Hi everyone, I have the misfortune of being a U.S. citizen/resident focused on Forex trading and ran into a major issue regarding a lack of leverage with my trading style and need more leverage than U.S. brokers allow for.
I am interested in opening an offshore account but haven’t found a clear answer on the legality of it. Some sources say it is illegal and I will be fined or worse, others say as long as I am diligent in paying my taxes there shouldn’t be any issues.
I have been reading a lot of the discussion here:
“going offshore to escape the CFTC” pinned discussion(can’t post links as new user)
But I haven’t found a clear answer yet.
Any experienced traders able to offer their experiences or even lead me to a reliable source of information on this topic?
As it is, regulated brokers(currently using Forex com) don’t offer anywhere near the leverage I need for my day trading style, and the lack of leverage is severely reducing my chance of success through smaller wins… even if I do manage success with my current broker, it would be significantly reduced, perhaps never managing such success that my time would be well spent.
Thank you all in advance for any advice or assistance!