got this eamil from a fx news website. Not sure how valid it is just passing on the info. The last few weeks has seen the NFA foreclosing on a lot of forex dealers who are undercapitalized. The following firms have been shut down as a result: 1) United Global Markets, LLC Today the CEO just sent an email out to clients saying they were going out of business because they could not meet their capital requirements. 2) Trend Commodities Limited On June 19 the NFA shuttered Trend Commodities due to fraud and for failing to meet their capital requirements. 3) Spot FX Clearing Corp On June 14 the NFA shuttered SpotFX due to fraud and for failing to meet their capital requirements. 4) FX Option1 Inc. On June 7 the NFA shuttered FX Option1 due to fraud and for failing to have adequate security deposits for customers. 5) Spencer Financial LLC On May 17 the NFA shuttered Spencer Financial due to fraud and for failing to meet their capital requirements. 6) Alpha Forex On May 14 the NFA shuttered Alpha due to fraud and for failing to meet their capital requirements. Do you have money with the following? their current capital - IF SO GET OUT NOW One World Capital $1,105,000 Open E Cry LLC $1,062,810 Velocity4X $1,587,000 Direct Forex LLC $1,523,000 Easy Forex US Ltd $5,011,644 - they are above the 5 mio threshold but only just and with a name like that - get out. 3D Forx LLC $ 2,525,372 E FX Optioons LLC $1,709,752 FiniFX $1,464,000 Forex Club $3,304,000 Forex International Investments Inc $1,464,620 Forward Forex $1,793,767 FXCM LLC $759,689 GFS Futures & Forex $3,074,000 Nations Investments $1,699,000 Royal Forex Trading $1,102,000 SNC Investments $1,565,000 Tradition Securities $781,869 I Trade FX -$3,039,000 Note these guys are already bankrupt --- negative capital.!!!!! MB Futures $3,080,000 Money Garden Corp $3,399,844 I MAY HAVE LEFT A FEW OFF THE LIST. PLEASE RESPOND IF YOUR BROKER IS NOT ON THE LIST AND I WILL DOUBLE CHECK t passing on the info that may help others.
Check.. USA brokers..... InterbankFx GFT Forex Astor Capital Management Swiss Brokers..... Dukascopy.com Finex.com
I use open Ecry and just transfered some cash (nonrelated to this ) to IB should I do the rest as well then?
Transact futures is small, and I don't even see them NFA listed unless it is under another name. Dukas and other swiss won't be listed on a US regulatory agency for the obvious reasons.........
does anyone have alink to the NFA document/page that lists net capital required/held by registered FCM's?
What a bullshit!! Open e cry and TransAct are not Forex brokers, future brokers only Your money is in a segregate account Even if they fail your money is 100% safe They can't touch one buck! and why TransAct has been discussed here? Idiots
FCM = Futures Commission Merchant http://www.cftc.gov/files/tm/fcm/tmfcmdata0704.pdf maybe the poster get it mix up with FDM = Forex Dealer Members
Yes he did, but they're on the same list. You're seeing a lot of small brokers get tossed by the NFA because they fail to meet capital requirements. Why exactly? The NFA recently tightened its requirements for individual firms' net capital. Read here for a brief overview of why: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704 On balance I think this really increases the value of a "regulated by the NFA" label for each forex broker that maintains its status and only increases confidence in the relatively new retail forex industry.
One thing that I would like to clarify on this list is that FXCM LLC is an FCM registered by FXCM to potentially offer futures trading down the line. There are no clients under this FCM. The FCM where client's open a forex trading account, as you can see from our trading agreement and the bank account where funds are wired, is Forex Capital Markets LLC. As you can see from the FCM financial data page located on the CFTC's website at the link below, Forex Capital Markets LLC has over $50 Million in capital and is one of the best capitalized Forex Dealer Members. Financial Data Link: http://www.cftc.gov/files/tm/fcm/tmfcmdata0704.pdf Please feel free to contact me with any questions at dwaring@fxcm.com or if there are things which you feel are relevant to the community on this subject to post them here for my reply. David Waring Managing Director FX Business Development Forex Capital Markets LLC 32 Old Slip, 10th Floor New York, NY 10005 Tel (212) 897-7660 Fax (212) 897-7669 Email: dwaring@fxcm.com