what is the difference? and how come some brokers like mgforex are not required to have 20 million? And how could FXDD offer FX services without being registered???
what is the difference? and how come some brokers like mgforex are not required to have 20 million? And how could FXDD offer FX services without being registered???
Ignored
As far as I know, RCG bought mgforex last year and FXDD do not servicing any US customers.
what is the difference? and how come some brokers like mgforex are not required to have 20 million? And how could FXDD offer FX services without being registered???
Ignored
Let's clarify couple of points.
FDM stands for Forex Dealer Member
FCM stands for Futures Commission Merchant
All registered futures and forex Brokers are named FCM's even if they do only forex.
Mgforex was recently purchased by Rosenthal collins, so they act under their umbrella registration as a kind of division.
FXDD offers Fx services simply because in the US registration for Forex brokers is still not mandatory. In few words if you registered you should abide all the crap rules if you're not you can pretty much do the way you prefer while registration is not mandatory....
FXDD offers Fx services simply because in the US registration for Forex brokers is still not mandatory. In few words if you registered you should abide all the crap rules if you're not you can pretty much do the way you prefer while registration is not mandatory....
Pretty funny doesn't it?
Ignored
That doesn't sound right to me. I thought that any US entity which provides FOREX must be registered with CFTC and NFA. May be FXDD act as a foreign entity (for example: off shore) and they just have an office in US but they do not attract US customers. We better ask them..
I thought that any US entity which provides FOREX must be registered with CFTC and NFA.
Ignored
Wrong. This is true only for futures brokers, but until it becomes mandatory you can run your own shop with no registration. FXDD is one of the well know non registered brokers, but there are several others.
May be FXDD act as a foreign entity (for example: off shore) and they just have an office in US but they do not attract US customers.
Ignored
FXDD operates from their NY offices and accept US customers without any issue. Also for the sake of clarity looks like their undergoing registration with NFA/CFTC.
