Overseas brokers for US citizens: legal or illegal? 22 replies
Any brokers offering high leverage accounts to US citizens? 22 replies
Broker offering penny accounts to US citizens? 1 reply
I am not able to create virtual accounts anymore 7 replies
CFTC NEW Document - Overseas Accounts OK? 58 replies
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...im fighting for the small guys here the ones that don't have 10k to start but started like me with very small account and grew it day by day...Ignored
DislikedI don't think any of this is going to stop anyone in the US hiding something in a offshore account.Ignored
DislikedDo you think the numbers are really that great to warrant US brokers going into battle with US regulators?
I mean what percentage of US traders trade in an OTC market like retail forex anyway, and what percentage of those are bothered about FIFO and the possibility of a 10:1 leverage limit? I can't really see there being a mass exodus of retail forex traders out of the US, maybe ~10% if that, and the majority of those I expect are micro traders. Are US brokers really going to go out of their way to cater for a minority who produce minimal...Ignored
DislikedI mean what percentage of US traders trade in an OTC market like retail forex anyway, and what percentage of those are bothered about FIFO and the possibility of a 10:1 leverage limit? I can't really see there being a mass exodus of retail forex traders out of the US, maybe ~10% if that, and the majority of those I expect are micro traders. Are US brokers really going to go out of their way to cater for a minority who produce minimal revenue?Ignored
DislikedI don't buy those numbers at all. The industry tried to float a year ago that average volume was around $3.2 trillion a day. I know for a fact that volume is down considerably this year across all brokers, as much as 33%. You're talking about $2 trillion a day in volume IF you believe the unprovable top-line number from a year ago. Then you say that "what if the retail traders are 5%?" OK, let's consider that. $100 billion. Then realize that that's at 100 to 1, so what are the deposits for it? A billion? Stock market still dwarfs retail FX....Ignored
DislikedSo? What does daily average volume have anything to do with leverage? Just because Joe Schmo was only able to put down $1,000 to trade, he is still trading $100,000 standar lot at a time thanks to leverage and he is still making up the daily average volume of still $3 trillion for Forex and that is still 30 times more than NASDAQ. It's the result that counts. So decreasing the leverage from 100:1 to 10:1 to is going to make Retail Forex bigger?
If the intention is to really make Retail Forex flourish, having some regulations to curtail its means...Ignored
DislikedIf FX is going to be a big marketplace that is taken seriously and not just an on-line gambling zone and home of the $1000 account, it needs significant rules so that the big players feel safe putting their money in. They feel safe with the CME and futures exchange. They feel safe with US Brokers regulated by the SEC and FINRA. Why is that? Because there are rules about use of funds, margin, execution, time and sales, centralized trading, etc. And if an exchange or broker violates one of those rules, then the customer has a place to go to fight...Ignored
DislikedThis is a battle once again about the individual's freedom of choice....Ignored
DislikedGosh there's just so much to reply to and to be honest I don't have the time, energy, interest, or inclination, sorry. But here's a bit to be getting on with.....Ignored
DislikedOk so they opened offices offshore to offer what some of their clients wanted, that was a viable business decision rather than an attempt to support the underdog but at the end of the day there's a limit to what they can do, are willing to do, or that is viable for them to do.
The point I was trying to make in an earlier post was that the vast majority of successful traders rarely have a need to use leverage in excess of 10:1. They probably wouldn't ever have a need to be equally long and short on the same pair (appropriately called 'nedging'!),...Ignored
DislikedGosh there's just so much to reply to and to be honest I don't have the time, energy, interest, or inclination, sorry. But here's a bit to be getting on with.....
It will be if you expect brokers to go out of their way to fight in the corner of the minority who produce minimal revenue for them. They did it once with 2-43, expressed their opinion, made a very weak argument in my opinion, and lost. Ok so they opened offices offshore to offer what some of their clients wanted, that was a viable business decision rather than an attempt to support...Ignored