CFTC Rules - Broker Q&A for Traders

merlin4x

Banned for uncivilized conduct
Messages
58
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.
Since you are obviously knowledgeable of "super-sleazy bucketshops" could you point them out?

It is very difficult do do a research without getting burned first.:embarrassed:
 

pipsbuster

Sergeant
Messages
246
An updated list of foreign brokers that confirmed in writing they will continue accepting and servicing 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 10-25-10 1:45 pm CST
-------------------------------------------------

Brokerages that Will Accept US Citizens

2pipsforex.com (added 10-18-10 Jake)
AAAFX (added 10-12-10)
AccentForex (added 10-20-10 Jake)
Arab Financial Brokers (added 10-13-10 Jake)
Askobid.com (added 10-13-10 Hope Boyce)
Broco (added 10-12-10)
City Credit Capital (added 10-25-10 Jake)
dbFX - Deutsche Bank (added 10-22-10Jake)
Dukascopy (added 10-13-10 from CashBackForex. Note: Bridge
from MT4 to their proprietary platform)
E-global
F|B Capital Markets (added 10-22-10 Jake)
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)
HotForex (Mauritius) (added 10-22-10 Jake)
IKOFX (Cyprus) (added 10-22-10 Jake)
Inovatrade (added 10-21-10 Jake) Per Panamanian CNV (the
financial services authority of the Republic of Panama)
Panamanian forex dealers can service US residents if they want to
and there's nothing the CFTC can do since there's no local
regulatory group to enforce CFTC regulations
Instaforex
InvestTechFX - Canada (added 10-14-10 Terri Horton)
InvestorsEurope.com (added 10-14-10 Jake)
LiteForex (added 10-19-10 Jake)
MF Financial (mffx.com) - UK
MIG Bank (Switzerland) (added 10-30-10 Jake)
MRC Markets (Austria) (added 10-18-10 Jake)
Marketiva
NordFX (added 10-17-10 Jake)
OMFinancial (New Zealand) (dded 10-22-10 Jake)
PrimeBank Forex (added 10-15-10 Abhay )
RFXT (Lebanon) (added 10-18-10 Jake)
RVMarkets (added 10-13-10 Jake)
RoboForex (added10-24-10 Terri Horton)
SmartTrade FX - Canada (added 10-17-10 Jake )
Tadawul
TradeNext (added 10-19-10 Jake)
Uni-FX (UAE) (added 10-18-10 Jake)
United World Capital (added 10-14-10 Jake)
Varchev Finance (added 10-19-10 Miro Rusev)
Windsor Direct (added 10-12-10 Brian Durnil)
WSD Global Market - New Zealand (added10-18-10 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
 

jculbre57

Recruit
Messages
1
what brokers now?

I was so happy to have found ThinkForex, after running a demo for weeks I was ready to open a live account, only to find out that they like so many will not take any usa apps. Totally understand, can't blame them.

So now the question is for Americans where to go? I have noticed a couple of brokers from the arab world are still willing to take USA citizens. Another I recently found is Loyal Forex, and yes they will give me 100:1. The problem is they are new to me, and now I need to research and reasearch again. There is a posting on FPA in the brokers section about them, but I hope we will see more up todate postings soon, as apparently they are no longer an IB, but now free and independant. This is all well and good, but we need more options. I am hoping that if enough brokers thumb their noses at the USA regulators, then maybe this will all go away? Perhaps we will have to wait for the current administration to go away.

I have another option, my wife is not a USA citizen. If I am reading the postings here correctly, as long as she does not list her residence as being in the USA, then she will be able to open an account with whomever she pleases. I am assuming that my name can only be on the account as a beneficiary.

This whole situation just sucks so bad. Who do these people think they are dictating to me such policies. To make it all worse, this is another example of Big Brother USA trying to control the policies of other countries, caring only about what they percieve to be best for USA is therefore best for the whole planet. GGGGGeez when will we ever learn?
 

Alice

Recruit
Messages
6
Sad, but predictable

As one poster said it is a step to One World Order (yeah, I am just a wacko conspiracy theorist). It is also a step that all totalitarian regemes must impliment, repatriate the money (restrict and ultimately eliminate off-shore accounts of all types, brokers, banks, forex, and restrict the movement of cash out of the country) (you didn't really think that metal strip in the cash is to prevent conterfieting and drug money transfers did you?), repatriate their citizens (restrict travel, restrict the issuance of passports) (remember totalitarian contries build walls to keep their citizens in).

I thought I had found the answer with Tadawul, and yes I use large leverage and hedgin with my system...and it works to provide a nice simple living for me. Now I notice a post regarding another drop dead date of July 2011 where all monies of American citizens will be repatriated from Forex brokers CFTC or otherwise. Next step, move to Canada and marry a Kanuk, denounce my citizenship.

Land of the free, home of the brave...my ass.

Alice in Wonderland, for sure.
 
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ecafyelims

Corporal
Messages
59
Now I notice a post regarding another drop dead date of July 2011 where all monies of American citizens will be repatriated from Forex brokers CFTC or otherwise.
As far as I'm aware, that will only affect U.S. brokers and brokers that are honoring CFTC requests, so Tadawul is safe. Currently, there's no law forcing a U.S. citizen to use a CFTC broker, but if one ever goes into affect, then you can always get a drop box in another country as these laws are based on your physical address (they don't ask for proof of citizenship) anyway.

I'm not sure how much I like pointing out that TDFX is a safe haven from the CFTC regulations. On one hand it gets them extra business, but on the other hand, it puts a target on their head. I hope they don't give in -- not that it'll affect my trading much; I just don't like being forced to do anything.
 

GinjaNinja

Recruit
Messages
14
No official listing yet... Every broker I've seen released a different set of pairs. I've seen 3 different lists so far. Apparently the CFTC didn't define what makes a pair major or exotic?
I'm reading through this thread, so if I am redundant at all, pay no mind.

If there is no definition via the CFTC as the difference between major and exotic.. then couldn't each broker make every pair a major pair if they wanted?
 

GinjaNinja

Recruit
Messages
14
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
Hence the reason I am a Libertarian. I oppose the government regulation of free trade, including ****bags...
 

GinjaNinja

Recruit
Messages
14
Which Russian broker did you go with? That's the irony of this legislation. US citizens who want higher leverage will find it with unregulated brokers who may be riskier in the long run.
Exactly the reason why Frank and Dodd have no place making rules over stuff they know nothing about... people are going to have to do end runs around useless legislation in order to make a profit equal to their international counterparts...

I have a feeling there are going to be more offshore hedgefunds forming soon made up of American traders trying to stay competitive with others.
 
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