illegal to trade Forex through UK FX broker from US as US citizen?

Discussion in 'Forex Brokers' started by increasenow, Apr 6, 2010.

  1. 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

  2. 4EXJOE


    No problems and no extra tax. Until NFA catches wind of the loophole and does something to close it.

    FSA is reputable.
  3. wow...thanks...