UGM - United Global Markets GOING DOWN @ Forex Factory

jeffreytp · #1 Jun 21, 2007 6:19pm

This is just a FYI about UGM - United Global Markets. See attachment.

MRA Notification to Clients.doc

turbokaos · #2 Jun 22, 2007 12:43am

This one didn't last long now did it?

nvwine · #3 Jun 22, 2007 12:45am

Thanks for posting the attachment. Just a couple of days ago I was looking at the financial data for FCMs on the CFTC's web site. UGM was very low in the Excess Net Capital amount back on April 30th. I was wondering how low they could go and what happened when a company approached zero.

jeffreytp · #4 Jun 22, 2007 1:21am

Yeah well they are sending me my money tomorrow. Before it's too late....

turbokaos · #5 Jun 22, 2007 2:07am

Quote:

Originally Posted by nvwine

Thanks for posting the attachment. Just a couple of days ago I was looking at the financial data for FCMs on the CFTC's web site. UGM was very low in the Excess Net Capital amount back on April 30th. I was wondering how low they could go and what happened when a company approached zero.

Here is the the link to that
http://www.cftc.gov/files/tm/fcm/tmfcmdata0704.pdf

PipStar · #6 Jun 22, 2007 8:41am

There is another broker which is under NFA investigation for serious breaches and that is 1worldforex. Someone else posted a link on another thread about it. Check this one too and take care out there.

jeffreytp · #7 Jun 22, 2007 9:48am

Quote:

Originally Posted by turbokaos

Here is the the link to that
http://www.cftc.gov/files/tm/fcm/tmfcmdata0704.pdf

Looks like OneWord & Royal are not far behind

jeffreytp · #8 Jun 22, 2007 10:20am

Quote:

Originally Posted by ricky

ITRADEFX is in Negative.. My god. Stay away from ITRADEFX guys.

That is insane!

melpheos · #9 Jun 22, 2007 10:23am

so when FXCM comes in to buy out them ?

ricky · #10 Jun 22, 2007 10:30am

hahaha..
strange seriously these companies.. they dont have good financial back end, so why come in the field. It states clearly in the report, Itradefx is in negative of its requried capital.. Looks strange. dont know what it means and how they went in negative.

PipStar · #11 Jun 22, 2007 10:59pm

Quote:

Originally Posted by ricky

hahaha..
strange seriously these companies.. they dont have good financial back end, so why come in the field. It states clearly in the report, Itradefx is in negative of its requried capital.. Looks strange. dont know what it means and how they went in negative.

They come in this game because they believe the saying that 95 per cent of traders lose. But it looks like traders have become much better at making $$$ these days.
For my part, I have never believed that only 5 per cent of traders win. Proof is that these new forex brokers could not be going broke if so many people were losing. On the contrary, these brokers are getting $$$ taken away from them by some very skillful traders.

BurgerKing · #12 Jun 23, 2007 8:10am

How can they be in the red when they cheat traders?

But Im glad that they are going down.

This way they cant cheat anymore.

technamental · #13 Jun 23, 2007 1:57pm

UGM's home page still looks like business as usual. Perhaps trying to offer fixed spreads to the news traders did them in.

From their front page:

"Starting Sunday May 20, 2007 United Global Markets is changing our pricing structure from fixed spreads to a variable spread. As a part of offering variable spreads, United Global Markets will..." Read more...