Has anybody gone this route? To be specific- I'm a US citizen looking to open an account at a Forex broker overseas that offers at least 250:1 leverage (needed for a particular EA to run on MT4) I'm open to creating an offshore corporation (IBC) and bank account, but need a rec to a broker that won't deny my account application because I (the director) am a US citizen. I'm not doing this for any illegal purposes. In fact, as a resident of Puerto Rico, I'm already paying zero taxes and have nothing to hide. I'm just trying to get around the Dodd Frank restrictions. One more caveat- all of the shady offshore forex brokers that only accept crypto are not an option. I'm looking for a solid, regulated broker.
You won't find one. No broker with even only two brain cells will accept an US citizen and deal with the hassle that is caused by dealing with US - authorities. Puerto Rico or not, doesn't matter.
Well, I'm hoping you're wrong. I've already found two as a matter of fact- they just don't have the leverage I'm looking for. 1. Pepperstone- they told me via chat they will accept any foreign IBC, even with a US director. She said as long as the company is not based in the US, they don't care who the shareholders are. But they only offer 30:1 unless you can prove you are a "professional" trader, which I cannot in this case. 2. Renesource Capital- Latvia. Accepts US clients no problems at all, but max leverage is 100:1. This will be my fall-back if I don't find a better solution.
I thought you were asking about properly regulated bucket shops. Latvia definitely hasn't the best regulating body and for the EU countries ESMA regulation has capped leverage to 1:30. Pepperstone is in GER.
Thanks. I've read that thread in detail as well. My concern is that a couple of the brokers they list as "trusted brokers" get abolutely slammed on other forums like Forex Peace Army. In fact, I was about to pull the trigger on Lmfx (Macedonia) until I saw at least a dozen guys saying there's no way you can get your money out! So not for me...
Ask your questions on that thread and exchange with traders there. They all have accounts in those brokers for quite time, so they know if a broker has problems. I would not trust Forex Peace Army and seeing many false accuses there in the past .