DislikedFinal nail in the coffin of US trading came for me in the form of an email from Oanda last night. The esteemed "wisdom" of the NFA has dictated we now are limited to 33:1 leverage on AU and JPY pairs 20:1 leverage on CHF pairs. NFA and CFTC are pushing out retail fx for what purposes ? Get us all to trade futures ? ironically some futures brokers will give you day trading leverage for S&P eminis at $400-500. Roughly $100,000 contract at 200:1 leverage. Hmm ? Now I have to decide what country to jump in bed with..Belize, Estonia, Finland, Dominica...Ignored
While reading your post it occurred to me that either the other USA brokers did not publish this information for inclusion on FF, or I missed it. I think there was an article posted by the NFA, but not very inclusive in details. I know for sure that Citi never published in return. The NFA having done this, then all USA brokers must comply. That the brokers have not also published this information - if that is the case - then it probably is because they recognize it to be such a negative that it will likely terminate the inflow of new account applicants. I know for sure that Citi has not published this. And in the midst of the episode with FXCM, they probably have not done so either. Or, as I say, maybe I missed some of it. In any case, it has become obvious now there is no help for the USA retail currency trader to continue via the spot forex market. It has become a choice of trading currency via futures or via offshore brokers.
As I see it based on current events, the spot forex broker business in the USA is going to die off. It is a shame because it facilitated the "average person's" entry into trading and into the opportunity to make profits via trading, under conditions that were originally far more favorable than thru the "Thieves of Wall Street", where regulation for the protection of traders via the SEC has traditionally been non-existent,...a farce. Same with the NFA,....a farce. But, it is coming to the point where either you enter their den of big time thieving and corruption in an attempt to remain a trader, or you go to an offshore broker that accepts USA clients.
This thread has the potential to be come one of the most popular on FF, not only due to the likely increased interest by more and more USA spot forex traders, but due to the possible interest by non-traders looking for information to push their agenda, some of whom could be predisposed to our way of thinking and looking for ammunition to fight against the authority and power given the NFA, which has and is being used to destroy the opportunity of spot forex retail traders, not to protect them.
So, keep coming with the information you all learn about offshore brokers - good and bad - because that is information more and more will be looking for, in an attempt to find an alternative for themselves. Please be specific about information: broker name, details about methods and costs of deposits and withdrawals, inclusion in MT4 of accounting of swaps and commissions (if any), personal experience with them, etc.,.....details like this which will more quickly help your fellow USA retail trader find a trustworthy alternative to the USA market, which has become rigged by the NFA to the point of strangulation of all USA spot forex retailer traders.
Thank You One and All for Meaningful Ongoing Contribution, and mer071898 for Starting This Thread,
-tah