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Any U.S. based traders that have opened/maintained an overseas FX trading acct?
You'll be stopped at the KYC as soon as your IP conflicts with their website rulesets.
I wouldn't suggest it unless you have a fool proof way. If that's the case you'd have to have addresses and domicile proof etc.
I tried a Duka account and read here that they are a bank and would allow it, but it no go.
Your best bet is to use one of the many "off-shore" US friendly brokers that are unregulated. There are a number that have a decent rep, but ultimately the risk is yours.
Don't know your reason for searching for out of US but for me it's the easy leverage with minimal account sizes. To most that's like a cannon in a baby's hands.
The biggest issue is a rug pull, but that's something I deal with in the back of my mind hence the smaller account being levered. The other issue is if they decide I"m making too much and stop my withdrawals.
The scape has changed with the onslaught of crypto and anyone with the capital can start a brokerage of their own, even using an off-shore prime broker's white label.
Just remember ultimately the brokers are not your friends.
I'm not interested in doing anything illegal, it's just something I've wondered about.
If I were to find an offshore broker, I'd really be funding it with tiny money anyway, on the order of a couple hundred bucks to play with, so I'm less worried about the safety of it at this point, and just wondering if it's possible, or if there is anything that could get me in some type of trouble.
Do you know of a good source with a list and/or explanation of such brokers?
Leverage... I think a lot of people have an unhealthy relationship w/leverage. People assume high leverage is good/bad.. imo its neutral. You can use a knife to open a box, or to cut yourself.
I have had an epiphany about leverage not too long ago.
When people think of high leverage, they seem to think of only one way to deploy increased buying power... BET BIGGER.
There are smarter ways to deploy more access to capital. [/rant]
I'm not a fan of fx forums. They're a crutch that'll do more harm than you realize. Same token I don't know your experience.
Fx peace army and babypips ...I hate that I'm even typing this, has a section for off-shore. The later I found was a hard to bear, that's just me. I will say they typically biased/opinionated to the point of sycophantism. Again, just me. The prior had a lot of reviews, but was antiquated.
You gotta take things with a grain of salt for lack of better. These people are not professionals by any means.
Forex factory is the quintessential fx ghetto. However they have one of the easiest calendars to use. I still do to this day.
Earnforex has a decent list unbiased, clean and rather professional and seemed more up to date.
The best easiest way to fund is btc, so I'd brush up on tx'ing bitcoin without screwing up if you haven't an idea.
If you are just playing around then don't have too much expectations. Fx does not move for reasons one may think - at least in the short-term.
