Forex Yellow Pages

The online forex trading industry is one of the most dynamic online industries. Most online forex traders are US citizens so the recent events regarding the top poker rooms active on US market also affected the forex market. The events on the Black Friday were totally unexpected and no one saw it coming.  This unprecedented event raised the level of uncertainty in the online environment as the forex industry was already in a tough situation after the US Commodity Futures Trading Commission (CFTC) imposed new regulations.

These  CFTC regulations led to the limitation of the number of forex brokers that accept US traders and most of the brokers available on the US market have low leverages and unfavorable trading conditions. Under these circumstances more and more US traders look for offshore forex brokers with higher leverages and better trading conditions. Read more…

Stemming the Malaysian Exodus

Recently, YB Teresa Kok asked me “Why are Malaysians so keen to leave this country? Life overseas is not necessarily easier!” I agree that life overseas is not necessarily. In fact my cousins living in Hong Kong, Singapore and London tell me regularly that they miss the food and that things are much cheaper at home. They complain about the weather, high cost of living and their long working hours. Despite this, when the possibility of coming back home is raised, they give me a smile and a shake of their heads.

Is living in Malaysia really so bad? What is it that other countries have that we don’t? Lim Kit Siang posted on his blog in December 2009 that more than 630 Malaysians are migrating overseas everyday, and that number is increasing year on year. Read more…

CHINESE AND LOWER CLASS IN MALAYSIA : HOW WELL OFF ARE THEY ?

By Dr Lim Teck Ghee

“WHAT? CHINESE POOR?”

Soon after I returned to Malaysia in late 2005, I met with a former president of the country’s major Chinese party in his office. During the discussion which covered a range of issues, I expressed my concern at the failure of the Chinese political leadership to deal effectively with the socio-economic problems and challenges that the community was facing. Read more…

Currency traders face complexities and nuances come tax time. Currency futures are treated like other types of futures; your accounting is a snap and you enjoy lower 60/40 blended tax rates. However, cash forex can be an accounting nightmare and you face higher ordinary tax rates, unless you �elect out� of IRC 988 for 60/40 treatment. 

By Robert A. Green, CPA 

When it comes to trading in currencies, special tax rules apply.

There are two distinct types of currency trading and each has profound differences in tax and accounting rules.

First, you can trade in currency futures on regulated commodities exchanges and these futures are treated the same as other commodities and futures � as IRC section 1256 contracts.

Or, you can trade �cash forex� in the interbank market (not on regulated futures exchanges) and you are subject to an entire set of special rules � as IRC section 988 contracts. Read more…

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• do i pay tax on offshore forex trading
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