If I Go Broke Trying Then I Will die happy.
NFA case against Forex.com/Gain Capital 6 replies
NFA Takes Action Against Gain Capital 27 replies
What happens to brokers not meeting the NFA capital requirement? 4 replies
Is losing a requirement to be successful? 72 replies
MIG vs Northfinance Margin Requirement 2 replies
Dislikedwith this new swiss law will this make swiss brokers more safer then u.s. brokers, this may also explain migfx countdown to there new service.Ignored
DislikedMoe has right, cause with a swiss banking license funds are insured like a bank account (30k Chf) in case of bankrupt
instead US brokers even well capitalized and with future 20mln capital requirement don't have funds insured like bank's deposits.
NFA, please insted of raise capitalization requirement, ask US brokers for banking license like The Swiss Federal Banking Commission (SFBC)Ignored
DislikedMoe has right, cause with a swiss banking license funds are insured like a bank account (30k Chf) in case of bankrupt
instead US brokers even well capitalized and with future 20mln capital requirement don't have funds insured like bank's deposits.
NFA, please insted of raise capitalization requirement, ask US brokers for banking license like The Swiss Federal Banking Commission (SFBC)Ignored
DislikedThere is great deal of uncertainty in the Swiss Forex Dealer community right now. There is no way of knowing which firms are here to stay and which firms are collecting coins in preparation for their crossing of the river Styx. I have emailed all the major Swiss firms to try and find out if each firm plans on getting a banking license. The responses (or lack thereof) have been quite illuminating.
As such I'm starting a Swiss Dealer Dead Pool to keep the trading public updated and informed about what is going on in Switzerland.
Firms that announced they are applying for a banking license
These firms have confirmed they plan on getting a banking license.
1) ACM
2) Fibo Group
3) Crown Forex
Firms that are fleeing Swiss Regulation
These firms have stated they are registered offshore and don't need to register.
1) Masterforex. Their business office is listed in Switzerland but they are registered in the Seychelles and have stated they do not need to get a banking license.
2) forex-swiss. FXCH, despite the fact they are NAMED "Forex Swiss" claim registration in Dominica. This is an odd company that has claimed multiple office addresses over the years including, Switzerland, Austria, South Africa, Iran, and the United States. Today they are claiming they have offices in Dominica and the United Kingdom. Tomorrow who knows, they could claim a mailing address in Tibet. Beware this firm.
3) Prime4X. Their head office is in Switzerland but they have stated they are applying for a license in Cyprus.
Firms that are no longer accepting customers
These firms are no longer accepting new customers.
1) WestCapFX
Firms that refuse to comment
These firms refuse to comment on the new licensing requirement thus leaving their customers completely in the dark about their future. I strongly recommend anyone who has an account with any of these firms take their money out immediately due to their lack of transparency.
1) GFX Group (Forex.CH)
2) DukasCopy
3) MIGfx
4) Swiss Direkt
5) Tadawulfx
6) Aleccohfx
7) Advised Trading
As always conduct your due diligence and make sure the firm you trade with is regulated and legit.Ignored
DislikedI was surprised to see both those firms on the "refuse to comment" list. Especially Dukas. I'd expect some kind of public announcement from them in the very near future if they are, in fact, applying for banking licenses.
Very interesting story developing.Ignored
DislikedDukas and MIG have not answered my email. It could be they just have really bad customer service. Or it could be that they do not want to answer my questions. Either way I'm not willing to give either firm the benefit of the doubt as a result. But if I see them state something publically I'll update accordingly.Ignored
QuoteDislikedDukas and MIG have not answered my email.
DislikedBased on the thread they have on forex tsd, I thought this was a ghost broker, a broker simulation game, a pure and simple mouse trap... Does including in this list mean they are real? A real scam, that's what I think they are. Nothing more than this.Ignored
DislikedOh yes you're right they have not replied or your email got lost so it automatically means they refused to comment.
You seem to think that an email is the best way to get official and reliable information, to then be able to post it on 34 different Forex forums. Especially since the customer service rep working at 6$/hr will surely have first hand and accurate details about the decision his broker took regarding the situation.
At the price you're getting paid for your scare tactics campaign I think you could do a bit better in terms of research...Ignored
QuoteDislikedNorthFinance Support Team: Hello, My name is Anthony.
NorthFinance Support Team: May I please have your name and North Finance Account Number?
you: hello, my name is (edited)
NorthFinance Support Team: How may I help you?
you: i just want to ask regarding news that i heard, that NF is changing to EURO ORIENT SECURITIES AND FINANCIAL SERVICES LTD.
you: is it true ? and what are the impact to all customer ?
NorthFinance Support Team: Due to the unexpected growth, our trading platform for both REAL and DEMO accounts reached its maximum capacity and the addition of new clients might jeopardize the performance of the platform itself. Therefore, we have decided not to accept new clients on our NF platform to avoid any possible inconvenience or system delays that might be caused and affect existing users. Currently, we are evaluating various options on how to upgrade our platform in order to be able to accept more clients in the near future.
NorthFinance Support Team: To ensure the bests interests of our existing clients and yours as a potential client, we decided to operate as a Master Introducer referring all new clients to FxPro for execution of their trades in Forex and CFDs. This is a European regulated broker with better terms and conditions. More information on FxPro can be found below or by visiting
NorthFinance Support Team: FxPro
NorthFinance Support Team: Existing clients can still enjoy all the benefits of using North Finance
you: so, it is the same company. but not automatically become fxpro member. right ? need to register again, right ?
NorthFinance Support Team: Due to the overwhelming success of North Finance, we have experience incredible growth, and to avoid reaching maximum capacity North Finance will not be accepting any new registrations directly on the North Finance platform
NorthFinance Support Team: It is not the same company, however North Finance does recommend FXPro for new clients
NorthFinance Support Team: North Finance will operate as a Master Introducer referring all new clients to FxPro
NorthFinance Support Team: You can create an FXPro account directly on their website if you wish Sir
NorthFinance Support Team: and you can also continue trading with your current North Finance account.
NorthFinance Support Team: FxPro does differ to North Finance, and FxPro is a European regulated broker with better terms and conditions.
NorthFinance Support Team: You do not automatically become a member of FxPro. You would need to register on the FxPro website
NorthFinance Support Team: You would also be able to withdraw your funds from your North Finance account to your FxPro account if you so wished.
NorthFinance Support Team: You can also to continue trading with your North Finance account as it is if you wish sir
you: oh ... i see. ok, thank you very much for the explanation. good bye.
NorthFinance Support Team: You're welcome
NorthFinance Support Team: Thank you for the chat, Bye for now!
DislikedFX Savior
It’s clear that you have some really strong feelings and reasons for the NFA and regulation issues. I think a lot of people on here are wondering what is fueling your fire?Ignored