is it illegal (according to US law) to trade Forex through UK FX broker from US as a US citizen? Got a notice from my Forex broker that my account will be going to their UK branch...either I do nothing and my account transfers over to their UK account or I must tell them I want to close and go on my way...Questions: I live in the USA.... #1-is it illegal (per US law) for me to trade spot Forex on a UK fx brokerage while I am a US citizen trading from the US? #2-if not illegal, would I have to pay taxes on profits to both the IRS/US and to UK revenue authority? #3-my account would transfer over to a UK fx broker (non NFA/US) would only be regulated by FSA/UK Thanks...
http://www.elitetrader.com/vb/showthread.php?s=&postid=2783816&highlight=spot+fx#post2783816 "forex spot trading is a waste of time...CME Globex currency full contracts are only way to go..." Making this thread an abject waste of time.
ah yea...I agree...I was just wondering if I should let my Forex (not futures) account ride or shut it down???
No problems and no extra tax. Until NFA catches wind of the loophole and does something to close it. FSA is reputable.