CFTC Rules - Broker Q&A for Traders

Nico Kniestedt

Private
Messages
24
I've been with tadawulfx for a couple weeks now, great customer service and minimal requotes so far. And when requotes come, they are only a pip or two out
 

acgolfer

Recruit
Messages
3
Why dont we send a copy of this new regulation to fox news and see if they will air it, its just another scam by the democrats/socialist to control the people of the united states and how we want to trade/invest our money, hell its my money if wanna trade **** bags thats my business
Just remember to vote the bums out on Nov. 2nd !!!!!!!!!!!!!!!!!!!!
 

aicohn

Corporal
Messages
107
Just remember to vote the bums out on Nov. 2nd !!!!!!!!!!!!!!!!!!!!
Even if we voted the bums out (seems increasingly likely) I don't see how that can help. Repealing Dodd/Frank isn't possible while dufus-head is in the white house.

Best possibility is de-funding the CFTC via the republican held house. That still wouldn't miraculously get GoMarkets to start trading with US citizens again, but it would be nice to give those clowns lots of enfocement duties and no funds to use.

A.
 

fxmon33

Recruit
Messages
2
Some ideas

Hello everyone,

I have been researching lovely pile of garbage called the dodd-frank (aka fraud-snake bill) that was wonderfully made to protect us "little guys". It is my impression that they want to cut us out of trading altogether (obviously) not for our own good, but because we are doing better than the banks are.

There are provisions in the bill that allow the banks to trade all they want and when they lose, they go straight to the fed get more money, without any questions. Now here comes the scary part! There is another provision making them exempt from the Freedom of Information Act!

Anyway as for my ideas to get around some of this crap for us traders.

1. The part that allows those with 10,000,000 in assets to trade.
A- Go to the local art supply store, get some paint, canvas, clay(etc), and make a few paintings, make a couple sculptures, use some creativity. Then you slap a nice price tag of 10 mil (or something extra, after all they are all one of a kind). Who can say they are not worth your asking price?

B-There is always sentimental value. I am sure almost everyone has family heirlooms that are priceless to you. That value counts as well. That will take some creativity as well.

2. Panamanian Foundations- There are no owners of these entities, they are not like trusts that have grantors or a beneficiary, they are not corporations that have owners, they are not located in the US and have very strict privacy laws. They can be a bit expensive and difficult to get a bank account for, but are worth looking into.
But, make sure your broker will recognize this entity. Do some research on them.

3. Offshore Trusts and corporations- This may be the way I go. Setting up an offshore trust, and have it as the owner of an offshore corporation. This is the most important part. Have the corporation hire you to manage the affairs. That would not make you the investor, share holder, or owning any of the property, but an EMPLOYEE. You are employed to push buttons, and advise the company/trust how to manage its funds using your expertise.

Just thought I would throw out a few ideas. I hope someone finds them useful.

I found out Dodd was not running for re-election(wonder why). I also wonder where he will go for work hmmm......

The part where it allows us residents to keep trading how they like, but us citizens are restricted also shows us how great our illegal immigration laws are. I bet someday in the near future the people trying to get in to Mexico will out number the people trying to get out of Mexico!

Thanks for reading and if we can all stick together we can get around this,

FXMON33
 

forexleo

Recruit
Messages
3
cftc rules

Please I want to know, is this regulation going to affect every trader or us trader & citizens or just us citizens?
 

ecafyelims

Corporal
Messages
59
Please I want to know, is this regulation going to affect every trader or us trader & citizens or just us citizens?
It affects brokers that are regulated by the CFTC. All U.S. brokers are required to adhere to CFTC regulations.
If your broker is CFTC-regulated, this will affect you as well.

Because of government pressure, it may also be difficult to find a non-CFTC international broker that is willing to accept U.S. citizens as customers. I've been using Tadawulfx for some time, and they currently are not changing any policies in regards to this new regulation.
 

pipmcgoo

Recruit
Messages
2
U.S. forex traders have 270 extra days to trade with foreign banks

GreenTrader Weblog

The CFTC told us foreign financial institutions (banks) — who are not supposed to register as RFEDs with the CFTC but rather with bank regulators — are subject to the 360-day deadline in Dodd-Frank. That means U.S. retail forex traders can trade on non-registered foreign bank forex platforms until July 16, 2011.

Recommended very good broker that fits the bill please...Thanks in advance.
Christian
 

pipsbuster

Sergeant
Messages
246
Does anyone know of any non-compliant brokers?
My broker, GallantFX, a US-based company, is transferring all accounts
to another CFTC broker, thus unloading ALL US clients!
Forex.com; and Best MetaTrader.com are NOT accepting any US accounts.
How about brokers in Dubai, FXCBC.com for instance?
Here's a current list of such brokers from a Forex Yahoo group:
Members of the Yahoo MTandI list have developed a list of brokers
who will accept US residents and offer leverage of 100:1 and
higher. We are providing this list to help traders who are
interested in pursuing accounts with brokers who offer greater than
1:50 leverage. We have not vetted this list and do not endorse any
particular broker. It's offered as a starting point for further research.

-------------------------------------------------
Revised List 10-16-10 4:45 pm CST
-------------------------------------------------

Brokerages that Will Accept US Citizens

AAAFX (added 10-12-10)
Arab Financial Brokers (added 10-13-10 Jake)
Askobid.com (added 10-13-10 Hope Boyce)
Broco (added 10-12-10)
Dukascopy (added 10-13-10 from CashBackForex. Note: Bridge
from MT4 to their proprietary platform)
E-global
FBS (added 10-12-10)
Fin FX (added 10-15-10 C Franks Home)
Forex4You (added 10-13-10 Jake)
FOREX MMCIS: (added 10-13-10 Jake)
FXCBS (added 10-13-10 from CashBackForex). Jake confirmed.
FXCompany (added 10-12-10 NB: The Govt of Mauritius stated
it's revoking the business license of FXCompany in May 2010.
Current status is unclear)
FXM Trade (added 10-15-10 Jake)
FXOpen (May be the same as FXCompany)
GotMoneyFX (added 10-13-10 Jake)
Instaforex
InvestTechFX - Canada (added 10-14-10 Terri Horton)
InvestorEurope.com (added 10-14-10 Jake)
MF Financial (mffx.com) - UK
Marketiva
PrimeBank Forex (added 10-15-10 Abhay )
RVMarkets (added 10-13-10 Jake)
Tadawul
United World Capital (added 10-14-10 Jake)
Windsor Direct (added 10-12-10 Brian Durnil)

______________________________________________
E Forex: Will maintain existing US clients but will not take new US
clients after October 18th.
______________________________________________
ACM Forex (Swiss-based) (added 10-12-10) Note: FPA
recommends caution in dealing with FCM due to legal action
against them
ACM | AC-Markets.com | Advanced Currency Markets reviews and ratings by Forex Peace Army
markets.com
 

pipsbuster

Sergeant
Messages
246
An updated list of brokers that have confirmed in writing they will continue accepting US customers after October 18, 2010 with no leverage restrictions:
Members of the Yahoo MTandI list have developed a list of brokers
who will accept US residents and offer leverage of 100:1 and
higher. We are providing this list to help traders who are
interested in pursuing accounts with brokers who offer greater than
1:50 leverage. We have not vetted this list and do not endorse any
particular broker. It's offered as a starting point for further research.

-------------------------------------------------
Revised List 10-18-10 2:10 pm CST
-------------------------------------------------

Brokerages that Will Accept US Citizens

AAAFX (added 10-12-10)
ActivTrades (UK) (added 10-18-10 Jake)
Arab Financial Brokers (added 10-13-10 Jake)
Askobid.com (added 10-13-10 Hope Boyce)
Broco (added 10-12-10)
Dukascopy (added 10-13-10 from CashBackForex. Note: Bridge
from MT4 to their proprietary platform)
E-global
FBS (added 10-12-10)
Fin FX (added 10-15-10 C Franks Home)
Forex4You (added 10-13-10 Jake)
Forex FS - Australia (added 10-16-10 Jake)
Forex Metals (Panama) (added 10-18-10 Jake)
FOREX MMCIS: (added 10-13-10 Jake)
ForexClub.biz (added 10-18-10 Jake)
FXCast (added 10-17-10 Will accept US citizens if they provide a
non-US address and maintain a bank account outside the US-
Jake)
FXCBS (added 10-13-10 from CashBackForex). Jake confirmed.
FXCompany (added 10-12-10 NB: The Govt of Mauritius stated
it's revoking the business license of FXCompany in May 2010.
Current status is unclear)
FXM Trade (added 10-15-10 Jake)
FXOpen (May be the same as FXCompany. They have
unresolved regulatory issues with the government of Mauritius -
Jake)
GotMoneyFX (added 10-13-10 Jake)
Instaforex
InvestTechFX - Canada (added 10-14-10 Terri Horton)
InvestorsEurope.com (added 10-14-10 Jake)
MF Financial (mffx.com) - UK
MRC Markets (Austria) (added 10-18-10 Jake)
Marketiva
NordFX (added 10-17-10 Jake)
PrimeBank Forex (added 10-15-10 Abhay)
RFXT (Lebanon) (added 10-18-10 Jake)
RVMarkets (added 10-13-10 Jake)
SmartTrade FX - Canada (added 10-17-10 Jake)
Tadawul
Uni-FX (UAE) (added 10-18-10 Jake)
United World Capital (added 10-14-10 Jake)
Windsor Direct (added 10-12-10 Brian Durnil)
WSD Global Market - New Zealand (added 10-18-10 Jake)

______________________________________________
E Forex: Will maintain existing US clients but will not take new US
clients after October 18th.
______________________________________________
ACM Forex (Swiss-based) (added 10-12-10) Note: FPA
recommends caution in dealing with FCM due to legal action
against them
ACM | AC-Markets.com | Advanced Currency Markets reviews and ratings by Forex Peace Army
markets.com
 

Pharaoh

Colonel
Messages
19,779
Thanks for the list. Some of those have good reputations, but there are also some super-sleazy bucketshops on the list. As with all brokers, do your research before sending your money.
 
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