Top 6 Offshore Forex Brokers for US Clients 2020 - Review

Trading Forex/Indices with Offshore broker using TFSA account?

I’m pretty new to this TFSA account thing.
I use an offshore broker (AvaTrade) to passively trade S&P500 (mostly) and Forex (sometimes) and make some decent returns.
My question is: If I grow my money using such an offshore broker, do these returns still qualify for TFSA? Are there any restrictions on a TFSA account that only certain/some type of investments qualify for the tax shelter?
submitted by jasdeep13 to PersonalFinanceCanada [link] [comments]

For Canadian Clients of VantageFX (or Canadian Forex Traders in General)

As you likely already know, VantageFX will no longer service Canadians residents as of Nov 30th. This is unfortunate, since VantageFX has done an excellent job serving Canadian clients with higher leverage account options from a well regulated and trusted broker.
Through contacts in the industry, we've been made aware of a new retail account offering at Pacific Union. Pacific Union has a good history of servicing institutional accounts and has only just started taking on retail clients, but they are positioned to service the Canadian clients in the space that VantageFX has left behind.
Further, we were made aware of Pacific Union first by contacts at VantageFX, and then this recommendation was backed up by a trusted source who works closely with both companies.
Again, to be very clear, this post isn't to give undue attention to some random broker.. we are providing this info because Pacific Union is a proper alternative for Canadian based traders that will no longer be serviced by VantageFX.
On that note, I've updated the wiki to include Pacific Union Prime - https://puprime.com:
Subreddit's Canadian Brokers Wiki Page
The only major difference I have noticed so far is lacking MT5, but the word is that Pacific Union will be reviewing MT5 and other enhancements to their offing next quarter after they get past the launch of their retail offering.
Key highlights from my perspective:
Remember, going offshore means you lose CIPF protection on funds, so a well vetted and properly regulated broker is a must!
UPDATE #1: Oct 6th: Took this post off sticky and redacted some info as the connection between VantageFX and Pacific Union Prime was not "official". Pacific Union is still a great alternative / replacement for Canadian clients seeing higher leverage accounts and who are no longer serviced after VantageFX left Canada.
UPDATE #2, Oct 8th: Adjusted this thread again to best reflect where Pacific Union Prime fits with VantageFX and former Canadian VantageFX cleints.
submitted by finance_student to Forex [link] [comments]

Laws regarding promoting offshore banking services?

I'm planning to start a fintech firm that is partnering with a foreign bank in Antigua to offer a high interest US dollar savings account with no forex conversion fees to residents of developing countries like Turkey, South Africa, Nigeria, Somalia, South Sudan, etc. that have highly volatile currencies which depreciate in value.
For example, one USD used to buy 3 Turkish Lira and now it can buy nearly 10 Lira.
Saving in USD is highly secure, liquid, and appreciative asset.
Details:
Mobile app for transactions
Deposit in local currency, but save in USD
No currency conversion fees
Withdraw in USD or local currency up to 7 times a year
7% APR on savings paid in USD
So I know the regulatory system is very complex for offshore banks. In the US, foreign banks are not allowed to advertise towards US residents because of FACTA.
I was wondering if anyone is familiar with regulations regarding promoting foreign banks in countries like Turkey or other countries in Africa?
submitted by JimQ_official to FinancialPlanning [link] [comments]

Why China is Pumping China Stocks

Why China is Pumping China Stocks
TLDR: China is actively fighting domestic capital outflows. They are incentivising keeping funds on-shore by pumping the equity markets. Buy large China stocks (BABA, JD).
Inb4 pos or ban
The Economics
China has a fixed exchange rate regime. Blah blah RMB internationalization, blah blah offshore RMB (which is actually settled in US dollars). This places it within line C of the policy trilemma (which says, you can't sustainably have all 3). Since 2005 to about 2017, the government was moving towards free capital mobility because of large amounts of exports which fed the national forex reserves. You bet billions of RMB left China, which the government didn't really like at first because that reduced domestic investment and would contribute to a weaker RMB. Basically, China was trying to do all 3 which works for a short while... until your forex reserves run out.

https://preview.redd.it/g0nwsssoe7f51.png?width=580&format=png&auto=webp&s=0e46b6b2cfa12b351b30ff2c5567c2f9992e99b2

The Current Problem
The trade war has definitely been bad for China. I am going to try and skip politics, but basically foreign exchange reserves have been gapping down (official Chinese data is 100% fake). China is increasingly bellicose as well, which doesn't improve relations with trading partners who also buy with US dollars.
You can't exchange for US dollars anymore. For private citizens, you can only exchange for education purposes or travel . For companies, you need verification of invoices through both SAFE (State Administration of Foreign Exchange) and the tax offices. This used to take 24hrs, but is now taking 2-3 weeks for amounts >$500k. China also has US dollar denominated bank accounts. But unfortunately, you can't take it in cash unless you have the reasons above. Chinese media is also branding holding US dollars as unpatriotic, so I'm afraid my $50k in digital money might be subject to confiscation. If not, it's just fake money (can't take cash or wire out).
China has been brrrrrring to the pace of JPOW. Weapon of choice are muni and local bonds, which have been forced upon local banks. This creates a certain credit problem, but let's not worry about that until later.

https://preview.redd.it/maul8aope7f51.png?width=1200&format=png&auto=webp&s=36dd4665517ec7303b51aa1416517c9e0ea50bef

The Solution
China's pretty smart. All those RMB quotes are fake. You can try to get US dollars, but that is almost impossible now. Anyone who wants to buy RMB, contact me and we'll trade at the current price. So looking at the impossible triangle, free capital mobility has become nonexistent. In order to keep exchange rate stability (to avoid a sudden rush towards the door) and keep printing, free capital mobility needs to be 100% sacrificed.
How do you do that with a population that has seen the west and aspire to get out? You need to keep the money onshore. Thankfully, all Chinese are greedy and the equity markets are full of retailers that pump stocks up or down 10% per day. This is one of the reasons for the early July State Council report calling for everyone to buy stocks. Who's buying? Everyone. And if it drops, the national team takes over.
This creates a powerful incentive to fill the foreign reserves again. Foreigners (funds) would want to get in on the action. They will exchange their dollars for RMB, get those 20% gains, but eventually find out trying to get that money back into USD is impossible.
China has also been strengthening the RMB from 7.10 to 6.96 as of yesterday. Smart, because why would you want to sell an asset that's weakening? This is also a reason why China fears gold rallies - buying gold causes RMB to leave. Happily for the SAFE, some banks have stopped offering their paper gold products.
China will pump its domestic markets. Unless you have a Chinese account, the closest thing you can get to are mega names like Alibaba, JD and Tencent. I would avoid touching too small companies because of LK coffee problems.
Oh yeah the trade war? Well, pussies don't make money.
submitted by 1poundbookingfee to wallstreetbets [link] [comments]

Housemate potentially involved in a Forex MLM/Ponzi scheme

I’m curious if anyone here has heard of or is familiar with the company KOT4X? I have a housemate who claims to have made over $10 million from this website in a few months which I find utterly ridiculous. This all began with him trying to get the rest of us signed up for his “company” which I overheard him tell someone else is KOT4X. I did some digging on them but all I’ve been able to uncover is that the “company” is sketchy as hell. It’s registered offshore (St Vincent and the Grenadines) and makes some pretty serious promises regarding how much money can be made. The catch, of course, is that it costs ≈$250 to create an account (and I would imagine there are further monthly fees associated with this). He has mentioned that there are several hundred videos that teach how to make significant money off of Forex trading, which leads me to suspect this specific website is some iteration of IMAcademy.
Needless to say, I didn’t take the bait or really remark on it but now I’m thinking I should have. This housemate has not yet paid his share of the rent for the month; he keeps saying that he has and it’s “processing” and that his low standard of living given his supposed wealth is due to the fact he is “humble.” Coupled with this, I am fairly certain this housemate stole about $120 from my wallet along with my AirPods from my room, which I would imagine he sold for cash. He of course denies this and it’s frankly impossible to prove without either catching him in the act or seeing him use the AirPods, which hasn’t happened yet.
If he doesn’t pay his rent within the next few days, I have all intentions of doing everything in my power to get him kicked off the lease and evicted from the house because I frankly don’t feel comfortable living here. I’m in the process of finding someone else to take my spot on the lease, but it’s not promising at the moment.
Really, I’m just looking for any help or advice anyone can give regarding this supposed “company” and what I can do to stave off what I imagine will be further acts of desperation to come. I’m happy to answer any questions anyone has about it to the best of my ability, but I really don’t know much more than what he has told us. Is it possible to report him specifically to the SEC or another agency for investigation? Ordinarily I’d be inclined to try and talk him out of it, but given the theft I’d just like to see him gone and never see him again.
submitted by hobbs_squad to antiMLM [link] [comments]

Does one need a Foreign Tax Clearance Certificate for investing in foreign currency?

According to Nedbank it's required: https://www.nedbank.co.za/content/nedbank/desktop/gt/en/personal/forex/investments/foreign-currency-accounts.html
The South African Reserve Bank allows South Africans over the age of 18 to invest in foreign currency as follows:
R1 million a year in terms of a single discretionary allowance – you will not need a Tax Compliance Status Pin Letter (formerly known as a tax clearance certificate).
Up to an additional R10 million a year in terms of a foreign investment – you will need a Tax Compliance Status Pin Letter (formerly known as a tax clearance certificate).
Is this correct? I thought it was only for when sending funds offshore?
submitted by MJZN7 to PersonalFinanceZA [link] [comments]

Thoughts on FairForex Broker

Hey guys/gals. I’ve kinda got two questions in here, the main one is about FairForex though. Anybody have any experience dealing with them? I know they’re offshore/unregulated and that can be sketchy/has potential to be fucked. But the group I’m with all use them and have good things to say. 1:400 leverage, only a minimum of $100, and decent spreads. Not heard too many gripes about customer service or fucky withdrawal methods. I’m only looking to start with about 200 bucks on my live account (doing DEMO right now). I’ve got a TD Ameritrade account and would like to use them but I can’t get approved for margins with that little initial capital.
And for part two
So I’m about two months in to this forex game. I was brought in by two of my buddies from HS and they got me signed up with their team on IML Academy ( I know I know). I’ve found that they’re 46 video academy has been just OK. Honestly I find that these “gurus” or leaders are pretty awful at actually teaching and explaining things, though it has done a good job of pointing me in the right direction in being able to research further about certain topics. The team I’m on seems to be very supportive, they don’t push me to do recruiting or anything. Zoom chats at least every day, though 3/4 are about the “winning mentality” with the other 1 being about trading. But even when I tap in for that one those guys are honestly terrible teachers, pretty bad at explaining thought processes and reasoning behind taking certain trades. They’ve got me in two signal chats that usually put up at least 400-1000 pips a week depending on if they’re just doing pairs or if they throw some Indices in there too.
Should I stick around and use the signal chat to at leastbreak even while I learn my way, or just cut my losses and figure all this shit out and be my own self made man? Anyone been in my shoes before, shitty pyramid scheme but has a good team?
Also anyone have thoughts on the harmonic scanner? That’s the tool they have us laying for
TL;DR Anyone have thoughts on FairForex as a broker? Also I’m in IML Academy, find that the videos are pretty bogus but my team is good. Should I stick around?
submitted by guywholikesplants to Forex [link] [comments]

CMV: Regarding new economic plan that would create an open system of accountability and without increasing the debt.

Currently there are 250,000 people in Las Vegas, NV that will not be able to pay their rent for September. Let's say a total of $125,000 million dollars would take care of their rent situation. I came up with that number by dividing $125,000 by $500. I know rents are higher. This is for illustrative purposes.
This is a very difficult time for just about everyone at the moment. We are looking for answers that we just don’t have. Now is the time to come together as a unit and take part in something bigger than it’s individual parts. I am talking about a new way of financial thinking that creates a win, win, win, situation. Renters make up forty percent of households and thirty eight percent of renters are estimated to be unemployed right now. Eviction notices could be mailed as soon as next month. This is a crisis that will affect the entire country. But there is something that we can do about it, but it takes all of our voices in unity to make it happen. This is a collective action that can be implemented immediately. Now is the time to go beyond thinking out of the box and thinking out of our universe.
Big banks and financial institutions were responsible for the 2007 housing collapse which devastated the entire world economy. In 2008, the Emergency Economic Stabilization Act was signed into law, creating a $700 billion program to purchase devalued assets from banks. This was called the Troubled Asset Relief Program, or TARP. Later, President Obama would direct $75 billion in funds from TARP to help reduce interest payments for homeowners. That means homeowners received around 10% of the direct relief that banks and corporations did, according to Business Insider. It’s now time for the financial institutions to do their share and make up for the last financial debacle.
The financial markets are experiencing all time highs and billionaires got $637 billion dollars richer in the last few months. Somethings definitely out of whack here and I will show you how we fix this. I said we, meaning the millions of people around the world with one voice helping to implement The One Cent More Plan. For any financial movement to be sustainable it must be transparent for all to see where the money is being used and not exploited by a few. That’s why no one organization is responsible for the money involved and each transaction is in the block-chain ledger for all to see at anytime.
This is how it works for renters, landlords and the banks. For the purpose of this example let’s use Cindy as a renter who lives in Las Vegas and lost her job and can’t pay next months rent. She has notified her landlord and he is trying to be as courteous as possible, but he also has a mortgage to pay on his apartment building which has ten units. Some of the other tenants have lost their jobs as well. As you can see this is a common occurrence in Las Vegas at the moment. This is where the bank steps in as the lovable George Bailey types which they will become. I know what you are thinking. Their more like Mr. Potter than George in it’s a Wonderful Life. But you will soon see that it’s in their best interest to be more like George in the long run. If you haven’t seen the movie, I suggest you do. It’s one of my favorites.
I will start with the New York Stock Exchange. The average daily volume for the last three months was 1,123,989,426 shares which equates to a staggering 22,479,788,520 shares per month. What if for each share an additional fee of one cent were added. This would result in $11,239,894.26 dollars per day going into the The One Cent More Plan Fund. You know at the end of each day the total amount that the fund should have simply by looking at the end of day total volume for the market. Multiply that by the number of trading days in the month and it equals 224,797,885.20 dollars. This is just one market. Now let’s say Cindy is a beneficiary of The One Cent More Plan Fund which is setup for the sole purpose of assisting with rent for those who can’t pay. Her rent was 750 dollars she would receive 500 dollars for rent and nothing out of her pocket. But Cindy wouldn’t get a direct payment. She would receive a receipt contract from her bank with a block-chain transaction number which she can look up on the internet to verify that it had been paid. Her landlord would also receive from his bank a receipt contract only because he owes the bank his mortgage payment. If he had no mortgage the payment would go directly to him. His payment would also be on the block-chain. So, Cindy’s rent is paid for the month of September. Her landlord is happy although he doesn’t get his normal amount of 750 dollars, it’s still better than having to go through the hassle of evicting a good tenant and ending up with no rent at all!! And the landlords bank is happy that the mortgage is being paid.
Here is the Ethereum Blockchain Ledger
So how much would it cost to do the same for the other people who can’t pay their rent. This is just one example with one market. As you can see there are no real losers in this equation. A one cent transaction fee on every stock sold is not a lot to fight over. Once Cindy finds a job she would not receive the entire $500 for rent only $300. The remaining $200 would stay in the fund to sustain it. And by the way this is a temporary transaction fee until more people get back to work and the economy starts to recover. It is estimated that $21 trillion dollars is hidden in offshore accounts by the wealthy. Companies in the United States have an estimated $2.1 trillion. If companies just brought back that money and donated the interest alone from it this would have a huge impact on the economy and not increase the national debt at all! When you don’t have customers with money to buy your product it will really begin to feel like 1929 again in a hurry. This could snowball quickly. We don’t have time for negotiations over a stimulus package. Big banks and corporations could really turn their image around and be the true heroes if they wanted to be. The money is there folks we just have to make them accountable with our voices. We have seen how social change can happen all around the world. Let’s not miss this opportunity today right now. I haven’t even spoken about the largest market in the world and that is Forex. If we just took a small portion each day from the six trillion that is traded each day it would help us stop evictions around the world and give people hope.
Banks are already using block-chain technology as we speak. This doesn’t require building brand new infrastructure. As I just showed you this can be done with existing bank accounts. Payments can be made in seconds. I can send my sister money through Zelle in minutes. Their should be no lag time as to when payments can be made. So who is going to foot the bill for making this happen. The banks of course and without any transaction fee whatsoever.
I look forward to all your comments and suggestions with an open mind.

Thanks,,
chronus80
submitted by chronus80 to changemyview [link] [comments]

Bitcoin and forex?

This my first year doing taxes that aren’t straightforward. Normally it a quick easy process but this time around I’m wondering if I need someone else to help. I bought Bitcoin that I then sent to an offshore forex broker that then converted that to US dollars to fund the account. Most of the trades made were done by a trade copier that eventually lost me about 3500. Is there an easy way for me to do this? I’ve read turbo tax helps with Bitcoin but I’m not sure what to do with the offshore broker? Any help is appreciated!
submitted by bam2874 to tax [link] [comments]

Ways around PDT

Hey, hows it going guys. I've been learning the market for a few years now but am still unfortunately bound by the PDT rule as of current. Can anyone suggest to me ways to get around that? I'm mostly looking to be able to do frequent day trades of stocks at low commissions cause I definitely feel i could greatly profit off current volatility. I've heard of off shore brokers like CMEG but have also heard mixed reviews as well as the overall 4.5$ commission per trade sounds pretty steep when i'm used to robinhood's insignificant commission. I'm not particularly concerned with whether the broker has margin, just generally looking to get around this rule so I can be more versatile in my trading strategies. Any help or recommendations is really appreciated guys, thank you!
submitted by Casko37 to Daytrading [link] [comments]

ASIC Regulation Thread - Regarding the proposed changes ( Australians effected the most )

I'm hopeless at formatting text, so if you think you can structure this post better take everything i write and put it into an easy to digest way. I'm just going to type out everything i know in text as fast as possible. I'm not a legal expert, I'm not somehow who understands every bit of information in the PDF's below, but i know I'm a retail trader that uses leverage to make profit which is why I'm posting this, in the hope that someone who can run a charge better than me, will.
Some of you are already aware of what might be happening, this is just a post to educate retail traders on changes that might be coming to certain brokers. This effects Australian Customers the most, but also effects those living in other countries that use Australian brokers, such as Pepperstone and others.
Last year in August 2019, ASIC ( Australian Securities and Investments Commission ) was concerned about retail traders going into Forex and Binary options without understanding these instruments properly and started sticking their noses in for tough regulation.
ASIC asked brokers and anyone with interest in the industry to write to them and explain what should and should not change from the changes they proposed, some of the proposed changes are very misguided and come from a lack of understanding exactly how OTC derivatives actually work.
I will provide the link to the paper further down so you can read it yourself and i will provide a link to all the submission made by all parties that sent submissions to ASIC, however the 2 main points of debate are:
1, To reduce the overall leverage available to retail traders to either 20:1 or 30:1. This means people who currently use leverage such as 100:1 to 500:1 and everything in between will be effected the most, even more so are those traders with relatively small accounts, meaning in order to get your foot in the door to trading you will need more capital for it to be viable.
^^ This point above is very important.
2, The removing of Binary options trading, which basically includes products like "Bet if gold will rise to this price in the next 30 seconds" This sort of stuff. So far from all the submissions from brokers and individuals nobody really cares if this changes as far as i know, though if you have concerns about this i would start voicing your disapproval. Though i would not waste your time here, all is pointing to this being eradicated completely with brokers also supporting the changes, I've never used such a product and know very little about them.
^^ This point above isn't very important and will probably be enforced in the future.
Still to this day i see retail traders not understanding leverage, they think of it as "dangerous and scary", it's not, position size is the real danger, not leverage. So ASIC is aiming to limit retail traders access to high leverage, they are claiming it is a way to protect traders who don't really understand what they are getting into by attacking leverage and not the real problem which is position size relative to your capital.
If it was truly about protecting retail traders from blowing up their accounts, they would look for ways to educate traders on "understanding position sizes and why it's important" rather than attacking leverage, but their goal is misguided or has an ulterior motive . I will give you a small example below.
EXAMPLE - We will use 2 demo accounts for demonstration purposes. If you don't understand my example, i suggest you try it for yourself. - Skip if not interested in examples.
Lets say we open 2 demo accounts with $1000 in both, one with 20:1 leverage and one with 500:1 leverage and we open an identical position on both accounts ( say a micro lot '0.01' on EURUSD ). You are safer on the 500:1 account as you don't need to put up as much margin as collateral as you would on the 20:1. If the trade we just opened goes against us and continues against us, the account with 20:1 leverage will run out of free margin a lot faster than the 500:1 account. In this simple example is shows you that leverage is not dangerous but safer and gives you a lot more breathing room. This trade was a small micro lot, so it would take hundreds of pips movements to get margin called and blow up that $1000 on each account. Lets now use a different position size to truly understand why retail traders blow up accounts and is the reason why trading can be dangerous.
This time instead of opening a micro lot of '0.01' on our $1000 dollar demo accounts, lets open a position size much larger, 5 lots. Remember we only have $1000 and we are about to open a position much larger relative to our capital ( which we should never do because we can't afford to do that ) the 20:1 probably wont even let you place that trade if you don't have enough margin as collateral or if you could open the position you would have a very tiny amount of free margin left over, meaning a small pip movement against you will instantly blow up your $1000 account. On the 500:1 account you wouldn't need to put up as much margin as collateral with more free margin if the trade goes bad, but again a small movement could blow up your account. In this example, both accounts were dangerous because the lack of understanding position sizes, opening a position you can't afford to open. This is what the true danger is, not the leverage.
Even in the second example, the higher leverage would "margin call" you out later. So i would go as far to say that lower leverage is more dangerous for you because it margin calls you out faster and just by having a lower leverage doesn't stop you from opening big positions that can blow you up in a 5 pip movement anymore, any leverage size is dangerous if you're opening positions you can't afford to open. This is also taking into consideration that no risk management is being used, with risk management higher leverage is even more powerful.
ASIC believes lowering leverage will stop people opening positions that they can't afford. When the reality is no matter how much capital you have $500, $1000, $5000, $50,000, $500,000, $5,000,000. You don't open position sizes that will blow that capital up completely with small movements. The same thing can happen on a 20:1 or 500:1 account.
Leverage is a tool, use it, if your on a lower leverage already such as 20:1, 30:1 it means your country has been regulated and you already have harder trading conditions. Just remember higher leverage allows you to open larger position sizes in total for the amount of money you own, but the issue is NOT that your using the higher leverage but because you are opening positions you can't afford, for what ever reason that is, the only fix for this is education and will not be fixed by simply lowing leverage, since you can just as easy blow up your account on low leverage just as fast or if not faster.
So what is going on?
There might ( get your tinfoil hats on ) be more that is involved here, deeper than you think, other agendas to try and stop small time retail traders from making money via OTC products, theories such as governments not wanting their citizens to be traders, rather would prefer you to get out there and work a 9 to 5 instead. Effective ways to do this would be making conditions harder with a much larger barrier of entry and the best way to increase the barrier of entry for retail traders is to limit leverage, lower leverage means you need to put up more money, less breathing room for trades, lower potential. They are limiting your upside potential and the downside stays the same, a blown account is a blow account.
Think of leverage as a weapon, a person wielding a butchers knife can probably destroy a person wielding a steak knife, but both knifes can prove fatal. They want to make sure your holding the butter knife then tell you to butcher a cow with it. 30:1 leverage is still workable and can still be profitable, but not as profitable as 500:1 accounts. This is why they are allowing professionals to use high leverage, this gives them another edge over successful retail traders who will still be trying to butcher a cow with a butter knife, while they are slaying limbs off the cow with machetes.
It's a way to hamstring you and keep you away rather than trying to "protect" you. The real danger is not leverage, they are barking up the wrong tree, how convenient to be barking up the very tree most retail traders don't fully understand ( leverage) , pass legislation to make trading conditions harder and at the same time push the narrative that trading is dangerous by making it even harder. A full circle strategy to make your trading conditions worse, so you don't succeed.
Listen carefully especially if you trade with any of the brokers that have provided their submissions to ASIC. Brokers want to seem like they are on your side and so far some of the submissions ( i haven't read them all ) have brokers willing to drop their leverage down to 30:1 because they know by dropping the leverage down it will start margin calling out their clients at a much faster rate, causing more blown up accounts / abandoned accounts with residual margin called funds, but they also know that if they make trading environments too hard less people will trade or even worse move their funds elsewhere offshore to unregulated brokers that offer higher leverage.
Right now it's all just a proposal, but as governments expand and continue to gain more control over it's citizens, it's just a matter of time till it's law, it's up to you to be vocal about it, let your broker know that if they drop their leverage, you're out, force them to fight for you.
If you have any more information related to this, or have anything to add, post below. I'm not an expert at this technical law talk, i know that i do well with 500:1 leverage and turn profits with it, it would be harder for me to do on a lower leverage, this is the reason for my post.
All related documents HERE
CP-322 ( Consultation paper 322 ) & Submissions from brokers and others.
https://asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-322-product-intervention-otc-binary-options-and-cfds/
submitted by southpaw_destroyer to Forex [link] [comments]

Forex trading and belgian taxes

Hello BEFire people, Looking how I now have a bit of time on my hands and some money I don't mind loosing on the short term, I would like to start dabbling into Forex trading. Lost of great resources exist for you to start with a demo account and learn how this type of market work but the question isn't here. As any investor know most of the money you make can be lost through the complex process of Belgian taxation. Which is why I am addressing you in the first place.
After a bit of research, i found really conflicting legislation on the subject. On one side, the FSMA has banned the trading of CFD (contract for differences) and Forex instruments by Belgian brokers. (https://www.fsma.be/en/faq/fsma-regulation-governing-distribution-certain-derivative-financial-instruments-binary-options-0) Leaving little room for private investors to do anything. On the other, I didn't read anything about passing through an offshore broker.
Diving deeper in the taxes aspect of it, I suspect this would be taxed as a "professional salary" due to the repetitive nature of the operation and would there account for for a complementary salary more than anything else. If it is the case, this would mean it would follow the following table:
from 0 to 8 350 euros ..............................................25 % from 8 350 to 11 890 euros ....................................30 % from 11 890 to 19 810 euros ..................................40 % from 19 810 to 36 300 euros ..................................45 % over 36 300 euros ..........................................50 % Mind that these numbers date from 2015 and might not be up to date anymore.
This would means that if you want to double your capital by trading Forex you would nearly have to triple it before taxes.
Has anyone here ever dealt with Forex trading and could confirm my understanding on (1)the possibility to trade Forex through offshore broker and (2)the way Belgian taxes are computed for this type of trading is correct ?
submitted by Fairytayl to BEFire [link] [comments]

Trading from Ireland for tax efficiency

Hi, I am a UK resident (England) and i have been trading forex for a while. As part of my longterm plans I now need to form a registered company to trade from. I will be seeking formal tax advise but thought it would be good to start here as i've seen a lot of good ideas and advise on this site for a while.
I am now down to the following 2 options.
Option 1:
Open an IBC (with an offshore bank account)
Form a UK Limited company, I will use this to trade on behalf of the IBC as a consultant.
Withdraw funds to UK personal account (dividend etc.)
Option 2:
Form a Limited company in Ireland to trade from
Withdraw funds to England personal account (dividend etc.)
From the 2 options above I am Favouring Option 2, however I wanted to know what other peoples thoughts/experience were on this matter?
submitted by MSTNTX to u/MSTNTX [link] [comments]

The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

Author: Christian Hsieh, CEO of Tokenomy
This paper examines some explanations for the continual global market demand for the U.S. dollar, the rise of stablecoins, and the utility and opportunities that crypto dollars can offer to both the cryptocurrency and traditional markets.
The U.S. dollar, dominant in world trade since the establishment of the 1944 Bretton Woods System, is unequivocally the world’s most demanded reserve currency. Today, more than 61% of foreign bank reserves and nearly 40% of the entire world’s debt is denominated in U.S. dollars1.
However, there is a massive supply and demand imbalance in the U.S. dollar market. On the supply side, central banks throughout the world have implemented more than a decade-long accommodative monetary policy since the 2008 global financial crisis. The COVID-19 pandemic further exacerbated the need for central banks to provide necessary liquidity and keep staggering economies moving. While the Federal Reserve leads the effort of “money printing” and stimulus programs, the current money supply still cannot meet the constant high demand for the U.S. dollar2. Let us review some of the reasons for this constant dollar demand from a few economic fundamentals.

Demand for U.S. Dollars

Firstly, most of the world’s trade is denominated in U.S. dollars. Chief Economist of the IMF, Gita Gopinath, has compiled data reflecting that the U.S. dollar’s share of invoicing was 4.7 times larger than America’s share of the value of imports, and 3.1 times its share of world exports3. The U.S. dollar is the dominant “invoicing currency” in most developing countries4.

https://preview.redd.it/d4xalwdyz8p51.png?width=535&format=png&auto=webp&s=9f0556c6aa6b29016c9b135f3279e8337dfee2a6

https://preview.redd.it/wucg40kzz8p51.png?width=653&format=png&auto=webp&s=71257fec29b43e0fc0df1bf04363717e3b52478f
This U.S. dollar preference also directly impacts the world’s debt. According to the Bank of International Settlements, there is over $67 trillion in U.S. dollar denominated debt globally, and borrowing outside of the U.S. accounted for $12.5 trillion in Q1 20205. There is an immense demand for U.S. dollars every year just to service these dollar debts. The annual U.S. dollar buying demand is easily over $1 trillion assuming the borrowing cost is at 1.5% (1 year LIBOR + 1%) per year, a conservative estimate.

https://preview.redd.it/6956j6f109p51.png?width=487&format=png&auto=webp&s=ccea257a4e9524c11df25737cac961308b542b69
Secondly, since the U.S. has a much stronger economy compared to its global peers, a higher return on investments draws U.S. dollar demand from everywhere in the world, to invest in companies both in the public and private markets. The U.S. hosts the largest stock markets in the world with more than $33 trillion in public market capitalization (combined both NYSE and NASDAQ)6. For the private market, North America’s total share is well over 60% of the $6.5 trillion global assets under management across private equity, real assets, and private debt investments7. The demand for higher quality investments extends to the fixed income market as well. As countries like Japan and Switzerland currently have negative-yielding interest rates8, fixed income investors’ quest for yield in the developed economies leads them back to the U.S. debt market. As of July 2020, there are $15 trillion worth of negative-yielding debt securities globally (see chart). In comparison, the positive, low-yielding U.S. debt remains a sound fixed income strategy for conservative investors in uncertain market conditions.

Source: Bloomberg
Last, but not least, there are many developing economies experiencing failing monetary policies, where hyperinflation has become a real national disaster. A classic example is Venezuela, where the currency Bolivar became practically worthless as the inflation rate skyrocketed to 10,000,000% in 20199. The recent Beirut port explosion in Lebanon caused a sudden economic meltdown and compounded its already troubled financial market, where inflation has soared to over 112% year on year10. For citizens living in unstable regions such as these, the only reliable store of value is the U.S. dollar. According to the Chainalysis 2020 Geography of Cryptocurrency Report, Venezuela has become one of the most active cryptocurrency trading countries11. The demand for cryptocurrency surges as a flight to safety mentality drives Venezuelans to acquire U.S. dollars to preserve savings that they might otherwise lose. The growth for cryptocurrency activities in those regions is fueled by these desperate citizens using cryptocurrencies as rails to access the U.S. dollar, on top of acquiring actual Bitcoin or other underlying crypto assets.

The Rise of Crypto Dollars

Due to the highly volatile nature of cryptocurrencies, USD stablecoin, a crypto-powered blockchain token that pegs its value to the U.S. dollar, was introduced to provide stable dollar exposure in the crypto trading sphere. Tether is the first of its kind. Issued in 2014 on the bitcoin blockchain (Omni layer protocol), under the token symbol USDT, it attempts to provide crypto traders with a stable settlement currency while they trade in and out of various crypto assets. The reason behind the stablecoin creation was to address the inefficient and burdensome aspects of having to move fiat U.S. dollars between the legacy banking system and crypto exchanges. Because one USDT is theoretically backed by one U.S. dollar, traders can use USDT to trade and settle to fiat dollars. It was not until 2017 that the majority of traders seemed to realize Tether’s intended utility and started using it widely. As of April 2019, USDT trading volume started exceeding the trading volume of bitcoina12, and it now dominates the crypto trading sphere with over $50 billion average daily trading volume13.

https://preview.redd.it/3vq7v1jg09p51.png?width=700&format=png&auto=webp&s=46f11b5f5245a8c335ccc60432873e9bad2eb1e1
An interesting aspect of USDT is that although the claimed 1:1 backing with U.S. dollar collateral is in question, and the Tether company is in reality running fractional reserves through a loose offshore corporate structure, Tether’s trading volume and adoption continues to grow rapidly14. Perhaps in comparison to fiat U.S. dollars, which is not really backed by anything, Tether still has cash equivalents in reserves and crypto traders favor its liquidity and convenience over its lack of legitimacy. For those who are concerned about Tether’s solvency, they can now purchase credit default swaps for downside protection15. On the other hand, USDC, the more compliant contender, takes a distant second spot with total coin circulation of $1.8 billion, versus USDT at $14.5 billion (at the time of publication). It is still too early to tell who is the ultimate leader in the stablecoin arena, as more and more stablecoins are launching to offer various functions and supporting mechanisms. There are three main categories of stablecoin: fiat-backed, crypto-collateralized, and non-collateralized algorithm based stablecoins. Most of these are still at an experimental phase, and readers can learn more about them here. With the continuous innovation of stablecoin development, the utility stablecoins provide in the overall crypto market will become more apparent.

Institutional Developments

In addition to trade settlement, stablecoins can be applied in many other areas. Cross-border payments and remittances is an inefficient market that desperately needs innovation. In 2020, the average cost of sending money across the world is around 7%16, and it takes days to settle. The World Bank aims to reduce remittance fees to 3% by 2030. With the implementation of blockchain technology, this cost could be further reduced close to zero.
J.P. Morgan, the largest bank in the U.S., has created an Interbank Information Network (IIN) with 416 global Institutions to transform the speed of payment flows through its own JPM Coin, another type of crypto dollar17. Although people argue that JPM Coin is not considered a cryptocurrency as it cannot trade openly on a public blockchain, it is by far the largest scale experiment with all the institutional participants trading within the “permissioned” blockchain. It might be more accurate to refer to it as the use of distributed ledger technology (DLT) instead of “blockchain” in this context. Nevertheless, we should keep in mind that as J.P. Morgan currently moves $6 trillion U.S. dollars per day18, the scale of this experiment would create a considerable impact in the international payment and remittance market if it were successful. Potentially the day will come when regulated crypto exchanges become participants of IIN, and the link between public and private crypto assets can be instantly connected, unlocking greater possibilities in blockchain applications.
Many central banks are also in talks about developing their own central bank digital currency (CBDC). Although this idea was not new, the discussion was brought to the forefront due to Facebook’s aggressive Libra project announcement in June 2019 and the public attention that followed. As of July 2020, at least 36 central banks have published some sort of CBDC framework. While each nation has a slightly different motivation behind its currency digitization initiative, ranging from payment safety, transaction efficiency, easy monetary implementation, or financial inclusion, these central banks are committed to deploying a new digital payment infrastructure. When it comes to the technical architectures, research from BIS indicates that most of the current proofs-of-concept tend to be based upon distributed ledger technology (permissioned blockchain)19.

https://preview.redd.it/lgb1f2rw19p51.png?width=700&format=png&auto=webp&s=040bb0deed0499df6bf08a072fd7c4a442a826a0
These institutional experiments are laying an essential foundation for an improved global payment infrastructure, where instant and frictionless cross-border settlements can take place with minimal costs. Of course, the interoperability of private DLT tokens and public blockchain stablecoins has yet to be explored, but the innovation with both public and private blockchain efforts could eventually merge. This was highlighted recently by the Governor of the Bank of England who stated that “stablecoins and CBDC could sit alongside each other20”. One thing for certain is that crypto dollars (or other fiat-linked digital currencies) are going to play a significant role in our future economy.

Future Opportunities

There is never a dull moment in the crypto sector. The industry narratives constantly shift as innovation continues to evolve. Twelve years since its inception, Bitcoin has evolved from an abstract subject to a familiar concept. Its role as a secured, scarce, decentralized digital store of value has continued to gain acceptance, and it is well on its way to becoming an investable asset class as a portfolio hedge against asset price inflation and fiat currency depreciation. Stablecoins have proven to be useful as proxy dollars in the crypto world, similar to how dollars are essential in the traditional world. It is only a matter of time before stablecoins or private digital tokens dominate the cross-border payments and global remittances industry.
There are no shortages of hypes and experiments that draw new participants into the crypto space, such as smart contracts, new blockchains, ICOs, tokenization of things, or the most recent trends on DeFi tokens. These projects highlight the possibilities for a much more robust digital future, but the market also needs time to test and adopt. A reliable digital payment infrastructure must be built first in order to allow these experiments to flourish.
In this paper we examined the historical background and economic reasons for the U.S. dollar’s dominance in the world, and the probable conclusion is that the demand for U.S. dollars will likely continue, especially in the middle of a global pandemic, accompanied by a worldwide economic slowdown. The current monetary system is far from perfect, but there are no better alternatives for replacement at least in the near term. Incremental improvements are being made in both the public and private sectors, and stablecoins have a definite role to play in both the traditional and the new crypto world.
Thank you.

Reference:
[1] How the US dollar became the world’s reserve currency, Investopedia
[2] The dollar is in high demand, prone to dangerous appreciation, The Economist
[3] Dollar dominance in trade and finance, Gita Gopinath
[4] Global trades dependence on dollars, The Economist & IMF working papers
[5] Total credit to non-bank borrowers by currency of denomination, BIS
[6] Biggest stock exchanges in the world, Business Insider
[7] McKinsey Global Private Market Review 2020, McKinsey & Company
[8] Central banks current interest rates, Global Rates
[9] Venezuela hyperinflation hits 10 million percent, CNBC
[10] Lebanon inflation crisis, Reuters
[11] Venezuela cryptocurrency market, Chainalysis
[12] The most used cryptocurrency isn’t Bitcoin, Bloomberg
[13] Trading volume of all crypto assets, coinmarketcap.com
[14] Tether US dollar peg is no longer credible, Forbes
[15] New crypto derivatives let you bet on (or against) Tether’s solvency, Coindesk
[16] Remittance Price Worldwide, The World Bank
[17] Interbank Information Network, J.P. Morgan
[18] Jamie Dimon interview, CBS News
[19] Rise of the central bank digital currency, BIS
[20] Speech by Andrew Bailey, 3 September 2020, Bank of England
submitted by Tokenomy to tokenomyofficial [link] [comments]

forex factory

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There are numerous advantages of the Forex market over several kinds of financial trading. There is 1 type that springs to mind, when speaking about different investments that are accessible to everyone. Even the Forex or foreign exchange market has many advantages over other types of trading. Because it is an OTC (over-the-counter) market, the Forex market is open 24 hours daily, unlike the regular stock or commodity markets. Most investments require a substantial quantity of money until you're able to make the most of this investment opportunity. Everyone can enter the marketplace with just as little as 1 to trade a"micro account", which enables you to open positions of 1,000 units. One lot of 1,000 units of currency is equivalent to 1 contract from account that is micro. Each"pip" or"tick" (lowest currency rate movement down or up ) is worth $0.10 profit or decrease, depending on wheather you are going with the Marketplace or against it Forex is among the most liquid markets. best forex brokers in uk
When trading currencies on the spot Forex market you've got complete control of your capital, which means that you can purchase and sell your positions anytime throughout market stage. This is a definite benefit because, if you will need to utilize your account cash, it may be obtained without additional commission or waiting intervals. Many different sorts of investments need holding up your money . Forex dealers may be profitable in bullish or bearish market conditions. Stock market traders want stock prices to grow to be able to take a profit, since short-selling is an issue to limits in stock trades. Forex dealers may produce a profit . Forex Currency trading is considered risky but with a trading platform that was fantastic to very decent money management skills, and a certain level of self-discipline, the risks of Forex trading can be lessened. brokers reviews
submitted by elzajohn265 to u/elzajohn265 [link] [comments]

European Banks - Where Can I Easily Open a Bank Account?

European Banks - Where Can I Easily Open a Bank Account?
Choosing a foreign bank to open an account in is a difficult task. Many details must be taken into account so that you don’t run into failure or problems with account operations in the future.
Today, we have gathered 7 banks that will easily open an account for you (sometimes even remotely) and will not strictly monitor transactions on it.
https://preview.redd.it/s19up259z6951.png?width=3840&format=png&auto=webp&s=0e1b7d2ea22bc9871082ec856f5ab5d7a32d8038
FIO Banka
Country: Czech Republic
Year of foundation: As an online broker - since 1993, as a bank - since 2010.
FIO is the most loyal bank in Europe. There, you can open an account for any type of activity, from FOREX to gambling. There are no extra fees for maintenance or minimum balance and limits. Of course, the FIO does not require documentary evidence of the payments made.
Documents required to open an account:
  • foreign passport and internal passport;
  • company documents;
  • apostille of the Certificate of Incumbency to the corporate director or founder, if the company is older than 6 years;
  • strictly colored scans of all documents;
  • account opening term: 2-3 days
Do I need a personal visit to the bank? Yes. After reviewing the documents by the bank, you need to personally visit the department to verify your identity.
CSOB Banka
Country: Czech Republic
Established: 1964
CSOB Banka is the second largest bank in the Czech Republic in terms of capitalization and one of the most influential banks in Europe. There are no restrictions on dollar payments and a minimum deposit. You can manage your account through the online banking. CSOB is loyal to operations via the account, and does not require confirmation by agreement or invoice.
Documents required to open an account
Personal account:
  • passport or another identity document.
  • confirmation of address.
Corporate Account:
  • apostilled set of legal documents for the company.
If the company is with a nominee service, remote identification of an individual as a director or shareholder is required.
Account opening period: 5-7 days.
Do I need a personal visit to the bank? Yes. After reviewing the documents by the bank, you need to personally visit the department to verify your identity.
Ceska sporitelna
Country: Czech Republic
Established: 1825
Ceska Sporitelna is a very loyal bank that does not require confirmation of each payment made. All financial tasks can be quickly solved with the help of Internet banking.
Documents required to open an account:
  • statutory documents for the company (originals);
  • full extract from the Register without apostille (only for Czech companies);
  • Certificate of Good Standing with an apostille (for 3+ months companies);
  • beneficiary's domestic and foreign passport;
  • certified power of attorney to open an account;
  • a brief description of the business or website URL for online business;
  • account opening period: 7-14 days
Do I need a personal visit to the bank? Yes. After reviewing the documents by the bank, you need to personally visit the department to verify your identity.
MKB Bank
Country: Hungary
Established: 1950
MKB Bank is one of the largest banks in Hungary. An account will be opened for free, if necessary, a plastic Visa or MasterCard will be issued. You can open an account for an offshore company, but MKB will refuse this if the company is registered in a country from the OECD black list. Nevertheless, the MKB is quite loyal to the operations carried out on the account..
Documents required to open an account:
Personal account:
  • passport;
  • trust declaration;
  • power of attorney declaration;
Corporate Account:
  • Charter and memorandum of association of a company certified by a notary;
  • Protocol on the appointment of officers;
  • Certificate of incorporation, certificate of shares and certificate of good condition;
  • Power of attorney;
  • Trust Declaration;
  • Account opening period: 7 days.
Do I need a personal visit to the bank? Yes. After reviewing the MKB package of documents, you must visit Hungary and meet with a bank agent.
BOS bank
Country: Poland
Established: 1991
BOS Bank is a Polish bank. If your company is not older than a year, then account maintenance in the first 18 months will be free. There, you can open an account for offshore companies and any other activities. The bank is loyal to transactions carried out on the account.
Documents required to open an account:
Personal account:
  • passport;
  • polish visa
Corporate Account:
  • extract from the registry translated into Polish and notarized;
  • Account opening period: 14 days.
Do I need a personal visit to the bank? No, the account can be opened remotely.
Bank Zachodni WBK
Country: Poland
Established: 2001
Bank Zachodni WBK is the third largest bank in Poland in terms of assets. The bank is not picky about corporate documents, opens accounts for any kind activities.
Documents required to open an account:
Personal account:
  • passport;
  • polish visa.
Corporate Account:
  • extract from the registry translated into Polish and notarized;
  • account opening period: 14-21 days.
Do I need a personal visit to the bank? Yes. After reviewing the documents by the bank, you need to personally visit the department to verify your identity.
ING Bank Slaski
Country: Poland
Established: 1988
ING is the largest bank in Poland. The bank opens accounts for onshore companies and is loyal to non-resident customers in Poland. You can issue a Visa or MasterCard plastic card.
Documents required to open an account:
Personal account:
  • passport;
  • Polish visa.
Corporate Account:
  • Extract from the registry translated into Polish and notarized;
  • Account opening period: 14 days.
Do I need a personal visit to the bank? No, the account can be opened remotely.
You can learn more about the conditions for opening an account with these banks from Bizonaire specialists. Call us or leave a request on the site chat, and we will contact you ASAP!
https://bizonaire.com/en/blog/article/european-banks-where-can-i-easily-open-a-bank-account---258.html
submitted by Djosd to Bizonaire [link] [comments]

Some Questions on Forex

Is Forex subject to the PDT rule? (I believe it isn't?)
Is it possible to use an offshore broker?
And for those who are experienced in FX, what's the best leverage someone should open an account with if their looking to trade currencies with about 100-300 bucks? 100:1, 500:1, 1000:1 all seem like too much for a beginner trader.
submitted by FCbforlife to Daytrading [link] [comments]

Cases Displaying the Recent Climate of Chinese Economy

This is just a plain list that records the notable cases about China's recent economic woes.
China is rumoured to delay indefinitely its US-China phase one trade deal (fact sheet PDF) implementation that includes the increase of China's purchasing American products & services by at least $200 billion over the next two years, which is almost twice the size of what China purchased before the trade war began.
Okay.
And according to Tianyancha (天眼查), Chinese commercial database that compiles public records; more than 460,000 companies in China closed permanently in Q1 2020, with more than half of them having operated for under three years. [LINK]
Of course, this is mainly caused by the COVID-19 pandemic.
However, what's interesting to me is the following part: "more than half of them having operated for under three years." What happened three years ago?
Once you figure out how big the trade war has played in China's recent economic woes (the article samples listed below may help),
the real question is whose investment or money in China was getting destroyed especially for the last three years.
Other than the article samples listed below, two other data elements that would need to be assessed are: 1) financial loss from the US' blocking Huawei mobile OS & 5G and 2) financial loss from BRI projects.
With CCP, who has been working with Huawei as a team for a long time? [1] [2] [3]
........................................
Tale of How Shanghai clique and Prominent Globalists Got Together.
........................................
Sep 09, 2015 -- Fortune Reports: The real ticking time bomb in China’s economy [LINK]
"[China's] Local governments have borrowed this money with the blessing of China’s central government. In fact, China’s much-lauded $570 billion stimulus package in 2008, which dwarfed the American response to its crisis relative to each country’s respective GDP was funded mostly by local government debt. That program helped power China’s economic growth since 2008, but the dividends are now drying up. As Chinese growth slows, the central government is worried about the local governments’ abilities to finance the debt.
China could continue to kick the can down the road by bailing out its insolvent local governments. But this would run counter to President Xi Jinping’s efforts to curb the power of local officials and shift China’s growth model from investment led to consumption led. Last week, Beijing placed a $16 trillion yuan cap on Chinese government debt, up $600 million yuan from a cap it set last year. And this is after the government has been swapping debt with local governments, buying up real estate-financed local debt in place of government debt officially backed by the Chinese government."
Aug 24, 2016 -- SCMP: Wanted posters for fugitive debtors and runaway bosses symptoms of China’s economic woes [LINK]
"In the first seven months of this year, there were 38 instances of default by 18 bond issuers on the mainland, six of them SOEs. The defaults involved 24.8 billion yuan, more than double the total for the past two years combined. And while only a third of issuers in default this year were SOEs, they accounted for about two-thirds of the amount in default."
Jul 12, 2017 -- The Nikkei Reports: China government auditor flags dodgy books at key state companies [LINK]
"China's National Audit Office) delved into financial statements from 20 of the 101 state enterprises directly controlled by the central government, focusing on filings from the year 2015. The records are notoriously difficult for outsiders to access, as many of the companies are core unlisted units of major state-backed business groups.
Improprieties were unearthed at 18 of the 20, including 200.1 billion yuan ($29.4 billion) in revenue inflation over the last several years and roughly 20.3 billion yuan in improperly booked profit. Culprits included China National Petroleum, one of the country's largest oil producers; China National Chemical, or ChemChina, which recently acquired Switzerland's Syngenta, the world's top maker of agrochemicals; and China Baowu Steel Group."
........................................
2018
........................................
Jul 16: China’s $42-Trillion Debt Bubble Looms Larger than Trade War [LINK]
Oct 10: Financial woes build for HNA Group, forcing sale of subsidiaries and property [LINK]
........................................
2019
........................................
Jan 25: Sinopec Says It Lost $688 Million on ‘Misjudged’ Oil Prices [LINK]
Jun 11: China’s debt disease might wreck its uncrashable housing market [LINK]
Jul 18: More than 50 companies reportedly pull production out of China due to trade war [LINK]
Jul 19: China Minsheng Investment says it cannot repay the principal and interest on US$500 million of bonds as its debt woe deteriorates [LINK]
Sep 06: China Injects $126 Billion Into Its Slowing Economy [LINK]
Oct 06: China's foreign exchange reserves fallen to mere $3.1 trillion USD [LINK]
Nov 06: China Embraces Bankruptcy, U.S.-Style, to Cushion a Slowing Economy [LINK]
Nov 25: China Faces Biggest State Firm Offshore Debt Failure in 20 Years [LINK]
Nov 28: Chinese navy set to build fourth aircraft carrier, but plans for a more advanced ship are put on hold [LINK]
Dec 02: Tech Firm Peking University Founder Welches on USD 284 Million SCP, Has USD 43 Billion Debt [LINK]
Dec 02: Sinopec Group Slims Down Amid Push to Reinvigorate State Firms [LINK]
Dec 13: Fact Sheet: Agreement Between The United States Of America And The People’s Republic Of China Text [PDF LINK]
Dec 19: Money has been leaving China at a record rate. Beijing is battling to stem the tide [LINK]
Money was leaving the country at a record clip earlier this year through unauthorized channels, according to analysts. That's bad news for China, which needs to keep financial reserves high to maintain confidence in its markets.
........................................
2020
........................................
Feb 03: Coronavirus May Delay Hard-Fought U.S. Trade Wins in China [LINK]
Feb 16: China's Evergrande to offer 25% discount for all properties on sale in Feb, March [LINK]
Apr 02: Luckin Coffee stock tanks 80% after discovery that COO fabricated about $310 million in sales [LINK]
Apr 08: Chinese e-learning king TAL Education admits inflated sales [LINK]
Chinese law prohibits Chinese companies from submitting to normal U.S. auditing standards, and four Senators have already introduced a bill requiring them to do so. Should Trump be reelected ... either Beijing will relent on auditing standards or Chinese firms may start to face U.S. delisting threat.
Jul 14: Chinese $2.8bn memory chip project goes bust [LINK]
A Chinese company that launched a $2.8 billion government-backed semiconductor project four years ago is going bankrupt after it failed to attract investors, even as China tries to become self-sufficient in computer chips.
Jul 16: TSMC plans to halt chip supplies to Huawei in 2 months [LINK]
Jul 16: The $52 Trillion Bubble: China Grapples With Epic Property Boom [LINK]
Aug 26: U.S. Penalizes 24 Chinese Companies Over Role in South China Sea [LINK]
Aug 31: China’s Economy Shrinks, Ending a Nearly Half-Century of Growth [LINK]
Sep 09: Hongxin Semiconductor, promised China's first 7 nm chips, has gone bust [LINK]
A government-backed semiconductor manufacturing project based in the central Chinese city of Wuhan has gone belly-up, with key operator HSMC mired in debt. The local government said the project amounts to nearly RMB 128 billion (around $18.7 billion) in investment.
Sep 22: Huawei chairman urges U.S. to reconsider 'attack' on global supply chain [LINK]
Oct 13: EU imposes 48% tariffs on aluminium products from China [LINK]
Oct 18: China's economic growth drops to the lowest level since 1992 [LINK]
Oct 27: China’s Failing Small Banks Are Becoming a Big Problem [LINK]
The reality is that Beijing doesn’t have the wherewithal to guarantee the future of hundreds of smaller, provincial financial institutions that together sit on 73.4 trillion ($11 trillion USD) of yuan of total liabilities.

------------------------
☞ Go Back to the Short Story.
----
submitted by vanillabluesea to conspiracy [link] [comments]

EQIBank: Global Digital Bank

EQIBank, established in 2015, provides global digital banking for corporations and High Net Worth clients – such as entrepreneurs and disruptive industries. We aim to provide more products, more countries, more currencies than any other digital bank, redefining the boundaries of banking.
Our vision is a bank the world can use. We empower our clients through an open banking platform. While most digital banks serve a select group of jurisdictions, we bank more than 180 countries. With the infrastructure to serve businesses in need of more complex banking services, we offer innovative, disruptive banking on a global and sustainable scale to the offshore sector – previously underserved by digital banks. There are many reasons to bank with EQIBank:
We provide the following Corporate and Personal banking services to clients:
EQIBank clients enjoy instant transfers, quick onboarding, and 24/7 banking.

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With EQIBank, their digital assets are insured by a syndicate of Lloyd’s of London. We provide insurance for private keys owned by the Insured, for which the Insured has accepted legal liability, and for which the Insured has accepted responsibility for the care, custody, and control.
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We balance the security of private keys and cold storage with easy access to digital networks. Your digital assets are kept offline and away from local networks.
Biometric access to devices ensures that all transactions and transfers can be independently reviewed by our insurance provider to ensure the highest standards of procedural compliance.
Our custody clients benefit from both security and asset documentation, as well as access to our banking platform, including premier accounts, OTC services, business, and personal debit and credit cards, APIs, and many other benefits available when you hold your digital assets with our bank.
And, as with the whole of EQIBank, phone and teleconferencing support is available during business hours, and email and text support are available 24/7.
Together with our partners, we are providing world-class financial technology and services through a suite of innovative state-of-the-art products that put our clients in control of their assets.
If you’d like to speak with any one of the many C-Level banking experts at EQIBank, please email [email protected] today and we can schedule an interview.
EQIBank: Elite banking, card services, and digital asset custody – all on one platform.
The Founders
EQIBank was founded by former HSBC, Credit Suisse, Bank of New York and UBS bankers with over 240 years of combined experience in banking, financial services, exchanges, asset management and blockchain technology. Accounts are open and we are currently taking customer applications.
Frustrated by the lack of digital innovation, personalized services, and offerings tailored for HNWIs and big companies at existing banks, our team decided to build a truly global bank for corporate and private clients. We designed EQIBank to be a client-centric and digital-first global financial ecosystem that’s available to clients anywhere, anytime and from the convenience of one app.

Jason Blick

DIRECTOR AND CHIEF EXECUTIVE OFFICER
Jason qualified as a UK attorney and served as the nationwide manager of BerrmansLace Mawer, who specialise in financial services. He went on to manage legal and compliance in over 90 countries for Sun Microsystems, overseeing over €1.5 billion per year in transactions.
He later became the CEO of Financial Partners Bank, with over 12,000 clients and $1.2 billion AUA. He is the founder of Cayman Enterprise City, the Cayman Commodities and Derivative Exchange, and he served on the board of the Cayman Islands Government Special Economic Zone Authority.
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ITRADER REVIEW

Overview:

The offshore-based FX and CFDs broker ITRADER has three trading accounts. The accounts are called Silver, Gold, and Platinum. The brokers provide an Islamic account to Muslim traders that enable swap-free trade. In this ITRADER review, we will investigate this broker thoroughly and find out its offers and reality.

About ITRADER:

The offshore-based FX and CFDs broker ITRADER claim its inception in early 2012. The trading assets offered are 50 FX pairs, and CFDs on several commodities, indices, stocks. It offers traders a well-established MetaTrader trading terminal. The firm called Hoch Capital Limited manages the ITRADER trademark. The brokers claim its registration at the Cyprus Securities and Exchange Commission, Cyprus. The CySEC imposes many rules and regulations on the brokerage provider in its country. These are maintenance of 7,30,000 euros, and also advises brokers to segregate trading accounts. The broker also claims to offer Investor Compensation Fund to the traders. It helps traders to avoid loss and scam. Also; all the brokerage providers under CySEC are entitled to MiFID compliance. It enables brokers to perform cross border business in the EU.
The initial investment needed to open an account with ITRADER is 250 USD. The initial deposits are according to the current market situation. However, many regulated brokers offer the same services at 5 USD.
The trade at ITRADER is commission-free. The spreads provided according to the types of accounts. The spread on the Silver account is at 2.2 pips, Gold account at 1.3 pips, and Platinum account at 0.7 pips on significant FX pair of EUUSD. The spread of 0.7 is profitable, but it requires a higher initial deposition. The offered leverages are in between 1:200 to 1:500. The provided leverages are according to the current market value but can make colossal profit or loss.
The broker offers to trade on versatile and easy to use a trading platform MetaTrader. It is available on all operating systems like iOS, Android, and Windows. MT is the top-rated trading platforms. ITRADER offers Virtual Private Server to its traders for extra security in FX and CFDs trade.
Many payment gateways manage the payment funding and withdrawal of profits. They are cards, and bank transfers are few to mention. Unfortunately, Skrill and Neteller not provided.

Is ITRADER scam or legit?

ITRADER is a regulated and licensed FX broker by CySEC. The trading conditions offered are higher. The trading platform provided is MetaTrader and is a good sign. However, offshore nature is worrisome. ITRADER may be a potential forex scam broker.
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FIBONETIX REVIEW

Overview:

The FX and CFDs broker named FIBONETIX provides Basic, Advanced, Expert, and VIP, a total of four trading accounts. There is an Islamic account as well. The brokerage provider is anonymous. In this FIBONETIX review, we will cover all the factors of this broker. Please follow it completely.

About FIBONETIX:

The trading assets provided by the broker are many and available to trade on many major indexes. The assets provided are crypto-coins, many products, stocks, and more. The Zeus Tech & Trading Group LTD is the sole proprietor of FIBONETIX that is situated in Luxemburg. The operational activities are looked after by a Belizean company with similar initials. The major concern of this broker is its offshore Belizean based nature. The Belizean territory is wrongly famous for a hideout for the scam brokers. FIBONETIX is not licensed and not regulated. The provided leverages are in between 1:100-1:400 and are higher. The website provides zero information about its trading conditions. Also, the broker does not provide a demo account and it is hard to peep into provided trading conditions. The broker does not fail to mention heavy fees and charges applied to the withdrawals.
The payment and withdrawals can be done via all types of cards, bank transfer, and with the help of electronic wallets. The charge of $150 is applied to accounts that have fewer trades. Also, $150 is charged for one month’s inactivity. The monthly service and maintenance fee of 10% is applicable. The financial regulators like ASIC and CSSF have issued warning against this broker for providing trading services in their respective territories. The trading forums are loaded with complaints about FIBONETIX. Our research for FIBONETIX is limited because of its website. The website is very poorly developed and lacks several important information.

Is FIBONETIX scam or legit?

The answer to this question is, yes, the FIBONETIX is a potential scam broker. The trading conditions are not disclosed by this broker. The shown leverages are higher and will not benefit traders. The broker is not licensed and not registered and also has several warnings against it by financial regulators like ASIC and CSSF. It also applies heavy charges and fees to the traders for withdrawals. In short, we are dealing with a forex scam broker.
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StockGlobal review

Overview:

The offshore FX and CFDs broker StockGlobal offers many trading accounts on the MetaTrader trading platform. The Marshell Islands-based Longsdale Capital LTD manages the StockGlobal brand. The trading conditions are high on each of the four trading accounts.
In this StockGlobal review, we will discuss other offerings and problems associated with this broker.
About StockGlobal:
The four accounts namely Bronze, Silver, Gold, and Platinum are offered by this broker with the initial investment ranging from $250 to $50000. Furthermore, the level of provided spreads ranges from 2.8 pips to 0.1 pips according to the chosen trading account. The leverage levels are fixed at 1:300 on all four accounts. The world's number one trading platform MetaTrader is offered by StockGlobal. The provided leverage is high and several traders will be attracted to these high leverages provided by StockGlobal. Such high leverage can cause harm to investments. The offered CFDs at StockGlobal are on FX pairs, shares, binary options, commodities, indexes, etc. As discussed in the opening and considering information on the broker's website the manager of StockGlobal, Longsdale Capital LTD, is situated in the Marshall Islands. Marshell Island is a very popular destination amongst the scam brokers. Also, the traders operating from this island do not follow any brokerage regulations and licensing required very little documentation. Also, such brokers are strictly banned in regulated markets like the EU, Japan, the US, and more. The safety and security of the investment made in StockGlobal by traders are prone to scam.
The StockGlobal is accused of scam by several online forums. Also, the Belgian local financial authority the Financial Services and Markets Authority issued warnings against the broker. The provided spreads of 2.8 pips on EUUSD FX pair is also considered high. Most of the regulated brokers provide spreads around 0.1 pips on Euro/Dollar FX pair. Furthermore, the website claims other trading conditions and a demo account provides different trading condition. This looks like a Ponzi scheme to attract traders. The offered MetaTrader platform is managed by another firm that also manages several other scam brokers.

Is StockGlobal scam or legit?

The broker is situated on Marshell Island, which is heaven for the scammer. The broker is also not regulated and doesn’t have a valid license. The offered trading conditions are designed in such a way that traders can be attracted. Overall the StockGlobal gives an impression of a forex scam broker.
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