Brokers Controversy
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Thread: Brokers Controversy

  1. #1
    esSbesgarSuz
    Guest
    Its been the subject of several discussions, personally I didn't cover
    special attention to this. However, it seemed that even long term traders
    do not understand what's happening precisely.
    It is US and overseas brokers. I can't state any names .
    Some time ago hedging was illegal to US brokers. Foreign brokers continued using it. Afterward the leverage 1:50 was enforced to US brokers when overseas brokers still like 1:500.
    Following this leverage issue I opened account with an European broker and has been everything OK but recently I decided to open MT5 account and they said: we accept all except US taxpayers. In my question'why' I have answer that we do not want to have transactions problems. Another broker explained We don't accept US Citizens it's the rules of our Company.
    You will not be able to enroll from US or exchange.
    They even track proxies on registering or trading out of USA.
    Can anyone explain what's actually happening?
    Thanks.

  2. #2
    esSbesgarSuz
    Guest
    Quote Originally Posted by ;
    You will only find bucket shops keen to go beyond that.

    13
    what's bucket shop?

  3. #3
    esSbesgarSuz
    Guest
    Foreign brokers do not want to accept US residents.

    Look here
    http://www.cftc.gov/PressRoom/PressR...pr5997-11.html
    http://jadefx.com/

  4. #4
    esSbesgarSuz
    Guest
    I just got a response from an Australian broker
    Because of CFTC rulings we no longer accept appliions in the US since October 18 2010.

    This ruling also referred to as the Dodd-Frank Act placed restrictions on US retail clients trading financial instruments greater than 50:1 leverage.

  5. #5
    esSbesgarSuz
    Guest
    I do not know whether I am logically right but it seems to me
    that overseas brokers do not want help US residents break the US issued law
    for US residents.

  6. #6
    Quote Originally Posted by ;
    Its been the subject of many discussions, personally I didn't pay
    special focus on this. However, it seemed that even long term traders
    don't understand what's happening exactly.
    It is US and overseas brokers. I cannot say any names here.
    A while ago hedging was prohibited to US brokers. Foreign brokers continued using it. Then the leverage 1:50 was imposed to US brokers when overseas brokers still enjoy 1:500.
    Following this leverage issue I opened account using an European broker and has been everything OK but lately I decided to open MT5 account...
    http://forexmagnates.com/cftcs-new-r...pt-us-clients/. You will find bucket shops keen to go beyond this.

    Great luck with 50:1 leverage and just few US regulated brokers.

    Regards
    13

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