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On Friday, got a message from forex.com regarding precious metal trading for US residents, how do you think about it?
We wanted to make you aware of some upcoming changes to FOREX.com's product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
This new regulation impacts all US residents as well as all accounts serviced through our US regulated business. However, as a non-US resident, you may continue to trade spot metals by transferring your account to our UK regulated entity, FOREX.com UK Ltd, which is authorized and regulated by the Financial Services Authority.
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