cTrader can't be used by US clients. Why?

jyoakum73@gmail.com
03 Jul 2017, 00:57

also tried to tweet spotware systems on this

zero reply

now Im extra curious because it makes no sense, CFD broker or not, CFTC regultations or not

cTrader has a worlds better front end than MT4/5 keeping it out of US citizens hands with no explantaion means fishyness 

gowens.c@gmail.com
03 Jul 2017, 01:02

The thing is Tradersway is an offshore broker. They are unregulated and Spotware is based in Cyprus. Therefore I ask, why is cTrader not allowed to be used by US citizens but mt4/5 is with this same broker. They have no reason to not allow their US clients to use cTrader. all other countries on Tradersway are allowed to use cTrader except US citizens. If tradersway accepts US citizens and allows them all the luxuries of trading with an unregulated offshore broker, then what reason would they have for not allowing them to use cTrader? there isn't a reason.

This is purely Spotware. There was a US based broker that had cTrader once. MB i believe. They no longer have it.

So again....

CAN SOMEONE FROM SPOTWARE EXPLAIN WHY US CLIENTS CAN'T USE CTRADER?

Spotware
14 Jul 2017, 11:29

Dear Traders,

We have received many inquiries regarding US citizens being restricted from using our platform. Therefore, with this post we would like to address your questions and clarify why the situation is currently as is.

Spotware is a technology company and has no restrictions in offering its technology anywhere in the world. However, our technology is offered to you through brokers and not directly by us. As you all know, brokers and the services they offer are subject to regulations in different parts of the world. This is also the case in the United States, where very tight rules have been put in place surrounding the trading conditions that can be offered to retail investors. Most of these rules come from the Commodity Futures Trading Commision (CFTC) and the well known Dodd Frank Act.

Based on this regulatory environment, forex brokers that are not regulated in the United States are not allowed to offer their services to US citizens. Any such attempt would be considered fraudulent and legal action can be taken. In the past, offshore brokers that accepted or solicited US citizens as clients have been taken to the US courts. For this reason, even though Spotware are not directly liable for our clients actions, we do not want to be seen as a company that consented or enabled these brokers operate against clear guidelines.

Being a company that always puts Traders First, we want to make a clear statement to users for your protection, this is that our solution is not available to US citizens since, at present, none of the brokers offering cTrader is regulated in the United States. The restriction is not because the technology is prohibited or restricted in any way, but because there is no broker that can legitimately offer this service. As soon as a US regulated broker launches cTrader, we will inform you accordingly.

Best Regards,

cTrader Team

jyoakum73@gmail.com
17 Jul 2017, 17:31

Frustration with the SEC and IRS makes sense for overseas brokers to have parted ways with US citizens.

But the ensuing confusion remains. Why does a software entity respond to this dynamic by acting as if they were an overseas /non US broker?

Meta Quotes Software (MT4/MT5) is available through many brokers worldwide And those brokers operate under many different regulation umbrella(s).

lLike Meta Quotes Software, Spotware Systems is not a broker, they make and support code for a trading platform.

This all is coming across as indifference on Spotware's part more than actual reasons to not offer their cTrader platform for US Brokers.

If and when the Dodd-Frank rules affecting Spread betting traders in the US are adjusted or eliminated I'm not feeling supportive of Spotware Systems acting this way even if they open the doors when Meta Quotes Software is sticking to the code and not playing these vague politics.

Please stop messing around and allow your platform for US Brokerage's.

I know your platform works with ECN because I used it for a limited time on Tradersway.

Spotware
17 Jul 2017, 18:07

Dear Trader,

We absolutely allow cTrader for brokers authorized to operate in the US. We will be happy to onboard such authorized brokers immediately. All adjustments needed for operations under the US regulatory framework are already implemented in cTrader, and have been for many years. You are welcome to encourage your preferred US broker(s) to onboard cTrader. 

Best Regards,

cTrader Team

gowens.c@gmail.com
18 Jul 2017, 06:52

RE:

Spotware said:

Dear Trader,

We absolutely allow cTrader for brokers authorized to operate in the US. We will be happy to onboard such authorized brokers immediately. All adjustments needed for operations under the US regulatory framework are already implemented in cTrader, and have been for many years. You are welcome to encourage your preferred US broker(s) to onboard cTrader. 

Best Regards,

cTrader Team

This isn't about US brokers.

This is about Non-US brokers that allow US citizens to use their brokerage, but won't allow them to use cTrader. As I've shown with TradersWay.

Why can every broker offer MT4/5 to US citizens (brokerage in US and Non-US) and that seems to be fine...

But not allowing US citizens to use cTrader with NON US BROKER.

Why?