Are taxes eating up your profits too?

[shelleybrown]

I understand taxation is the major concern for traders but me being an American, I’ve realized that the taxes were either eliminated or sometimes minimized. This at least made me get my trading profits.

 

[Jastinross]

No wonder US traders are looking for offshore brokers. I mean how much do you expect to earn with all those restrictions? Better trading terms and conditions in the European market works well for almost everyone.

Let’s not forget the confidentiality and financial privacy with these reliable brokers.

 

[otctrade]

You could move to the UK (although I don't know how easy it is for EU residents post-brexit) and claim non-dom status and then get taxed on a remittance basis. You would only have pay taxes on money you bring into the UK the first (7?) years. I would talk to an accountant for the specifics.

 

[bricklayercowardice]

Forex trading has been something that interested me for years and after spending some good 2 years in it, I wanted to diversify. Now, let me tell you that I traded forex with my US broker but was restricted to trade futures and commodities. That’s when I researched and made an offshore account with fxview offering great investment options.

 

[Williamharvard]

I don’t think it would be right to compare offshore brokers with regulated brokers. You cannot expect fund security with offshore brokers as much as you can with regulated brokers. At least, you know where to complain in case anything goes wrong.

 

[christielowe]

I don’t think it would be right to compare offshore brokers with regulated brokers. You cannot expect fund security with offshore brokers as much as you can with regulated brokers. At least, you know where to complain in case anything goes wrong.

But apart from regulation, don’t you think there are other things also that must be considered like low spreads, low commissions, and high leverage. I believe they can make a bigger difference in your profits as compared to regulations.

 

[rubinageniro]

You could move to the UK (although I don't know how easy it is for EU residents post-brexit) and claim non-dom status and then get taxed on a remittance basis. You would only have pay taxes on money you bring into the UK the first (7?) years. I would talk to an accountant for the specifics.

Thanks buddy, but I’m really not looking at moving base as of today

 

[Johannab]

Be it an offshore broker or a local broker, all I care about are my trading requirements. Whichever broker fits them well, I use it. After all, it is about trading well to earn well. I've heard good things about PAXForex but I haven't quite tried it yet.

 

[Nicerchil]

With offshore brokers come high account opening costs and financial risks. I think I am good with my domestic brokers who don’t charge any extra fee.

 

[tomorton]

It seems whenever people want to mention a broker they mention Amarkets.

And when they do, they say they work "with" Amarkets.

When you open an account with a broker, you are not usually entering a business partnership with them - you are not going to work with them, they are not going to work with you. No more than you would say you work with the grocery store when you buy some bread. The broker is working for you.

I have to suspect that Amarkets is driving these vacuous posts.