Hello, Brokers geography question

Hello, im SMT im new in the forum and in forex trading as well. I have been reading a lot and practicing a lot in cTrader/MT4 as well. i want to start with a real account to get used to it and the “timing” of the reals account. I have been reading a lot of brokers ( ToS, OANDA, FXCM, etc…) but i have question and i cant find answer, please i need help, let me explain.

Im from Venezuela, but i have EEUU american banks accounts, so i imagine that i need a broker stablished in the EEUU or can i use any broker outside the EEUU (I have erad that i cant use brokers outside the EEUU). Another thing i want to know is if theres any problem with the deposit/withdraw of the money if im not in the EEUU or Euro zone, this because, i have a friend in italy that used eToro and he told me that to withdraw the money he need to fill some paperwork and take it to the bank, plus the commission he need to pay, but as I am not in that area im afraid that i cannot deposit/withdraw the money.

Please, if you can help me with this i wil appreciate it.

Thank you.

Hello SMT,

Several points:

• There is another FORUM, here on the Babypips site, for discussions about brokers. You should search that forum for threads which might be relevant to your situation. And you should probably post future questions there, rather than here in the Newbie Island forum.

• Having your bank accounts in the U.S. does not commit you to trading with a U.S. broker. Many of us in the U.S. have chosen to trade with offshore brokers, while continuing to live and maintain bank accounts here in the U.S. You should be able to move your money out of a U.S. bank account, to any forex broker in the world who will accept your business.

• A thread in the broker forum, which I started almost 5 years ago, is concerned specifically with finding and vetting offshore (non-U.S.) brokers who will do business with U.S. residents. You might benefit from the results of our research over the past 5 years. You can find that thread HERE.

• As U.S. residents, we are severely restricted in the choices we have offshore, because of the tyrannical policies of the U.S. regulators (the CFTC and the NFA). You, on the other hand, are not subject to that crap, and therefore [B]you may have many more offshore broker choices.[/B] In fact, the range of choices for you might be so large as to be almost overwhelming. So, you need to begin with some sort of filtering process.

Here is a suggestion: since you already know about FXCM and Oanda, contact them directly and discuss your situation with them. Also, consider the three offshore brokers we have identified as “Trusted Brokers” in our Offshore Broker List (see post #2 in that thread), and have the same discussion with them. You might find that all 5 of these brokers are eager to do business with you, and will advise you on issues such as deposits and withdrawals, etc.

Then, do your own [B]due diligence[/B] regarding these brokers, and any other brokers around the world that interest you. There’s a lot to consider, when choosing a broker. It’s a little bit like choosing a wife — nobody else can do it for you.



Welcome to BabyPips! :slight_smile:

I’m FXCM’s representative here on the forum. While I can’t speak for other brokers, I can confirm for you that as a resident of Venezuela you can choose to trade through either FXCM US or FXCM UK. Either way, you will be able to deposit or withdraw money online via our MyFXCM.com website for account holders.

If you have further questions about FXCM, please feel free to ask me in the Broker Aid Station.

Only U.S traders have this sort of problem due to restrictions in the USA. I don’t think Venezuela has this sort of problem. Like Clint said, there are Offshore brokers that you can use and don’t need you to fill papers before withdrawing your fund. The only time I had to submit documents to Profiforex was when I wanted to retrieve my password. I was able to withdraw before sending any document.

I can only second what Clint said. Pick a solid broker and stay away from US brokers altogether. You are from Venezuela so you have freedom of choice. Just move your funds out from the US altogether. I have never came across a broker who does not accept traders from Venezuela.