More bad news for US retail forex traders – come July 15th spot metals trading will be banned
As CFTC did not implement rules by July 15th to provide oversight of spot gold and silver another result of the
As CFTC did not implement rules by July 15th to provide oversight of spot gold and silver another result of the Dodd-Frank bill is that retail forex brokers (RFEDs) won’t be able to offer spot metals trading to retail clients. This is in an addition to foreign banks not being able to continue accepting US clients as well.
One option that remains available for US forex traders is to trade Gold future bull spreads on NADEX.
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Gain Capital (forex.com) was the first to announce this over the weekend in an email sent to clients:
Important Account Notice Re: Metals Trading
We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
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In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.
We sincerely regret any inconvenience complying with the new U.S. regulation may cause you. Should you have any questions, please feel free to contact our customer service team.
Sincerely,
The Team at FOREX.com
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Just one question, why?
no tension
change your broker division to other country for useless U.S. regulatory rules
i could change from
oanda.com to oanda.sg
thanks
rajiv mittal
ok, so my wife is a brasilian citizen but we reside in the US, the new law explicitly states US residents, not US citizens, will be affected. What is it going to take to keep trading spot metals?
its like using MS Excel. You use their data uploader to add symbols and dynamic market data on a spreadsheet book. You can then use standard Excel formulas for manipulating the data. For example, bid price is cell A1, Balance is B5. So you will write formulas like if(A1>C3),Buy. It works along that line.
its like using MS Excel. You use their data uploader to add symbols and dynamic market data on a spreadsheet book. You can then use standard Excel formulas for manipulating the data. For example, bid price is cell A1, Balance is B5. So you will write formulas like if(A1>C3),Buy. It works along that line.
The government wants your precious metals and will later move to confiscate them as they want you to not escape their engineered economic collapse.
Land of the “free” and home of the “brave”. More like Land of the incarcerated and home of the slave.
yes i am from not U.S.
Tell me please, what is the minimum start up for access to NADEX?
If comparing trade without leverage 1:1 as will suggest some brokers or to trade Gold future bull spreads on NADEX as you wrote. What will be more accessable for trader?
thank you
@Dinis – thx for the kinds words – happy to hear FM is an enjoyable read
@Dinis – thx for the kinds words – happy to hear FM is an enjoyable read
this prevents no fraud , stupidity and a conspiracy to funnel money to exchanges . they ended firms they regulate, . the fix is in