• Home
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • 7:12pm
Menu
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • 7:12pm
Sister Sites
  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Drew Niv out at CEO of FXCM, company to change its name 49 replies

FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies

FXCM CEO Drew Niv speaks on the company’s results, Leucadia loan 0 replies

FXCM CEO Drew Niv Discusses Firm's Future after the CHF Crisis 9 replies

FXCM's CFTC Financial Data 18 replies

  • Broker Discussion
  • /
  • Reply to Thread
  • Subscribe
  • 7
Attachments: FXCM and CEO Drew Niv banned from US market by CFTC
Exit Attachments
Tags: FXCM and CEO Drew Niv banned from US market by CFTC
Cancel

FXCM and CEO Drew Niv banned from US market by CFTC

  • Last Post
  •  
  • Page 1 23456 8
  • Page 1 234 8
  •  
  • Post #1
  • Quote
  • First Post: Feb 6, 2017 5:35pm Feb 6, 2017 5:35pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
FXCM and CEO Drew Niv kicked out US market, fined $7 million for defrauding customers


Breaking Forex News In a fairly harsh and historic move, the US Commodity Futures Trading Commission (CFTC) has banned FXCM from its home US market, as well as a permanent registration ban for CEO Drew Niv.

We expect the company to put out a formal statement within about an hour, formally announcing FXCMs full withdrawal from the US market, and possibly other changes.

Oh - and the company and Mr. Niv and co-founder William Ahdout were fined $7 million.

What led to such drastic action by the US regulator?

Get all the details, now at LeapRate.
  • Post #2
  • Quote
  • Feb 6, 2017 5:46pm Feb 6, 2017 5:46pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
they are ban in the U.S., that's hard for me to believe
 
1
  • Post #3
  • Quote
  • Feb 6, 2017 5:48pm Feb 6, 2017 5:48pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Oh boy!
 
 
  • Post #4
  • Quote
  • Feb 6, 2017 5:50pm Feb 6, 2017 5:50pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
http://www.marketwatch.com/story/fxc...nts-2017-02-06
 
 
  • Post #5
  • Quote
  • Feb 6, 2017 5:52pm Feb 6, 2017 5:52pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
But FXCM UK, Australia, etc... are still going to continue their operations I believe.
 
 
  • Post #6
  • Quote
  • Feb 6, 2017 5:55pm Feb 6, 2017 5:55pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
Quoting Mr Breakout
Disliked
But FXCM UK, Australia, etc... are still going to continue their operations I believe.
Ignored
most likely, but this should be a warning to there clients in such countries
 
 
  • Post #7
  • Quote
  • Feb 6, 2017 5:57pm Feb 6, 2017 5:57pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
the sad part we have no ECN brokers in the U.S., both oanda and forex.com is market makers and tries to rip you off every chance they get
 
 
  • Post #8
  • Quote
  • Feb 6, 2017 6:11pm Feb 6, 2017 6:11pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
So far no comments on the FXCM website (www.fxcm.com).
 
 
  • Post #9
  • Quote
  • Feb 6, 2017 6:23pm Feb 6, 2017 6:23pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
Quoting Mr Breakout
Disliked
So far no comments on the FXCM website (www.fxcm.com).
Ignored
and they still taking customers
 
 
  • Post #10
  • Quote
  • Feb 6, 2017 6:25pm Feb 6, 2017 6:25pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
i look for a all out ban on SPOT FOREX worldwide
 
 
  • Post #11
  • Quote
  • Feb 6, 2017 6:26pm Feb 6, 2017 6:26pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Quoting PoundTrader
Disliked
{quote}and they still taking customers
Ignored
European, Asian and Middle East customers perhaps.
 
 
  • Post #12
  • Quote
  • Feb 6, 2017 6:32pm Feb 6, 2017 6:32pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Quoting PoundTrader
Disliked
i look for a all out ban on SPOT FOREX worldwide
Ignored
A total ban?

Well in that case we will all have to return to the (less liquid) currency Futures markets (US or Europe).
 
 
  • Post #13
  • Quote
  • Feb 6, 2017 6:36pm Feb 6, 2017 6:36pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
Quoting Mr Breakout
Disliked
{quote} Well in that case we will all have to return to the (less liquid) currency Futures markets (US or Europe).
Ignored
there has been a major assault on spot forex the last 5yrs and things has gotten worst, countries will continue to lower leverage until they ban forex altoghter
 
 
  • Post #14
  • Quote
  • Feb 6, 2017 6:52pm Feb 6, 2017 6:52pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Quoting PoundTrader
Disliked
{quote} there has been a major assault on spot forex the last 5yrs and things has gotten worst, countries will continue to lower leverage until they ban forex altoghter
Ignored
Nah, won't happen, these huge Wall Street corporations and big companies overseas still need to hedge their billion dollars operations in the Forex market.
And we are not even talking about banks and investors moving trillions of dollars, euros, yen and whatever every day across the planet.
No country can stop that.
 
 
  • Post #15
  • Quote
  • Feb 6, 2017 6:55pm Feb 6, 2017 6:55pm
  •  Ian_Lavoie
  • | Joined Aug 2012 | Status: Member | 50 Posts
This article has more detail that cataloged the list of violations that led to this ban:

http://www.forexscamalerts.com/fxcm-permanently-banned-usa-fined-7-million

I guess it is good that the US regulators are serious enough to go after these kinds of companies, but bad that it leaves very few US brokers to choose from.
 
 
  • Post #16
  • Quote
  • Edited 7:12pm Feb 6, 2017 7:00pm | Edited 7:12pm
  •  nonlinear
  • Joined Sep 2007 | Status: simmer down now | 1,251 Posts
WOW. NDD routing orders to a secretly owned entity, e.g., self dealing.
1
 
  • Post #17
  • Quote
  • Feb 6, 2017 7:20pm Feb 6, 2017 7:20pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Quoting nonlinear
Disliked
WOW. NDD routing orders to a secretly owned entity, e.g., self dealing.
Ignored
No Dealing Desk does not mean anything really, just that there is no physical desk (with real people, tables and chairs).

On the other hand, ANY broker could take the other side of your trades by routing them through an electronic desk (software) and still call it a no dealing desk, legally and technically speaking.

However, just because it is possible to do so does not mean that your broker is necessarily cheating on you, real honest NDD do exist.
 
1
  • Post #18
  • Quote
  • Feb 6, 2017 7:27pm Feb 6, 2017 7:27pm
  •  nonlinear
  • Joined Sep 2007 | Status: simmer down now | 1,251 Posts
Quoting Mr Breakout
Disliked
{quote} No Dealing Desk does not mean anything really, just that there is no physical desk (with real people, tables and chairs). However, ANY broker could take the other side of your trades by routing them through an electronic desk (software) and still call it a no dealing desk, legally and technically speaking.
Ignored
That is not what fxcm represented to its clients.
 
 
  • Post #19
  • Quote
  • Feb 6, 2017 7:33pm Feb 6, 2017 7:33pm
  •  Mr Breakout
  • Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Quoting nonlinear
Disliked
{quote} That is not what fxcm represented to its clients.
Ignored
Well, it's not over yet, FXCM could still appeal.

Personally I never had a single problem with them.

Anyway.
 
 
  • Post #20
  • Quote
  • Feb 6, 2017 7:34pm Feb 6, 2017 7:34pm
  •  MereProdigy
  • | Joined Oct 2016 | Status: Junior Member | 3 Posts
I'm just mad because I use FXCM charts on Tradingview, the other options suck. Hopefully they stick around there haha
 
 
  • Broker Discussion
  • /
  • FXCM and CEO Drew Niv banned from US market by CFTC
  • Reply to Thread
    • Page 1 23456 8
    • Page 1 234 8
0 traders viewing now
  • More
Top of Page
  • Facebook
  • Twitter
About FF
  • Mission
  • Products
  • User Guide
  • Media Kit
  • Blog
  • Contact
FF Products
  • Forums
  • Trades
  • Calendar
  • News
  • Market
  • Brokers
  • Trade Explorer
FF Website
  • Homepage
  • Search
  • Members
  • Report a Bug
Follow FF
  • Facebook
  • Twitter

FF Sister Sites:

  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Forex Factory® is a brand of Fair Economy, Inc.

Terms of Service / ©2023