non-US citiezen trading from US

Discussion in 'Forex' started by kooltrader, Jan 26, 2006.

  1. A friend of mine asked me the following question and I don't know what to tell him.
    His brother , who is Hungarian citizen, wants to open a forex account in Hungary and then this guy's brother who is US citizen wants to trade from US using his brother Hungarian account.
    Is that possibil? Do forex companies care where their customers trade from?

  2. waelmg


    no, but they won't transfer money out of the account to a US bank account.
    - if they ask for withdrwal, they can only send it to hungary, other wise it would have been very easy to anyone with foreig relative to evade Uncle Sam :):)
  3. Thanks.
  4. nassau


    If the US brother wants to trade his brothers account and he has the access codes to enable him to do so then he can.
    The broker does not care and in their paperwork exempt themselves from responsibiltity of unauthorized trades..If you give some one your codes you are responsible for the accounts activity.
    Even if the Hungarian broker only allow manual trading the brother can provide documentation to allow.

    Funds wanting to be transferred out of the account need to be transferred back to the original named clients account. No third party transfers. NYC rule, money laundering etc.

    I know of many traders trading remote..the computer does not know or care who trades..

  5. Yes, I guess my friend wants to stay in legal limits with Hungarian gov.
    The computer or the broker might know where the trader trades from, beacuse they can the IP address. That is actually my friend concern. If the forex broker would have a problem with where the trader tardes from regardless in which country the account was opened.
    Would it be considered money laundrying in this case?

  6. money laundering is not gong to happen, the reason is that the money can't be transferred to or from a 3rd party. My dad can't deposit money into my account.

    If i put money in, it comes out to me in New York, not to my brother in Califonia.

    See how it works, states or countries have no factors in this, they are only lines on a map