Proposed NFA Capital Requirement - page 25
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
MRA to FXLQ (Forex Liquidity)!!!!!
i cant believe!!
BASIC Details
Thanks for the valuable info forexsaviour. You wouldn't by any chance have a similar list of those that meet the requirement for the NFA?
ie those that are safe to invest with.
Thanks again.I would say stick with the larger brokers. Latest cftc report shows the following:
Oanda: 156 million in net capital
FXCM: 65 million in net capital
GFT: 41 million in net capital
FXLQ in Complete Chaos
For those of you caught in the FXLQ meltdown this thread at Forex Factory has some excellent information:
FXLQ Shut down temporarily by NFA - Page 3
This trader posted the following which shows you the incredible maelstrom that FXLQ is currently mixed up in:
There are certainly strange things happening with this whole situation. I have a 6 figure account with FXLQ and have been with them for about a year and a half, very happy with them until now, by the way. On Tuesday evening I started my "work day" during the Asian market and tried to put a pending order, to my surprise it would not take it, so after repeated attempts I called the trading desk and they gave me the news on the whole situation. As it was explained by them, it seemed like something that would be resolved in a day or two.
Nevertheless, I filled out a request to withdraw my funds and then went to the NFA link to read the whole case, which clearly portrays a picture of FXLQ making up capital assets with an inexistant Bond from ABN ARMO BANK (one of EU's biggest banks).
Now, I was worried, so I decided to take the next plane to LAX at 8:00AM EST (I live in South Florida). I was in their office by 12:30 PM PST and everyone seemed to be working normally along with two auditors from NFA. After speaking to one person and another and waiting for several hours I was told that they had been denied permission by Jenifer Sunu, from NFA in Chicago to disburse any of my funds. Unfortunately, it was too late to call her in Chicago so I had to wait until the next. . During this time, several of the company executives met with me, including Robert Gray, and they explained how they have funds in different financial institutions in Europe and that the NFA did not want to accept this and ordered them to repatriate all these funds, which they were in the process of doing, but this was not an overnight ordeal. Robert Gray said that this order to repatriate funds had come in on Monday and the Member Responsibility Action, came in the next day (Tuesday).
The following morning I started calling Jenifer Sunu and finally, after about 4 hours of failed attempts, she finally picked up the phone. After listening to everything she had to say, I practically lost all hope of getting my money back, or at least the whole thing. The first thing I asked her was, why she had not authorized FXLQ from giving me my money back and she responded that the audit shows that there is ten million dollars deficiency. In other words, (her words) she said that my position was that of any creditor and had the same importance, legally, as the phone bill, and therefore, if there is a shortfall of 10 million dollars, the creditors would receive their funds in the proportional amount of what is "left". She gave me an example of when a "bankrupt" company dissolves. She even said that this was a done deal on their part. That it was out of their hands and that the CFTC had been notified for them to name a liquidator and dissolve the company and pay creditors with whatever funds are left and they (CFTC) would be in charge of any charges or legal actions against the principals and/or executives..... In short, not much hope.
As soon as I hung up with her, I took off to FXLQ and met with Robert Gray and told him my conversation with Ms. Sunu. He was outraged and immediately called his lawyer into his office and they called Ms. Sunu. While the attorney was trying to reach her, Robert showed me how they had already received two wires from Europe, one for over two million and the other one for a million something.
A few minutes later, the attorney came back to Robert Gray's office and said that Jenifer Sunu, was denying everything (several other customers had also called with similar stories, some where told that they would be lucky to get 50 cents on the dollar). So they asked me, if I wanted to talk to her, which of course I did. We put her on speaker phone and she started by saying that I had misunderstood her, she acknowledged that FXLQ had already received 2 multimillion dollar wires from their offshore accounts and that in no way was this a done deal on the part of the NFA, completely contradicting herself from my earlier conversation.
This, in a way, gave me renewed expectations but at the same time it is really strange that the NFA would bad mouth the company to the extent of practically giving me a verbal "death certificate" and then when confronted with the "patient" takes everything said back. Why?
As far as my perception, to me FXLQ has always showed honesty and integrity, at least compared to a big list of other FXBrokers I have had accounts with. I had many experiences where they honored and fixed, to my benefit errors created by MT4. As far as my face to face meetings with them last Wednesday and Thursday, I get the feeling that they are truly trying to survive this ordeal and the proof is in the millions that they repatriated on Thursday, which shows that instead of folding they ARE actually bringing money in. They think, that ounce they come out of this NFA persecution, they will prove to be stronger than before, which is obviously true, BUT the question is, if they are able to prove that their financial solvency is adequate and in line with what was previously reported, will they be able to continue business as usual or will the damage caused by this whole ordeal be too deep to recover?
I'd like to also mention that I asked Ms. Sunu in my first conversation, what good is their monthly FCM Financial Data Report, if the information in it is not reliable; She answered that all companies are audited every year, but it seems that documents that were accepted last year, are now questionable. So what good is basing your decisions on choosing a broker on this report if its validity is questionable.
In general, I prefer to have the NFA than nothing at all, as most
other countries, but it definitely needs a lot of work to be an real
and effective controlling organization.
UPDATE: I just got a call from one of the executives that told me that they received another four million (I did not ask if they received anything on Friday) and they had been trying to get the NFA to authorize the release of customer funds but had no positive response yet and they expected to get the authorization, hopefully, by tomorrow.
Regards,
CMA
If you have money at FXLQ, MultibankFX or any of the other brokers that clear through FXLQ GET YOUR MONEY OUT NOW IF YOU STILL CAN!
I am setting up the "Smotty Kick Ass Forex Brokerage" Dont worry about capitalization i have faxed the cftc and the nfa proof of my assets. I have at least $100 billion dollars from the "Mickey Mouse Investment Company of America" oh and a couple of old buttons i found down the back of my sofa
I told the NFA it has to be legit because Mickey Mouse himself signed it and they told me that it had better be because they would get round to checking it out in a year or two and otherwise i would be ib big trouble.
So in the meantime i promise i wont rip any of you off and please feel free to invest. If you check my company out it will be at the top of the leaderboard for well capitalised companies..
REGULATION WHAT A JOKE!!!!
whats the difference between a shopping trolley and the NFA?
The trolley has a mind of its own
Hey hangong haha thats funny but
The NFA actually caught them this time before they stole ALL the money.
You gotta admit thats better than nothing right?
Why on earth you'd use an OTCFX broker who IBFX wont even do business with anymore hahaha in the first place
Dont use FXCM even if they say they will offer MT4 they are crooks 100% always were always will be they just have some powerful friends.
IBFX has a 40million capital investment from Spectrum Equity Investments which of course like FXCM isn't a real investment just pay there rich friends some cash to say they put in 40 million so they look good.
Why on earth would a venture capital firm actually invest in something like a retail FX broker when they only get money from pip spreads like introducing brokers?
It goes like this they say to there rich friend ok ill pay you 10% a month of the money we steal from people if you say you secure us for 40 mill so we can keep stealing from people.
Now thats a good deal right?
Who's the real deal in FX World ?
Hi Folks !
There's a tornado crossing all bucket shops at the moment...
On the one side it's good for us traders.
But what could the average joe with a good trading system do to
raise his starting capital by compounding his gains steadily ?
Is it really impossible to make a career in this business without having
the capital to trade with the big banks ??
If this is the essence its a shame in a country which proclaims that
everybody could make his fortune !
If there are any guys and gals made their day it would be fine to read
their success story and especially their experience with their brokers.
I traded with Fastbrokers but after the FXLQ case I couldn't trade
with them anymore.
After talking with them they told me that they now use FXDD as their
clearing house......
I think enough said !!!
Happy trading !!
Bernhard
NFA Puts in the Boot on Royal Forex
NFA Puts in the Boot on Royal Forex
Royal Forex may no longer be an independent company but that doesn't mean it still doesn't have sins to pay for. Today the NFA fined them $75,000 for the kind of standard, run of the mill incompetence that we've all come to expect from the poorly capitalized. Below is a summary of the NFA's Decision:
NFA orders Florida forex firm and its CEO to pay a fine of $75,000
December 13, Chicago - National Futures Association (NFA) has ordered Royal Forex Trading LLC (Royal), formerly known as Freedom FX LLC, and its chief executive officer, Justin J. Marsch, to pay a fine of $75,000. Royal is a Futures Commission Merchant and Forex Dealer Member located in Boca Raton, Florida. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed in September 2007 and a settlement offer submitted by Royal and Marsch.
The Committee found that Royal and its unregistered solicitors used misleading promotional material and that Royal failed to collect and maintain required security deposits from its forex (foreign currency futures) customers. Additionally, the Committee found that both Royal and Marsch failed to adequately supervise the firm's forex operations.
The guys at IKon really have their hands full...
Gain Capital buys Velocity4x
Gain Capital 'buys' Velocity4x. All client funds safe. This is a good example how consolidation can help this industry.
Gain, Forex.com - Velocity4x
December 14, 2007
Dear Valued Customer:
In an effort to better serve the needs of our customers, Velocity4x is pleased to announce a new partnership with FOREX.com, a division of GAIN Capital Group. Effective Friday, December 14, 2007 at 5:00 pm ET Velocity4x will transfer all customer accounts to FOREX.com. Following the transfer of your account, FOREX.com will provide all custody, clearing and support functions.
FOREX.com has worked closely with Velocity4x to ensure the transfer of your trading account is as seamless as possible. You may continue to access the trading platform as you have in the past and utilize your existing login and password.
Trading activity in your account after December 14, 2007 will confirm your consent to be bound by the FOREX.com Customer Agreement. A link to the FOREX.com Customer Agreement is provided here for your convenience: Click here to view the FOREX.com Customer Agreement.
If you choose to close your account following the transfer, you may communicate your decision to FOREX.com directly, through email at velocity4x@forex.com or telephone at 908.458.8274 and FOREX.com will honor your request and return your account balance to you.
If you have any questions regarding this transfer you may contact Velocity4x at 312.546.6288 or via e-mail at accounts@velocity4x.com or FOREX.com at 908.458.8274 or via e-mail at velocity4x@forex.com.
With clients in over 140 countries, FOREX.com has earned a reputation as a world-class provider of foreign exchange services with its technology, consistent liquidity, professional dealing practices and service-oriented approach.
Through our new relationship with FOREX.com, we look forward to providing you with superior service. FOREX.com is a registered Futures Commission Merchant and a member of the National Futures Association (NFA ID# 0339826). You may also obtain additional information regarding FOREX.com and Gain Capital Group, LLC on NFA's web site.GAIN Capital's corporate headquarter address is 550 Hills Drive, Bedminster, NJ07921 and its main telephone number is 908.731.0750.
Very Truly Yours,
Velocity4x