NICE THREAD WELL DONE ,CHEERS MATE
NFA Dead Forex Firms Walking
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NICE THREAD WELL DONE ,CHEERS MATE
Depth Trade
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I called it months ago, these grease balls would just keep upping the minimum."This Friday is the NFA deadline for fx firms to meet the minimum $5 million capital requirement."
Just think, next year you can raise the minimum again and have enough money to take the wife out to Denny's for Thanksgiving.
Maybe even afford that brown suit on sale at 'Big and Tall' you've been watching.
DT
A consolidation of ignorance.
Mark my words, the NFA & Cfct will destroy the open market just like they did to the Agriculture here in the USA.
The drug industry.
Monopoly is where this is headed.
DT
Depth Trade
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You know whats funny, I was going to apologize for being so harsh.. so i started reading this thread to see what I was missing and I just starting laughing again.
That list looks like a hit list, are you guys just going to work down that list?
I guess the thread will be dead when the list is run down?
Cheers on the work though. You have been putting in the time
I won't be posting on here again so good luck
GloballyRelaxed
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Informative link for all those involved or interested in the debacle that is/was FXLQ
Robb Evans - Temporary Receiver of Forex Liquidity LLC
Robb Evans - Temporary Receiver of Forex Liquidity LLC
forex scholar
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NFA Fines AMIFX
Advanced Markets just got nailed for shoddy book keeping. Here is the the NFA's official statement:
Advanced Markets just got nailed for shoddy book keeping. Here is the the NFA's official statement:
forex scholar
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Call Your Congressman
2007 was a year of change in the forex industry, most of it for the better as some of the seediest firms in the industry were shown the door thanks to the NFA’s capital requirement increase. But 2008 appears to be an even more momentous year of change for the U.S. forex industry. And those changes may not necessarily be for the better.
The Savior has long been an advocate of healthy capitalization in the industry. But the recent legislation set to pass in the Congress should be a cause for serious concern for all forex traders. The last few weeks I have received numerous emails and done some research through helpful links provided on the bulletin boards and have come to the realization that this legislation is not good for the trading public.
Wha? I know, I know. The Savior has been preaching the virtues of high capitalization so in theory he should support increasing capitalization to $20 million right? And in fact at first I was sympathetic to this proposal. But the bottom line is the Savior is also a trader. And as a trader I am worried that by restricting this industry to just a handful of the larger players (FXCM, GFT, Gain, Oanda) that speads will once again widen. Take FXCM for example. Their spreads have been tightening for the past year in response to the increased competition taking place in the marketplace. But what happens if that competition gets eliminated altogether? How does this affect the average trader?
The $5 million rule needed to be put into place. There were too many tiny bucketshops doing serious damage to traders. Even now I still have my suspicions about tiny little outfits like AMIFX who are barely treading water even after the $5 million requirement.
Nevertheless, with the House already passing a law to require that all firms have a minimum $20 million on hand (and who knows what other capital requirements will be imposed upon the industry) the barrier to entry is getting sky high and few firms are going to be able to make the cut. My understanding is that the Senate has not approved the House’s language. So there may still be a chance to stop this law from passing.
Also it appears that introducing brokers are going to be wiped out entirely. There are a bunch of registration requirements that may very well strangle most introducing brokers and put them out of business.
I don’t think people realize just how perilous the situation is. This could all become law in a month’s time. Traders, brokers and medium sized dealers should call their Congressman right away. It seems Congress is only hearing from the regulators, not the general public. As a trader I want a healthy industry with stable, well capitalized firms. But I also want good service and tight spreads. Having only 6 firms in the industry is not going to guarantee either.
2007 was a year of change in the forex industry, most of it for the better as some of the seediest firms in the industry were shown the door thanks to the NFA’s capital requirement increase. But 2008 appears to be an even more momentous year of change for the U.S. forex industry. And those changes may not necessarily be for the better.
The Savior has long been an advocate of healthy capitalization in the industry. But the recent legislation set to pass in the Congress should be a cause for serious concern for all forex traders. The last few weeks I have received numerous emails and done some research through helpful links provided on the bulletin boards and have come to the realization that this legislation is not good for the trading public.
Wha? I know, I know. The Savior has been preaching the virtues of high capitalization so in theory he should support increasing capitalization to $20 million right? And in fact at first I was sympathetic to this proposal. But the bottom line is the Savior is also a trader. And as a trader I am worried that by restricting this industry to just a handful of the larger players (FXCM, GFT, Gain, Oanda) that speads will once again widen. Take FXCM for example. Their spreads have been tightening for the past year in response to the increased competition taking place in the marketplace. But what happens if that competition gets eliminated altogether? How does this affect the average trader?
The $5 million rule needed to be put into place. There were too many tiny bucketshops doing serious damage to traders. Even now I still have my suspicions about tiny little outfits like AMIFX who are barely treading water even after the $5 million requirement.
Nevertheless, with the House already passing a law to require that all firms have a minimum $20 million on hand (and who knows what other capital requirements will be imposed upon the industry) the barrier to entry is getting sky high and few firms are going to be able to make the cut. My understanding is that the Senate has not approved the House’s language. So there may still be a chance to stop this law from passing.
Also it appears that introducing brokers are going to be wiped out entirely. There are a bunch of registration requirements that may very well strangle most introducing brokers and put them out of business.
I don’t think people realize just how perilous the situation is. This could all become law in a month’s time. Traders, brokers and medium sized dealers should call their Congressman right away. It seems Congress is only hearing from the regulators, not the general public. As a trader I want a healthy industry with stable, well capitalized firms. But I also want good service and tight spreads. Having only 6 firms in the industry is not going to guarantee either.
arco
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Hi Forex Scholar
I received an e-mail from Strategy Builder recently re a new FX broker.
Do you have any information (good or bad) regarding them?
StrategyBuilderFX would like to introduce our members to one of the Worlds oldest, largest most well respected futures firms in the U.S. With over $45 million of net capital and 80 years in business, recently added a division to retail and institutional Forex traders, this is ground shaking news especially when their platform of choice is MT4.
An account at Tradeview Forex is beneficial for anyone looking for the security and stability of a large FCM, but with the understanding and customer care of a smaller firm.
Tradeview Forex was founded on a very simple principle: No compromises. Rosenthal Collins Group has an almost century old legacy of providing excellence to its clients. As a division of RCG, Tradeview Forex provides the same level of service with premium options for forex traders, which means 24 hour trade support and streamlined administrative procedures to ensure your needs, are met with speed and accuracy. We also strive to provide the absolute cutting edge in trading technology, so that you have a trader’s view of the market. Most importantly, when you open an account with us, you have the peace of mind that comes with knowing your funds are held by a firm who has an exemplary record with the NFA – the direct result of our commitment to transparency, and adhering to the regulatory requirements of this industry.
Please visit our website: TradeView Forex | Online Currency Trading |
Below are just a few key points that distinguish RCG from other firms:
•Ranked by Futures magazine as #21 out of the top 50 brokers in the world
•Second largest independent FCM
•Over 45 million of net capital
•Over 700 million in customer assets, 20,000 futures accounts
•Can trace its roots back to 1923
•Online accounts – typical turn-around time to open an account is a mere 24 to 48 hours •24 hour trading support
•Three options for accounts: Tighter spreads, higher interest, or straight through processing
•Straight pass through option for unprecedented trade execution •Utilizes familiar MetaTrader 4 software
You want to place your hard-earned money with a stable, well-capitalized brokerage firm. RCG has a tradition of serving investors for over 80 years, and RCG’s financial standing is only getting stronger. Over the past two years, RCG’s customer funds increased by an astounding 63%. For more information on RCG’s solid financial record, See our 2006 financial Statement http://www.rcgdirect.com/Docs/2006FinancialStatement.pdf
Many thanks
arco
I received an e-mail from Strategy Builder recently re a new FX broker.
Do you have any information (good or bad) regarding them?
StrategyBuilderFX would like to introduce our members to one of the Worlds oldest, largest most well respected futures firms in the U.S. With over $45 million of net capital and 80 years in business, recently added a division to retail and institutional Forex traders, this is ground shaking news especially when their platform of choice is MT4.
An account at Tradeview Forex is beneficial for anyone looking for the security and stability of a large FCM, but with the understanding and customer care of a smaller firm.
Tradeview Forex was founded on a very simple principle: No compromises. Rosenthal Collins Group has an almost century old legacy of providing excellence to its clients. As a division of RCG, Tradeview Forex provides the same level of service with premium options for forex traders, which means 24 hour trade support and streamlined administrative procedures to ensure your needs, are met with speed and accuracy. We also strive to provide the absolute cutting edge in trading technology, so that you have a trader’s view of the market. Most importantly, when you open an account with us, you have the peace of mind that comes with knowing your funds are held by a firm who has an exemplary record with the NFA – the direct result of our commitment to transparency, and adhering to the regulatory requirements of this industry.
Please visit our website: TradeView Forex | Online Currency Trading |
Below are just a few key points that distinguish RCG from other firms:
•Ranked by Futures magazine as #21 out of the top 50 brokers in the world
•Second largest independent FCM
•Over 45 million of net capital
•Over 700 million in customer assets, 20,000 futures accounts
•Can trace its roots back to 1923
•Online accounts – typical turn-around time to open an account is a mere 24 to 48 hours •24 hour trading support
•Three options for accounts: Tighter spreads, higher interest, or straight through processing
•Straight pass through option for unprecedented trade execution •Utilizes familiar MetaTrader 4 software
You want to place your hard-earned money with a stable, well-capitalized brokerage firm. RCG has a tradition of serving investors for over 80 years, and RCG’s financial standing is only getting stronger. Over the past two years, RCG’s customer funds increased by an astounding 63%. For more information on RCG’s solid financial record, See our 2006 financial Statement http://www.rcgdirect.com/Docs/2006FinancialStatement.pdf
Many thanks
arco
forex scholar
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Never heard of them
forex scholar
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The $20 Million Guillotine
Should the Congress pass legislation requiring all firms have a minimum net capital requirement of $20 million the following firms will be in danger in the United States:
Advanced Markets $1.3 million
Alpari $6.4 million
Bacera $3.1 million
CMC $2.7 million
CMS $11.4 million
Easy Forex $7 million
Forex Club $4.8 million
Friedberg Mercantile $7.9 million
GFS Futures & Forex $3.6 million
Hotspot $6.1 million
IFX $17.1 million
Ikon $9.1 million
MB Trading $6.6 million
Money Garden $5.3 million
ODL $13 million
PFG $12.8 million
Now, many of these firms have additional capital they can infuse into their firms (particularly foreign firms like IFX and CMC as well as domestic ones like Hotspot.) But many do not. The customers of these firms should take notice, and if you want to keep trading with these firms, take action.
Should the Congress pass legislation requiring all firms have a minimum net capital requirement of $20 million the following firms will be in danger in the United States:
Advanced Markets $1.3 million
Alpari $6.4 million
Bacera $3.1 million
CMC $2.7 million
CMS $11.4 million
Easy Forex $7 million
Forex Club $4.8 million
Friedberg Mercantile $7.9 million
GFS Futures & Forex $3.6 million
Hotspot $6.1 million
IFX $17.1 million
Ikon $9.1 million
MB Trading $6.6 million
Money Garden $5.3 million
ODL $13 million
PFG $12.8 million
Now, many of these firms have additional capital they can infuse into their firms (particularly foreign firms like IFX and CMC as well as domestic ones like Hotspot.) But many do not. The customers of these firms should take notice, and if you want to keep trading with these firms, take action.
forex scholar
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Updated Capital Numbers
The CFTC has finally released the December 2007 net capital numbers. This is our first look at the forex industry after the increase in capital requirements to $5 million in the United States.
I'm amazed that firms like Advanced Markets and Bacera made the cut, although judging from their paltry capital numbers they are barely treading water. In light of the One World and FXLQ fiascos I would view those cap numbers with extreme skepticism. These are not safe firms in my opinion.
An interesting piece of data as well is the number InterbankFX is now reporting. Their cap number has dropped dramatically from $30 million to $19.2 million in one month. Often times cap increases and decreases can be written off as being part of the forex business cycle. But the fact is over that same period of time the FXLQ scandal ruptured and it turns out Interbank had some $10 million stashed away at FXLQ. Something to keep an eye on here people. http://www.robbevans.com/pdf/forexlqreport01.pdf
Here is the full run down of net capital per firm. Remember the Congress is close to passing a law which would require firms to have a minimum of $20 million to stay in business. Should it pass the industry may only have about a dozen firms left.
The Big Six (Above $20 Million)
1. Oanda $156 million
2. RJ O'Brien $92 million
3. FXCM $75 million
4. GFT $69 million
5. Gain Capital $50 million
6. I Trade FX $34 million
Below $20 Million
7. PFG $19.7 million
8. Interbank FX $19.2 million
9. FX Solutions $17.9 million
10. IFX $15.5 million
11. CMS $13.8 million
12. GFS Futures & Forex $10.2 million
13. CMC $8.7 million
14. Alpari $8 million
15. Ikon $7.9 million
16. Easy Forex $7.6 million
17. Friedberg Mercantile $7.5 million
18. Forex Club $7.4 million
19. MB Trading $7 million
20. ODL $6.9 million
21. Hotspot $6.1 million
22. Money Garden $6 million
23. Bacera $5.4 million
24. Advanced Markets $5.2 million
The CFTC has finally released the December 2007 net capital numbers. This is our first look at the forex industry after the increase in capital requirements to $5 million in the United States.
I'm amazed that firms like Advanced Markets and Bacera made the cut, although judging from their paltry capital numbers they are barely treading water. In light of the One World and FXLQ fiascos I would view those cap numbers with extreme skepticism. These are not safe firms in my opinion.
An interesting piece of data as well is the number InterbankFX is now reporting. Their cap number has dropped dramatically from $30 million to $19.2 million in one month. Often times cap increases and decreases can be written off as being part of the forex business cycle. But the fact is over that same period of time the FXLQ scandal ruptured and it turns out Interbank had some $10 million stashed away at FXLQ. Something to keep an eye on here people. http://www.robbevans.com/pdf/forexlqreport01.pdf
Here is the full run down of net capital per firm. Remember the Congress is close to passing a law which would require firms to have a minimum of $20 million to stay in business. Should it pass the industry may only have about a dozen firms left.
The Big Six (Above $20 Million)
1. Oanda $156 million
2. RJ O'Brien $92 million
3. FXCM $75 million
4. GFT $69 million
5. Gain Capital $50 million
6. I Trade FX $34 million
Below $20 Million
7. PFG $19.7 million
8. Interbank FX $19.2 million
9. FX Solutions $17.9 million
10. IFX $15.5 million
11. CMS $13.8 million
12. GFS Futures & Forex $10.2 million
13. CMC $8.7 million
14. Alpari $8 million
15. Ikon $7.9 million
16. Easy Forex $7.6 million
17. Friedberg Mercantile $7.5 million
18. Forex Club $7.4 million
19. MB Trading $7 million
20. ODL $6.9 million
21. Hotspot $6.1 million
22. Money Garden $6 million
23. Bacera $5.4 million
24. Advanced Markets $5.2 million
Depth Trade
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You clueless fool, I have been trying to tell you this for months, years and you wouldn't even examine the situation.
Your irresposible and foolish to not exercise different theories.
Here I have vast more time and knowledge then you, have beat out 100k and 100k people to be known as a top trader and you just blow me to the side.
I know what your future holds and I called it from the begining. Your now going to see the light, but it's to late. I'm not going to help you nor is anybody else. Your fate for pursuing this Regulation debacle is THAT YOU WILL NEVER PROFIT in currency from this point on.
The trade Gods are going to strike you down. The market needs freedom to breath and you have done everything in your power to dominate and control it.
Boy, mark my words. No matter what happens, you personally will lose everything out here. I guarantee it, I'll see to it that you never make it here.
DT
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I told, go fight a real fight.
There are FEMA camps being built in old warehouses, these warehouses were running production for decades without heating. In the last few years some of these warehouses have been converted with Cells, locking turnstiles and are now piped for Gas.
There piping these un-used warehouses with Gas to be able to deal with the Food shortages that will be coming due to the Economic collapse that is coming here in America within the next few years.
The dollar is going to plummet 5800%, the value of the DX is going to drop from 74.02 down to 0.9603
OK, this is a drop of 5800%
Your going to be fighting off mobs of people looking for food, military police everywhere trying to reign in the hungry and rioting. There going to be putting these poeple in the concetration camps.
Forexscholer, you have a choice here, right now to make a real difference in the savior of people or be part of the Control Matrix.
Do you want to be free or are you going to be a slave?
DT
There are FEMA camps being built in old warehouses, these warehouses were running production for decades without heating. In the last few years some of these warehouses have been converted with Cells, locking turnstiles and are now piped for Gas.
There piping these un-used warehouses with Gas to be able to deal with the Food shortages that will be coming due to the Economic collapse that is coming here in America within the next few years.
The dollar is going to plummet 5800%, the value of the DX is going to drop from 74.02 down to 0.9603
OK, this is a drop of 5800%
Your going to be fighting off mobs of people looking for food, military police everywhere trying to reign in the hungry and rioting. There going to be putting these poeple in the concetration camps.
Forexscholer, you have a choice here, right now to make a real difference in the savior of people or be part of the Control Matrix.
Do you want to be free or are you going to be a slave?
DT
Last edited:
Depth Trade
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911 was not The Event, but a prelude to what is going to happen.
These guys haven't even started yet, there still gearing up.
These guys haven't even started yet, there still gearing up.
Depth Trade
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Depth Trade
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Here's how it's going to play out.
People will be held detained for immigration, but they'll be held in private prision. These prisions will be finacially supplemented by the FEDs and the prisioners will be 'paying' for the incarceration by working... So there will be no reason to release them, the money will be made/there to keep them there.
They will be caught in a legal Gray Void.
,,,But these are just excercises untill there ready to turn it on civilians due to the coming economic collapse.
People will be held detained for immigration, but they'll be held in private prision. These prisions will be finacially supplemented by the FEDs and the prisioners will be 'paying' for the incarceration by working... So there will be no reason to release them, the money will be made/there to keep them there.
They will be caught in a legal Gray Void.
,,,But these are just excercises untill there ready to turn it on civilians due to the coming economic collapse.
forex scholar
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Forex Fraud Roundup
Been doing well trading recently so I haven't had much time to post (gotta love volatility!)
In any case the shysters are busy as ever out there so beware. Forex Fraud is happening all over the world. The trading public really needs to be careful about who they trade with. Again, I recommend sticking with firms that are regulated, have good track records and have a healthy capital number. Above all I STRONGLY recommend that you not trade with a firm that is unregulated.
All the crooks busted below were unregulated rogues (especially Zimbabwe's dictator Robert Mugabe. lol.) As a guide it should be noted the following firms are not regulated and as a customer you have no rights in a dispute or if the firm gets into trouble and goes bankrupt:
Unregulated Brokers
Finex
Tradex Swiss AG
ACM
WestCapFX
MIG
DukasCopy
GFX Group (Forex.CH)
Crown Forex
GCI
Northfinance
FXDD
Been doing well trading recently so I haven't had much time to post (gotta love volatility!)
In any case the shysters are busy as ever out there so beware. Forex Fraud is happening all over the world. The trading public really needs to be careful about who they trade with. Again, I recommend sticking with firms that are regulated, have good track records and have a healthy capital number. Above all I STRONGLY recommend that you not trade with a firm that is unregulated.
All the crooks busted below were unregulated rogues (especially Zimbabwe's dictator Robert Mugabe. lol.) As a guide it should be noted the following firms are not regulated and as a customer you have no rights in a dispute or if the firm gets into trouble and goes bankrupt:
Unregulated Brokers
Finex
Tradex Swiss AG
ACM
WestCapFX
MIG
DukasCopy
GFX Group (Forex.CH)
Crown Forex
GCI
Northfinance
FXDD
forex scholar
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New CFTC Numbers are out
And with the Congress set to raise minimum capital requirements for forex dealers to $20 million these numbers are once again taking on greater significance.
Above $20 Million
Oanda $157 Million
RJ O'Brien $91 million
FXCM $82 million
GFT Forex $76 million
Gain Capital $50 million
I Trade FX $33 million
Interbank FX $23 million
Below $20 Million
PFG $18.6 million
FX Solutions $17.3 million
CMS $13.3 million
ODL $11.9 million
GFS Forex $10.4
IFX $9.3 million
CMC $8.7 million
Alpari $8 million
Ikon $7.9 million
Easy Forex $7.7 million
Hotspot $7.7 million
MB Trading $7.6 million
Friedberg Mercantile $7.5 million
Forex Club $7.4 million
Money Garden $6.3 million
Bacera $5.3 million
Advanced Markets $5.2 million
Financial Data for FCMs
And with the Congress set to raise minimum capital requirements for forex dealers to $20 million these numbers are once again taking on greater significance.
Above $20 Million
Oanda $157 Million
RJ O'Brien $91 million
FXCM $82 million
GFT Forex $76 million
Gain Capital $50 million
I Trade FX $33 million
Interbank FX $23 million
Below $20 Million
PFG $18.6 million
FX Solutions $17.3 million
CMS $13.3 million
ODL $11.9 million
GFS Forex $10.4
IFX $9.3 million
CMC $8.7 million
Alpari $8 million
Ikon $7.9 million
Easy Forex $7.7 million
Hotspot $7.7 million
MB Trading $7.6 million
Friedberg Mercantile $7.5 million
Forex Club $7.4 million
Money Garden $6.3 million
Bacera $5.3 million
Advanced Markets $5.2 million
Financial Data for FCMs
forex scholar
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Is FXDD Breaking the Law?
I have been hearing a lot about FXDD and people have been asking me about their regulatory status. So what's the scoop?
FX Direct Dealer is a New York City based broker located in Manhattan . FXDD used to be affiliated with Tradition Securities. However, today Tradition only owns a small percentage of the firm. Thus FXDD is in no position to claim Tradition as a parent company for regulatory purposes.
So aren’t they then required to register according to the law? Not according to FXDD. Here is a response I got from a customer service rep over at FXDD when I asked them this question on their chat:
Uh, someone should let FXDD Know that OTC spot forex IS regulated in the United States and they ARE subject to regulation by the CFTC.
I have put the question to FXDD by email but have yet to get a response. Customers need to be aware that this firm is swimming in some very murky regulatory waters. The CFTC could crash through FXDD’s door at any moment and demand the firm shut down their business because they are not regulated. Every retail forex dealer in the United States has accepted the CFTC as their regulator but FXDD is claiming they have no jurisdiction? This firm in my opinion is a very risky place to put your money. Buyer Beware.
I have been hearing a lot about FXDD and people have been asking me about their regulatory status. So what's the scoop?
FX Direct Dealer is a New York City based broker located in Manhattan . FXDD used to be affiliated with Tradition Securities. However, today Tradition only owns a small percentage of the firm. Thus FXDD is in no position to claim Tradition as a parent company for regulatory purposes.
So aren’t they then required to register according to the law? Not according to FXDD. Here is a response I got from a customer service rep over at FXDD when I asked them this question on their chat:
Uh, someone should let FXDD Know that OTC spot forex IS regulated in the United States and they ARE subject to regulation by the CFTC.
I have put the question to FXDD by email but have yet to get a response. Customers need to be aware that this firm is swimming in some very murky regulatory waters. The CFTC could crash through FXDD’s door at any moment and demand the firm shut down their business because they are not regulated. Every retail forex dealer in the United States has accepted the CFTC as their regulator but FXDD is claiming they have no jurisdiction? This firm in my opinion is a very risky place to put your money. Buyer Beware.
Check the Financial Data for FCMs, it is Hotspot Fxr not Hotspot Fx.:!:
Hotspot Fxr and Hotspot Fxi are subsidiaries of HotspotFx LLC. A Better Way to Trade FX
whereas Hotspot FX LLC is a subsidiary of Knight Capital Group, Inc.
This world #368 billionaire, Joseph Lewis, sold Hot Spot FX, its currency trading business, for $80 million last year. #368 Joseph Lewis - Forbes.com
IMO, the price tag alone shows that this company is fat, and now it is a subsidiary of another big firm.
Perhaps somebody can give a more detail financial figure of the company. :whistling
