Tadawul FX US Clients OK!
I have had a live acct for a while, 7 months with these guys and so far so good with a asian scalper on EG that is a fix spread of 3, Ive done 2 withdrawls and both were super fast in about a hour, in and out with Paypal too. $500 min deposit and .05 min lot size, up to 500/1 and hedging ok no fifo crap. Since the cutting out of go markets with US customers not many choices left.
The official notice from them is below.
I have 2 links if you want to check them out, demo and live for my IB.(any IB earnings go to a good cause, my little daughters med bills not covered by insurance every little bit helps i don't make much by trading alone .) Thanks
Live Account Link: https://www.tadawulfx.com/v2/registe....php/ib/801115
Demo Account Link: https://www.tadawulfx.com/private/in...demo/ib/801115
Tadawul FX Ltd is an EU licensed and regulated brokerage firm and as such, will not be affected by the rules set forth by the CFTC. As such, TDFX will continue to accept US clients as before and offer leverage of up to 1:500 on all Mini and Standard Accounts, the two major areas of concern.
At Tadawul FX, we continue to provide our clients with fair and ethical trading conditions and offer a safe and secure trading environment. We remain competitive in the market place and aim to give you quality products and professional service and support at all times.
We wish you successful trading!
but hedging is forbidden by all US brokers? isn`t it?
US customers can trade however they want them no restrictions . Still the best broker i have found , execution is great and with drawls are within hours.
it is but these guys are not in the US ...however US citizens are not supposed to trade with non CFTC brokers .. at least that is my understanding.
Originally Posted by GationLi
Dear Valued Client,
You might be aware of the recent changes in U.S. regulations regarding off-exchange retail foreign exchange. The new regulatory rules-implemented by the Commodity Futures Trading Commission (CFTC), the U.S. government agency responsible for the regulation of retail foreign exchange-apply to retail forex transactions that are offered or entered into by entities registered with CFTC under the Commodity Exchange Act (CEA).
Tadawul FX Ltd. is regulated by Cyprus Securities and Exchange Commission (CySec) and complies with all applicable European Union laws and regulations, including those under the European Markets In Financial Instruments Directive (MiFID). Although, Tadawul FX does not have any offices or operations in the US and is not subject directly to the licensing laws of U.S. regulators, further to our compliance checks it appears that the CFTC does not allow retail forex transactions to be provided to U.S. clients by entities not registered with the CFTC.
Due to the regulatory restrictions in the U.S., it is with great regret we inform you that Tadawul FX will no longer be able to accept any transactions from U.S. residents from 8th July 2011.
Procedure for USA resident clients
By 8th of July 2011 (22:00 CET) all open positions and all pending orders must be closed. Any positions left open will be automatically closed at the last available price, and all pending orders will be cancelled.
All funds in the trading account must be withdrawn to the original source. To collect all remaining balances from your trading accounts, you are kindly requested to send a withdrawal form, which will be processed once it is received. If you have recently sent funds to your trading account, the funds will be sent back to your original source, as soon as these are received. As of Wednesday 6th July 2011, no deposits will be processed from U.S. residents.
The status of the trading account will be changed to "Read Only," allowing you to access your account with your existing login details, just to view history and generate reports as you require.
We sincerely apologize for any inconvenience this may cause you, but unfortunately changes in U.S. regulations are beyond our control. Nonetheless, we will continue to reevaluate the U.S. laws and would be happy to accept U.S. residents in the future, should the laws and regulations change. We have thoroughly enjoyed working with you and would like to thank you for your business. Please feel free to seek independent legal advice to further determine how the regulations affect you or your company.
If you have any questions, please do not hesitate to contact us and will be very glad to help you.
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