Excellent thread. What Fx Broker(s) would you suggest makes the cut these days. US Broker non US Broker would appreciate your opinion jjf
Start with the below brokers. Forex Club $22,409,000 PFG $26,005,000 CMS Forex $29,255,000 Interbank FX $39,945,000 FX Solutions $43,785,000 GFT Forex $76,055,000 FXCM $98,456,000 Gain Capital $107,390,000 Oanda $169,501,000
Thanks op. I know Oanda is a Canadian LLC but do you know if it's trading is governed by Canadian law or is the trading arm splintered off to el caribe. FXCM seem to offer a reasonable package. Will they accept trades on or around news flashes. Any thoughts on non US Fx Brokers. jjf
Saw this is DIGG today. FXDD solid at over $44 million while other firms struggle. Good to see that they are above the minimums.
Yet their status is still "pending" as an FCM - since April 2008. Seems like they are still having some problems.
Police Raid ACM Disturbing news out of, where else; Switzerland, that the police have raided the offices of Swiss forex broker ACM for possible fraud. Youâll remember ACM fled the U.S. after they failed to come up with enough capital to stay in business. They are trying to get a banking license in Switzerland but to date only have an application pending with Swiss authorities. That application just got a lot more complicated. Francesc at FX Street has been linking to several articles in the Swiss Press which details the investigation: http://blogs.fxstreet.com/francesc/...d-acm-geneva-office-in-fraud-probe-on-friday/ The main article appeared in Swisster: http://www.swisster.ch/en/news/business/police-raid-geneva-forex-firm-in-fraud-probe_116-1451105 28 police officers?! Sounds like the raid that took place at the end of the movie Boiler Room where a swarm of agents falls upon Vin Diesel and company. ACM has countered that this mysterious Mexican plaintiff is just making it all up: http://blogs.fxstreet.com/francesc/...ing-victim-to-former-client-malicious-intent/ Another newspaper article that Francesc links to then goes on to explain that the Mexican plaintiff was tipped off by an ex-ACM employee about some bad pricing or something from the summer of 2008. ACM insists this rogue employee gave the Mexicans false statements which the plaintiff then used to blackmail ACM? http://blogs.fxstreet.com/francesc/...on-of-fraud-to-be-falsified-according-to-acm/ What a mess. Not sure who to believe here. But I canât imagine that 28 police officers would storm a business, seize computers and files, and interrogate management- all on the hearsay of one disgruntled foreigner. Stay tuned, we may have another Crown Forex on our hands. Iâve said it before, Iâll say it again, do not trade with a Swiss broker UNLESS they have a banking license!
February Net Capital Report The CFTC has just released their latest net capital figures. For the most part it is the same as last monthâs report. http://www.cftc.gov/marketreports/f...rfcms/index.htm The following firms have net capital below $20 million Easy Forex $15,267,000 MB Trading $15,449,000 GFS Forex $16,008,000 Ikkon Royal $16,310,000 I Trade FX $16,811,000 Alpari $19,563,000 Advanced Markets $19,779,000 The following firms have net capital above $20 million Forex Club $21,536,000 PFG $26,053,000 CMS Forex $29,132,000 Interbank FX $37,816,000 FX Solutions $49,298,000 GFT Forex $84,505,000 FXCM $101,546,000 Gain Capital $105,049,000 Oanda $169,205,000 As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new $20 million capital requirement going into effect in the months ahead.
Good News/Bad News for U.S. Traders The NFA has announced that two new rules have been approved by the CFTC and will take effect in the next two months. http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2273 Rule Number One is the bad news as it bans the practice of âhedging.â Rule number two is the good news, as it severely restricts a forex dealer from adjusting prices after an order has been executed. The second rule is a huge boon to the trading public. No longer will brokers be able to just cancel winning trades from customers because of supposed âprice spikesâ while simultaneously allowing losing trades to get booked on those same spikes. Over all, this is a net positive for the trading public. While the hedging rule is heavy handed, customers can always open two accounts and just go long and short in each one. But the price adjustment rule more than makes up for that. Kudos to the NFA.