you play with FIRE nghia1973 when you trading with FXDD. They still don't have a license and nobody knows if they can meet the cap requirement.
Thanks for the info scholar....
you play with FIRE nghia1973 when you trading with FXDD. They still don't have a license and nobody knows if they can meet the cap requirement.
What? When I first got into forex. I brought the PremiereTrade AI software and they said that FXDD is their broker. Never know that they don't even have license. This is bullsh*t. I've lost over 20,000 trying out their software and now I found out that their broker FXDD is not even license......
Thanks for the info scholar....
Under Tab 30 is a schedule of receipts totaling $251,500 that the Gray School of Irish Dance received from FXLQ, FX ARB, Robert Gray, TMA, and Forexify between April 21, 2006 and December 24, 2007. As the source of all of these funds was FXLQ, it is perplexing why payments to the Gray School of Irish Dance were routed through other entities.
The new net capital numbers are out. These numbers are more important than ever due to the new law requiring all forex dealers have $10 million in adjusted net capital by the end of September and $20 million by May 2009. Here is the link to access the report:
http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0408.pdf
The following firms have net capital below $10 million
Advanced Markets $5,041,000
Bacera $5,370,000
MG Financial $5,886,000
CMC $7,089,000
Forex Club $7,562,000
Easy Forex $7,741,000
Hotspot $7,783,000
Friedberg Mercantile $8,053,000
MB Trading $8,381,000
Ikon $9,418,000
In particular you will notice that three firms are far below the upcoming increase to $10 million. Advanced Markets, Bacera and Money Garden. In fact, they are struggling just to meet the current $5 million net capital requirement with Advanced Markets a scant $41,000 above the current law! That kind of capitalization does not inspire much confidence and traders really need to beware doing business with them.
The following firms have net capital below $20 million
GFS Forex $11,376,000
Alpari $11, 766,000
IFX $12,362,000
ODL $12,995,000
CMS Forex $14,085,000
I Trade FX $16,054,000
FX Solutions $17,628,000
PFG $19,369,000
The following firms have net capital above $20 million
Interbank FX $21,367,000
GFT Forex $64,288,000
Gain Capital $66,314,000
FXCM $73,603,000
Rosenthal Collins $76,571,000
Oanda $163,136,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law.
Hi,
I have just been reading your very informative and eye opening info about the capitalisation of brokers, can you tell me if these rules only apply to brokers, as opposed to "bookies" and here in the uk.
If so where can we get the info on the capitalisation of the likes of ig index, capital spreads, finspreads.etc, etc.
Finally do you think we should use these big well capitalized US brokers, and do they accept spread bets rather than having to buy lots upon which tax is paid on profits.
Regards
Croman
This only applies to u.s. based forex dealers. spread bettors are not effected as they are regulated by the fsa in london.
Hi,
If so where can we get the info on the capitalisation of the likes of ig index, capital spreads, finspreads.etc, etc.
Croman
If it is any consolation they just applied for a license with the NFA but they have not been granted one yet. This company is really treading dangerous waters.
This is what premiere trade answer when I asked about licensing for FXDD.
I wanted to respond because the information you posted is not accurate. I removed the firms that you said were insolvent because it may or may not be accurate. First, what you said about FXDD is not correct. there is no license, there is only registering with the NFA which is a self regulating body for the futures industry. What you may not understand is that there was no regulation of the FOREX markets, and no firm was required to be a member of the NFA. FXDD had set up a company at one time to be registered and that is what you saw on that list, but it is many years old and does not reflect FXDD today. Currently FXDD has an application with the NFA pending approval, see below for the information from FXDD's site.
FXDD Announces Pending NFA Approval
NEW YORK, May 8, 2008 - FXDD, a global leader in online foreign exchange trading, today announced its applications for becoming a National Futures Association (NFA) member and for registration as a Futures Commission Merchant (FCM) with the CFTC are pending approval. Clients may follow FXDD progress through the registration process by logging on to the NFA’s website (National Futures Association - NFA is a regulatory service provider for the derivatives markets) and searching the BASIC system under its NFA ID number 0397435.
“The pending reauthorization legislation for the CFTC will fill the gaps left by previous legislation and narrow the playing field for entities in the Forex space. The value of companies as registered entities and non-registered entities is driven by many factors; registration is certainly one of those factors,” commented James E. Green, FXDD’s chief legal counsel. “FXDD is always interested in increasing its business under the appropriate circumstances by providing professional service and promoting certainty and clarity as to the government and private agencies responsible for regulating Forex dealers.”
This could be true for others that you listed so it would not be fair to list them..... Thank you and take good care....
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Dear Valued Client,
From day one, Tradeview has worked to offer clients optimum trading solutions, by offering the familiar Metatrader 4 platform with sophisticated enhancements to the software. Our dedication has been to provide the latest trading technology by offering clients an unprecedented link to the biggest liquidity pools in the world. In doing so, we cultivated a new kind of FCM - one with a focus on innovation, and a relentless devotion to the best technology.
By creating our systems with this focus, we gained the ability to make fast changes in the most robust 24 hour market in the world. Every Tradeview client can rest assured that they will have access to the best possible solutions as soon as they become available.
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In addition to maintaining the best trading solutions, Ikon GM has a distinguished regulatory history. Since the firm?s original inception in 1999, Ikon Global Markets has maintained an exceptional record, which is an ethical priority we share.
By combining forces, Tradeview will continue to improve upon the promise we make to our clients: Providing optimum support, execution, and trading solutions that are unrivaled in the industry. If you have any further questions, feel free to contact us at our RCG office or our new office at Ikon Global Markets.
RCG Office: 212-437-1870
Ikon Office: 212-482-8275
Regards,
The Tradeview Team
Well, considering what it has been like trading with Tradeview's MT4 platform all last week, a change for the better was needed. There have been numerous outtages to put up with and not to mention requotes during normal market conditions, invalid price messages, and not to mention when you enter an order the order does not go through and instead an "order accepted" message pops up and with no confirmed order. The message would sit there forever so one would have to cancel it and try again, but then one would get trade text is busy message. To circumvent around that you would have to close down the platform and re-open it and try all over again. That would cost you seconds and many pips. One night I could not close any orders and had to phone them in to close. The IT department has had their hands full rebooting the server and trying to fix the problems.
Tradeview says there were numerous problems related to hard coding from their 3rd party vendor for the STP technology. Problems that they could not get support for to fix.
FXDD's application to the NFA to be a Futures Commission Merchant is pending. I'm guessing the NFA has not officially approved FXDD yet because of the new law that was just passed. I continue to maintain that FXDD is treading dangerous waters.
Guess they got approve?
BASIC Details
But what about the capital requirement? Do you have the news on that scholar?
ah the principal may have been approved, but the firm itself has not yet
BASIC Details
cftc should be coming out with the regs in teh next month
Thank you scholar. But do you know about the capital requirement? Where can I find out how much capital FXDD have? And does that meet the requirement.