Trade FX in IB by Hong Kong residence... illegal?!

Discussion in 'Trading' started by thomsonfx, May 2, 2007.

  1. Dear all fellows, I have a problem...IB currently blocks all HK residences on trading FX.. if I state that I am living in UK (with UK residence right), I can pass the restriction but is it illegal to do so? Actually I am now holding British national overseas passport with work permit on it only. What if I earned some money but later be audited by them and found illegal ? Will it be taken away the money ? I know that HK government does not authorize FX trading for some of the companies in HK but I am shocked that it can also restrict its residence from trading FX overseas ?!! Please advise.. Thank you very much !!
  2. HBC


    IB has not been licensed for margin FX trading in HK, that's why they cannot accept HK residents. If u have an valid overseas address proof (statements, bills etc), you can trade FX with them.
    Don't worry, they are just doing their DD, so long you are able to provide overseas address proof (China, Taiwan etc), you can open account.

    Just so you know, if you trade mainly the majors, you may consider to trade CME FX futures with IB.
  3. Thank you HBC !! So you mean that I am perfectly legal to do so ? From the registration screen, I need to select my country of residence... then I select "UK".. although when I dialed to the operator, he said that it means the country where I have the permanent residence right.
  4. HBC


    First of all, do you have a UK residential address? if you do, you can go ahead. When they later ask you for residential proof, you need to provide them an valid statement. Valid means the issue date is within the past 6 month, also your name and your UK address can be seen in the statement.

    If you do have a valid address proof, i suggest you call their HK office and ask them how to fill out the online application. Just tell them you live in UK and you have a bank statement to proof.
  5. laputa


    Last time I heard IB has just acquired the HK license for FX trading... so it's now available for HK residence....
  6. Steve_IB

    Steve_IB Interactive Brokers

    FX is available for Hong Kong residents. We have a Type 3 license to offer this. It should no longer be blocked. Please contact the helpdesk if you are unable to trade.