Derivatives Exchange
Registered Member ID: PCM-2233
Apparently, that’s what passes for “customer care” at 2pipsforex (a bunch of smooth-talkin’ devils, ain’t they?)
I will remove this broker from Group 1 on our List, and put them where they belong.
I got an unsolicited email from a broker called WFX Markets (British Virgin Islands, or maybe not).
At the bottom of the email was this charming statement:
WFX Markets does not accept clients from the following countries: United States , Congo, Iran,
North Korea, Libya, Lebanon, Myanmar, Rwanda, Sudan, Palestine, Somalia, Syria and Zimbabwe.
Thanks to Gary Gensler and the little nazis at the CFTC, the United States of America is ranked among the dregs of the world. We don’t even qualify as a third-world country.
Nigeria and Bolivia are third-world countries, and their citizens are welcome to trade with any broker in the world.
But, not Americans. We’re [I]persona non grata[/I]. Along with North Koreans. And Libyans. And …
We really don’t need more brokers in Group 2 of our List — that’s the part of the List for brokers who will not do business with American residents. But, I’ll go ahead and put WFX Markets there, anyway.
Not being able to trade with WFX Markets is probably no great loss. They appear to me to be a pretty sketchy outfit.
If they are regulated by any reputable government agency, they are keeping that fact a secret — I couldn’t find any mention of regulation on their website.
They aren’t even forthcoming about where they are located. Seems to be either British Virgin Islands or Seychelles, or maybe both. Or maybe neither. On their website, if you click on “Contact us”, the addresses which are listed are totally confusing. They list a phone number with a 44 country code. 44 is the country code for U.K., and Isle of Man. Go figure.
Check this out from their Terms and Conditions:
- COMMUNICATIONS
Customer shall notify WFX Markets Limited immediately of any change in Customer’s address by e-mail to <[email protected]> or by Registered mail or other delivery service to [B]WFX Markets Limited at 1251 Concord Pike #301, 19803 Wilmington, DE, USA.[/B] All communications sent by WFX Markets Limited shall be deemed effective when deposited by WFX Markets Limited [B]in the United States Registered mail[/B] or with another delivery service…
And this:
- LAW AND JURISDICTION; SEVERABILITY
This Agreement is governed by, and shall be construed [B]in accordance with the laws of the state of Delaware, USA,[/B] without giving effect to any conflict of laws doctrine that would interfere with or prevent the application of this provision. With respect to any suit, action or proceeding (“Proceeding”) relating to this Agreement, [B]Customer irrevocably (i) submits to the exclusive jurisdiction of the State and federal courts located in Delaware, USA[/B]…
So, evidently WFX Markets considers the United States to be a suitable place to do business; and United States laws to be suitable for their legal needs. But, United States residents are [B]unsuitable[/B] customers. Thanks (for nothing!) Gary Gensler.
Gary Gensler
for
Chairman
of
North Korea
or
Zimbabwe
That is very true and sad, but hey you made me laugh. Sometimes the truth hurts and sometimes the truth is hilarious. I am happy to have made the move to New Zealand.
Finfx uses different banks to spread depositor’s funds. I hope that all the money seizing going on with cyprus doesn’t affect this, because the EU and IMF said spain and italy basically are going to have their bank accounts robbed, too.
It is only a matter of time, and after that Austria, Belgium and France are next before the Germans will rob their own people.
Interesting article from ForexLive on the Forex industry in Cyprus. I was surprised to learn that tiny Cyprus accounts for “18% of the $4 trillion in the daily trading of foreign currencies around the world”.
Can Cyprus Remain a Foreign Exchange Haven? | ForexLive
Anyway, I’ve been getting some strange marketing emails from XE Markets (aka Trading Point) lately. They’ve been sending me these emails about signing up for a new account to take advantage of a deposit bonus, and include the words “US Friendly”. But I’ve tried a couple of times to sign up for an account and get the message that they cannot accept US residents. So, not sure what’s going on there. No doubt the euro regulators have their financial industry on lock down, so I’d be surprised if any of the brokers would accept US residents right now (although there are a couple on Clint’s list).
Also, it will be interesting to see if any of the long list of brokers currently headquartered in Cyprus decide to move to other locations, maybe less unfriendly to US residents. Time will tell…
I think they have basically sign their death sentence and will soon no longer be a prime destination for financial companies. I know a few forex brokers plan to leave Cyprus as a results and when it comes to XE Markets I don’t think they accept US clients. You could ask their live support or better send them an e-mail and find out for sure.
No one is going to rob us (Germans that is) this will just be the way any new bailouts are paid for from now on. Why should us German taxpayers bailout yet another country when we are actually poorer than most other nations in Europe. In terms of individual assets. It is time people in their own country pay for the mistakes of their crap government decisions and greedy banks. Germany went through reforms a decade ago so maybe some of these other countries should perhaps stop spending money they don’t have ie France and get a grip on there finances and reform.
One of my goals is to open a high leverage FXCM account since they have the best trading station in the world plus probably the best safety of funds. I was thinking of temporarily moving to Canada to open an account with them, but that would have been a waste of time. I did not know Canada has descended back into the stone age with their new, ridiculous 30 to 1 leverage max. Here is a copy of my interesting chat with FXCM. To satisfy their “full name” request, I put in the name of “Charles Erickson.”
"Thanks for chatting. If you are a news, trend, or range trader visit FXCM Apps » Forex Apps, Forex Trading Applications, FXCM to download special apps to customize your trading experience. We also have apps that add new trading features to your platform. Visit FXCM Apps today or ask an FXCM representative.
You are now chatting with ‘FXCM - Khirstine’
FXCM - Khirstine: Welcome to FXCM’s live chat. Your estimated wait time is 5 minutes. Please don’t disconnect we’ll be with you as soon as we can. While you wait we encourage you to read through our guide on our most popular questions:
FXCM - Khirstine: FXCM Online Support
Charles Erickson: Can Canadian traders open accounts with your UK division?
FXCM - Khirstine: Hi Charles, do you have a residence outside of Canada?
FXCM - Khirstine: If so, we may be able to do that for you.
Charles Erickson: Not yet, but I am thinking of perhaps moving to Canada so that I can open a trading account with your UK division.
Charles Erickson: Presently I live in the US.
FXCM - Khirstine: If you live the in the US, you would open an account with FXCM LLC.
FXCM - Khirstine: With Canada, we would open a Canada Friedberg account.
FXCM - Khirstine: Why are you interested in opening a UK account?
Charles Erickson: Because I want to have 500 to 1 leverage
Charles Erickson: What maximum leverage does a Friedberg account offer?
FXCM - Khirstine: UK does not offer 500:1 leverage; rather only 200:1
FXCM - Khirstine: Friedberg offers 33:1
Charles Erickson: 4 or 5 years ago the UK division offered 500 to 1 leverage. I did not know they reduced it to 200 to 1.
Charles Erickson: So no FXCM branch anywhere in the world offers 500 to 1 leverage anymore?
FXCM - Khirstine: That’s correct Charles.
FXCM - Khirstine: The most you can obtain would be 400:1 max leverage with FXCM Markets.
Charles Erickson: What country would I need to live in to open an account with FXCM Markets?
Charles Erickson: 400 to 1 would be good enough for me.
FXCM - Khirstine: Pretty much any country outside of what covers FXCM LLC and FXCM UK and FXCM Australia.
FXCM - Khirstine: What country were you thinking specifically?
Charles Erickson: Maybe Italy which has a warmer climate in Europe. How about Belize or Guatemala, too?
FXCM - Khirstine: Italy would be under FXCM UK.
Charles Erickson: OK, scratch Italy.
FXCM - Khirstine: One moment, let me research the other two countries for you.
Charles Erickson: I appreciate very much your time and patience in answering my questions, Khirstine.
FXCM - Khirstine: You’re very welcome Charles.
FXCM - Khirstine: I checked with my Operations team, and with a FXCM UK account, we may be able to set you up with 400:1 leverage.
FXCM - Khirstine: How much were you looking to deposit?
Charles Erickson: Maybe eventually $20,000. Would a much smaller amount not qualify me for an FXCM UK account?
FXCM - Khirstine: One moment Charles, let me contact Operations to see what we can do for you.
Charles Erickson: So sometimes FXCM UK accounts do definitely offer 400 to 1 leverage?
FXCM - Khirstine: Let me pass you to an associate who will better be able to assist Charles.
FXCM - Khirstine: He is part of our Active Trader Group, and his name is Rodrigo.
Please wait while I transfer the chat to ‘Rodrigo’.
You are now chatting with ‘Rodrigo’
Rodrigo: Hi Charles, my name is Rodrigo and I represent the Active Trader Division at FXCM.
Charles Erickson: Hello. Do Canadian traders only get 33 to 1 leverage?
Rodrigo: FXCM Markets is the entity that offers the most flexibility to our account holders. More flexibility and leverage than FXXCM Canada, US or even UK.
Rodrigo: Yes, Canadians only get around 30 to 1 leverage becuase of the country’s regulations.
Charles Erickson: That is major news to me. If I lived in Belize or Guatemala or some other South American country could I open an account with you and get 400 to 1 leverage?
Rodrigo: Yes, you could. But why would you trade with so much leverage? What is the lot size you are trying to hold?
Charles Erickson: In general, what qualifications do I need to have to open an FXCM Markets account with 400 to 1 leverage? I can definitely make money faster with higher leverage. Lot size, maybe 50 lots eventually.
Charles Erickson: or 300 lots.
Rodrigo: You must prove residence in the country you would be opening the account.
Charles Erickson: After I prove residence, can I spend some time back in the United States and still keep my account?
Charles Erickson: If so, how much time can I spend in the US?
Rodrigo: Yes, you can keep your account even if you spend more time in the US
Rodrigo: As much time as you want. We have no restrictions on that
Charles Erickson: Okay, that sounds very good.
Charles Erickson: So basically, If I move to and live for a while in any country in the world except the US or Canada, I can open an FXCM Markets account and ask for and automatically get 400 to 1 leverage?
Rodrigo: Yes, you can.
Rodrigo: Is this your first time trading forex?
Charles Erickson: I have been trading about 9 years forex. After opening an account in Mexico, for example, and I spend time later back in the US, can I make trades from a US based computer?
Rodrigo: Yes, you can trade your offshore account anywhere.
Rodrigo: Where are you currently trading forex?
Charles Erickson: Well, I don’t want to hurt your feelings. I use an offshore broker giving me 200 to 1 leverage.If you don’t mind too much I would like to keep it a secret. One more question. If I successfully open an account in Mexico, then later move back to the US, would I still be able to keep the account with 400 to 1 leverage?
Rodrigo: Yes, if you move later back to the US, you can keep your Mexican account.
Rodrigo: What are the lot sizes you are trading with your current broker at 200 to 1 leverage? I promise, I will keep this as a secret.
Charles Erickson: “Small potatoes.” About $54 worth maximum at any time. I am still experimentally perfecting a strategy.
Charles Erickson: Okay, you have been very helpful and patient answering my questions. Thank you very much. I need to go now, so goodbye.
Rodrigo: You are welcome. Let me know once you would like to set up your account with FXCM. I will be happy to assist you again."
End of chat.
I triple guarantee that I am not about to put even one of my feet on Mexican soil with their corrupt civil legal system that does not offer bail after being even accidentally arrested. I’ve read that a person can basically die of old age, or probably worse, after he is arrested and be at the mercy of other inmates, corrupt jailers demanding extortion money, etc.
I would appreciate it if someone could tell me the name of a nearby, decent South American country that provides bail in the event of arrest (I am a law abiding person, but I want a back up system protecting me in case a what if, worst case situation arises). Any knowledgeable travelers out there? By temporarily moving to that country I can set up an FXCM account.
Seems like the advice I gave earlier in this thread about establishing residency checks out. The problem i have with the statement above is that if you take this kind of fear with you, it will be difficult for you to setup shop as most countries, including USA have some cultural variation that you don’t like. Do you plan on doing anything that would cause you to be arrested in that locality?
Most of these countries however do not have filled jails like they do in the USA. You kind of have to go out of your way to get arrested. Maybe Brazil or Panama might be a good first step before you go to more developing places like Columbia. Don’t see the problem with the developed parts of Mexico, though. The touristy/gringo areas should have most of the Western comforts and infrastructure you are used to.
If you were in SE asia, I would say for you to try Malaysia and then Thailand. Malaysia has more infrastructure thailand has more freedom and fun with decent infrastructure.
I agree that countries should pay for their lousy mistakes and change their policies. Having said that, right now Germany robs depositors with their approach and it is no secret that Berlin has no interest in a European Union. They want to create a German Union as they think they have a great system which they want to force onto Europe. It will be a matter of time until your own government takes away a certain percentage of your own deposits. So far nobody has stopped Germany, but it will be only a matter of time until it will backfire. Germany has a lousy track record and history will repeat itself. London, Moscow and Paris already despise Germany while the U.S. is turning its back…sounds familiar?