USA Trading the Forex

Joined
Apr 24, 2017
Messages
1
Reaction score
0
Country
United States
My apologies if this has been answered but I did not find it through several searches.

  • I am a US citizen
  • I am not here to sell my strategy
  • I really do just want some real advice on any restrictions I would have being a US citizen
There are numerous reasons for me going with a broker outside the U.S. but I've heard so many opinions I just want the actual official answer. I'm not looking to do anything shady and these accounts would be in my name and the brokers verify my identity.

I am sure I'm forgetting something below so if you see a hole or a question I haven't asked please share. I thank everyone for their time in advance.

Also, I am not new to Forex. I've been out of it for a long time and things have certainly changed so I want to make sure I do things proper. I guess I never really thought about it in the past but the reality is that I lost more money than I ever made and it was never a large amount. Things are most certainly different now.

Forex Questions

Questions

  • Company/Individual - Is it better to do this as a company or an individual?
    • Are there expenses I could take advantage of as a business that I could not as an individual?
    • What types of expenses can be deducted?
      • Computer for trading?
      • Internet?
      • Cell Phone?
      • Service fees that are 100% related to my trading.
      • Fees for transferring money anywhere it happens?
      • VPS (online server)
      • Fees paid to the strategy developer (trader who came up with the strategy)?
      • What else could be deductible?
  • Brokers - Is there a limit on how much I can have, in my own account, if I open an account with a foreign broker that accepts U.S. Clients? U.S. brokers are more restrictive.
    • If yes then how much and as long as I keep it under that am I okay?
    • Is that on a per account basis, per broker, total amount invested in foreign brokers?
  • Profits - How do I report profits I make doing my own trading?
    • Do I have to report at the end of each year?
    • Do I only report on what I withdraw?
  • Signal Provider
    • I am thinking of registering with a few online sites that will allow users to subscribe to my trading.
    • I register my account, the site shows my results and users can choose to copy my trades for a fee.
    • The online site then gives me that subscription fee minus any commissions they charge.
    • Since the online service is the middle man between me and my subscribers am I able to do that without any certifications?
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top