Hi there,

I have been lurking on the Futures.io from a while now. Did paper trade the S&P 500 emini ES for a while now, with catastrophic results at first but I improved over time to break even at last , I wish to make the jump to live trading.

The problem is the following:

I live in Algeria where capital controls are strict. Money can be wired In but not Out of the country.

I wonder how can I trade on FCM if I can't fund it from algeria. Can I just wire the money from a bank account that is on my name but located outside Algeria and bank from there (Deposit and Withdraw) , while at the same time trading from Algeria?

Thanks.

kingkong5 

Hi there, I have been lurking on the Futures.io from a while now. Did paper trade the S&P 500 emini ES for a while now, with catastrophic results at first but I improved over time to break even at last , I wish to make the jump to live trading. The problem is the following: I live in Algeria where capital controls are strict. Money can be wired In but not Out of the country. I wonder how can I trade on FCM if I can't fund it from algeria. Can I just wire the money from a bank account that is on my name but located outside Algeria and bank from there (Deposit and Withdraw) , while at the same time trading from Algeria? Thanks.

Hey there -

Some FCMs will accept a check - is that not possible in your situation? Sending a wire from a bank outside of your country can be an issue.

Take care,
Mike Murphy

Thank you for the reply. Sending a check or a wire is the same thing from my country point of view. The problem resides in the capital controls imposed by the state. They wouldn't accept any citizen sending money to overseas, with the exception of business people, provided they can present all the documents required by the bureaucracy.

That is why I asked whether wiring the deposit amount from a foreign bank account (registered to my name of course) to FCM is still an option or not.

kingkong5 

Thank you for the reply. Sending a check or a wire is the same thing from my country point of view. The problem resides in the capital controls imposed by the state. They wouldn't accept any citizen sending money to overseas, with the exception of business people, provided they can present all the documents required by the bureaucracy. That is why I asked whether wiring the deposit amount from a foreign bank account (registered to my name of course) to FCM is still an option or not.

It shouldn't be an issue, as long as the FCM can verify that you are indeed the account holder.


Mike