I was of the impression that ETF's were allowed under the US regulations i.e. gold ETF futures?
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You could also trade gold futures. I am looking to trade spot gold though.
@teddybomber It's beyond ridiculous! They enacted Dodd Frank alright while Volcker rule was largely postponed - screw the retail trader but let the banks roam free that's the mantra...
Joined Dec 2012
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Status: On Life's Path
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U.S. brokers cannot offer CFDs (gold, silver, oil, etc....).
You have a few options if you want to trade gold.
1-Use an off-shore account that has the gold CFD (XAUUSD)
2-Use the ETF for gold (GLD) in the equities market with a U.S. broker
3-Use gold futures (GC) or futures options
The bad thing about trading the ETF is you'll have gaps since the market closes so stops won't work the way they would with CFDs which trade 24 hours/day.
U.S. brokers cannot offer CFDs (gold, silver, oil, etc....). You have a few options if you want to trade gold. 1-Use an off-shore account that has the gold CFD (XAUUSD) 2-Use the ETF for gold (GLD) in the equities market with a U.S. broker 3-Use gold futures (GC) or futures options The bad thing about trading the ETF is you'll have gaps since the market closes so stops won't work the way they would with CFDs which trade 24 hours/day.
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How do I setup an offshore account? Is it simple or pretty involved process - requires setting up an LLC company and similar? Where can I learn more?
{quote} How do I setup an offshore account? Is it simple or pretty involved process - requires setting up an LLC company and similar? Where can I learn more?
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It's the same as opening an account @ any FX broker except you send the funds to an off-shore account so make sure you trust the broker :-)
Also, before filling out all the forms make sure they accept U.S. customers & have CFDs. Some do not accept U.S. customers.
I found a broker that is not regulated yet has decent reviews forexbrokerinc.com. I deposited a small amount this morning and have been trading xau/usd since. I even got a bonus, though I wonder if they would allow me to withdraw it. Balance is my deposit, credit is their bonus. Both together make my equity. leverage is 200:1 which is just insane!
Does anyone trade with them? Are they OK with withdrawals?
I found a broker that is not regulated yet has decent reviews forexbrokerinc.com. I deposited a small amount this morning and have been trading xau/usd since. I even got a bonus, though I wonder if they would allow me to withdraw it. Balance is my deposit, credit is their bonus. Both together make my equity. leverage is 200:1 which is just insane! Does anyone trade with them? Are they OK with withdrawals?
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I wouldn't deposit money with any brokers now until the swiss mess is resolved.
Good luck.
Due to new margin requirements with US brokers (AUD and JPY) I have a feeling more of US traders will start looking for brokers outside the USA very soon. We can't trade indices with Oanda for example. I can trade it with this new broker. The problem is I don't trust the new broker: not regulated, so I am reluctant to deposit large amounts with them. What I am trying to say is that this new regulation achieved the opposite of what they were trying to achieve: protect retail trader.
I am supposed to be safer with the new regulation, yet I am now worse off - forced to choose broker who might not be trustworthy. How often does it happen that brokers close shop and run with traders' money?
If anyone is looking for an unregulated broker to trade spot gold with or whatever, I have to dissapoint you but forexbrokerinc.com is not an honest broker. Long story short about 5 weeks ago when I wanted to withdraw the money they said no problem. They requested some paperwork and signed request for withdrawal which I submitted and then I forgot about it. This week I realized they never credited my debit card so I emailed them. Now they are trying to say they credited my card already and want proof they didn't. At this point it is better I move on and chalk a couple of hundred bucks to my own naivety and stupidity.
Lesson learned: do not trade with an unregulated broker! They will take your money and play stupid in the end.
If anyone is looking for an unregulated broker to trade spot gold with or whatever, I have to dissapoint you but forexbrokerinc.com is not an honest broker. Long story short about 5 weeks ago when I wanted to withdraw the money they said no problem. They requested some paperwork and signed request for withdrawal which I submitted and then I forgot about it. This week I realized they never credited my debit card so I emailed them. Now they are trying to say they credited my card already and want proof they didn't. At this point it is better I move...
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If your deposit was made in last few months your card issuer may be able to make a charge back. Worth a call.
