Forex Trading

[woolyg]

As a relatively successful Uk based full-time forex trader, I am looking at how best to minimize my tax liability.
Up until now, I have traded with mainly Australian brokers using darks and EPB which has worked very well for me.
Now my EPB account has burnt, I am looking for new options, from what I have read here it was probably the right time to part ways with EPB but over the last 5-6 years they have served me well and I have no complaints.
I can still easily move money between brokers, but I am looking for some new options now EPB has gone.
Are there any dark EPB alternatives, which I can consider, I realize it is getting much tougher now?
Should I switch my trading to using a corporate structure, was thinking Georgia, but thought a bank account may be difficult?
Any suggestions I can consider would be most appreciated?
Cheers

 

[Martin Everson]

You can try these two other banks in Puerto Rico. I mentioned below.

https://www.offshorecorptalk.com/threads/these-puerto-rico-banks-offer-remote-opening.30336/
P.S I have not used them before you ask.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[woolyg]

Thanks, Martin, GK bank looks interesting maybe that would be an option with a Georgia company.
I don't tend to hold much of a balance at the bank anyway, I just keep my money spread out at different brokers.
The problem is now you cant open brokerage accounts anywhere in Europe anymore with darks as they search databases when you apply and things are much tighter.
On the FV Bank website it states

• Biometric verification
• Data driven document verification

So that bank looks like a none starter.
I tried ADVCash, but they said they couldn't verify my passport.
One advantage I see of a corporate trading account with darks, it would give me more exit strategies in the future, as I am sure some of them allow you to deposit and withdraw, both to a personal account and a corporate bank account.

Last edited: Jan 10, 2021

 

[Martin Everson]

woolyg said:
One advantage I see of a corporate trading account with darks, it would give me more exit strategies in the future, as I am sure some of them allow you to deposit and withdraw, both to a personal account and a corporate bank account.
Click to expand...

I have not used darks but I think you will find that most retail brokers only allow firstparty transfers i.e same name to same name. Only in private banking have I been able to do a transfer from corporate to personal account of investments.

woolyg said:
On the FV Bank website it states

• Biometric verification
• Data driven document verification

Click to expand...

Even non-EU banks and brokers will have AMLD5 in mind if they have clients in EU.

https://www.offshorecorptalk.com/th...money-laundering-directive-10-jan-2020.26879/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[woolyg]

Martin Everson said:
I have not used darks but I think you will find that most retail brokers only allow firstparty transfers i.e same name to same name. Only in private banking have I been able to do a transfer from corporate to personal account of investments.



Even non-EU banks and brokers will have AMLD5 in mind if they have clients in EU.

https://www.offshorecorptalk.com/th...money-laundering-directive-10-jan-2020.26879/
Click to expand...

It's probably pre EPB bank maybe 10yrs ago since I traded on a corporate forex account, so you are probably right regarding funding.

Yes, AMLD5 is one of the reasons I am looking at new solutions, maybe low tax solutions, I did find getting an mail address out side EU gave me slightly more options.

Thanks again Martin for your input.