Forex.com Fined $100K By NFA

Just for a joke. How about BucketOfDollarsFX.

 

we announced a site last november called www.yoursmineshag.com. Thinking of rebranding it at the mom.

 

lol, easydoughfx

 

What a bucket shop...any broker that cannot stick to the most basic rules such as not allowing unlicensed reps to makes sales calls and making sure to not LIE about safety of their funds is obviously completely shady... If I had an account with them, I would close it...

 

LOL.....maybe if you didnt have a 2x4 up your ass you would know why this is funny.

 

The "moving prices on clients"-part seems to be made up by the OP. The NFA-document doesnt mention this.

Also looks like a $100.000 fine wont hurt them much, compared to the gross revenue of gain listed in this document. They should start giveing out fines in the millions to prevent that sort of deceiving marketing.

 

Please see my follow up to this post, which is the fourth reply on this thread, you can find the link to the statement there but I'll save you the time and write it right here:

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=970

The above link is different from what you clicked on. Section 15 states the following:

"GCG's claims regarding "no slippage" were also misleading, as slippage can and does occur under volatile market conditions. Moreover, GCG's customers occasionally experience a "rate change," which occurs when GCG updates prices on its trading platform at the same time that a customer enters an order. In these instances, the price originally quoted to the customer is not hte price that the customer actually receives."

 

Ah ok, i see what you mean.

 

That is pretty terrible...I had an account with them once but I was highly unhappy with their service, etc so I tried out some other guys. Can't believe they can't keep track of their sales staff enough to pevent these ridiculous statements.

 

I think the NFA’s statement and fine is enough. If people who are trading/investing in Forex or any other markets and don’t look at the NFA, then they deserve to have their money taken. Investments are just like any other business. There are some scams. Although, a million dollar fine would tighten things up a lot faster. Come on NFA, crack the whip!! Make a firm bleed.