US citizen wanting to financial bet

[MisterPip]

I am a us citizen wanting to get in on the Fixed Odds/Binary betting action.
No, I don't have any family abroad to use in order to trade. I was wondering if there were any type of offshore companies that provide services like opening up fixed odds accounts using a nominee or something? Any suggestions?

 

[riwf]

I am a us citizen wanting to get in on the Fixed Odds/Binary betting action.
No, I don't have any family abroad to use in order to trade. I was wondering if there were any type of offshore companies that provide services like opening up fixed odds accounts using a nominee or something? Any suggestions?

Try HedgeStreet which offers Fixed Odds / Binary betting for US citizens.

From Wikipedia:

HedgeStreet is the first Internet-based government regulated (CFTC) event futures/derivatives exchange.The company operates the HedgeStreet Exchange, which launched in October 2004 and provides traders with a place where they can hedge against or speculate on economic events and price movements.The reasoning behind the creation of HedgeStreet was that with the rise of individual private investment in stocks, there might be a similar appetite for individuals to invest in derivatives.This focus on small investors created sufficient confusion that John Nafeh, founder of HedgeStreet, created the term "hedgelet" to help explain the company's business model.

"Hedgelets" come in two varieties: binary options and capped futures.Binary options are bets on outcomes, "yes/no" contracts, that pay out a small dollar amount (e.g. $100) if final price of an instrument is above the strike price and nothing if below. For instance, HedgeStreet launched Germany 30 Binary Options in 2008. The Germany 30 contract is based on the DAX® Equity Index Futures; if the estimate exceeds the strike price, the binary options pay out. A binary option is a contract with an all-or-nothing payout. BUY if you believe the market price of the underlying asset will settle above a specific strike at expiration. SELL if you think it won’t. The price of a binary contract is determined by the marketplace and represents the probability at the time of the trade that the underlying will exceed the strike price at expiration. If your insight proves correct, at expiration you get $100 (i.e., the full contract value). So, your profit equals $100 minus your initial investment plus fees. If you were incorrect, you lose only your initial investment plus fees.

As of mid-2006, the company had two major investment partners. The Chicago Board Options Exchange purchased a minority stake in HedgeStreet in February 2006 and assists in marketing the company's "hedgelets". In March 2006, Norwest Venture Partners provided a multi-million dollar investment in the company.

In 2007, IG Group announced intent to acquire HedgeStreet.

In the end of 2007 IG Group (based out of the UK) purchased Hedgestreet.

IG Group operate IG Index, Binarybet, and Extrabet in Britain. HedgeStreet offers similar betting for US citizens with a US bank account.

Good luck

RIWF

 

[MisterPip]

Try HedgeStreet which offers Fixed Odds / Binary betting for US citizens.

IG Group operate IG Index, Binarybet, and Extrabet in Britain. HedgeStreet offers similar betting for US citizens with a US bank account.

Good luck

RIWF

Thanks for the response, but im already trading with Hedgestreet. I want to get into fixed odds trading offshore because i've found numerous daily arbitrage opportunities between a few uk brokers. With hedgestreet, i'm only limited.

 

[TheHoneyMonster]

I am a us citizen wanting to get in on the Fixed Odds/Binary betting action.
No, I don't have any family abroad to use in order to trade. I was wondering if there were any type of offshore companies that provide services like opening up fixed odds accounts using a nominee or something? Any suggestions?

If it means that much to you - move to Canada to open a spreadbet account. Spreadbetting is legal in Canada.

 

[MisterPip]

If it means that much to you - move to Canada to open a spreadbet account. Spreadbetting is legal in Canada.

I've already considered that option.

My only holdup from trading is the whole age verification process in which i have to show a non us passport that certain brokers require. I've looked into getting dual citizenship, but the whole process would take entirely too damn long. I would have to first apply for residency in canada, then maintain residency for at least 3 years before going through the whole naturalization process.

 

[riskarb]

IG Markets - Home offers daily Euro-convention binaries on majors and monthly touch bets on EURUSD and Cable. Two-way action on the exotics at 500-700 basis spreads.

 

[indextrader]

You can form an offshore IBC for around $2-3 grand. Yearly 'maintenance fee is about $1k, bank fees of 15-30/mo.

So the upfront fees add up. You need to use an offshore location acceptable to most brokers. Some places are not 'acceptable'. Stay away from Pacific islands, Africa, etc. Try to find a service which does ALL services necessary including helping you establish a corp bank acct which is not easy at all. Whole process takes time and fees add up. You need a lawer/accountant that can write a reference for you. A bank acct in good standing for 2-3 years. And don't expect any help from US-based lawyers on this as majority are a bunch of con-artists to rack up fees, yet they all run away from this sort of thing claiming this bs rule or that other stupid law preventing them from helping you. It's a "DIY" kind of project.

It can be done, though.
Good luck.

I am a us citizen wanting to get in on the Fixed Odds/Binary betting action.
No, I don't have any family abroad to use in order to trade. I was wondering if there were any type of offshore companies that provide services like opening up fixed odds accounts using a nominee or something? Any suggestions?