withdraw money from my forex account?

[crgarcia]

Quote from kooltrader:

I'm thinking about closing my forex account so I will need to withdraw the money into a bank account (USA). Or maybe I will just withdraw some money.
I have like 89-90K. Would be this a problem? Or what's the best way to do it?
I've been a trader for about 5 years now and money came from my checking accounts and credit cards.

Thanks

Withdraw everything.

Not only you'll lose it all trading (if you don't they'll "help" you by bucketing).

Besides Forex is barely regulated against frauds and in case of bankruptcy of the firm.

 

[Surdo]

All of that CASH is already accounted for and has a paper trail, so send it in in one shot, and stop feeling like you stole it. Piece mealing it to avoid suspicion is only going to raise eyebrows and set off flags, so one transfer is fine or monthly to pay bills is also fine.

There is a record of it going in to the account and a P&L record, no?

 

[nelsanity]

question about forex. When trading forex do what tax do you pay on the gains. Was wondering if they tax advantaged like futures.

 

[crgarcia]

Quote from nelsanity:

question about forex. When trading forex do what tax do you pay on the gains. Was wondering if they tax advantaged like futures.

Don't worry much about profits in forex anyway, most lose.

And if you don't brokers will "help" you to lose by changing quotes.

 

[Kassz007]

Quote from crgarcia:

Don't worry much about profits in forex anyway, most lose.

And if you don't brokers will "help" you to lose by changing quotes.

Sounds like you are bitter. Possible because you've tried trading FOREX and lost, and now nobody can do it? Just thinking out loud here.

 

[nelsanity]

Quote from crgarcia:

Don't worry much about profits in forex anyway, most lose.

And if you don't brokers will "help" you to lose by changing quotes.

I am not trying to profit from Forex, just thinking of using it as a hedge. I am deciding whether to use forex or FX futures to accomplish this. Futures I know have tax advantages, just asking whether forex does as well.

 

[el pollo]

Quote from crgarcia:

Don't worry much about profits in forex anyway, most lose.

And if you don't brokers will "help" you to lose by changing quotes.

Welcome to the Fx forum crtroll!

 

[ksonsinc]

Just fucking ask hem to send the money to you account
It is so simple
When the money is transfered the bank already know from where it came
If you are wiring million $ then it a different
My broker once told me that in Trading futures if i make more then $100K then they have people watching over me.
what ever you profit is it will be reported through you ss #
Unless you have criminal record or something hanky panky is going on then you should be worried

 

[bpcnabe]

How would withdrawing your money from a forex broker cause you any more concern then if you were withdrawing money from IB or Mirus or Schwaab?

Quote from nelsanity:

I am not trying to profit from Forex, just thinking of using it as a hedge. I am deciding whether to use forex or FX futures to accomplish this. Futures I know have tax advantages, just asking whether forex does as well.

Forex can get the same 60/40 tax treatment that futures get, but you have to file for it:

http://www.greencompany.com/EducationCenter/GTTRecCurrency.shtml

http://www.ibfx.com/ibfxu/catalog/taxes/tax1010.aspx

 

[Mercor]

When you make your wire transfer wear a wig, dark sunglasses and a fake mustache. They will never catch you.