US citizen/resident trying to use cTrader to trade forex
US citizen/resident trying to use cTrader to trade forex
14 May 2020, 00:34
Hello, I am trying to get into forex trading, I would love to use the cTrader platform, but can't find a broker that uses it and accepts US clients. I was also told by a CSR from one of the brokers that cTrader is no longer available to US residents as of 2016. Is this true? and if so could someone explain why? cause that seems like a shame, I have a practice account with it and it's such a smooth trading platform, makes thinkorswim look bad lol
Replies
afhacker
14 May 2020, 10:46
RE:
PanagiotisCharalampous said:
Hi ikozelkov,
You can find the explanation here.
Best Regards,
Panagiotis
What's the problem of cTrader with US regulations? as I can see it's not related to brokers, why at the bottom of the site we have this disclaimer:
"The services provided by Spotware Systems Ltd. are not available to citizens or residents of the USA. Neither is the information on our websites directed toward soliciting citizens or residents of the USA."
If it depends on brokers why you have added that disclaimer? why do you care? let the brokers deal with regulations or who they want to allow to use their service, you are not providing any financial service to anyone, Spotware is a tech company and there is no need for you to deal with CFTC or any other regulatory organization.
Spotware position regarding the US is very confusing, please remove these disclaimers or if there is something in cTrader that is not compatible with US laws then tell us.
@afhacker
PanagiotisCharalampous
14 May 2020, 11:19
Dear afhacker,
cTrader is compatible with US regulation and was available to US citizens at some point in the past. But at the moment there is no broker offering cTrader that is regulated to offer services in the US. As you know our motto is Traders First. Hence financial motivation is not our sole concern but also the interest of the traders that use our platform. In the same way we do not allow brokers to carry fraudulent activities using our platform, we do not allow them to operate in an illegal manner. Therefore we do not allow to brokers that are not regulated to operate in the US to onboard US citizens.
Best Regards,
Panagiotis
@PanagiotisCharalampous
stanleymcdon46
30 Jun 2020, 12:38
RE:
PanagiotisCharalampous said:
Dear afhacker,
cTrader is compatible with US regulation and was available to US citizens at some point in the past. But at the moment there is no broker offering cTrader that is regulated to offer services in the US. As you know our motto is Traders First. Hence financial motivation is not our sole concern but also the interest of the traders that use our platform. In the same way we do not allow brokers to carry fraudulent activities using our platform, we do not allow them to operate in an illegal manner. Therefore we do not allow to brokers that are not regulated to operate in the US to onboard US citizens.
Best Regards,
Panagiotis
If it depends on brokers why you have added that disclaimer? why do you care? let the brokers deal with regulations or who they want to allow to use their service, you are not providing any financial service to anyone, Spotware is a tech company and there is no need for you to deal with CFTC or any other regulatory organization.
@stanleymcdon46
kelleyhicks1973
28 Jul 2020, 11:01
RE:
PanagiotisCharalampous said:
Dear afhacker,
cTrader is compatible with US regulation and was available to US citizens at some point in the past. But at the moment there is no broker offering cTrader that is regulated to offer services in the US. As you know our motto is Traders First. Hence financial motivation is not our sole concern but also the interest of the traders that use our platform. In the same way we do not allow brokers to carry fraudulent activities using our platform, we do not allow them to operate in an illegal manner. Therefore we do not allow to brokers that are not regulated to operate in the US to onboard US citizens.
Best Regards,
Panagiotis
Great idea man thanks keep it up all the time. am very happy to see your standard.
@kelleyhicks1973
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seangperkins
28 Dec 2022, 15:44
If I start a petition to get some US brokers to use cTrader would you sign and pass it on?
Guys, we all know this is an AAWESOME platform. Maybe if we start a petition to get some other brokers to use it e can get some traction?
Let me know who's interested.
@seangperkins
Nick24
14 Jul 2023, 16:03
( Updated at: 14 Jul 2023, 16:35 )
RE:
ikozelkov said:
Hello, I am trying to get into forex trading, I would love to use the cTrader platform, but can't find a broker that uses it and accepts US clients. I was also told by a CSR from one of the brokers that cTrader is no longer available to US residents as of 2016. Is this true? and if so could someone explain why? cause that seems like a shame, I have a practice account with it and it's such a smooth trading platform, makes thinkorswim look bad lol
To be honest. I think the real reason of why Spotware doesn't want to operate in the USA anymore is, because the rules are very strict and yes, also very expensive.
And if they won't have enough regulated USA brokers (very small compared to like Europe) and not paying enough money that Spotware wants or needs, it's not worth the investment.
Pretty sure it's all about complicated licenses, rules, etc, and money related. Operating in the USA is not a joke market.
@Nick24
PanagiotisCharalampous
14 May 2020, 08:45
Hi ikozelkov,
You can find the explanation here.
Best Regards,
Panagiotis
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