Broker not listed on NFA? | Forex Factory

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Broker not listed on NFA?

  • #1
  • First Post: Feb 1, 2007 9:11pm Feb 1, 2007 9:11pm
Hello to FF community,
i have a newbie question in regards to the importance of NFA.
I guess i am confused a little bit on how i should approach a broker who is not registered with NFA or registered with a different name with NFA? Do all brokers have to be registered with NFA to be considered trust worthy?

Thanks for your time and help
Regards
d3
  • #2
  • Feb 1, 2007 10:18pm Feb 1, 2007 10:18pm
Quoting d3m0nz3y3
Hello to FF community,
i have a newbie question in regards to the importance of NFA.
I guess i am confused a little bit on how i should approach a broker who is not registered with NFA or registered with a different name with NFA? Do all brokers have to be registered with NFA to be considered trust worthy?

Thanks for your time and help
Regards
d3
anyone you are sending any money to should be registered with the NFA. i am referring to clearingfirms. if they are not, and you live in the US, you have very little ability to track them and/or pursue losses created by them and not you. a good percentage of money managers aren't registered with the NFA. the clearingfirm is responsible for their actions though. there are a lot of grey areas with forex. im not gonna get into them all, but for now, you should just not send money to any clearingfirm that isn't registered, and also doesn't have "just the minimum" NetCap available to them in their account. try the bigger ones is what im saying
  • #3
  • Feb 2, 2007 12:26pm Feb 2, 2007 12:26pm
what is the broker is registered with a different name on the NFA website? does that mean anything?
  • #4
  • Feb 2, 2007 12:33pm Feb 2, 2007 12:33pm
  •  Trader#0000
  • | Status: Unregistered Trader
You mean FXDD
  • #5
  • Feb 2, 2007 1:07pm Feb 2, 2007 1:07pm
Even if they are registered with the NFA doesn't necessarily mean any thing.

Refco do I need say more.
  • #6
  • Feb 2, 2007 1:08pm Feb 2, 2007 1:08pm
Yes this is in regards to FXDD

Quoting ForexDude2
You mean FXDD
  • #7
  • Feb 2, 2007 9:03pm Feb 2, 2007 9:03pm
Quoting turbokaos
Even if they are registered with the NFA doesn't necessarily mean any thing.

Refco do I need say more.
true if they're gonna be a little shady they will usually(for now at least) get away with it
  • #8
  • Feb 3, 2007 2:19pm Feb 3, 2007 2:19pm
So i guess until forex gets regulated, that is if that happens, even brokers registered with NFA can do shady stuff? Therefore it doesnt really matter if a broker is registered with NFA or not....??

d3
  • #9
  • Last Post: Feb 4, 2007 10:01am Feb 4, 2007 10:01am
Quoting d3m0nz3y3
So i guess until forex gets regulated, that is if that happens, even brokers registered with NFA can do shady stuff? Therefore it doesnt really matter if a broker is registered with NFA or not....??

d3
unfortunately yes, ive been doing this for awhile and before this, commodities through the nfa, and even then, there was clearingfirms doing shady things. however, there are currently a lot of propoganda about the NFA and CFTC being pretty corrupt organizations also. im not gonna post any of those links here. bottom line the whole industry is riddle with scammers and abuse of power from all angles. BUT IF YOU CAN NAVIGATE THROUGH THAT THERE IS A BUNCH OF MONEY TO BE MADE!!!!!!!!
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