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Thread: Is it illegal to trade with an overseas Forex Broker?

      
  1. #1
    Will Work For Pips
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    Question Is it illegal to trade with an overseas Forex Broker?

    I'm reading now that there's 50:1 leverage on all US brokers, and this is just getting ridiculous, what's next, 10:1 leverage? Anyway, all these overseas brokers, big banks, reputable institutions, and so on, are offering higher leverage, leverage I like, at least 100:1, so is it illegal to trade with these forex brokers despite their leverage terms? As a US client am I bound to trade with 50:1 leverage now no matter what thanks to this The Dodd-Frank bill?

  2. #2
    Hindsight Hero! DickP's Avatar
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    Default Re: Is it illegal to trade with an overseas Forex Broker?

    Some say yes, some say no. Why don't you call the CFTC for some clarification, otherwise, this may be you:




    "I came to make pips and chew bubble gum...damn, I'm all out of gum..."
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  3. #3
    Pips Are My Game Toscani's Avatar
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    Default Re: Is it illegal to trade with an overseas Forex Broker?

    No its not illegal, it just a pain now, and less profitable

  4. #4
    I AM the kwisatz haderach! MuadDib's Avatar
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    Default Re: Is it illegal to trade with an overseas Forex Broker?

    I wouldn't risk it at this point, what if your account is closed due to one stinking provision in Dodd-Frank, and your funds are seized and you are out everything. Is that better or worse than being forced to trade 50:1 leverage?

  5. #5
    I am Part Pips tab's Avatar
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    Default Re: Is it illegal to trade with an overseas Forex Broker?

    You're not going to get arrested for trading with an overseas broker, are you crazy? They may not want to accept you, but you're not going to get hunted down, what dummy

  6. #6
    Hindsight Hero! DickP's Avatar
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    Default Re: Is it illegal to trade with an overseas Forex Broker?

    Can't a guy poke a little fun at the situation? No one else does



    "I came to make pips and chew bubble gum...damn, I'm all out of gum..."
    -DickP, 2011

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