Offshore Bank Account for Forex Trading

[JohnDoe123]

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.

 

[JohnDoe123]

Really no advice at all??
This sucks as I though somebody could give some advice.

Oh well

 

[DGTLOTC]

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]

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

 

[DGTLOTC]

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]

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

 

[DGTLOTC]

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

 

[DGTLOTC]

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

 

[Frostmind]

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!

 

[DGTLOTC]

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]

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.