New CFTC Rules

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newark18
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New CFTC Rules

Postby newark18 » Mon Oct 04, 2010 11:39 pm

I am trying to figure out some reasonable and low cost solutions to the new CFTC rules against a US person using a foreign broker. As you probably already know, no US brokers permit hedging. And this combination is causing me to look for ways to establish an entity and bank account in the foreign country of my future broker. Now, this is not an easy project. If anyone has any thoughts on this, I would love to start a discussion. Currently, I am considering UK and BVI. But I am open to any foreign country with a respectable foreign broker.
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Postby bredin » Tue Oct 05, 2010 12:55 am

Check out GoMarkets in Aus, and DukasCopy in sw...

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Postby newark18 » Tue Oct 05, 2010 3:02 am

I contacted GoMarkets but they will need to determine how the new rules will affect them before they allow new US customers. I used to have an account at dukas but their lack of MT4 was a deal breaker for me. I'm still holding out hope for GoMarkets.
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Postby bredin » Tue Oct 05, 2010 11:52 am

Dukas offer MT4 at this moment.

Anyway there is an alternative method for the slightly crafty ;)

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Postby flinux » Tue Oct 05, 2010 12:38 pm

Try IBFX in Australia
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Postby newark18 » Tue Oct 05, 2010 12:41 pm

bredin wrote:Dukas offer MT4 at this moment.

Anyway there is an alternative method for the slightly crafty ;)

G.


It does? I thought it was in beta but wasn't offered anymore. Is there an alternative for the no so slightly crafty?
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Postby newark18 » Tue Oct 05, 2010 5:13 pm

So far:

IBFX (of Australia) will allow new US customers. Offer both mini and standard accounts that allow trading as low as .01 lot. No hedging and FIFO

GoMarkets (of Austraila) - Not yet heard whether they will accept new US customers. Has micro accounts. Allows hedging and does not require FIFO. The spreads are pretty good according to MT4spreads.com

Dukascopy (of Switzerland) - Allows US customers. I am not sure that smallest allowable lot. Allows hedging and doesn't require FIFO. One other positive is that it is swiss. I am not sure of the spreads. Maybe the use of MT via JForex Bridge?

FXOpen (of Mauritius) - Allows US customers. Has micro accounts. Allows hedging. And no FIFO requirement. Has good spreads as per MT4spreads.com.

NordFX - No US customers.

I am leaning towards GoMarkets if they allow although using a swiss broker seems like a good benefit. i just don't know if I want to deal with that bridge in order to trade MT4. I hope this helps someone. If someone has thoughts on this, please feel free to add. Thanks.
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Postby Humble » Tue Oct 05, 2010 11:55 pm

You could try some of the brokers operating in the UK. I would also be looking for an O/S broker that lets you conduct your account in US$, others wise some of accounting is going to get a bit complicated.


Edit: You may get more help in the Brokers Section. Dragon has made several posts on Dukascopy in the Dukascopy v. MB Trading thread.
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Postby pablo101 » Wed Oct 06, 2010 1:44 am

is fxopen a scam?

http://www.forexfactory.com/showthread.php?t=50879

keep in mind I found this info on the www :roll:

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Postby newark18 » Wed Oct 06, 2010 10:03 pm

Pablo,

Thanks. I think I'll keep away.
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