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IB killing forex trading?
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IB killing forex trading?

  #1 (permalink)
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IB killing forex trading?

just got this email from them..


Quoting 
Effective September 1 2016, Interactive Brokers will require that only accounts held by "Eligible Contract Participants" may open leveraged forex positions.

An “Eligible Contract Participant" generally is an individual or organization with assets of over $10 MM (or $5 MM if trades are hedging). See KB2731 for the definition of an Eligible Contract Participant.

If you are or may be an “Eligible Contract Participant”, please review KB2732 for instructions on how to complete a required questionnaire to continue trading leveraged forex.

If you do not qualify as an “Eligible Contract Participant”, after September 1, 2016 you will be able to close your existing leveraged forex positions but you will not be able to do any additional leveraged forex trades.

NOTE: This Notice does not apply to currency trades that are un-leveraged “conversions" of one currency to another. This Notice also does not apply to margin trades for stocks denominated in foreign currency. Those trades are not affected by this Notice.

Interactive Brokers Client Services

sounds like basically you can't trade leveraged forex (IDEALPRO) unless you have 10 Million?

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  #2 (permalink)
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  #3 (permalink)
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Update from IB



Quoting 
Dear ******,

IB made a policy decision to stop offering leveraged forex to US retail client because of the current regulatory environment toward the product in the US. We believe the change will affect fewer than 2,000 US retail clients who trade this product actively. We may decide to offer this product in the future to US retail clients, depending on regulatory developments.

Regards,
Karen S.
IB Client Services


yes it is true


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  #4 (permalink)
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Basically we can thank the screwed up government for causing this.

I just called and spoke to an IB rep. It's the SEC that's doing it. So if you open and acct with just a forex house you should be ok to trade fx. From my understanding the SEC rules don't apply to them. But I'm not 100% sure. But I will be soon.

FX is in my business plan for the fall here with swing trades. Seems now I have extra paper work to fill out....lol... Thanks Uncle Sam.

Ron


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  #5 (permalink)
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https://www.leaprate.com/2016/05/sec-notice-bans-broker-dealers-from-retail-forex/

I see no reason why the SEC should have any juristiction or say so over this but thank the wonderful government regulators folks.

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  #6 (permalink)
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IB killing forex trading?

Just got off the phone with FXCM and they are emailing me an application to open an account.

They have offices in New York, Dallas and San Francisco. As well as other offices world wide. I was speaking to the San Fran office.

SEC doesn't touch them so retail traders can trade FX thru them.

Government is great at creating red tape, huh....lol

Ron


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It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)

Last edited by Blash; August 11th, 2016 at 07:27 PM.
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  #7 (permalink)
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This post earlier this year on FF seems to sum it up the situation quite well IMO: SEC bans Broker-Dealers from retail forex transactions @ Forex Factory

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  #8 (permalink)
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  #9 (permalink)
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This trend is not only in the USA. The Province of Alberta in Canada also establish rules against FX solicitation and trading.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #10 (permalink)
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Optimus FX offer platforms for forex customers, unfortunately not USA residents and/or citizens.
Our partners provide ECN, STP and/or Dealing Desk based on the clearing.
We carry the typical MT4, but also CQG FX, CTrader and others like LMAX (API for MC and SC) while all platforms are free.

If you are an IB "refugee" and/or want to explore this, we would be more than happy to help.

Thank you,
Matt Z
Optimus FX
Optimus Futures

There is a substantial risk of loss in Forex and Futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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