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A little discouraged about US Compliance - Offshore brokers

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  • A little discouraged about US Compliance - Offshore brokers

    Hello everyone.

    I am very excited to be able to follow some of the signals here, and would love to get started. There is just one thing holding me back.

    I am located in the USA, and the signal I am interested in says it is not US compliant. Which means it cannot be executed on an account that doesn't allow hedging or is restricted by FIFO rules.

    1. Can I still follow Smart2 even if I cant hedge my account? Will the performance seriously be impaired by this detail? What signals are US compliant?

    2. Is it legal to open an account with a broker like Tallinex to be able to follow this signal? I wouldn't want to get into trouble with the law.

    I looked into a few USA brokers like ATC, FXCM, FXDD and it looks like you can "hedge" on Metatrader and they fix it through their back office. Anyone aware of this?

    Thanks in advance.
    Last edited by cjackman1989; 06-26-2015, 01:07 AM.

  • #2
    Originally posted by cjackman1989 View Post
    Hello everyone.

    I am very excited to be able to follow some of the signals here, and would love to get started. There is just one thing holding me back.

    I am located in the USA, and the signal I am interested in says it is not US compliant. Which means it cannot be executed on an account that doesn't allow hedging or is restricted by FIFO rules.

    1. Can I still follow Smart2 even if I cant hedge my account? Will the performance seriously be impaired by this detail? What signals are US compliant?

    2. Is it legal to open an account with a broker like Tallinex to be able to follow this signal? I wouldn't want to get into trouble with the law.

    I looked into a few USA brokers like ATC, FXCM, FXDD and it looks like you can "hedge" on Metatrader and they fix it through their back office. Anyone aware of this?

    Thanks in advance.
    Hi Cjackman, welcome to the community

    To answer your questions:

    1. You can't follow this trader if you have FIFO restrictions. The signal almost never hedges, so that's not such a major concern, but you need to be able to trade without first in first out restriction.
    2. I'm not an expert, however based on my experience and understanding it's the broker that will get in trouble for offering you trading services. You obviously don't get any protection from a regulator when you trade with these guys and there in lies the real risk. Having said that, I've only had positive experiences when dealing with Tallinex and our clients seem to like them.

    ATC is good option if you decide against Tallinex. I would certainly go with them over FXCM or FXDD, I know that they have a way of successfully getting around FIFO in their back office.
    Would you like free lifetime access to our forex trading room?

    Open an account at Blueberry Markets and save the $97/monthly fee.

    Click here to find out more.

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    • #3
      Hi Nick, thanks for your quick response.

      So to clarify, I CAN trade Smart2 with ATC brokers?

      Can I trade Steady Capture with any US broker?

      Thanks a bunch!

      Comment


      • #4
        Originally posted by cjackman1989 View Post
        Hi Nick, thanks for your quick response.

        So to clarify, I CAN trade Smart2 with ATC brokers?

        Can I trade Steady Capture with any US broker?

        Thanks a bunch!
        You can trade SteadyCapture with ATC, but only because they don't enforce FIFO.

        It won't work if you are stuck with FIFO unfortunately.
        Would you like free lifetime access to our forex trading room?

        Open an account at Blueberry Markets and save the $97/monthly fee.

        Click here to find out more.

        Comment


        • #5
          Thanks, and one last question. I am probably going to go with ATC, but just to have options, My current broker, Oanda, allows me to open different positions in sub accounts and get around FIFO rule. Does the signal come with email, SMS alerts?

          Technically I could manually open the positions with these sub accounts at my discretion correct?

          Thanks.

          Comment


          • #6
            Originally posted by cjackman1989 View Post
            Thanks, and one last question. I am probably going to go with ATC, but just to have options, My current broker, Oanda, allows me to open different positions in sub accounts and get around FIFO rule. Does the signal come with email, SMS alerts?

            Technically I could manually open the positions with these sub accounts at my discretion correct?

            Thanks.
            Copying the trades manually isn't really practical to be honest. they come through at all hours of the day and night.
            Would you like free lifetime access to our forex trading room?

            Open an account at Blueberry Markets and save the $97/monthly fee.

            Click here to find out more.

            Comment


            • #7
              If you use ATC remember to be careful about leverage since you will only have 50:1. Many of us use Tallinex who seem to be good and there is nothing illegal about using them. US protection is not really all that good anyways. However, if you use an overseas broker you MUST file an FBAR report each year. The penalties are pretty horrible if you don't.

              Comment


              • #8
                Originally posted by deweymcg View Post
                If you use ATC remember to be careful about leverage since you will only have 50:1. Many of us use Tallinex who seem to be good and there is nothing illegal about using them. US protection is not really all that good anyways. However, if you use an overseas broker you MUST file an FBAR report each year. The penalties are pretty horrible if you don't.

                Thanks for your responses guys, I'm going to do some research and find out what the best option is. Two more questions:

                1. The trade copier comes with an option to only take one trade at a time correct? Is this a viable option if I wanted to use a US Broker?
                2. Are there any signals offered here that are FIFO compliant?

                Much appreciated, thank you for taking the time to clear my doubts.

                Comment

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