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Proposed NFA Capital Requirement

  • #721
  • May 7, 2008 3:30pm May 7, 2008 3:30pm
Quoting fxtrader42
You should check the NFA webpage next time instead of asking a customer service rep who obviously knows nothing. http://www.nfa.futures.org/basicnet/...d=0382918&rn=N
nice find fxtrader. i'll put in an update
  • #722
  • May 7, 2008 3:32pm May 7, 2008 3:32pm
Here are the latest adjusted net capital figuress for U.S. based forex brokers:
www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0308.pdf

Above $20 Million
Oanda $163,000,000
FXCM $87,000,000
GFT Forex $76,000,000
Gain Capital $73,000,000
Interbank FX $28,000,000
I Trade FX $27,000,000

Below $20 Million
PFG $19,000,000
FX Solutions $17,000,000
ODL $14,700,000
CMS $13,900,000
GFS Forex $11,000,000
IFX $10,600,000
Ikon $8,800,000
Alpari $8,800,000
CMC $8,300,000
Friedberg Mercantile $8,000,000
Forex Club $7,900,000
Hotspot $7,700,000
MB Trading $7,700,000
Easy Forex $7,200,000
Money Garden $6,600,000
Bacera $5,500,000
Advanced Markets $5,100,000
  • #723
  • May 8, 2008 12:18pm May 8, 2008 12:18pm
Six weeks ago I reported on the danger of trading with FXDD because they were the only forex firm in the United States that had neglected to get a license from the NFA.
http://www.forexfactory.com/showpost...&postcount=674

Well it appears FXDD took my criticism to heart.

Quote
FXDD Announces Pending NFA Approval

NEW YORK, NY May 7, 2008 – FXDD, a global leader in online foreign exchange trading, today announced its applications for becoming a National Futures Association (NFA) member and for registration as a Futures Commission Merchant (FCM) with the CFTC are pending approval. Clients may follow FXDD progress through the registration process by logging on to the NFA’s website (www.nfa.futures.org) and searching the BASIC system under its NFA ID number 0397435.

“The pending reauthorization legislation for the CFTC will fill the gaps left by previous legislation and narrow the playing field for entities in the Forex space. The value of companies as registered entities and non-registered entities is driven by many factors; registration is certainly one of those factors,” commented James E. Green, FXDD’s chief legal counsel. “FXDD is always interested in increasing its business under the appropriate circumstances by providing professional service and promoting certainty and clarity as to the government and private agencies responsible for regulating Forex dealers.”

All I can say is, it's about time! Count that as another victory for retail forex traders. The Savior's work goes on...
  • #724
  • May 8, 2008 1:01pm May 8, 2008 1:01pm
Quoting forexsavior
Six weeks ago I reported on the danger of trading with FXDD because they were the only forex firm in the United States that had neglected to get a license from the NFA.
http://www.forexfactory.com/showpost...&postcount=674

Well it appears FXDD took my criticism to heart.



All I can say is, it's about time! Count that as another victory for retail forex traders. The Savior's work goes on...

You must be really dumb to think that a company waited all this time until you started placing posts in forums.
  • #725
  • May 8, 2008 1:31pm May 8, 2008 1:31pm
Quoting cka6c
You must be really dumb to think that a company waited all this time until you started placing posts in forums.
I doubt that he actually thinks that he is the sole reason for FXDD being regulated.

In any case, this is a big step for FXDD and will definitely put them in a position to seriously compete with the major MT4 shops in the U.S.

They will release updated financials soon as well, which I believe will be a surprise to those who don't believe that they are a well-capitalized firm.
  • #726
  • May 8, 2008 2:11pm May 8, 2008 2:11pm
Quoting BostonForex
I doubt that he actually thinks that he is the sole reason for FXDD being regulated.

In any case, this is a big step for FXDD and will definitely put them in a position to seriously compete with the major MT4 shops in the U.S.

They will release updated financials soon as well, which I believe will be a surprise to those who don't believe that they are a well-capitalized firm.
Boston,

The only reason you love FXDD is becasue you are an IB for them so lets get that straight and lets not forget that you are also an unregistered IB. I dont really care what FXDD comes out with for financials; I mean it should be a decent number considering they have been in the market for a while now and it would be hard not to be profitable if you know what you are doing.

However, you have probably never traded a live account with FXDD and you really have no clue what their company is like except for what they tell you. Why dont you leave this forum open to those that actually trade and not to those who make a paycheck by getting clients to trade with a broker their in bed with.

I would hope forexsavior doesnt actually think that they started the registration process because of what he said but who knows and who cares.
  • #727
  • May 8, 2008 2:27pm May 8, 2008 2:27pm
Quoting fxtrader42
Boston,

The only reason you love FXDD is becasue you are an IB for them so lets get that straight and lets not forget that you are also an unregistered IB. I dont really care what FXDD comes out with for financials; I mean it should be a decent number considering they have been in the market for a while now and it would be hard not to be profitable if you know what you are doing.

However, you have probably never traded a live account with FXDD and you really have no clue what their company is like except for what they tell you. Why dont you leave this forum open to those that actually trade and not to those who make a paycheck by getting clients to trade with a broker their in bed with.

I would hope forexsavior doesnt actually think that they started the registration process because of what he said but who knows and who cares.
My post really sparked that much anger?

Please try to refrain, once again, from stating fallacies.

Thank you
  • #728
  • May 8, 2008 3:38pm May 8, 2008 3:38pm
Quoting BostonForex
My post really sparked that much anger?

Please try to refrain, once again, from stating fallacies.

Thank you
Again, what did I say in my post that was false? Should I assume that you wont answer this post just like you havent answered any of the others that ask you to explain your firm's registration status as an IB?

BTW the anger comes from the fact that you are posting shit that you know very little about... Aren't you supposed to be the one that is more experienced than your clients? That doesn't seem to be the case and that is where my dislike for you comes from. So please do tell how I am spreading fallacies.
  • #729
  • May 9, 2008 12:31pm May 9, 2008 12:31pm
We are now seeing just the kind of guy Forex Savior is. A non-trader with enough time on his hands to manage constant blogging on 2-3 different forums. I still don't get the vengance against FXDD. Its annoying like someone is paying him to do it. Thoughts?
  • #730
  • May 9, 2008 1:23pm May 9, 2008 1:23pm
Quoting forextrader0
We are now seeing just the kind of guy Forex Savior is. A non-trader with enough time on his hands to manage constant blogging on 2-3 different forums. I still don't get the vengance against FXDD. Its annoying like someone is paying him to do it. Thoughts?
Only 2-3 different forums? 7-8
  • #731
  • May 9, 2008 2:03pm May 9, 2008 2:03pm
Quoting forextrader0
We are now seeing just the kind of guy Forex Savior is. A non-trader with enough time on his hands to manage constant blogging on 2-3 different forums. I still don't get the vengance against FXDD. Its annoying like someone is paying him to do it. Thoughts?

I think the word your looking for is "agenda" not "vengeance". Though most of us have known that about this thread for a while.
The basis of a democratic state is liberty. ~ Aristotle
  • #732
  • May 9, 2008 3:29pm May 9, 2008 3:29pm
I read on someone's blog (sorry, can't remember whose) a few months ago that he works for one of the big brokers. I was never able to independently verify it so I don't see any harm in asking the man directly.

Hey forexsavior, are you being paid by any of these guys?

Oanda
FXCM
GFT Forex
Gain Capital
Interbank FX
I Trade FX

I personally don't give a rat's patootie one way or the other. I'm just askin' in the name of transparency and all that. Something I'm sure you can sympathize with.
  • #733
  • May 10, 2008 1:11pm May 10, 2008 1:11pm
Quoting opie999
Hey forexsavior, are you being paid by any of these guys?

Oanda
FXCM
GFT Forex
Gain Capital
Interbank FX
I Trade FX

I personally don't give a rat's patootie one way or the other. I'm just askin' in the name of transparency and all that. Something I'm sure you can sympathize with.

Unless our marketing department is being extremely secretive AFAIK, I don't think he's being paid by us. Then again, we'd have to be idiots to pay him after he badmouthed us months and months ago.

We used to have bets in the office who he might be being paid by and if he was working for a firm (I think the pool still stands, actually). It's hard to say - lately, he's been much more fairminded than in the long older posts I saw.... although he's definitely ticked off at some firm out there.


CK
i-Trade FX
  • #734
  • May 10, 2008 8:36pm May 10, 2008 8:36pm
Interesting.

Thanks, CK.
  • #735
  • May 11, 2008 8:02am May 11, 2008 8:02am
I don't know if he/she has an agenda but throwing the light of transparency on broker operations can't hurt and I think that is all that is being ask for. Something about staying out of the kitchen if you can't stand heat. p
  • #736
  • May 11, 2008 8:10am May 11, 2008 8:10am
The research done by ForexSavior is much appreciated and what he is saying is factual; I cant see what he stands to gain from this research. Really, we should all read it and form our own opinion.
  • #737
  • May 12, 2008 1:32am May 12, 2008 1:32am
I am agreed with you.We need more people liked ForexSavior.
what he was mention before about the broker of Alecohfx is truth ,stoped accept new client ,shutdown ,now is announce brunkruptcy.I am one of the victim. We need more people to reveal more information of the unregulation forex broker in this industry.
__________________
  • #738
  • May 12, 2008 1:48am May 12, 2008 1:48am
I'm not questioning the accuracy or factuality of his research. For the most part, I actually do appreciate the stuff he posts here. And, as I mentioned previously, I don't give a rat's ass who FS works for. But if he works for one of the larger capitalized firms, it calls into question his motives for pushing the government agenda of tighter and, IMO, unnecessary control of free markets.

The false notion that the more money a firm has in reserve automatically makes it more honest, efficient, and/or reliable has already been discussed in this and other threads. I see no point in beating that poor dead horse any further.

As far as transparency is concerned, what's good for the goose is good for the gander.
  • #739
  • May 12, 2008 7:51am May 12, 2008 7:51am
hmmm only posting from 9-5 during the week... hmmm
  • #740
  • May 12, 2008 8:07am May 12, 2008 8:07am
Quoting opie999
As far as transparency is concerned, what's good for the goose is good for the gander.
And that's pretty much it. He's not pushing for transparency here. All of the information he posts is free and transparent already, he is simply reposting it with an air of "you shouldn't work with these guys, you should work with these guys instead". That is an agenda. He lifts up the same government regulation that the big brokers are trying to push through, and touts it as some saving grace anytime another firm is shut down or pushed out of the market by the big boys.

NFA registration has never stopped a firm from being corrupt, but it has cost alot of personal traders ALOT of money.

Excess capital has never stopped a firm from being corrupt, but the more they have the more weight they seem to have in controlling their competition.

It's all just a comfort blanket that the larger brokerages are using to shut out their competition.
The basis of a democratic state is liberty. ~ Aristotle
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