Opening a ForEx account with a California based broker is like giving a DNA sample. It’s ridiculous. I opened 6 brokerage accounts back in the early 80’s and they asked for hardly nothing. Cash in the account was all they were interested in. Is there a solid ForEx brokerage that doesn’t ask for SS#, net worth, yearly income, place of employment, etc…?
Regulation my friend. It’s designed to build consumer confidence and stimulate competitive innovation.
The cost? Our personal information.
I figured as much, so that sucks. Never had this problem back in the day. What viable alternatives are there? Any good British brokers that let you fly by the seat of your pants???:46:
I’m based in the UK and opened various accounts with various brokers in literally 5 minutes, so I think things are a lot more relaxed here… The only thing I made sure was that the brokers are covered by the UK regulatory body (FSA) which means if the broker went bust, £50k is covered. If you have any more, it’s as good as gone.
Correct me if I’m wrong, but isn’t the trend for these overseas brokers to not deal with us ridiculously regulated Yanks?
Probably but without strict regulation, you have suspicious activity, untrusted brokers etc so in some respects, it’s better.
By the way, I always thought you were based in the UK and supported a football team called Arsenal from your name
Was in the US Army. Was awarded the title of Master Gunner in '99.
Now that’s what I’m talking about mrchilled? Any specifics? Thing is, I really like none-dealing desk DA-ECNs. You can’t seem to be able to trust any broker as far as you can throw them.
They call it “regulation for the good of the market”, but what it really is, socialist bureaucratic claws, sinking ever so deep into the bank accounts of a once free, prosperous and God fearing society. If there are any chickens coming home to roost, it will be to the home of a calamitous entitlement economy. There are good reasons why such societies have, without fail, finally rejected any belief in a living God, as they tear at themselves over a dwindling booty, with little if any love for one another.