Proposed NFA Capital Requirement - page 20
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hi
I think if your fund not regulated with NFA ...it doesn't matter.....
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Forex Indicators Collection
Swiss FX Broker Goes Down the Drain
Three Jeers for Switzerland! Over the past year I have been documenting the sad collapse of Tradex Swiss AG. Tradex is one of the many unregulated firms that Switzerland allows to operate inside their borders without any serious oversight. When customers get burned Swiss Government officials are only too glad to sit on their hands, or in the case of Tradex, make the situation worse.
Example, customers at Tradex have been begging and pleading with Swiss authorities to grant Tradex the authority to release their funds, which they have inexplicably frozen with nary an explanation. After months of stonewalling Swiss Authorities have apparently informed the clients of Tradex that Tradex is now going into bankruptcy!
Tradex Swiss AG - Page 5
The regulatory environment in Switzerland is a complete shambles. As such fx traders should avoid Swiss firms at all costs. The following Swiss firms are completely unregulated and by trading with these firms you risk suffering the same fate as has befallen the customers at Tradex Swiss AG. I repeat, YOU HAVE NO PROTECTIONS if you open an account with an unregulated Swiss firm.
Unregulated Swiss Brokers
Finex
Tradex Swiss AG
WestCapFX
ACM
MIG
DukasCopy
GFX Group (Forex.CH)
Crown Forex
Do not trade with these firms if you care about safety of funds. Here is an article from the Boston Business Review reporting on the latest from Tradex Swiss AG:
Troubled Tradex may be forced into bankruptcy - Boston Business Journal:
Troubled Tradex may be forced into bankruptcy
Boston Business Journal - by Jackie Noblett Journal staff
Investigators for the Swiss Federal Banking Commission have recommended the Swiss government place Tradex Swiss AG, a foreign exchange trading shop operating out of Boston, into bankruptcy, according to a report and sworn statements filed in Suffolk Superior Court.
The specter of bankruptcy places into jeopardy a suit by dozens of Massachusetts Tradex investors that would ensure their funds are returned in full before other investors and creditors divide the company's assets. There are roughly 1,600 investors in 60 countries who have alleged claims to Tradex funds, according to court records.
The report was filed Oct. 25 in response to an order by Superior Court Justice Allan van Gestel as part of a legal battle over Tradex funds frozen in two Boston banks. Portions of the report translated from German to English state that "the Tradex group is very likely overindebted, and in any event, insolvent and therefore not fully able to fully meet its presumed obligations in a timely manner."
Swiss investigators Peter Lutz and Romeo DaRugna state in the report that customers of Tradex claim at least $15.3 million in receivables, of which $5 million have been claimed in U.S. courts. The investigation further concludes Tradex's assets are only $7.1 million, with $5 million frozen in a Boston branch of Bank of America account and $500,000 held by Sovereign Bank.
The SFBC was scheduled to meet Wednesday or Thursday to discuss the future of Tradex Swiss AG and its sister company, Swiss Garant. An affidavit by Lutz states "it is my sincere belief that the SFBC will order the liquidation and bankruptcy of Tradex at its Oct. 31/Nov. 1 meeting."
A spokesman for the SFBC said that as of press time, the court had not made a ruling on the future of the two companies.
As reported previously, Tradex is being investigated in Massachusetts for allegations that it was not properly registered in the state, according to the office of Secretary of State William F. Galvin. Most recently, Tradex investors have written letters to Attorney General Martha Coakley seeking assistance retrieving their funds.
If the Swiss government places Tradex into bankruptcy, which would be domesticated in U.S. Bankruptcy Court in Massachusetts, the cases filed in Suffolk Superior Court by former Tradex employees and investors attempting to recoup their funds would be nullified, and investors would have to file claims in bankruptcy court, said Liam Floyd, a lawyer for former Tradex manager Craig Karlis, who is suing Tradex for back pay.
But Floyd said he is not confident in the figures provided by the Swiss investigators, who he says have not done due diligence in securing Tradex's files and trading platform.
In a letter dated Oct. 23 to the SFBC, Nicolaas Jansen van Rensberg, a Tradex owner and executive stripped of powers as Swiss investigators took over the company, says that the report by Lutz and DaRugna contains "massive calculation errors, completely ... inappropriate methods of calculation, baseless and inflammatory accusations, libelous slander, suppositions based on total negligent and wholly inadequate methods of investigation."
Evan Fray-Witzer, attorney for Lutz and DaRugna, did not return calls. Meanwhile, Tradex's investors say they are becoming increasingly frustrated with the lack of communication and are taking matters into their own hands.
"Personally, I don't know what's going on," said Jenny Zhan, a trader who is not a part of any investor suits. "Even people with attorney, they don't know."
Zhan said the group is split on whether to wait out the current legal battle or to take further action.Forexsavior,
Are there any reliable forex brokers?
It seems all of them are garbage.
Forexsavior,
Are there any reliable forex brokers?
It seems all of them are garbage.Go with the well capitalized ones: FXCM, GFT, Oanda
NFA Banishes ANTC
A few months ago PFG announced that it had purchased American National Trading Corporation.
PFGBEST.com - Press Room
However, that hasn't stopped the NFA from rubbing out its former executives in a ruling that has banished several former principals of ANTC to the futures equivalent of Siberia. Did PFG buy a pig in the poke?
Here is the NFA's decision:
BASIC Case Summary
On November 29, 2007, ANTC was permanently barred from NFA membership and from acting as a principal of an NFA Member. Varden was ordered to pay a $40,000 fine and Zummo and Roy were ordered to each pay a $20,000 fine. Varden and Zummo were each barred from acting as a principal of an NFA Member until May 11, 2009. If, after May 11, 2009, Varden or Zummo becomes a principal of an NFA Member, then during the time he is a principal of such Member, he will cause such Member to be subject to the enhanced supervisory requirements of NFA Compliance Rule 2-9. After a Member, of which Varden and/or Zummo is a principal, has been subject to the enhanced supervisory requirements of NFA Compliance Rule 2-9 for at least 18 months, then Varden and/or Zummo will be permitted to make an application with NFA's Waiver Committee for a waiver of the enhanced supervisory requirements with respect to such Member.
What did they do? They were charged with "deceptive, misleading and high-pressure sales tactics." And "poor supervision." Eh, what else is new. Poorly capitalized firms that do a poor job supervising their employees are a dime a dozen as Easy Forex so amply demonstrated. Just more evidence for traders to beware poorly capitalized firms.
Go with the well capitalized ones: FXCM, GFT, Oanda
The member asked for a reliable broker not a well capitalized one. Two completely different things, like a nice person and a rich person.
Dear sjerar, Dr. Elder in his first book was extremely clear: Keep one eye in your trading and two or three in your Broker.
orexsavior: what do you mean with this?
to the futures equivalent of Siberia.