Clarification is in order her.. while firms such as FXCM, Gain, IBFX, and others are registered with CFTC/NFA they are not regulated to the extent one would believe; you see the CFTC/NFA has guidelines in place for over the counter on-exchange FCMS but most of the FX firms out there are off-exchange business so the CFTC/NFA holds little to no jurisdiction over off-exchange FX FCMS actually allowing them to get away with almost anything, and not protecting clients accounts nor funds. If youâre looking to trade FX do yourselves a favor and deal with only on-exchange FCM i.e futures firms and banks as they are full regulated and safe..
No. It's not true. Most FCMs keep customerâs money in US banks where money is safe. Do you agree with that? They also must maintain capital in order to satisfy trading risks. If you deal with NFA regulated broker you can be sure your money is safe and you can always get it back. And itâs does not matter what markets you trade, OTC or exchange
New CFTC Numbers Are Out Above $20 Million Oanda $159,786,916 RJ O'Brien $101,983,527 FXCM $81,150,191 GFT Forex $68,407,128 Gain Capital $66,579,458 I Trade FX $35,037,710 Interbank FX $25,733,263 Below $20 Million PFG $17,986,053 FX Solutions $16,140,253 CMS $13,726,169 ODL $12,639,482 GFS Forex $10.4 IFX $12,343,198 CMC $8,773,706 Alpari $9,001,039 Ikon $8,271,674 Easy Forex $7,799,807 Hotspot $7,675,145 MB Trading $8,015,568 Friedberg Mercantile $7,985,613 Forex Club $7,639,479 Money Garden $6,367,331 Bacera $5,554,498 Advanced Markets $5,239,792
Based on your data Interbank FX is going out too. The early warning is 50% of minimum net cap. So, all brokers must have at least 30M in net cap. But I guess all of them will find money to satisfy the requirements.
Switzerland gets an Enema And so it begins. Switzerland has finally decided to flush their financial system and purge the worst forex dealers from their bloated and cramped bowels. Henceforth, any forex dealer who wishes to do business in Switzerland MUST get a banking license. No longer can firms deceive the public by claiming they are regulated because they have a worthless registration with ARIF or some other anti-money laundering committee. Now they must get an actual license, that comes with an actual license number, which allows the trading public to do an actual background check on them. I congratulate the Swiss on taking this huge step forward and with that, leaving the dark ages and entering the modern era. For more information on this new law read below. Next week I'll discuss how this law is effecting forex brokers all over Europe. Already two major players are closing their doors (WestCap FX and Northfinance.) Other Swiss brokers are sure to close up shop as well. If you have your money at a Swiss broker you should immediately check with them to see if they plan on complying with the new law. If they do not plan on complying TAKE YOUR MONEY OUT NOW. And if they plan on fleeing to some God forsaken island where there is no regulation TAKE YOUR MONEY OUT NOW.
Great move by Euro land, Banking licensees are not easy to get, especially now a days.. Puzzled buy the way forexsavior is all in favor of Euro land tighten their FX dealer requirements but remains agentsâ stiffer FX dealer requirements with in the USA, could this be because the firm your supporting would not make the cute if and when they do? :eek:
Forexsavior, Why would this affect Northfinance ? (they have no operations in Switzerland ) Where did you read about NF closing shop ?