NFA is not protecting the clients, but is protecting the brokers from traders and from other aggressive competition brokers.
What has it done for you? You complaints filed against brokers were never listened to unless those complaints are about "false advertisements" were other brokers would like to hear as well. Complaints about bad fills, slow execution, stop hunting, wrong price, exorbitant commissions/spreads are never heard. Traders who file claim against brokers are never processed as well. Have you heard about FXQL clients for instance? Broker claim they have the money, and NFA still shuts them down so you cannot withdraw your funds. Go Figure!
We just got this NO HEDGE rule coming by May 15.
And what another rule to limit leverage down to 1:25?
Maybe they will come up with other rules like No Profit allowed?
Bottom Line: NFA is here to screw us.
What has it done for you? You complaints filed against brokers were never listened to unless those complaints are about "false advertisements" were other brokers would like to hear as well. Complaints about bad fills, slow execution, stop hunting, wrong price, exorbitant commissions/spreads are never heard. Traders who file claim against brokers are never processed as well. Have you heard about FXQL clients for instance? Broker claim they have the money, and NFA still shuts them down so you cannot withdraw your funds. Go Figure!
We just got this NO HEDGE rule coming by May 15.
And what another rule to limit leverage down to 1:25?
Maybe they will come up with other rules like No Profit allowed?
Bottom Line: NFA is here to screw us.