MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Career Trader

[vagroupnet]

I need some help from USA legal folks...

Recently I found possibility to trade several dozens USA based accounts through OANDA.

I need to know if it is legal for me , non USA citizen without NFA registration, to trade these accounts only based on Limited Power of Attorney?

a) is it legal to advertise for USA citizens
b) is it legal to trade such accounts
c) what is possible scenario for me to do this?

I need this info very bad... don't want to mess up with law.

Andrew

[TraderPierre]

If you trade with oanda you are crazy they are bucket shop!

Go interactivebrokers or other ecn to trade not bucket shop robbers.

If you trade monies for other peoples you must need to be regulated

[akshaytalwar]

You are finding out after purchasing!!! Don't you think that you might be in trouble if turns out to be illegal!

[Norman1]

My understanding is that "off-exchange" trading is not regulated by NFA. Therefore it is legal for you to trade other people's money solely in Forex.

I believe it is only legal up to a certain $$$ amount or a certain number of investors.

I think you should have a read through the NFA website or contact a commercial lawyer.

[aussiefly]

Norman is correct...but you cant directly accept the deposits etc. It has to be done through a limited power of attorney which gives you permission to trade the account. At the moment, advertising as wellasthe trading of the account is not regulated by CFTA or NFA. i suspect in the near future it will probably require a series 3 or similiar to do.

Cheers