Anyone have any idea what this is about? Or, specifically how it will affect a "micro account?" Looks to me like these f*ckers are trying to put us little guys out of business.
QuoteDislikedReminder: Lower Leverage Requirements
Dear Valued Customer,
We wanted to remind you of new leverage requirements set forth by the NFA that will change the leverage amounts available to customers. As of November 30, 2009, all major currency pairs will have a maximum leverage of 100:1 and exotic currency pairs will have a maximum leverage of 25:1. However, the new leverage requirements will go into effect at GFT on November 29 at 5pm ET.
An example of how the new requirement will affect both a major and an exotic currency pair appears below (lot sizes of 100,000):
See a complete list of currency pairs here.
Options for Your Account
If you currently have an account with GFT and reside in the US, US territory, Canada, Australia or Japan, you can:
1.
Trade using the lower leverage and deposit additional funds to cover the difference.
2.
In addition to depositing additional funds, you can also trade in smaller lot sizes by going to GFT's Web site and filling out a Lot Size Authorization Form.
If you feel the increased requirements will negatively affect your margin status, you may want to consider applying one of the above choices to your account before close of business on November 27 to avoid possible liquidation of open positions.
IMPORTANT NOTICE: If you do not have enough equity in your account at the open of business on November 29, your account will be liquidated. Please deposit additional funds (if needed) well before close of business on November 27 to allow enough time for processing. GFT is not responsible for accounts that are liquidated due to insufficient margin.
If you have any questions regarding this requirement, visit our FAQ page or please feel free to contact us using one of the methods below.
We thank you for placing your business with GFT!
Best Regards,
GFT