Not true, I have long championed better regulation in the U.S. My only problem with the new rules is the cap requirements will penalize small firms. Other than that I fully favor giving CFTC more authority to regulate FX in teh U.s.
Swiss Dealer Dead Pool There is great deal of uncertainty in the Swiss Forex Dealer community right now. There is no way of knowing which firms are here to stay and which firms are collecting coins in preparation for their crossing of the river Styx. I have emailed all the major Swiss firms to try and find out if each firm plans on getting a banking license. The responses (or lack thereof) have been quite illuminating. As such I'm starting a Swiss Dealer Dead Pool to keep the trading public updated and informed about what is going on in Switzerland. Firms that announced they are applying for a banking license These firms have confirmed they plan on getting a banking license. 1) ACM 2) Fibo Group 3) Crown Forex Firms that are fleeing Swiss Regulation These firms have stated they are registered offshore and don't need to register. 1) Masterforex. Their business office is listed in Switzerland but they are registered in the Seychelles and have stated they do not need to get a banking license. 2) forex-swiss. FXCH, despite the fact they are NAMED "Forex Swiss" claim registration in Dominica. This is an odd company that has claimed multiple office addresses over the years including, Switzerland, Austria, South Africa, Iran, and the United States. Today they are claiming they have offices in Dominica and the United Kingdom. Tomorrow who knows, they could claim a mailing address in Tibet. Beware this firm. 3) Prime4X. Their head office is in Switzerland but they have stated they are applying for a license in Cyprus. Firms that are no longer accepting customers These firms are no longer accepting new customers. 1) WestCapFX Firms that refuse to comment These firms refuse to comment on the new licensing requirement thus leaving their customers completely in the dark about their future. I strongly recommend anyone who has an account with any of these firms take their money out immediately due to their lack of transparency. 1) GFX Group (Forex.CH) 2) DukasCopy 3) MIGfx 4) Swiss Direkt 5) Tadawulfx 6) Aleccohfx 7) Advised Trading As always conduct your due diligence and make sure the firm you trade with is regulated and legit.
Fair enough ,,, theirs also chatter that NF stopped excepting new account, they say itâs because their server are over loaded but this new requirements are more ten likely a contributor. The problem with Swiss regulators is their very top secret, so one would never know their accounts are stuck until you try to withdraw... Get your funds out, sit on the side lines, be safe not sorry.
Correct, if you are not incorporated or have business operations in Swiss, these new Swiss regulations will not affect you
Remember a lot of these offshore EU FX firms hold their clients accounts and tap Swiss banks for liquidity and now will need to find new channels.
My source is right from NF, Try opening an account they will tell you we can not except accounts do to server overload. Sounds fishy to me..
The Cyprus Shuffle Over the last few years an increasing number of forex firms have been popping up in Cyprus. It appears the Cypriotic authorities are taking notice and have begun to clamp down on rogue forex dealers. Recently The Cyprus Securities and Exchange Commission put out two separate warnings on forex dealers: http://www.cysec.gov.cy/warnings_en.aspx Note the second warning is in reference to Northfinance. This warning was put out last summer. Since then Northfinance has stopped accepting new customers as per this widely circulated chat in which they claim they are experiencing "server overload." http://www.forexfactory.com/showthread.php?t=80044 Who is FX Pro? They are the same company that West Cap FX is now referring customers to since the new banking regs got passed in Switzerland. So it appears FX Pro is cleaning up nicely as a result of the increased level of scrutiny for forex dealers. FX Pro is regulated in Cyprus by the Cyprus Securities & Exchange Commission. In fact, you can check the regulatory status of any Cyprus based broker by going to the Cyprus SEC's website here: http://www.cysec.gov.cy/licence_members_1_en.aspx You'll see FX Pro (under Euro Orient) and other firms such as Easy Forex and Windsor Brokers. This is verification that the firm is registered. I can't speak for the quality of regulation that Cyrpus provides but clearly any firm that is not registered here with their own license number should be avoided if they are claiming a residence in Cyprus. I see that Northfinance never had such a license number. Is it a coincidence then that they are no longer accepting new customers? I guess we'll never know for sure...
Another Swiss Broker Collapses Regulation canât come soon enough to Switzerland . Yet another Swiss Forex Broker is going through its death throes right now. After posting my Swiss Dealer Dead Pool a reader told me that one of the firms on my list, Aleccoh FX (naturally it was one of the firms that never responded to my email) was in dire straits and spitting up blood on a gurney over in Switzerland. It took me a while but I eventually dug up a thread over at Forex TSD that details the whole sordid story. I will condense everything below but if you want the ugly blow by blow of how this firm has gone rigamortis click here: http://www.forex-tsd.com/commercial...first-200-pips-me-rest-we-will-share-175.html Aleccoh FX is one of the many unheard of firms that use Meta Trader. Sadly, the Meta Trader community has to play Russian roulette whenever a trader picks a forex broker since most Meta Trader Brokers are merely different sized turds in the MT4 toilet bowl. Sooner or later a stable and regulated firm will offer MT4 but until then MT4 traders will have to keep pulling that trigger hoping they donât get their heads blown off. Sadly for the traders at Aleccoh FX the chamber was full when they pulled the trigger. So who are these guys? Well it appears this firm got started back in the spring of 2007. Someone calling themselves âAleccohâ appeared on the popular MT4 bulletin board Forex TSD claiming that if you sent him a couple hundred bucks heâd make you 200 pips free of charge. Things just took off from there as people poured on to the thread and starting sending him money left and right. But then things came to a crash in January of this year. Mr. Aleccoh suddenly disappeared from the board. Nobody at Aleccoh answered customer calls anymore. Rumors abounded about another firm taking over Aleccoh that goes by the creepy name of âSpacevision.â Then Aleccoh appeared again in late Feb to state he had retained legal counsel to fight Spacevision (or the Swiss Govât? Itâs hard to tell this Aleccoh is so shady) and that he was under some kind of gag order and couldnât reveal anymore information. Then it became public that the Swiss Government had taken over Spacevision and that Monica Favre (no relation to Brett) of the SFBC was heading up the investigation of the whole sordid affair. In short, Aleccoh had become another Tradex Swiss AG. What this case shows is that the Swiss retail forex market is in complete chaos right now. All my warnings about doing business with Swiss brokers are coming true. The Government is rumored to be conducting over a dozen investigations of forex dealers in Switzerland . In short, sending money to Switzerland has never been so dangerous. More to come tomorrowâ¦