No More MT in U.S ?? | Forex Factory

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No More MT in U.S ??

  • #1
  • First Post: Jul 10, 2009 8:05am Jul 10, 2009 8:05am
Below is part of an e-mail received from my broker.

I interpret this to mean if I choose to continue to use MT, will have to transfer out of U.S. account.

This is the first have heard of this and was wondering if this is specific only to this broker, or all U.S. based accounts.

Anyone know anything about this?


Dear Client,

Beginning August 1, 2009, a new NFA compliance will go into effect for US regulated firms. NFA Rule 2-43(b) requires that customer orders be executed on a first-in, first-out (FIFO) basis.

At this time, the MetaTrader platform does not support the FIFO rule.

You may continue to use the MetaTrader platform, by transferring your account to our UK entity, xxxxx.com UK Ltd, which is authorized and regulated by the Financial Services Authority (FSA).
  • #2
  • Jul 10, 2009 10:39am Jul 10, 2009 10:39am
Don't think it's all of the brokers. IBFX says that they will make adaptations and continue with the platform and trading styles should not be impacted, but they haven't posted any details of how they plan to accomplish all of this.
"As you may know, the National Futures Association (NFA), has implemented new First-in, First-out (FIFO) requirements that will be in effect as of July 31, 2009. We at Interbank FX have been working hard on a solution and are confident that our traders will be able to use our MetaTrader 4 platform with little or no interruption. They will also continue to be able to use their MT4 expert advisors."
  • #3
  • Jul 10, 2009 11:28am Jul 10, 2009 11:28am
Quoting redhouse
Below is part of an e-mail received from my broker.

I interpret this to mean if I choose to continue to use MT, will have to transfer out of U.S. account.

This is the first have heard of this and was wondering if this is specific only to this broker, or all U.S. based accounts.

Anyone know anything about this?


Dear Client,

Beginning August 1, 2009, a new NFA compliance will go into effect for US regulated firms. NFA Rule 2-43(b) requires that customer orders be executed on a first-in, first-out (FIFO) basis.

At this time, the MetaTrader...
hi redhouse,

I can share some insight on MT4 that I received today at least from my perspective at FXCM. In my posts last week I had indicated that we hadn't received any indication from Metaquotes that a solution had been finalized yet. Today we received details on how the solution will work.

According to their statement, trader's positions in a symbol must be closed only in the same order as they were opened. When a stop loss is placed on one symbol, it will be added to all positions of that symbol. If you try to close the position in non-FIFO order you will get "Prohibited By FIFO Rule" error or "ERR_TRADE_PROHIBITED_BY_FIFO (150)" error on an EA. The communication also describes FIFO as working according to symbol (currency pair), and didn't mention anything about having the option to close same-size positions.

In the end, it looks as though MT4 will be compliant with FIFO rules, but EA's will be affected. Will share any new information as I'm able to.

Jason
  • #4
  • Jul 10, 2009 11:46am Jul 10, 2009 11:46am
Quoting redhouse

Anyone know anything about this?
Yes... Here is the link... post 114
http://www.forexfactory.com/showthre...=174626&page=8

At the end of the first post of this link is a hyperlinked list of MT4 brokers outside of the USA.
http://www.forexfactory.com/showthread.php?t=174626
  • #5
  • Jul 10, 2009 12:05pm Jul 10, 2009 12:05pm
Quoting Jason Rogers
hi redhouse,

I can share some insight on MT4 that I received today at least from my perspective at FXCM. In my posts last week I had indicated that we hadn't received any indication from Metaquotes that a solution had been finalized yet. Today we received details on how the solution will work.

According to their statement, trader's positions in a symbol must be closed only in the same order as they were opened. When a stop loss is placed on one...
EA was the only reason i liked MT4
  • #6
  • Jul 21, 2009 12:42pm Jul 21, 2009 12:42pm
Here is our (Interbank FX's) latest announcement on this issue.

Interbank FX Announces Compliance with the New NFA FIFO Rule, Retaining All Platform Order Functionality Including Expert Advisors

-Interbank FX’s proprietary backoffice solution offsets positions adhering to FIFO rule-


SALT LAKE CITY— July 20, 2009—Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.

Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.

“Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant,” said Todd Crosland, Chairman and President of Interbank FX. “At Interbank FX, we have embraced the NFA’s efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies.”

The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures. The FIFO rule takes effect beginning July 31/August 1, 2009.

Interbank FX is currently working on a step-by-step video which will be available shortly on our web site, www.ibfx.com.

About Interbank FX

Headquartered in Salt Lake City, UT, Interbank FX, LLC (IBFX) is a provider of online Forex trading services, offering individual traders, money managers and institutional customers proprietary technology, tools and education to trade spot foreign currency online.

Unlike other off-exchange retail foreign currency brokers, IBFX has distinguished itself among industry leaders with its unique multi bank liquidity feed, proprietary tools and services, and remarkable focus on customer care. This has led to longer term relationships and to numerous awards and industry accolades, including Best Online FX Provider, Best Foreign Exchange Broker, Best Chairman, Ernst and Young Entrepreneur of the Year, and Inc 500.

IBFX serves more than 35,000 clients from more than 140 countries around the world and has supported a trading volume in excess of US$80 billion in a single month. The company is regulated as a member of the National Futures Association and is also registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. Trading in the off-exchange retail foreign currency market is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. With all major news releases, there is the possibility of significant price volatility. IBFX is not liable for any loss or damage, including without limitation any loss of profit, which may arise from the use of Dow Jones FX Select or reliance on such information.
  • #7
  • Jul 21, 2009 1:32pm Jul 21, 2009 1:32pm
Quoting Marilyn
Here is our (Interbank FX's) latest announcement on this issue.


Interbank FX Announces Compliance with the New NFA FIFO Rule, Retaining All Platform Order Functionality Including Expert Advisors





-Interbank FX’s proprietary backoffice solution offsets positions adhering to FIFO rule-



SALT LAKE CITY— July 20, 2009—[font=&quot]Interbank...
i still can't put a buy and sell order in the same time, what kind of junk is that?
  • #8
  • Jul 21, 2009 1:40pm Jul 21, 2009 1:40pm
Quoting traderfx
i still can't put a buy and sell order in the same time, what kind of junk is that?
oh b.t.w. im talking about pending orders, i dont hedge.
  • #9
  • Jul 21, 2009 1:43pm Jul 21, 2009 1:43pm
good job, I just registered a live mini acc there at ibfx.... will test it trading 100$ position.

cc deposit charges 20$? >_<

Quoting Marilyn
Here is our (Interbank FX's) latest announcement on this issue.



Interbank FX Announces Compliance with the New NFA FIFO Rule,



  • #10
  • Edited 10:44am Jul 24, 2009 6:37am | Edited 10:44am
my live mini acc is approved, but cc deposit charges 20$ fee...

I saw a new ad on top ff banner say ibfx offer new free 50$ trading mini mt4 acc to trade 100$ position.

not sure if still have time to catch that program... try.

[edit] support says yes, new acc can join the 50$ free tradable grant program.

Quoting billye
good job, I just registered a live mini acc there at ibfx.... will test it trading 100$ position.

cc deposit charges 20$? >_<
  • #11
  • Jul 24, 2009 8:56am Jul 24, 2009 8:56am
The problem with MT is that a true solution to this problem has not been solved. Instead, MT is offering a hack-patch in attempts to calming the natives.

Metaqoutes will need to overhaul the entire MT platform ... That includes not only the client versions but the server and mobile version. I'm sure MT5 was based on the MT4 platform. So it back to the drawing board for MT. In addition to this new rule set, I m sure they are loosing clients in the proces. The real question is, is this the end of MetaQuotes?
  • #12
  • Jul 24, 2009 10:41am Jul 24, 2009 10:41am
Quoting Jhig
The problem with MT is that a true solution to this problem has not been solved. Instead, MT is offering a hack-patch in attempts to calming the natives.

Metaqoutes will need to overhaul the entire MT platform ... That includes not only the client versions but the server and mobile version. I'm sure MT5 was based on the MT4 platform. So it back to the drawing board for MT. In addition to this new rule set, I m sure they are loosing clients in the proces. The real question is, is this the end of MetaQuotes?
I see, so you mean server side orders aligns with FIFO
-> open order 1, open order 2, close a position then order 1 closed

but mt4 client plays around by looking the same as before? (financiailly they are the same..)

... I haven't tried, will see if it is done like that.

mt4 are great as a chart analysis tool still.
  • #13
  • Jul 25, 2009 4:41pm Jul 25, 2009 4:41pm
Quoting Jhig
The problem with MT is that a true solution to this problem has not been solved. Instead, MT is offering a hack-patch in attempts to calming the natives.

Metaqoutes will need to overhaul the entire MT platform ... That includes not only the client versions but the server and mobile version. I'm sure MT5 was based on the MT4 platform. So it back to the drawing board for MT. In addition to this new rule set, I m sure they are loosing clients in the proces. The real question is, is this the end of MetaQuotes?
Who cares? MT4 is just a distraction for the uninformed wannabe trader. The only reason this platform has survived this long is Brokers offer it free and Autotrading. This entire platform was designed to distract you from profitable trading(like all platforms to some extent). No one really needs this crap to profit daily from Forex any way. MetaQuotes knows this-try asking a "loaded" question over there and ROSH will ban you faster than light!LOL.
FF = Forex Faggots
  • #14
  • Jul 25, 2009 10:55pm Jul 25, 2009 10:55pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
u have no clue what u talking about....

thanks the heaven USA isn't the center of the (forex) world and a lot of best regulated brokers in Europe or Australia will still offer mt4, an excellent tool to trade for a living.

Long live mt4!
  • #15
  • Jul 26, 2009 12:02am Jul 26, 2009 12:02am
Quoting onu
u have no clue what u talking about....

thanks the heaven USA isn't the center of the (forex) world and a lot of best regulated brokers in Europe or Australia will still offer mt4, an excellent tool to trade for a living.

Long live mt4!
I am clueless. Thats what I will have painted on my new BMW when it arrives.Bought from profits made in Forex that were taken from traders accounts -like yours I'm sure-LOL!
FF = Forex Faggots
  • #16
  • Jul 26, 2009 7:22am Jul 26, 2009 7:22am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting 8fingers
I am clueless. Thats what I will have painted on my new BMW when it arrives.Bought from profits made in Forex that were taken from traders accounts -like yours I'm sure-LOL!

I still dont know "what to do"-I am getting better at "what not to do"

A demo BMW from demo profits?????
  • #17
  • Jul 26, 2009 8:27am Jul 26, 2009 8:27am
Quoting onu
I still dont know "what to do"-I am getting better at "what not to do"

A demo BMW from demo profits?????
his mt4 broker is bmw sponsor in F1...

but it's weekend, let's relax...
  • #18
  • Jul 26, 2009 9:43am Jul 26, 2009 9:43am
Quoting onu
I still dont know "what to do"-I am getting better at "what not to do"

A demo BMW from demo profits?????
LOL-that is a good one onu! Yes a demo Beemer! Complete with hot demo girlfriend! I miss those 2 fingers sometimes.-rofl!
FF = Forex Faggots
  • #19
  • Jul 26, 2009 7:52pm Jul 26, 2009 7:52pm
Quoting traderfx
i still can't put a buy and sell order in the same time, what kind of junk is that?
If you wish to hedge they (IBFX) advise you to open up a second account. However, it won't protect you from any margin calls. This is the only drawback. But, if you have enough money in both accounts, it shouldn't make any difference. Or, if your funds start to get low in one account, you can always transfer it from the other, except you may be required to close all trades in order to do so. Oh well, it's better than nothing.
  • #20
  • Jul 26, 2009 8:07pm Jul 26, 2009 8:07pm
Quoting ecTrade
If you wish to hedge they (IBFX) advise you to open up a second account. However, it won't protect you from any margin calls. This is the only drawback. But, if you have enough money in both accounts, it shouldn't make any difference. Or, if your funds start to get low in one account, you can always transfer it from the other, except you may be required to close all trades in order to do so. Oh well, it's better than nothing.
I don't hedge, im talking about pending orders, if i want to put a buy stop order and a sell stop order at the same time you can't with ibfx since the rule came into efftect.
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