CTFC regulations Limit US forex initial Margin...

[225for70]

the government here in the states is going to far..The CTFC recently lowered Forex margin requirements at 50 to 1. However, just a year ago it was already lowered 100 to 1 last year.  The change last year lead many traders to move open accounts with overseas. However, there are so few options left for firms wanting to take money from US traders.


Dear Client,

Following our email last week regarding the impact of the new CFTC regulations on residents of the United States of America we would like to clarify the situation and process:

We will no longer be able to accept any new applications from residents of the United States of America
US residents with open positions will be required to close all trades by October 18th. We understand that this is not always practical and are somewhat flexible on this date. If you would like to arrange some additional time to finalise your trading with GO Markets, please email info@gomarketsaus.com with your request and we will do our best to assist you
Funds remaining on your GO Markets account will need to withdrawn at a time convenient to you. Please be aware that we can only process withdrawals by bank to bank transfer. In order to request your funds, please complete the withdrawal form available here and send it back to accounts@gomarketsaus.com or by fax on +61396021440
All accounts held by US residents will be set as 'read-only' once trades are finalised. This means that you can continue to login to your account and view trading history and print statements where required
We apologise for the inconvenience of this as the changes in US regulations are beyond our control. Please be advised that we will continually re-evaluate opportunities to offer services to US residents depending on changes to US laws etc. We may be in a position to advise you that we are able to accept US based residents in the future. You may also consider seeking your own legal advice as to how the regulations affect you or any company you operate through. Of course this is not a decision we wanted to make and we would have liked to continue to offer our services to US clients, but it is out of our hands due to the relationship between the CFTC and ASIC and is only brought about by the restrictive regulations recently put in place.

If you have any questions please do not hesitate to contact us and we will be only too willing to help.

Regards,
GO Markets Pty Lt

[Soul Crusher]

Why is this being done? 

[225for70]

Why is this being done? 

Well they lowered Initial margins again...Most forex traders were already trading with firms outside the united states, due to the martin requirement and Hedging restrictions placed on trades..
The NFA and CTIC are pure jokes, and have these stupid restrictions on trading.  However, many firms that were catering to US residents are being forced to turn traders away.

Forex is a huge industry...The only thing the government is doing is making US Foreign exchange dealers less competitive to foreign counter-parties.

[Soul Crusher]

Well they lowered Initial margins again...Most forex traders were already trading with firms outside the united states, due to the martin requirement and Hedging restrictions placed on trades..
The NFA and CTIC are pure jokes, and have these stupid restrictions on trading.  However, many firms that were catering to US residents are being forced to turn traders away.

Forex is a huge industry...The only thing the government is doing is making US Foreign exchange dealers less competitive to foreign counter-parties.

hhhmmmmm  -  maybe you need to go check out my thread on how the govt is intentionally killing the economy and jobs and dump this in that thread for future reference. 

[225for70]

hhhmmmmm  -  maybe you need to go check out my thread on how the govt is intentionally killing the economy and jobs and dump this in that thread for future reference. 

I'm starting to believe that Obama is the anti-Christ...

This an just an clear example, of a move that literally will have consequences for US based Forex dealers..

This was an industry that was growing by leaps and bounds in the united states. However, the New CTFC restrictions can only kill the industry, and make Traders take more risks having to send the capital to shady Foreign Retailers..

jobs moved outside US...

[Soul Crusher]

I'm starting to believe that Obama is the anti-Christ...

This an just an clear example, of a move that literally will have consequences for US based Forex dealers..

This was an industry that was growing by leaps and bounds in the united states. However, the New CTFC restrictions can only kill the industry, and make Traders take more risks having to send the capital to shady Foreign Retailers..

jobs moved outside US...

Dump this into my thread.  i am trying to compile a thread so that by 2012, when the economy is still in the toilet - no one can say they were not warned why and claim we are still confused why things still suck. 

[225for70]

Dump this into my thread.  i am trying to compile a thread so that by 2012, when the economy is still in the toilet - no one can say they were not warned why and claim we are still confused why things still suck. 

Which thread?

[Soul Crusher]

Which thread?

Obama the economy killer and job destroyer. 

I have great articles in there on all sorts of aspects of the economy and how the govt is destroying everything.  Its really scary when you add it all up.