Brokers that don't require id

Real forex bonuses

The brokers’ requirements would be reasonable and legally justified if weren’t for the many “but”s! Use this list of recommendations, you can protect yourself from problems with accounting. Don’t give them the opportunity to try to con you.

Passing your broker’s account verification process, what is required from you?

Every financial investor on their path to the financial market must undertake a substantial amount of preparation. Here it is clearly legal aspects of trading with financial tools, and the technical problems connected with forecasting and evaluating market indicators. Today, we’re considering the not so insignificant question of “verification”, which you are required to pass on brokers’ trading platforms. We suggest going through all the legal and technical nuances of brokers’ requirements, defined by the necessity of undergoing verification, and also the collection of essential documents that market operators have the right to demand.

So, not so long ago, to gain access to the financial market, all you had to do was open a trading account with any one of the many platforms for trading. However, now the trading sphere is has become more official and all participants must meet set guidelines. For this reason, the vast majority of large, systematized brokers require clients to pass the verification process or, more simply, identification process. Moreover, it is worth noting that there is no difference between working on a forex platform or with a binary options broker, even the more novel services, such as cryptocurrency exchange, require their partners to undergo verification. Considering the verification process, first and foremost, it’s worth going through how it is regulated, why it’s necessary and what it amounts to specifically.

Verification – who needs it?

If you have read the reviews and relevant articles written by traders on the topic of verification on operators’ platforms, then you would have noticed some market participants view this technical operation negatively. The reason for this lie in the level of trust between brokers and investors. The issue is that, when getting started trading privately online, many operators use verification as another tool to deceive partners. Many people remember the unjustified refusal to disperse funds. In which, brokers often pose numerous complex and difficult demands when verifying traders’ personal identification. However, brokers themselves were the ones who set the stage for this mistrust of the legal process! And yet, why do you need verification?

Usually, financial brokers, who require client verification, justify it with several facts, the position of the well-known investing organization FAFT, market regulators’ requirements, and also interest in protecting traders and their investments. The brokers’ requirements would be reasonable and legally justified if weren’t for the many “but”s!

Let’s start with investment and partner protection. Of course, experienced investors and reasoned traders are well aware that brokers are primarily focused on their own wellbeing, with clients’ interests coming in around third. The issue is that the system of the financial market is set up in such a way, that if the trading service carries out illegal operations, first and foremost, it will be the operators themselves who will be punished. It makes sense, why search for a single con artist, if you can punish the platform, which created the opportunity for such activity for technical and legal reasons. Therefore, by requiring verification, brokers are protecting themselves. Besides that, this situation raises skepticism anyways due to the requirement to disclose personal information and documentation. This in and of itself decreases clients’ security. But don’t be scared off, these days financial trading platforms protect partners’ information with some of the highest security measures.

The second point is the FATF requirement. Tas a start, what does this organization do? It’s all quite simple: FAFT is an intergovernmental organization, handling the international issue of money laundering. The organization doesn’t take any physical measures against it. Instead, it analyzes and develops specialized financial schemes, which aim to prevent laundering money procured through illegal means, excluding tax evasion. However, this organization’s recommendations and guidelines are only binding if the government ratifies intergovernmental agreements.

The european union ratified their legal relationship with FATF in 2005, russia, in turn, adopted the standards of this organization in 2001. Fighting money laundering isn’t the only reason for actively taking on FATF’s recommendations, they also seriously limit the ability of terrorist organizations to move money. As you know that is a very serious problem. However, when considering FATF’s activity and recommendations through the lens of a private investor on the financial market, it is worth noting that the recommendations and guidelines are only applicable if the trading platform is registered in a country where the operator also works. To put it into other words, if your broker falls under the jurisdiction of a country that hasn’t ratified FATF, then the verification process isn’t required to meet the organization’s standards and is in certain situations illegal.

Having conducted a brief initial survey, it’s of note that the majority of financial market operators today are located within european jurisdiction, therefore the companies don’t have the freedom to ignore the FATF requirements in regards to the client verification process.

Continuing along the lines of the legal justification for requiring verification, it is worth stating that in financial legal relations and accounting with brokers and traders, there is yet another side, the payment or banking service! Partially, these organizations are regulated by entirely different, stricter principles and rules, therefore, without identity verification, you simply cannot work with financial tools.

In sum, there is a reasonably wide selection of organizations, which force brokers to require their partners to undergo a verification process. These rules are legal and shouldn’t be fought or questioned.

What documentation do you need for verification?

Verification is first and foremost the process of identifying the client and directly linking the investor concretely to their trading account. That is why the main document requested to verify an individual’s identity is their passport. However, this is where trader from russia can run into some specific problems. If you work with a russian broker, then all you must do is present your russian passport, with a scanned copy of the registration page with the stamp. However, most traders prefer working on european operators’ financial platforms, and here there will be some difficulties. The issue is that outside russia there is no internal residence permits or system of registration in specific areas. The second point also being that they do not accept documents written in cyrillic. Therefore, to pass verification in foreign countries you need a foreign passport, and, of course, an obnoxious corroborating document, which irritates traders more without exception, such as a service payment receipt addressed to your official residence! The operator also requires notarized copies of all documents! With the number of documents required you could open a foreign bank account!

At first glance, the list of documents and standard requirements appears simple, however, in the practical reality, traders don’t always possess receipts addressed to their residence, severely complicating the verification process. For this reason, financial market system operators always provide specific alternatives for verifying partners.

Verification – what you need to know?

As annoying as the process of verification on brokers’ platforms can be, the process is a very effective tool for protecting traders’ investments. However, many operators to this day use this process as a means to delay settlements with partners. In order to not fall into a difficult situation and have the opportunity to work with a professional and secure broker, it is vital to pay attention to the following requirements and facts of collaboration:

• already at the account registration stage, secure brokers request various information for the later verification process. It is already necessary to present an exhausting range of required documents.

• don’t work with companies which require documentation in-line with the EU guidelines, yet aren’t located within the european union and aren’t partnered with the financial instruments of an EU member country.

• con artists will categorically refuse to propose alternative documents to you, as a russian citizen, for verifying your identity.

• avoid operators who insist on using simple local payment services with clients for financial dealings, over global services with complex client verification processes.

• reject brokers who request a large amount of documentation, while requiring you to provide both russian and english copies

Use this list of recommendations, you can protect yourself from problems with accounting. Don’t give them the opportunity to try to con you.

In order to best protect your information against fraudulent brokers, use the following list of practical recommendations:

• before finalizing your trading account in full measure, on the operator’s platform, study the requirements and technical process of verification. You should have a clear understanding and have a summary of information on this question. Your first step should be familiarizing yourself with the list of required documentation for verifying your identity, assess your broker’s ability to change their rules once you’ve already begun the partnership process.

• conduct an analysis of your broker’s status. Often companies propose very difficult verification processes, justifying it based on their partnerships with very reputable banks or work in the national legal fields, which are also often established financial centers. If the publicly available information isn’t enough for you to properly evaluate, go to the operator for further information. If the broker runs a legal platform, then they will be more than happy to provide any information you may be interested in.

• also before beginning trading, determine what method of payment are available, which will aid you in any future accounting. Saving yourself from having to verify your identity twice, many payment services have similar requirements for verifying the identity of their clients.

• you can only start placing trades after you have completed the entirety of the verification process!

In closing, putting aside traders’ negative views on verification, it is worth saying that today it does not only protect investments and work in the legal field but is also a clear and distinguishing sign of any professional and secure platform. Therefore, completing verification on your broker’s platform enables you to make the right choice in relation to the quality of trading service and to carry on comfortably trading with financial tools at your disposal.

“general risk warning: binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.”

CMEG review of brokers with no PDT rule when day trading

In this CMEG review we will be talking directly to you day and swing traders who are looking for brokers with no PDT rule! CMEG is our off shore broker of choice because of its solid performance and it comes with options of using sterling or a customized version of DAS trader. Also the commissions and speed of executions are good enough to be taken seriously.

We wanted to make this review for our members so they are aware of the alternative brokers that are available to traders who are not just looking for a way around the PDT rule, but fast executions as well as a powerful trading platform with a clean and simple user interface.

Brokers with no PDT rule: CMEG review

CMEG is located offshore, which means they're not under the restriction of the PDT rule. The rule that defines a “pattern day trader” is any customer who executes four or more “day trades” within five business days, provided that the number of day trades represents more than six percent of the persons total trades in the margin account for that same five business day period.

CMEG is capital elite markets group. They're registered with the IRS and insured by loyds of london, which has been in business for over 330 years. This is important to know when asking yourself "should I stick my money here and trade, is it safe??"

We are telling you yes, it is! CMEG is a lesser known entity and a hidden gem in the trading world. We think a lot of people may confuse them with CME group - which is one of the world's largest trading exchanges. Don't confuse the two! A lot of people get confused. The logo is below, so you'll know.

Capital elite markets group itself has been around since 2013 and it is so much more than a "trading platform". However, in fairness, we haven't tried its other offerings such as portfolio management or banking. We've only used them for trading. Chances are, that's all you want them for (learn how to invest in stocks for beginners).

1. List of brokers

You may of come here strictly because you wanted to find a list of no PDT brokers. Well here at the bullish bears, we have tested CMEG and found it to be a great choice for us as well as our members. Below we will cover some of the facts of CMEG.

1. Offshore broker: CMEG review

A really great about them, compared to other offshore brokers, is that they offer $2.95 trades. This is cheap when compared to the competition! To open your account, you'll need at least $500 minimum for 4:1 margin and anything above $2500 gets you 6:1 margin.

This doesn't mean you should trade volatile stocks on margin with a small account, unless you are experienced and aware of the risks! If you are just getting started in the stock market, please take our free courses first. We have thousands of dollars in resources that other companies are charging you and arm and a leg for. So take advantage.

If you are an active trader looking to take this very seriously, you are going to select active trader during sign up. This gets you access to a customized version of DAS trader which they have branded traders elite pro.

Their software fee/nasdaq data fee is 150.00 a month. You may find this a little expensive. While its more expensive than say TD ameritrade, if you are trading actively and looking for the fastest executions speeds then this is a small price to pay. Also you can paper trade with this platform which you know we highly recommend!

2. Lightening fast

CMEG is lightening fast with their trade executions. You are also getting editable hotkeys which are extremely important when trading volatile penny stocks.

If you are trying to day trade penny stocks without hotkeys or without a streamdeck then you're asking for trouble. We've found that when using traders elite pro, our orders fill more quickly then with some of the other leading trade platforms. Speed is super important when I day trade. Sometimes I'm only in a setup for a few seconds or a few minutes.

As far as opening the account it takes some time; 5-7 days to get your application approved, account setup and account funded. You need a mainstream big bank that supports overseas wires. I used bank of america (please don't hate on me for using them, they're conveniently close lol)

We actually found out that one of our members local credit union would not send wires internationally. When you send your wire, it takes 3-5 days to clear and as far as withdrawing money, there are no problems, other than it takes a couple days to clear.

Also there is no limit for monthly withdrawals from your account! So you can move your money around freely. Check out a list of the top trading companies .

1. FAQ'S

Here are some of the common questions and answers directly from CMEG that may help you with opening your CMEG account.

1. Q: I live in the U.S. Can I open an account with your brokerage

A: you may be eligible to open an account with us if you have not been solicited by us, neither directly or indirectly as indicated on our website.

2. Q: would I be subject to the pattern day-trading rule if I trade with your brokerage?

A: no. Since we are regulated outside the united states, that rule would not apply.

3. Q: what do I need to open an account?

A: to meet CMEG’s jurisdictional account opening requirements, clients are require to submit two (2) forms of government issued photo identification, one (1) document to represent proof of address and one (1) document to represent proof of income.

4. Q: what is the difference between the standard and active trader accounts?

A: the standard accounts are designed for persons who wish to hold positions overnight or trade long term. The active accounts are designed specifically for day trading.

2. FAQ'S continued

5. Q: I completed the online application, when will I receive my account information?

A: application processing takes 3-5 business days once all the documents submitted meet CMEG’s requirements

6. Q: when I sign up for the live day-trading platform, will I also have access to a demo?

A: yes. A fully functional simulator account is included with your subscription for the live trading platform (traders elite pro).

7. Q: what is my username and password?

A: your username, password and all other relevant account details will be provided in your account approval confirmation which will be sent via email. Be sure to keep the email for reference.

8. Q: when will I receive access to the trading platform?

A: your account must be activated in order to receive market data and to trade. Accounts are automatically activated upon funding, an email will be sent to notify you.

What are CMEG account fees for 2021? Pricing review

1. Q: what are the main charges associated with the active trading account?

A: the active trading account is subscription based; it includes a monthly subscription of $115 for software access and $35 for market data. These charges are not pro-rated.

2. Q: when will I be charged software and market data fees?

A: your account will be billed from activation date and will be charged on the last day of the calendar month. Fees are not pro-rated.

3. Q: what if I do not want to start trading immediately or wish to take a break from trading?

A: you can request to have your account suspended, suspended accounts do not have access to the platform and do not incur software and market data fees. However, inactivity fees will still apply.

4. Q: what leverage is available to traders?

A: available leverage is based on the account balance at the start of the trading day:

Overnight margin is 2:1 (not applicable to accounts under $500)

1. Account fees and details continued

5. Q: how do you define an active trader?

A: an active trader is one with a trade volume of at least 750,000 shares per month.

2. CMEG review & account fees and details continued

7. Q: what is the percentage of margin interest for overnight trades?

A: the following interest rates are based on the position value:

$100,000.01 to $1,000,000 - 6.5% APR

$1,000,000.01 to $3,000,000 - 5.0% APR

$3,000,000.01 and above - 4.5% APR

8. Q: do you use interactive brokers as your clearing firm?

A: yes, interactive brokers is currently one of our clearing firms.

9. Q: is there a number of trades that I can place to have my platform fee waived?

A: if your monthly commissions are over $650, your platform fee will be waived for that month. Please note that you will be required to pay the applicable data fees.

3. Account fees and details continued

10. Q: what is the minimum amount needed to open an active trader account?

A: the minimum amount needed to open an active trader account is $500.

11. Q: are your ECN fees comparable to other clearing firms in the industry?

A: yes. ECN fees would not be much different from what clearing firms generally charge. You may contact us if you would like more detailed information.

12. Q: what are your maintenance margin requirements?

A: stocks priced at $4.00 or more would require a 16% maintenance margin. For stocks priced below $2.00, the maintenance margin would be 100%. A detailed margin schedule is available in our client resource centre.

13. Q: can I fund my account in any currency?

A: the base currency for all accounts is USD; accounts can only be funded with US dollars.

14. Q: how do I withdraw funds from my account?

A: to withdraw funds from your trading account, you would need to submit the wire transfer request form, located in the account management portal under resources. Verification and approval generally takes three (3) business days. Please also allow an additional 3-7 business days for wire to arrive in your account.

CMEG vs das trader: traders elite pro platform

1. Q: I currently use DAS trader. Is your traders elite pro comparable to DAS?

A: yes. Our traders elite pro is a customized version of the DAS trader.

2. Q: does your platform allow the following?

1) risk management, including maximum loss per account (if the maximum loss is reached, the account would be disabled),

2) limitation of additional orders once maximum position size has been reached.

A: yes. All of the account management functionality provided by the DAS trader would be available.

3. Q: how do I trade in my simulator account?

A: in the montage, there is a drop-down to the bottom right; here you can switch between both your live and simulator accounts.

4. Q: is there a way to check shortable stocks through the platform?

A: to check shortable stocks on the platform, you can go to the "trade" menu and select "short list". You can enter the stock symbol to search for stocks you want to short.

1. Account management

5. Q: does CMEG wind-up shares at market close?

A: to ensure that accounts remain within overnight margin limits, CMEG notifies clients who may be in breach and liquidates as necessary from 3:50pm EST.

6. Q: does CMEG issue a list of restricted stocks before market open?

A: currently, CMEG does not issue a restricted stock list.

7. Q: does CMEG cover/recover any loss/gain from a technical issue on the platform?

A: CMEG does not share in clients' profits or losses that occur as a result of the software provided by third-party suppliers. Please view disclaimers in the legal section of our website for more information.

2. Account management cont.

8. Q: how can I access a record of my trade history?

A: in the report section of the account management portal you can run various trade performance reports.

9. Q: how can I reach CMEG in a trade emergency?

A: for urgent trade requests, you can email [email protected] if you require a broker-assisted trade please provide clear instructions. We can also be reached directly at (868) 222 579 or (868) 225 6155 or (212) 203 4237.

Final thoughts: brokers with no PDT rule

In conclusion, CMEG is great if you need low fees, fast speed, a customized DAS, no PDT, and the best hot keys. Thanks for reading this review and if you have any additional questions be sure to reach out to our team! We'll see you in the trade rooms! PS don't forget about our new stock alerts system!

Important notice:

Capital markets elite group limited is not affiliated with the bullish bears LLC. We have no authority to make any representation, recommendation, or commitment on their behalf. We provide recommendations of various brokerage firms based on our own evaluation and not on behalf of those firms.

U.S. Persons--in the case of capital markets elite group limited, it is important that U.S. Persons understand that capital markets elite group limited is registered as a securities broker-dealer in trinidad and tobago but is not registered or licensed as a securities broker-dealer with the U.S. Securities and exchange commission or with any other regulatory authority in the U.S. Therefore, capital markets elite group limited is not permitted to solicit business from U.S. Persons. If you are a U.S. Person and you attempt to do business with capital markets elite group limited, you will be required to certify to them that you have not been solicited by them and that you approached them without prior solicitation by them. If you are a U.S. Person and are not able to make that certification truthfully, you should not attempt to open an account with capital markets elite group. If you are able to make that certification truthfully and choose to open an account with capital markets elite group limited, you should be aware that you will not receive protections that might be afforded to you if capital markets elite group limited were registered as a securities broker-dealer in the U.S.

Canadian persons--capital markets elite group limited does not offer services to canadian residents or to persons using a canadian bank account or a credit card issued by a canadian financial institution.

Robintrack review: A deep dive into tracking the herds of retail traders

Investorshub review: how IHUB is a game changer for stock forums

Topsteptrader review: trading a funded account right for you?

Best bitcoin brokers to trade bitcoin anonymously – no ID!

Current broker deals for you (no ID required):

Please note: residents and citizens of the USA are not allowed to use the online broker platforms listed below due to US law. CFD / derivatives trading with leverage is strictly forbidden in the USA and for holders of US passports. However, it is allowed to directly buy and sell bitcoin and other cryptocurrencies in the form of normal spot market trades, where you actually buy and sell the underlying asset, without leverage.

The tables below show the brokers which allow bitcoin trading without ID verification – trade cryptos on trading sites which don't ask for your real name proven by photo ID. It's even possible to trade bitcoin completely anonymously on sites which even don't care about data like name or anything personal.

Primebit is a new cryptocurrency margin broker where you can trade perpetual contracts (cfds) with up to 200x leverage. The platform seems to target experienced traders as they have the metatrader 5 trading program integrated and offer the highest leverage available in the industry.

Primebit empraces anonymity as there is no option to get verified at all.

Basefex is a new bitcoin margin broker offering a maximum leverage of up to 100x. Traders can trade bitcoin and a few major altcoins as cfds anonymously, since the account not even asks for a full name or any other personal data.

You can trade bitcoin anonymously at simple FX. Just deposit your bitcoins and start trading without any further verification. Deposits in fiat currencies do require however verification with photo ID and proof of residence.

Bitfinex can be used for trading cryptocurrency anonymously, however in this case the account must be funded by altcoins or bitcoin. Fiat deposits require a photo ID and a verification process.

US traders aren't officially allowed anymore to trade on bitfinex at all, since nov 2017. However it is technically possible to signup for an initial account by using a VPN as inital accounts don't require ID verifications, neither any personal data. Just note that this would be kind of an unauthorized trick.

Up on registration at poloniex, you need to provide your name, your country and an email address, however as level 1 user, you do not need to provide any further proof for these information, so they could even be fake. However in this case the anonymous trading activity is limited to 2000 USD per day.

Trade bitcoin anonymously on specific platforms – no ID verification

Specific bitcoin trading platforms allow you to use their services without ID verification. This means that upon registration you do not have to provide personal details such as name, address, date of birth. At anonymous bitcoin trading sites you can start trading instantly after sign up.

Advantages of anonymous trading

The benefits of anonymous bitcoin trading is that if you do not provide your credentials to the platform, no authorities (or even hackers searching for wealthy targets for their ransomware campaign) will be able to see your investments, profits and losses in bitcoins, because the account is not connected to your real name. You can hide your identity even from the owner of the platform. Especially when trading through a vpn tunnel, you are completely anonymous even from a very technical point of view.

A verification process would also include providing a proof of your identity in a form of a photo ID and a proof of residence - so obviously validating this information may take long. On the other side, you can start trading right away after sign up for anonymous trading within basic accounts, as you do not have to wait until the verification process goes through approval.

Downsides of bitcoin trading without ID verification

Withdrawal limitations

The biggest drawback of trading anonymously on certain platforms is certain thresholds which apply to unverified users both in terms of trading volume and daily or lifetime withdrawals. This can cause potential problems to those who would like to engage into trading activity anonymously with a high amount of funds.

However, this only applies to certain brokers, as shown in the list above. There are enough other bitcoin trading sites that do not require ID verification by default. So there are no restrictions for certain accounts as there is only one kind of account.

Lack of deposit ensurances

A disadvantage that some traders will perceive as such is the lack of security. While deposits with legally regulated brokers are insured up to a relatively high value in case the company goes bankrupt, modern bitcoin brokers do not provide such security. Especially not the ones on which you can trade anonymously.

On the other hand, state-regulated licensed brokerage platforms that operate on the basis of fiat money deposits usually hold these deposits with external banks. This is because trading companies usually do not have a banking license and therefore have to deposit client funds with banks. If the trading company itself goes bankrupt, the customer funds are still safely deposited with the banks.

Many crypto traders have already experienced that their coins were lost when a cryptocurrency exchange was hacked. For such cases there is mostly no insurance in the area of crypto brokers.

In the case of losses due to platform hackings, however, trustworthy brokers try to make up for the damage. Bitfinex has provided a great example of this in the past. Many traders lost their coins in a hack. The platform then decided to pay back the lost coins piece by piece by giving the affected traders a share in future profits. Binance also suffered from a quite big hack when a lot of BTC got stolen, but the company bore the damage themselves, so none of their users were affected.

However, because of this lack of deposit insurances traders are adviced never to leave their coins on a cryptocurrency exchange or broker site, when they aren't actively trading. Trading platforms should never be used as a wallet to store one's cryptocurrency long term.

Reputable anonymous forex brokers 2021 (no KYC required)

Anonymous Forex Brokers - No KYC Required

When it comes to forex brokers every new trader must read the following article.

Whatever forex broker you select to start a real trading account, a KYC process is required.

KYC means know your customer and is a common process of a forex who asks proof to identify and verify the identity of its clients (individual traders).

In a few words KYC process means that some sensitive personal data must be provided to the broker, in order to sign up a new trading account and start trading. Failure to meet these requirements may occur to deposit and withdrawls problems.

It depends to the brokerage company what kind of documents will be asked from a new trader. Some brokers have strict KYC requirements while others are more flexible.

For example cysec regulated brokers (which is a common license for a forex broker that operates in european union) are becoming stricter these days, mainly because mifid II directive, while offshore forex brokers are not asking so much information.

Common KYC requirements

Most brokers ask verification documents for:

Passport or national ID card (to prove the true name of the trader, date and place of birth)

A recent telephone utility bill (to prove current permanent address, home and mobile phone number)

Email address

Educational status, profession and/or occupation

Purpose of opening investment services account with the company

Estimated levels of turnover from the account and the source of funds

Sample signatures

As you can see, the first two are in bold because they are sensitive personal data, and although the top trusted forex brokers claim to offer the maximum possible protection tothese data, i strongly believe that they dont!

Answer: all of us thought so! Until we met cambridge analytica…

And i am not reffering to terostits, fanatic muslims etc… i am reffering to the biggest threatens of this world: the governments (and in some cases the tax authorities).

How to stay anonymous

Reading this article you will learn how to trade forex using only an email address…

A forex broker that accepts bitcoin deposits and withdrawls, and have no KYC process

Here is the list of forex brokers that offer anonymous forex trading. Using the bitcoin as deposit currency, you can enjoy forex trading with leverage, commodities trading, crypto trading etc.

Read carefully the list and select the broker that fits better your needs.

Real estate agent license numbers: what you need to know

Real estate brokers and agents need to obtain various licenses, permits, and numbers. Failure to obtain them can result in fines and other bad things.

What is a real estate license number?

Of course, you need a real estate license to work as a real estate agent, salesperson or broker. Each of the 50 states licenses real estate agents and brokers. Each state has its licensing agency and license requirements. To obtain a license, most states require that applicants complete a minimum number of real estate education classroom hours and pass a licensing examination.

Unfortunately, you cannot deduct education expenses you incur to qualify for a new business or profession. This means you cannot deduct the costs of the education courses you take to help prepare for your state’s real estate license exam. Nor is the exam fee deductible.

This rule applies even when a licensed real estate agent, salesperson or sales associate pays for education to pass the state exam to become a real estate broker. However, real estate agents and brokers may deduct the cost of undergoing mandatory continuing education to maintain their licenses.

What about a state business license number?

A few states require all businesses to obtain state business licenses. Such licenses are also called general business licenses. Real estate brokers in these states will need to get them in addition to their real estate licenses.

The fees for such licenses are tax deductible.

What are the local license requirements for real estate agents?

Many cities, counties, and municipalities require business licenses or permits for all businesses. Usually, you have to pay a fee to get such licenses. They are merely taxes in disguise. Other cities have no license requirements at all or exempt micro-businesses. The fees for such licenses are tax deductible.

If you’re doing business within a city’s limits, you’ll need to contact your city government to find out about licensing requirements. For agents in an unincorporated area, you’ll need to contact your county government. If you’re doing business in more than one city or county, you may have to get a license for each one.

To find out what to do, contact the appropriate local official in charge of business licensing. This is often the city or county clerk, planning or zoning department, city tax office, building and safety department, or public works department. You may need more than one local license, so you may have to deal with more than one local agency.

To obtain a license, you’ll be required to fill out an application and pay a fee. Fees vary by locality, ranging from as little as $15 to several hundred dollars. Fees are often based on your projected gross revenues (for example, ten cents per $1,000 of revenue projected). Periodically, you’ll be required to renew your license and pay an additional fee, usually every year. You also may be required to post your license at your place of business.

Are there federal licensing requirements for real estate agents?

Real estate professionals and others offering interstate land sales of 100 or more lots must register with the federal housing and urban development department (HUD) unless they qualify for one of the available exemptions. Offerings that have 25-99 lots that are part of a common promotional plan are exempt from registration but are subject to federal antifraud provisions.

Employer identification numbers (eins)

In addition to state and local licenses, you may need to obtain an employer ID number. A federal employer identification number, or EIN, is a nine-digit number the IRS assigns to businesses for tax filing and reporting purposes. The IRS uses the EIN to identify the taxpayer.

When an EIN is required

Use your EIN on all business tax returns, checks and other documents you send to the IRS. Your state tax authority may also require your EIN on state tax forms.

Sole proprietors: if you’re a sole proprietor, you must have an EIN to: hire employees, have a keogh or solo 401(k) retirement plan buy or inherit an existing business that you operate as a sole proprietorship, incorporate or form a partnership, or file for bankruptcy. Also, some banks require you to have an EIN before they set up a bank account for your business.

You can obtain an EIN even if it is not required, or you can use your social security number. Also, if you don’t have to get an EIN, you may wish to do so anyway to help avoid identity theft. Theft of taxpayer’s identities has become a widespread problem. Identity thieves steal taxpayers’ social security numbers and use them to file fraudulent tax returns and obtain tax refunds. For this reason, it’s wise to keep your personal social security number as private as possible. Obtaining an EIN allows you to avoid having to provide your social security number to members of the public.

Corporations, partnerships, and limited liability companies: you must have an EIN if you form a corporation, partnership, or limited liability company, even if you were formerly a sole proprietor.

Obtaining an EIN

Eins are free and easy to obtain. You can get one by filing IRS form SS-4, application for employer identification number, with the IRS. Filling out the form is simple; just follow its detailed instructions. Note these possible trouble spots:

Space 1: list your full legal name if you’re a sole proprietor. If you’ve incorporated, list the corporation’s name: the name on your articles of incorporation or similar document establishing your corporation

Space 7: leave this space blank if you’re a sole proprietor

Space 12: for most self-employed people, the closing month of the tax year is december, the last month of the calendar year

Box 13: if you don’t plan to hire any employees, enter “N/A” in this space

Applying online

The fastest and easiest way to obtain an EIN is to apply directly through the IRS website and clicking “employer ID numbers (eins).” you can fill out an interview-style online application. As long as you pass the system’s automatic validity checks, you will immediately be issued an EIN. If your application doesn’t pass the validity checks, you will have the opportunity to review and correct it.

Otherwise, simply print out a copy of the confirmation notice for your records and begin using your new EIN immediately.

Applying by mail or fax

If you do not want to apply online, you can obtain your EIN by mailing a completed SS-4 to the appropriate IRS service center listed in the form’s instructions. The IRS will mail the EIN to you in about a month. You can also apply by faxing the completed SS-4 form to your state’s fax number. The IRS will fax back your EIN within four business days.

About the author

Stephen fishman is a self-employed tax expert who has dedicated his career as an attorney and author to writing useful, authoritative and recognized guides on taxes and business law for entrepreneurs, independent contractors, freelancers and other self-employed people.

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Why do brokers ask investors for personal information?

When investors contact brokers, they are often surprised by the number of requests for personal information. The broker is just complying with the law. Certain required information must be obtained before a broker can make any trades on behalf of a client.

KEY TAKEAWAYS

Brokers need personal information to comply with tax laws, anti-money laundering regulations, anti-terrorist financing requirements, record-keeping procedures, and determining suitable investments.

Broker-dealers in the U.S. Need a tax identification number (TIN) from their clients, which is usually a social security number (SSN).

Non-U.S. Citizens can usually use a valid passport number, an alien registration card number, or other government-issued ID numbers instead of an SSN.

Other frequently requested information includes name, address, and date of birth.

SSN requirements for trading stocks

Broker-dealers in the U.S. Are required to record a tax identification number (TIN) for their clients, and this number is usually a social security number (SSN). However, there are several other ways for non-U.S. Citizens to supply a TIN. In many cases, a valid passport number, an alien registration card number, and other government-issued ID numbers (such as a driver's license number) can be used.

Personal information

Brokers don't ask investors for their personal information to make conversation. There's a perfectly good reason behind it—they have to ask.

Tax compliance is one reason that brokers need personal information. Investors need to report capital gains, losses, and dividends to the IRS. It follows that brokers must have this data in order to send the required forms each year.

According to the securities and exchange commission (SEC), there are three other reasons why brokers are required to ask for personal information. They are suitability, record-keeping requirements, and anti-terrorist / anti-money laundering (AML) laws.

Suitability

Suitability refers to how an investor's financial situation matches the advice and recommendations that are given by a broker. A broker must attempt to understand an investor's circumstances and preferences. the broker should then provide recommendations that are suitable for that person and their investment objectives. A broker who does not do that violates rules laid out by the national association of securities dealers.

Relevant information includes an individual's risk tolerance, financial goals, the amount of debt an investor owes, the number of years to retirement, and net worth. A good broker will tailor advice to particular situations. If a broker advises you to take any action in direct contradiction of your financial goals and circumstances, you might even have grounds for legal action.

Record keeping

Rules set out by the SEC require brokers to maintain a current record of personal information. The essential information the broker must seek includes the client name, tax identification number (TIN), net worth, and account investment objectives. If the client refuses to provide this data, the broker is excused from following the rule. However, the broker must be able to prove that an effort was made to obtain and document the information.

Keep in mind that some of this information may change. It is the investor's responsibility to volunteer information to update the record. Still, a broker may ask for updates on an annual basis. Address changes may be of particular importance because the investor will receive a prospectus and other information for each investment.

Terrorism and money laundering

Finally, the broker must provide client information to meet anti-money-laundering and anti-terrorist financing requirements. The minimum requirements for this section include:

Name

Address (home or business address, not a P.O. Box)

Tax identification number (TIN), such as a social security number (SSN)

Date of birth (for a person)

This information allows the broker to verify the client's identity. The client's personal data is cross-checked against lists of known or suspected terrorists.

These requirements can create issues for misidentified individuals and victims of identity theft. An identity check in such a case may reveal that an identity has been stolen and is being abused for money laundering purposes. Before visiting a broker, it is a good idea to review credit reports for signs of unusual activity. One of the best credit monitoring services would likely be useful in this endeavor. There are also services that monitor social security numbers to spot potential theft.

Additional information

The financial industry regulatory authority (FINRA) has a list of other personal information a broker may ask when opening an account. While not required, it suggests that investors pass these details on so the firm can better serve their trading and investment needs:

Contact person: they may ask for the name, address, and telephone number of a trusted contact person. FINRA states that this is not a requirement. This information is only needed if the broker is authorized to disclose information in the event of financial exploitation.

Type of account: the broker may ask investors if they want to open cash accounts or margin accounts. In a cash account, investors are required to pay for their trades with cash deposits. Margin accounts are needed for using most types of leverage and trading derivatives.

Uninvested cash: investors may also be asked how they intend to deal with cash on hand in their accounts. That includes any money they deposit at regular intervals, dividends, or interest on investments. Automatic reinvestment plans usually boost returns in the long run.

Online brokerages and trading platforms

Some brokerages have traditional offices, which means that investors are able to supply confidential information in person. Transferring data in person can reduce the risk of identity theft.

When trading online, investors are often required to give up personal information through the trading platform or app.

However, due diligence remains crucial online. Just as with any traditional broker, investors need to know who is getting their information. Read up on the brokerage's background and check out reviews to see if it is legitimate. Beware of fake apps and online platforms designed to harvest personal information. Legitimate apps will usually have a large number of users and reviews.

CMEG review of brokers with no PDT rule when day trading

Brokers with no PDT rule: CMEG review

1. List of brokers

1. Offshore broker: CMEG review

2. Lightening fast

CMEG is lightening fast with their trade executions. You are also getting editable hotkeys which are extremely important when trading volatile penny stocks.

Also there is no limit for monthly withdrawals from your account! So you can move your money around freely. Check out a list of the top trading companies .

1. FAQ'S

Here are some of the common questions and answers directly from CMEG that may help you with opening your CMEG account.

1. Q: I live in the U.S. Can I open an account with your brokerage

A: you may be eligible to open an account with us if you have not been solicited by us, neither directly or indirectly as indicated on our website.

2. Q: would I be subject to the pattern day-trading rule if I trade with your brokerage?

A: no. Since we are regulated outside the united states, that rule would not apply.

3. Q: what do I need to open an account?

4. Q: what is the difference between the standard and active trader accounts?

A: the standard accounts are designed for persons who wish to hold positions overnight or trade long term. The active accounts are designed specifically for day trading.

2. FAQ'S continued

5. Q: I completed the online application, when will I receive my account information?

A: application processing takes 3-5 business days once all the documents submitted meet CMEG’s requirements

6. Q: when I sign up for the live day-trading platform, will I also have access to a demo?

A: yes. A fully functional simulator account is included with your subscription for the live trading platform (traders elite pro).

7. Q: what is my username and password?

A: your username, password and all other relevant account details will be provided in your account approval confirmation which will be sent via email. Be sure to keep the email for reference.

8. Q: when will I receive access to the trading platform?

A: your account must be activated in order to receive market data and to trade. Accounts are automatically activated upon funding, an email will be sent to notify you.

What are CMEG account fees for 2021? Pricing review

1. Q: what are the main charges associated with the active trading account?

A: the active trading account is subscription based; it includes a monthly subscription of $115 for software access and $35 for market data. These charges are not pro-rated.

2. Q: when will I be charged software and market data fees?

A: your account will be billed from activation date and will be charged on the last day of the calendar month. Fees are not pro-rated.

3. Q: what if I do not want to start trading immediately or wish to take a break from trading?

A: you can request to have your account suspended, suspended accounts do not have access to the platform and do not incur software and market data fees. However, inactivity fees will still apply.

4. Q: what leverage is available to traders?

A: available leverage is based on the account balance at the start of the trading day:

Overnight margin is 2:1 (not applicable to accounts under $500)

1. Account fees and details continued

5. Q: how do you define an active trader?

A: an active trader is one with a trade volume of at least 750,000 shares per month.

2. CMEG review & account fees and details continued

7. Q: what is the percentage of margin interest for overnight trades?

A: the following interest rates are based on the position value:

$100,000.01 to $1,000,000 - 6.5% APR

$1,000,000.01 to $3,000,000 - 5.0% APR

$3,000,000.01 and above - 4.5% APR

8. Q: do you use interactive brokers as your clearing firm?

A: yes, interactive brokers is currently one of our clearing firms.

9. Q: is there a number of trades that I can place to have my platform fee waived?

A: if your monthly commissions are over $650, your platform fee will be waived for that month. Please note that you will be required to pay the applicable data fees.

3. Account fees and details continued

10. Q: what is the minimum amount needed to open an active trader account?

A: the minimum amount needed to open an active trader account is $500.

11. Q: are your ECN fees comparable to other clearing firms in the industry?

A: yes. ECN fees would not be much different from what clearing firms generally charge. You may contact us if you would like more detailed information.

12. Q: what are your maintenance margin requirements?

13. Q: can I fund my account in any currency?

A: the base currency for all accounts is USD; accounts can only be funded with US dollars.

14. Q: how do I withdraw funds from my account?

CMEG vs das trader: traders elite pro platform

1. Q: I currently use DAS trader. Is your traders elite pro comparable to DAS?

A: yes. Our traders elite pro is a customized version of the DAS trader.

2. Q: does your platform allow the following?

1) risk management, including maximum loss per account (if the maximum loss is reached, the account would be disabled),

2) limitation of additional orders once maximum position size has been reached.

A: yes. All of the account management functionality provided by the DAS trader would be available.

3. Q: how do I trade in my simulator account?

A: in the montage, there is a drop-down to the bottom right; here you can switch between both your live and simulator accounts.

4. Q: is there a way to check shortable stocks through the platform?

A: to check shortable stocks on the platform, you can go to the "trade" menu and select "short list". You can enter the stock symbol to search for stocks you want to short.

1. Account management

5. Q: does CMEG wind-up shares at market close?

A: to ensure that accounts remain within overnight margin limits, CMEG notifies clients who may be in breach and liquidates as necessary from 3:50pm EST.

6. Q: does CMEG issue a list of restricted stocks before market open?

A: currently, CMEG does not issue a restricted stock list.

7. Q: does CMEG cover/recover any loss/gain from a technical issue on the platform?

2. Account management cont.

8. Q: how can I access a record of my trade history?

A: in the report section of the account management portal you can run various trade performance reports.

9. Q: how can I reach CMEG in a trade emergency?

Final thoughts: brokers with no PDT rule

Important notice:

Robintrack review: A deep dive into tracking the herds of retail traders

Investorshub review: how IHUB is a game changer for stock forums

Topsteptrader review: trading a funded account right for you?

How to buy bitcoin without ID in the united states

Step-by-step instructions on how to buy bitcoin and other cryptos anonymously.

Updated dec 8, 2020 . What changed?

Paxful P2P cryptocurrency marketplace

No ID for trades up to US$1,500

300+ payment methods

Set your own offer terms

Etoro USA

Coinbase

Coinmama

Crypto.Com

Kucoin

CEX.IO

Kraken

Paxful

Coinswitch

Revolut

A-Z list of exchanges

TREZOR

Ledger nano S

Keepkey

Mycelium

Exodus

Electrum

Jaxx

Copay

A-Z list of wallets

Bitcoin (BTC)

Ethereum (ETH)

Ripple (XRP)

Bitcoin cash (BCH)

EOS (EOS)

Litecoin (LTC)

Cardano (ADA)

IOTA (MIOTA)

Stellar (XLM)

NEO (NEO)

A-Z list of altcoins

As lawmakers in the US and around the world gradually introduce tighter regulations on cryptocurrency trading, it’s becoming more difficult to buy crypto without ID.

However, if you don’t have suitable proof of ID or if you simply value your privacy, there are still some sites where you can buy cryptocurrency without completing a verification process.

Keep reading to find out how.

Buy bitcoin without ID verification on these exchanges

Compare cryptocurrency exchanges by fees, fiat currencies and deposit methods to find the right fit for your needs. Click go to site to get started.

Some exchanges have different thresholds for verification requirements. For example:

Localbitcoins lets you buy bitcoin without verifying ID, but only up to 1,000 euros or equivalent per year. It does not let you sell bitcoin without verifying identity.

Paxful does not require ID verification for account creation, but requires verification for accounts that reach the equivalent of US$1,500 in trade volume or wallet activity.

Kucoin only offer crypto-to-crypto trading, but neither requires ID for trading and both offer withdrawals limits of 2 BTC per 24 hours without verification.

What's in this guide?

Three ways to buy cryptocurrency anonymously

If you want to buy cryptocurrency without ID verification, there are only a few options to choose from:

Peer-to-peer (P2P) marketplaces

Buy crypto without ID, cut out the middleman to deal direct with the seller, negotiate for the deal you want

You may need to settle for a higher price, could take time to find the right seller

These platforms, such as localbitcoins and paxful, allow you to interact directly with other users who want to sell their crypto. Many sellers don’t require you to provide any ID before you buy, so you can arrange to meet up in person and pay cash to a local seller. Online trades are also available, but many of the payment methods used for these trades may be linked to your identity.

Prepaid cards

Allow you to purchase crypto without providing proof of ID

Prepaid cards aren’t widely accepted, time-consuming way to buy crypto, watch out for high fees

Another option is to load a prepaid card with cash and then use it to trade on a platform that doesn’t require proof of ID. These cards are similar to a visa gift card you can buy at a supermarket or convenience store without verifying your identity.

Cryptocurrency exchanges and shifting services

Relatively simple to use, competitive fees

More and more exchanges require proof of ID, virtually impossible to buy crypto with fiat currency without providing proof of ID

On the vast majority of cryptocurrency exchanges, using fiat currency to buy cryptocurrency without ID is impossible. However, there are several platforms where you can exchange one cryptocurrency for another without needing to verify your ID.

Some of these sites offer “shifting” services that essentially let you trade altcoins with yourself. In fact, some crypto wallets allow you to complete the exchange of coins within your wallet, saving you the hassle of transferring your coins to a third-party exchange.

There are also some crypto exchanges that allow you to trade altcoins without verifying your ID. However, you may need to provide your email address or phone number to sign up for an account. There are also some decentralized exchanges that don’t require any ID verification.

However, remember that if you want to trade with complete anonymity, you’ll first need to find a way to anonymously obtain crypto using fiat currency before you can start exchanging from one crypto to another.

Why is it difficult to buy crypto without ID?

There’s a widespread misconception that cryptocurrencies are simple to purchase anonymously, but this simply isn’t true for a couple of reasons:

Increased regulation

Regulators around the world are gradually introducing legislation that governs digital currency exchanges and the buying and selling of cryptocurrencies. While the US is still a fairly unregulated country when it comes to cryptocurrency, US-based exchanges often require ID verification so that they’re able to operate globally.

Bitcoin is pseudonymous, not anonymous

Because it’s possible for bitcoin users to send and receive BTC to one another without providing proof of ID, the currency is sometimes described as being anonymous. However, a more accurate way to refer to bitcoin is as a pseudonymous currency.

One commonly repeated comparison likens transacting with bitcoin to an author writing under a pseudonym — if their true identity is ever discovered, anything they wrote while using the pseudonym can be linked directly to them.

Your bitcoin address is like an author’s pseudonym, and every BTC transaction you make is stored for all eternity in a public ledger known as the blockchain. So if your bitcoin address is ever linked to your identity — something cybersecurity researchers say is quite straightforward to do — all your transactions could be traced back to you.

Why might people want to buy crypto without ID?

In the court of public opinion, there’s a widely held belief that the main reason anyone might want to buy cryptocurrency anonymously is so they can pay for all manner of illicit goods and services in the hidden corners of the dark web.

But while there’s definitely some truth to this idea — after all, anyone involved in illegal activities would have good reason to want to cover their tracks — there are also plenty of legitimate reasons why someone might want to buy bitcoin or some other crypto without any ID.

If you’re worried about crypto exchanges being targeted by hackers and your personal information (including your driver’s license/passport details) being stolen.

If you own a lot of crypto and don’t want to be targeted by thieves.

If you don’t trust the government.

If you don’t have any ID (an estimated one billion people around the world don’t have proof of identity).

Finally, there’s also the simple fact that the ID verification process on some platforms can be frustratingly slow, particularly during times of increased demand. If you want to purchase crypto as fast as possible to take advantage of an anticipated price change before it occurs, buying without ID verification might be a quicker option.

More ways to protect your privacy

If privacy is important to you, there are several steps you can take to protect your identity when sending and receiving cryptocurrency. These include:

Using a new address for each transaction. Using a new address for each crypto transaction is a simple way to prevent separate transactions being linked back to you as the common owner. Hierarchical deterministic (HD) wallets like the ledger nano S allow you to generate a new address every time you receive bitcoin.

Using multiple wallets. Another option to increase your anonymity when transacting with crypto is to open and maintain multiple wallets.

Using a mixing service. Bitcoin mixing services rely on a data anonymization method known as coinjoin, which basically jumbles payments from multiple users together into a single transaction. This is designed to make it much more difficult for prying eyes to determine who sent money to whom.

Hiding your IP address. Your IP address is a unique address for your computer that reveals where you’re connecting to the internet. To prevent it being linked to your cryptocurrency wallet address of transactions, you can consider ways to hide your IP, such as using a VPN service or encrypting and rerouting your internet traffic through a service like tor.

Using a dedicated privacy coin. Coins like monero and bytecoin have built-in privacy features designed to provide anonymous transactions.

Taking simple privacy precautions. Be mindful of your footprint when using the crypto buying methods listed higher up this page. For example, avoid giving someone your phone number when paying cash for bitcoin on a local exchange.

Pros and cons of buying cryptocurrency without ID

Pros

You can keep your financial information private.

You don’t need to go through a time-consuming ID verification process.

Makes cryptocurrency accessible to the estimated one billion people around the world who don’t have proof of ID.

Cons

Can often be more complicated and inconvenient than simply buying with ID on a conventional crypto exchange.

You may need to settle for a higher price.

You can usually only buy a small amount of crypto before being asked to provide ID.

Many cryptocurrencies aren’t actually anonymous, so your transaction could potentially be linked to your identity.

There’s always the risk that your desire to remain anonymous attracts suspicion and unwanted attention.

Bottom line

Whatever your reason for wanting to buy crypto without ID, there are several options available. However, each of those methods comes with a varying level of risk and its own pros and cons, and you’ll usually need to pay an additional premium to get the privacy you want. Make sure you research all of your options before deciding on the safest approach.

A seller on a peer-to-peer marketplace wants me to provide ID but I don’t feel comfortable doing so — what should I do?

How can I stay safe when buying bitcoin face-to-face?

Can I buy cryptocurrency anonymously with a credit card?

Can I buy cryptocurrency anonymously with my bank account?

No. Like your credit card, your bank account is linked to your identity, so buying crypto via bank transfer or any other method linked to your account will always be traceable back to you.

Can I buy cryptocurrency anonymously from a bitcoin ATM?

Can I buy cryptocurrency anonymously using shapeshift?

Disclosure: as of october 2018 the author holds ADA, ICX, IOTA, POWR and XLM.

Tim falk

Tim falk is a freelance writer for finder, writing across a diverse range of topics. Over the course of his 15-year writing career, tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

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Ask an expert

7 responses

I am a novice trader and I will say your item is not correct. It’s impossible in states to buy bitcoins with a credit card. Banks cansel transactionsin the exchange for purchase of cryptocurrency. Maybe you have a list of banks that allow you to purchase bitcoins or at least information where you can find out which banks allow you buy bitcoins from your credit cards?

Thank you for reaching out to finder.

We do not have a list of banks that allow crypto transactions automatically but since it is the bank the cancels the transaction, you may need to provide authorization first to the bank to allow these transactions to move forward. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity which may be one of the reasons the bank denied it. Hope this helps!

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