DislikedI totally agree with frank here Spot FX firms are to risky especially after this new law cam to light.
Go with any fully regulated on-exchange futures brokers and you will sleep well at night and never look back.Ignored
FXLQ 29 replies
FOREX, Robert Gray, FXLQ, and Nfa/ctfc... PLEASE REPOST IN EVERY GROUP 0 replies
FXLQ NFA Action 1 reply
CFG shut down by NFA 35 replies
Anyone using FXLQ? 1 reply
DislikedI totally agree with frank here Spot FX firms are to risky especially after this new law cam to light.
Go with any fully regulated on-exchange futures brokers and you will sleep well at night and never look back.Ignored
DislikedI am with MB Trading and I LOVE it. The prices are HIGH but man the joy of not having to worry about the broker cheating me is worth it. They even credited me when they had technology failure. You will love them!!Ignored
DislikedAny US broker that allows you to trade futures is reputable because they are officially regulated by the government (unlike spot fx).
I personally like infinity brokerage for their customer support. Other good ones are tradestation, mb trading, etc.Ignored
DislikedFinally A end to this nightmare is in sight!! Thank you for the updatesIgnored
DislikedIt is common practice to sell retail clients out of the money commodity options which the Futures broker knows have less that a 10% chance of becoming profitable for the client. In fact over 90% of all out of the money options expire worthless yet the registered futures brokers still push these on their clients day in and day out.Ignored
DislikedDon’t be so sure, remember under current laws “Spot FX firms” are not required to pay costumes first, in fact under the current laws “Spot FX firms” are considered off-exchange dealers and are “not covered by the US bankruptcy code” that would otherwise provide protections to the extent as a on-exchange i.e. futures, equities firms and banks, dealer dose .
Read attached screen shoot taken and may be read in it’s in entreaty here http://www.euromoney.com/Article/185...ng-field-.html
In this FXLQ case, I highly doubt customers will be paid first taken into account that some of the creditors are controlled by none other then Mr,Gray himself, and by judging his Prier actions will take full advantage of the laws and pay creditors himself and associates first leaving what’s left for dispersements to costumers, review http://www.robbevans.com/pdf/forexlqreport01.pdf to view the list of FXLQ creditors.
No one likes this but as I’ve and many people explained this is the law as it’s currently stands, and until the laws changed “review http://www.forexfactory.com/showthread.php?t=66052 Spot FX firms such as FXLQ no mater how much they have under cap are of covered under current US bankruptcy code.Ignored
Disliked4. I am sure that retail traders have to split the remaining funds with institutions and creditors... hopefully on an even basis... at worse, it seems possible loss of capital by 10-15% (she didn't commit to any number).Ignored
DislikedThanks for the update. Highly appreciate it.
So,clients don't get prioritized over creditors. From my learning on previously available numbers, the recovery rate could be as low as 50% for us. Can anybody provide some estimation?Ignored
DislikedHas anyone received any new news? Almost march 31st... wonder what's next for FXLQ.Ignored
DislikedHas anyone received any new news? Almost march 31st... wonder what's next for FXLQ.Ignored
DislikedLike I said in the last post Lillian Lee, the spokes person for this case at Robb Evans & Associates was out of town last week. She just sent me this email saying there could be more delays because of some large claims against FXLQ. The saga continues..... Here is her email:
I am sorry about the delayed response. I was out of the office last week.
Currently there are still two very large claims against this estate. We must get them resolved before we can file motion with the Court about the claims procedure/distributions as funds were commingled and the Court has the freeze order on all of the funds. We hope the disputes can be resolved in April and that we can file the motion within 60-90 days. There is a possible that we may have to bring the disputes to the Court in order to resolve them.
Very truly yours,
Lillian Lee
Deputy to the ReceiverIgnored
Disliked
I am sorry about the delayed response. I was out of the office last week.
Currently there are still two very large claims against this estate. We must get them resolved before we can file motion with the Court about the claims procedure/distributions as funds were commingled and the Court has the freeze order on all of the funds. We hope the disputes can be resolved in April and that we can file the motion within 60-90 days. There is a possible that we may have to bring the disputes to the Court in order to resolve them.
Very truly yours,
Lillian Lee
Deputy to the ReceiverIgnored