Brokerage accounts for restricted citizens
Hi there fellow FPA members,
Happy 2008, a prosperous year to all!
I’ve long known of Forex Bastards (unfortunately been invested with a few along the way!) and I have many times used some of their resources, so thanks Felix, great service you got here. I’ve only recently decided to raise my association with FPA to publicly post, this being my first.
Through a mutual associate who’s also a FPA member I was suggested to post here a solution to some members’ issues with opening forex brokerage accounts. I’m not up to date with all the reasons certain folk are denied access to accounts but I know of some examples including;
a) UK residents are not permitted to open managed accounts with FXCM in the USA thanks to the Financial Services Authority in their country.
b) BC residents are also likewise hamstrung by another government entity in some instances.
c) Sometimes even being the citizen of certain countries excludes participation.
The purpose of this post is to make you all aware that there is a way around being denied access to any broker and it doesn’t involve breaking the law either. It can be achieved by an offshore corporate structure set up with this objective in mind, which is simply to invest or trade with a brokerage of your choice.
I’m an IB too (I’ve experienced clients being denied access to MA’s), but an IB with a difference as I’m equally passionate about offshore structuring. The reason being is that in my view, offshore structures lend themselves to integration with forex accounts on a lot of levels. In fact it is a perfect solution if you belong to any of the three groups mentioned above. There are also other significant advantages of using offshore structures, but that’s not for this post. The nature of such a structure is such that costs are towards USD2k, so if that’s not viable then this suggestion is of little practical use to you.
If I can help anyone or answer some of your questions, please by all means reply to this post or contact me directly.
Kindest Regards,
Adam Liddiard
Director and Founder
Gallant-Financial Inc
Forex and Offshore Services