Offshore Bank Account for Forex Trading

JohnDoe123

New Member
Hi, I am new to the forum and just need some information.

I am moving a lot and want to open a bank account in USD, primarily for forex trading.
Most brokers should accept the country where this bank account is based and of course I don't want to pay an arm and a leg for fees.

I will probably not withdraw any profits (hopefully there is :) for a couple of years.
For tax purposes, would it then be better to open an IBC and only declare additional income once I withdraw?
I don't know which country I would be in a couple of years.

And of course which provider and package(s) should I use for this?

Thanks in advance for any advise.
 

EUR99

Building Trust
Entrepreneur
Are you meaning a bank account for your forex trading business ?

So you want to receive in C2B wires

If so in what jurisdiction do you hold a licence ?
 

JohnDoe123

New Member
No I don't hold any licenses to trade, this would primarily be for an account where I can open forex account at any broker and then fund and or withdraw to the bank account.
Forex license is way to expensive and I won't be able to make this in a good couple of years.

If forex license is required if I want to open an offshore IBC then it is not worth it
 

EUR99

Building Trust
Entrepreneur
Hi John,

Ok to be honest I forgot to put this in my first point I think you’ll struggle to open a USD account for that purpose it’s generally very hard to obtain a USD with anything linked to forex,so I would suggest a EUR and keep your operations in EUR assuming most of the brokers accounts you want to fund are in EUR you should be fine with a sepa account within the EU only

To clarify are you just trading your own capital or other peoples funds ?
 

JohnDoe123

New Member
Just my own capital and I am not an EU resident so opening a SEPA account would be difficult.
Not sure if would be easy to open a business in EU as well for this purpose
 

EUR99

Building Trust
Entrepreneur
You should be able to get a SEPA EUR account without too many issues even if you aren’t an EU resident etc
 

EUR99

Building Trust
Entrepreneur
sounds like you need a named EUR iban that can settle to and from your brokers
 

Frostmind

New Member
Hello,

I am looking to do the same, however i am planning to manage some customer's forex accounts. i am guessing i would need a license? i would appreciate @EUR99 's input on the matter and where my best options are.

Thank you!
 

EUR99

Building Trust
Entrepreneur
If you’re managing other people’s money and receiving it you’re going to need ringfencing/safeguarding accounts - this will be a quantum leap from what you are currently doing from my understanding

let alone how you will stand from a regulatory stand point
 

Frostmind

New Member
Thank you, for your quick reply @EUR99 . I will be trading their own accounts without receiving or access the money, and will be paid a performance fee based on the profits i generate for them.

I tried to contact several firms, and the talk of a forex license comes up, do i have other options? Will writing some kind contract with my costumers as an "investment consultant" or an LPOA work when getting a payment from them to my bank? or?
Sorry if the questions seem silly, i am still a noob in this, trying to figure it out.
 
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