I just attended a seminar here in auckland, nz on cfd's and forex trading. The company was cmc markets. They said they had offices all over the world and traders from all over can easily open an account with them and trade. They didn't mention anything about trading cfd's being illegal. Try their website: cmcmarkets.com.
I think gft also offers cfd trading--gft.com
Hope this helps.
Jim
I think gft also offers cfd trading--gft.com
Hope this helps.
Jim
scrappy1110
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I use Galvan for around 5 months now and showing a very healthy profit on my account
hope this helps
hope this helps
I believe CFDs are illegal
Does anyone know what the best alternative to a CFD would be. Once again I believe they are illegal however if this is not the case or there is a legal way to use the same leverage let me know. If there are any US citizens who have found an alternative that allows the use of the same basic leverage while remaining pegged to the underlying stocks/indexes price I would appreciate your input.
Chad
Does anyone know what the best alternative to a CFD would be. Once again I believe they are illegal however if this is not the case or there is a legal way to use the same leverage let me know. If there are any US citizens who have found an alternative that allows the use of the same basic leverage while remaining pegged to the underlying stocks/indexes price I would appreciate your input.
Chad
scrappy1110
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Why do you think they are illegal
It is illegal for a US citizen to use CFD or Spread Betting because they are regarded as gambling under US law. That does not mean that all spread betting companies and CFD companies in the UK will stop you, some will leave a disclaimer saying something like 'check your national laws'. There is no real alternative as the problem is that you are betting. The next best thing might be a margin account at a brokers, perhaps e-trade for example might allow you a UK sterling acount. Or maybe their US account will allow margin trades. YOu could also try the IB Universal account and see if they will allow you margin to tade UK stocks and futures (if that is what you want).
or lobby congress to get rid of the dumb-ass betting laws.
Thecaptaindaytrader
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You are thinking of Spread betting, where in the US it is illegal cause it is classed as gamberling. i think CFDs r fine to trade tho.
£10kLoser
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As far as I know, all the spread betting and CFD companies do not accpet US citizens. That's the issue - obviously, CFDs are not illegal! Somebody answer the poor guys question!
There is actually one obscure Spread Bet Co that does accept US clients. I forget their name - something like P881...
There is actually one obscure Spread Bet Co that does accept US clients. I forget their name - something like P881...
A lot of confusion here. Spread betting is illegal in the US. OTC derivative products (i.e CFDs) can only be offered to accredited investors - basically anyone with net assets over $1 million and an annual income over $200k. FX is not so tightly regulated - pretty much anyone can open an account to trade that.
In terms of the most similar products you're allowed to trade, single stock futures are probably the nearest, although you won't find the depth of liquidity there. If you're after binaries look at the CME and Hedgestreet - both have listed binaries you can trade (as does the USFE, although the liquidity here is shocking). Other than that, traded options may give you the leverage you're after.
If any spread better or CFD company is willing to take a client from the US, frankly I'd steer clear of them. Breaking one set of laws may mean they're more fast and loose with others.
In terms of the most similar products you're allowed to trade, single stock futures are probably the nearest, although you won't find the depth of liquidity there. If you're after binaries look at the CME and Hedgestreet - both have listed binaries you can trade (as does the USFE, although the liquidity here is shocking). Other than that, traded options may give you the leverage you're after.
If any spread better or CFD company is willing to take a client from the US, frankly I'd steer clear of them. Breaking one set of laws may mean they're more fast and loose with others.
Yes a good clarification. CFDs and SB are illegal, while retail Forex on the other hand, with quite many registred scams is allowed, I have never come to understand. They both for the most part act as Market Maker.
CFD's are illegal in the US and Canada, if there was a way i would of found it. I opened an account through a family member living abroad, but this a a bit complicated, funding the account must come from the account holder (none us or canadian) therefore i had to transfer funds to my his account first and he funds the CFD account from his bank account. Same goes for withdrawing funds.
