Proposed NFA Capital Requirement - page 43
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Good to see you still love FXOpen so much as to give all your attention to the broker.
I would like to add that the guy called "MaXeY" who started the "fxopen scam scum" thread at FF is yet to find a broker that will accept his cheating off quotes script. Check his other posts. There are a bunch of other brokers he is calling scam scum at the moment.
As for the Erlan thing, there has been an independant investigation into it. It was resolved in FXOpen's favour. See the result at
http://www.forexpeacearmy.com/forex-...-resolved.html
"Erlan", who we know is not one person, but a bunch of people working for Poltek/Masterforex/Beaverhead Financial etc, has failed to contact FXOpen about his issue. Indeed, when FPA acted as a mediator to get him to contact FXOpen, his reaction was not to make a phone call, but to go on yet another forum rampage. He was banned 3 times in one day using multiple accounts to spam Talkgold forum with his anti fxopen propaganda straight after the FPA got involved.
What does this all mean for FXOpen clients? Nothing. The company is going from strength to strength and is constantly improving it's services. Poltek on the other hand appear to be floundering and are not paying withdrawals to people. PoltekFx.com Is a big Scam!!
If you want to talk about FXOpen some more, why not pop into our head office for a chat? Perhaps some of your misconceptions can be cleared up.Just a few questions, jafar00:
Where is your company located?
Why don't you publish a physical address on your site?
Is FXOpen a legally registered company at all?
If it is registered somewhere, is it legal there to not publish a physical address?
Well, in my country you not only have to publish your physical address, you also have to publish the sales tax identification number on your site! Oh, and a name wouldn't be too bad either...
REFCO's CEO gets 16 years in prison for bilking customers out of billions.
He gets 16 years and after the sentence is served he is supposed to be deported.
Why don't they send him here to Tennessee, or Georgia. He needs to be in
chains cutting grass by the road, for 16 years!
Just my 2 cents.Love the Picture! The guy is a Gordron Gekko Wannabe!
Hello Savior !
Thank you for your great work !
It's really quitefull to know there is a Sherlok Holmes in our dark sharks's world.
BTW, do you have any info about SpotTrader http://www.spot-trader.com/, he seems to be an IB of PFGBest Futures Broker, FOREX, Options, Alternative Investments - PFGBEST.com or TrendFX http://www.trendfx.org/eng/company/about/ ?
Ciao
Hello Savior !
Thank you for your great work !
It's really quitefull to know there is a Sherlok Holmes in our dark sharks's world.
BTW, do you have any info about SpotTrader SpotTrader - Home, he seems to be an IB of PFGBest Futures Broker, FOREX, Options, Alternative Investments - PFGBEST.com or TrendFX About Us - Online Currency Trading, forex, foreign exchange, fx, TrendFX ?
CiaoThanks Michel. I have not heard of these two companies before. Forex is a big world
NFA Not Targeting David Smith
The NFA has come out and clarified that it is not investigating any of the transactions in question by Olint or TCI. They are merely citing I Trade FX for not filing any anti-money laundering notices in regards to the transactions in question. Jamaican media is all over this one: Radiojamaica.com... today's news... today | Nfa, Itrade, Complaint, Activity, Should | Olint and TCI not apart of US investigation - The US securities watchdog company, "National F...
Olint and TCI Not Part of Investigation
The US securities watchdog company, "National Futures Association" (NFA) says local investment clubs Olint and TCI are not part of its investigation into foreign exchange trader, I-Trade.
Last week it emerged that a complaint had been filed with the NFA about a failure to report suspicious transactions involving foreign exchange trading.
Director of Communication at the NFA Larry Dykeman told RJR News that its investigations do not involve the local companies.
Last week the independent investigators NFA commenced investigations into a complaint about I-trade, a foreign exchange dealer which had Olint's David Smith as one of its principals.
Mr. Smith withdrew as a principal of I-Trade at the end of December last year.
Mr. Dykeman said the complaint arose because I-Trade did not supervise their complaint officer who should have raised an alarm about some of the account activity.
"What we are saying in this complaint is that, I-Trade as a member of NFA had an anti-money laundering programme in place that should have triggered them when they saw this account activity on behalf of Olint and TCI, they should have filed a suspicious activity report to the Federal government," said Mr. Dykeman.
According to the NFA there could be a logical explanation to the account activity but added that certain transactions should automatically trigger a report to the authorities.
I-trade could be fined if found guilty or the NFA could suspend its membership in the regulatory body.
The NFA's investigation into I-Trade will be completed by the end of the month.
Latest CFTC Net Capital Report
The new net capital numbers are out. Here is the link to access the report:
http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0508.pdf
The following firms have net capital below $10 million
Advanced Markets $5,017,000
Bacera $5,387,000
MG Financial $6,001,000
Forex Club $7,380,000
Hotspot $7,843,000
Friedberg Mercantile $8,167,000
CMC $8,426,000
Ikon $8,462,000
MB Trading $8,660,000
Easy Forex $8,662,000
IFX $9,141,000
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 $17,000 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 $10,829,000
Alpari $11, 668,000
ODL $15,182,000
I Trade FX $15,828,000
FX Solutions $18,088,000
CMS Forex $19,306,000
The following firms have net capital above $20 million
PFG $20,275,000
Interbank FX $22,980,000
Gain Capital $44,293,000
GFT Forex $58,304,000
FXCM $70,794,000
Oanda $164,256,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law.