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CFTC Rules - Broker Q&A for Traders

Discussion in 'General Forex Talk' started by AsstModerator, Sep 29, 2010.

  1. merlin4x

    merlin4x Banned for uncivilized conduct

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    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:
     
  2. woody70

    woody70 Recruit

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    Yeah thanks for the list!!
     
    #52 woody70, Oct 19, 2010
    Last edited: Nov 12, 2010
  3. Pharaoh

    Pharaoh Colonel

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  4. pipsbuster

    pipsbuster Sergeant

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    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:

     
  5. jculbre57

    jculbre57 Recruit

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    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?
     
  6. Alice

    Alice Recruit

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    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.
     
    #56 Alice, Nov 8, 2010
    Last edited: Nov 8, 2010
  7. ecafyelims

    ecafyelims Corporal

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    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.
     
  8. GinjaNinja

    GinjaNinja Recruit

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    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?
     
  9. GinjaNinja

    GinjaNinja Recruit

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    Hence the reason I am a Libertarian. I oppose the government regulation of free trade, including ****bags...
     
  10. GinjaNinja

    GinjaNinja Recruit

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    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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