Opening any type of offshore account has been viewed by many with skepticism. In most cases, these people do not trust the intentions of those opening these accounts. Most of the information people have about any form of offshore accounts can be attributed to the sensationalized news journalists have often bombarded the general public with regareding people who have offshore accounts. Individuals who have offshore accounts are deemed economic crooks who are simply stashing away money they had siphoned from their mother countries or in other occasions they are seen as people who simply want to look for ‘Tax Havens’ where they can put their money without the tax that they would have been subjected to back home if they had opened local accounts.
Truth of the matter is that most of the information being churned out by media outlets and journalist is from individuals with no legal or economic background. In actual sense, most of the information provided is simply meant to sensationalize the issues surrounding foreign accounts and create ratings for their media outlets without really knowing what it takes to possess an offshore account of any kind and the other requirements. Opening an offshore account is very legal in fact! People ostensibly are free to keep their money wherever they want, be it in a local account or an international offshore account. The same principle applies in the Foreign Exchange Market where traders can decide whether to open a Forex brokerage account with local brokers or with Forex brokers that are not located in their country.
Offshore Forex Brokerage Accounts
Offshore Forex brokerage accounts are often opened by traders who are looking for the proverbial ‘greener pastures’ in currency exchange. These traders are in most cases not satisfied with the services they get from the local Forex brokerage firms or in other cases the countries they are from only offer basic financial services with retail Forex brokerage being virtually non-existent. To add to this, it is also hard for traders to find good retail brokers in their own countries who would offer very competitive conditions for them when trading. Such a situation leads a Forex trading aficionado to go the extra-mile and open an offshore Forex account through these brokers.
Traders opt for offshore Forex accounts due to the benefits that brokers here promise their clients. Here, traders are assured of advanced charting in the online sphere, good execution of the orders, segregated accounts, no requotes, tight spreads and high leverage. All these are conditions that would ensure that a trader rakes in huge profits when trading, increasing their margin of profit with minimal chances of losses. Majority of the known reliable offshore Forex brokers come from countries such as Cypus, the United Kingdom (U.K), Denmark and South Africa. Such accounts also assist traders in diversifying the risk they would face if they only traded using local accounts that are controlled by local brokers.
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