Few Questions about CMEG broker

[maunoo 0]

So I've never applied to an off-shore brokerage before and i'm noticing how much detailed info they're requiring on the application for CMEG.  Is it the same way with SureTrader?  So a few questions for United States  folks here that use them: 1) In the application, it's asking for two forms of ID.  I have my Driver's License.  That's about it.  I have my social security card, birth certificate, an expired driver's license, an expired military ID, and an expired passport from way back when I was a kid.  What did you guys use for your forms of ID.  I'm not too crazy about providing them a picture of my social security card for obvious reasons.   2) How are taxes handled?  Do they report directly to the IRS my profit/loss?  Do they provide a 1099 for tax season for US residents?  Thanks

Edited July 3, 2018 by maunoo

[Carlos M. 230]

Hi, 

I do not know much about Suretrader but I do have an account with SpeedTrader and CMEG and the information they require are pretty similar. 

1) They do require two form of ID's. I provided my Driver's License and Passport. I get not wanting to give them a copy of your Social Security Card, but they already require your SS # as part of the application. The way I see it, with all the information they have if they want to do something shady they have enough personal information on us, the copy of the SS # won't make things worst, (But I understand your concerns). My suggestion is give them a call and explain to them your situation. They are very helpful and they can advise what other options are available. Try to call mid afternoon, in the morning after the market open they tend to be very busy.

2) CMEG is FATCA compliant so they are require to report to the IRS. They provide us with W8/W9 forms for tax season. 

Hope this helps.

Carlos.

 

 

[jcra1992 0]

Carlos,

Are you sure they provide W8/W9 forms? I asked today does the tax statement or forms work with them and they responded the following:

Quote

 

Hi Jean,

 

Thank you for your submissions.

 

We are located in Trinidad and Tobago, as we are an offshore brokerage the Pattern Day Trading rule do not apply to us nor our clients.

 

We do not file taxes for our clients nor do we provide forms of the sort, you can request your statements to show your profits and losses, however you may need to contact a tax agent.

 

 

[MKINGSBURY 2]

I have applied to CMEG and they are definitely the most detailed of any off shore broker, I use Suretrader and have applied to alliance.