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  • #1,201
  • Oct 6, 2010 9:08pm Oct 6, 2010 9:08pm
Quoting todder
FYI, Go is not excepting anymore US clients and they will issue a email this week to whether or not the current US clients will be shut down. He wouldn't say for sure but did say it doesn't look good. Fucking Obama.

GO Markets Support 7: After discussions with our lawyers in Australia and the US with regards to the CFTC regulations we have regretfully come to the conclusion that we are not able to process any applications from the United States of America until further notice. GO Markets Support 7: This unfortunately is something that is completely out of our control and as much as we would like to be able to continue accepting US clients it seems we are bound by these restrictions imposed by the CFTC, despite the fact we are regulated in...
It's Easy To Get In;.. It's Hard To Get Out
  • #1,202
  • Oct 6, 2010 9:44pm Oct 6, 2010 9:44pm
Quoting Peter-FX
GoM has partly answered this before see below.
They must be on holiday today, hence no answers.

http://www.forexfactory.com/showpost.php?p=4045268&postcount=1081
Peter,

Holiday , I wish!!

I have been having a chat with accounts and compliance regarding refunding via Paypal. What I have found out so far is that all we can at present do is accept funds from Paypal and not allow withdrawals.
This isnt because its not compliant with the regulations, its simply because we dont have the function in paypal to do this, all we have is the function to refund money if it hasnt been used i.e taken from Paypal to the Client Trust account at the NAB.
Our accounts team are due to be meeting with Paypal as the guys at Paypal are introducing more functions to us so this will be mentioned and we will see if withdrawals can be done in this way as long as its compliant.

Cheers
  • #1,203
  • Oct 6, 2010 10:31pm Oct 6, 2010 10:31pm
Quoting GoMarkets
Peter,

Holiday , I wish!!

I have been having a chat with accounts and compliance regarding refunding via Paypal. What I have found out so far is that all we can at present do is accept funds from Paypal and not allow withdrawals.
This isnt because its not compliant with the regulations, its simply because we dont have the function in paypal to do this, all we have is the function to refund money if it hasnt been used i.e taken from Paypal to the Client Trust account at the NAB.
Our accounts team are due to be meeting with Paypal as the guys...

GoM, I'll tell you what. I'll give you Christmas day off, how's that?

Did you see goldcourse's post, because that is where this started as an option for him, you may have a better idea.

http://www.forexfactory.com/showpost.php?p=4075470&postcount=1182
  • #1,204
  • Oct 6, 2010 10:40pm Oct 6, 2010 10:40pm
Quoting Peter-FX
GoM, I'll tell you what. I'll give you Christmas day off, how's that?

Did you see goldcourse's post, because that is where this started as an option for him, you may have a better idea.

http://www.forexfactory.com/showpost.php?p=4075470&postcount=1182
Peter,

You are too kind.

I will respond to Goldcourse's post now

Cheers
  • #1,205
  • Oct 6, 2010 10:44pm Oct 6, 2010 10:44pm
Quoting goldcourse
Hi guys,

I would like to open a bank account with NAB(same branch as GoMarkets).
Can it be done for a foreigner and if yes, what is the minimum deposit required?

Appreciate anyone in the know can help to answer my question.

Thanks
As far as I'm aware as long as you meet the NAB's criteria then I dont see any reason why you wouldnt be able to open an account at the NAB.
Unfortunately I dont know what criteria is required but i'm sure the helpful chaps at the NAB will help.

If you need to know more details on what branch we use its on the account details we give you when opening an account.

Cheers
  • #1,206
  • Oct 6, 2010 10:52pm Oct 6, 2010 10:52pm
Quoting GoMarkets
As far as I'm aware as long as you meet the NAB's criteria then I dont see any reason why you wouldnt be able to open an account at the NAB.
Unfortunately I dont know what criteria is required but i'm sure the helpful chaps at the NAB will help.

If you need to know more details on what branch we use its on the account details we give you when opening an account.

Cheers
Okay, I will go and do some enquiring.

Thanks
  • #1,207
  • Oct 6, 2010 11:03pm Oct 6, 2010 11:03pm
Quoting John D
GO Markets Support 7: This unfortunately is something that is completely out of our control and as much as we would like to be able to continue accepting US clients it seems we are bound by these restrictions imposed by the CFTC, despite the fact we are regulated in...
Based on that statement "bound by these restrictions imposed by the CFTC", looks like I'll close my last GoMarkets trade by Friday 10/15, sigh.
  • #1,208
  • Oct 6, 2010 11:15pm Oct 6, 2010 11:15pm
Quoting cica515
Based on that statement "bound by these restrictions imposed by the CFTC", looks like I'll close my last GoMarkets trade by Friday 10/15, sigh.
Just to clarify our lawyers have nearly finished collating all the info they need regarding US clients.
From what I can gather so far is that the CFTC and ASIC have a memorandum of understanding so it may be that if we accept US clients then they can potentially ask ASIC to intervene.
Our lawyers are still seeing if there are any exemptions and we will of course keep you posted.

Sorry to be a bit non-committal at the moment but for us its a bit tricky because we are not affiliated to any US brokers like many other forex providers but we are regulated by another authority and we are not a bank so its taking time looking into all the possibilities.

Hopefully we will be able to let clients know either later today or tomorrow.

Cheers
  • #1,209
  • Oct 7, 2010 9:31am Oct 7, 2010 9:31am
It would be truly disappointing if GoMarkets had to discontinue having US clients. GoMarkets has been a great broker and one of the biggest reasons I chose GoMarkets is to avoid the US forex shenanigans.

It's sad to see how a US regulatory agency and it's ridiculous policies have been able to manipulate and send fear into regulatory agencies and brokers around the world.

That's not a shot at GoMarkets at all. I'd just like to see the ASIC tell the CFTC to take a hike. The CFTC has no right to mandate how a company in a different country manages their business.

All of your US clients appreciate you trying to fight the good fight for us Chris.
  • #1,210
  • Oct 7, 2010 10:11am Oct 7, 2010 10:11am
Quoting Dozer

It's sad to see how a US regulatory agency and it's ridiculous policies have been able to manipulate and send fear into regulatory agencies and brokers around the world.

That's not a shot at GoMarkets at all. I'd just like to see the ASIC tell the CFTC to take a hike. The CFTC has no right to mandate how a company in a different country manages their business.

All of your US clients appreciate you trying to fight the good fight for us Chris.
i hope that GoM does continue with US clients. and if this means that they cannot open a usa branch, then so be it.

I know exactly why the CFTC did this in the first place.

I wonder what fxopen is doing and how they are responding to this?
Measure trends automatically with zero lag
  • #1,211
  • Oct 7, 2010 10:28am Oct 7, 2010 10:28am
GoM is an excellent broker, very customer focused. If there is any way possible they can continue to accept US residents then I am sure they are doing their best to make it happen.
BarrySDCA Commercial Network Services
  • #1,212
  • Oct 7, 2010 11:52am Oct 7, 2010 11:52am
Quoting Pipstrumpf
goldcourse,

No bank in this world will open a bank account in your name over the net.
You need to ring NAB and ask them if they would accept you to open a account in physical presence. That simple, the online thingy is only working once you are a customer of a bank.
Pipstrumpf

This is not correct.
Last year i opened an account at a Swiss Bank call Swissquote over the net, i only had to send them the signed contract and a copy of my passport by mail.
2 weeks later i had access to my online account.

ottrix
  • #1,213
  • Oct 7, 2010 10:33pm Oct 7, 2010 10:33pm
Quoting Pipstrumpf
goldcourse,

No bank in this world will open a bank account in your name over the net.
You need to ring NAB and ask them if they would accept you to open a account in physical presence. That simple, the online thingy is only working once you are a customer of a bank.
Mmm, not true.

Not to offend Pips, but to be factual. Right now, I am using an account (have been for a year) which was opened over the internet and in my name.

I know of more than this bank that will do this. So just keep checking.
  • #1,214
  • Oct 8, 2010 12:52am Oct 8, 2010 12:52am
I have a live account and just received this Email:
Dear Client,
You may be aware of recent changes in US regulations regarding off-exchange retail foreign currency transactions. In response to the Dodd-Frank bill, the US Commodity Futures Trading Commission (CFTC) adopted a new comprehensive regulatory scheme, which goes into effect on October 18, 2010. The rules apply to retail Forex transactions that are offered or entered into by entities that are solely registered with the CFTC under the Commodity Exchange Act (CEA).
GO Markets is regulated under Australian Law and does not have any offices or operations based in the United States. This means that GO Markets is subject to the comprehensive licensing laws in Australia and not the US. However the recent changes adopted by the CFTC seek to ensure that retail Forex transactions offered to US residents can only be offered by entities registered through the CFTC and therefore subject to US regulations and laws. You may be aware that part of these new rules is the requirement to set minimum security deposits for transactions. The new rules require a minimum 2% security deposit for major currencies (i.e. leverage 50:1) and 5% (i.e. leverage 20:1) for all other currencies. This may place a restriction on your current trading activities.
Despite the fact that GO Markets is regulated under Australian law the regulatory regime of the CFTC seeks to impose its rules across all jurisdictions when it relates to Forex services being offered to US residents. The CFTC has a Memorandum of Understanding concerning consultation and cooperation in the administration and enforcement of futures laws and additionally the CFTC and ASIC are also party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and Exchange of Information. GO Markets has satisfied clients from all over the world who are attracted by quality products and services that we offer. We value your business and the trust you have placed in us to provide a quality trading solution.
Unfortunately due to the restrictions placed by US laws GO Markets will be unable to accept any new trades from US residents after the 18th October 2010 unless you are eligible to meet one of the categories below:

 

  1. You are an individual or company with total assets in excess of $10,000,000
  2. You are a corporation, partnership, proprietorship, organization, trust, or other entitythat has total assets exceeding $10,000,000; that has total assets exceeding $1,000,000 and enter into an agreement, contract, or transaction in connection with the conduct of the entity’s business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entity’s business.

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 Ltd

  • #1,215
  • Oct 8, 2010 1:01am Oct 8, 2010 1:01am
Yes, this is very unfortunate. It is frustrating for us, but I can only imagine how frustrating it must be for each of our US clients who are being dictated to as to where they can have their accounts. Personally, I think these rules are very restrictive (perhaps I shouldn't say too much) and we would have loved to have taken on new US clients and continue to service our existing clients, but ithe decision has been taken out of our hands based on the relationship between the two regulators.
  • #1,216
  • Oct 8, 2010 1:12am Oct 8, 2010 1:12am
Chris you need to loan me $9,999,852.43 so I can keep trading with you.




(I have a small Tadawul live acct as well, just got message from them, no changes for US customers. )
  • #1,217
  • Oct 8, 2010 1:33am Oct 8, 2010 1:33am
Quoting todder
Chris you need to loan me $9,999,852.43 so I can keep trading with you.
I will see what I can find down the back of the sofa... and every sofa I ever sit on!
  • #1,218
  • Oct 8, 2010 2:18am Oct 8, 2010 2:18am
Quoting ottrix
Pipstrumpf

This is not correct.
Last year i opened an account at a Swiss Bank call Swissquote over the net, i only had to send them the signed contract and a copy of my passport by mail.
2 weeks later i had access to my online account.

ottrix
Swissquote is a Broker, they do not have any branches anywhere in Switzerland then an online portal.

Cheers
  • #1,219
  • Oct 8, 2010 2:21am Oct 8, 2010 2:21am
Quoting Abinadi
Mmm, not true.

Not to offend Pips, but to be factual. Right now, I am using an account (have been for a year) which was opened over the internet and in my name.

I know of more than this bank that will do this. So just keep checking.
Well that is maybe applicable in some countries but not here in Australia especially for people from overseas.

Cheers
  • #1,220
  • Edited 3:55am Oct 8, 2010 3:25am | Edited 3:55am
Quoting GoMarkets
Yes, this is very unfortunate. It is frustrating for us, but I can only imagine how frustrating it must be for each of our US clients who are being dictated to as to where they can have their accounts. Personally, I think these rules are very restrictive (perhaps I shouldn't say too much) and we would have loved to have taken on new US clients and continue to service our existing clients, but ithe decision has been taken out of our hands based on the relationship between the two regulators.

Hi all US traders,
It looks like the only way you can continue to trade with GoM is to come over here to live, don’t forget to bring your money with you, and our $ will be worth more than your $ next year anyway, so you make a profit just by coming.
We could do with you anyway because you have over 300,000,000 population and we only have 21,000,000. See you when you get here!
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