I went to the bank to do a wire transfer of $3000 with my broker and they told me they can’t do wire transfers because it is illegal to trade forex in the US.
Since when did it become illegal to trade forex in the US? Or is the bank teller stupid? Should I find a new bank?
Adirondack bank is what I use
I am outside of US! But, I see this country is restricted for Forex trading! In this case, you can use reliable online payment processors!
It isn’t possible to discern this from what you’ve said. It’s one possibility. The problem could be with the bank’s policies, management or training problems rather than (just) with the individual you dealt with.
I would - and/or I’d make sure the bank’s senior Customer Relations staff read this thread and “invite their observations” (I don’t mean that their observations should be posted here, of course) on why they’re losing customers this way, by giving them problems that other US-residents’ banks don’t create.
It isn’t illegal to trade forex in the US, and there are (at least) tens of thousands of people doing so.
This is terrible advice. Using an online payment processor to transfer funds to/from a retail forex broker is simply a way of incurring additional and unnecessary costs and delays.
Forex trading is perfectly legal in the US and is regulated by the CFTC and NFA. The table below lists all the US-regulated forex brokers along with the amount of retail client funds they have on deposit as of the latest publicly available data from the CFTC.
Provided you are sending funds to one of these regulated brokers, you could try using ACH instead of bank wire transfer. ACH is an electronic transfer and is usually free, but double check with your broker and bank.
