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For this reason, some U.S. forex brokers previously suggested that their clients use their affiliates offshore.
FORBES: Offshore Forex Trading Is Heading Back To U.S. Shores
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It also protects and educates investors and enables them to research brokers, including forex brokers, online.
FORBES: Working In Finance: 5 Forex Careers
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Retail forex brokers are not direct participants in the Interbank foreign exchange market.
FORBES: Keeping Straight With Forex Reporting Requirements
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Most online forex traders have accounts with retail off-exchange forex brokers, most of whom only offer trading in the forex spot market.
FORBES: Keeping Straight With Forex Reporting Requirements
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For warnings about hidden problems with forex brokers, see Erskine vs.
FORBES: Is U.S. Forex Trading Safe?
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The CEO of Rockwell Trading brought up this court case and discussed his concerns about forex brokers and their platform markets on our Oct. 27 webinar.
FORBES: Is U.S. Forex Trading Safe?
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For example, many forex traders had accounts with U.S.-based forex brokers first, and moved their funds to the foreign affiliates of their U.S. brokers in order to get higher leverage and avoid the hedging rule.
FORBES: Handling New IRS Foreign Reporting Requirements Without Doing Jail Time
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The CFTC and NFA are scrutinizing forex brokers more now after their Oct. 18, 2010 effective date for RFED registrations in accordance with their new CFTC rules for forex transactions, sanctioned by Dodd-Frank Fin Reg too.
FORBES: Is U.S. Forex Trading Safe?
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Some forex brokers in the U.K. and other jurisdictions may register with the NFA as RFEDs and then continue to offer money protection in the UK, although they will still need to adhere to the new CFTC rules on leverage and more.
FORBES: Offshore Forex Trading Is Heading Back To U.S. Shores
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Nothing in these CFTC documents specifically exempts offshore forex platforms or brokers from these new rules, either.
FORBES: New CFTC Forex Trading Rules Call For 50:1 Leverage
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If the CFTC has extraterritorial powers on retail forex, then foreign-based brokers will probably not do business with non-qualified American participants.
FORBES: Long Arm Of Congress Leans On Forex Traders