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  • #1,281
  • Oct 11, 2010 10:30pm Oct 11, 2010 10:30pm
Quoting GoMarkets
Hi,

Just thought we would expand on why we believe the CFTC rules affect ASIC OTC forex providers as a few clients have asked us and would like us to expand on the memorandum of understanding.

the CFTC and ASIC entered into a Memorandum of Understanding concerning consultation and co-operation in the administration of Futures laws ( Bilateral MOU )
At first one might argue that it doesnt affect Spot Forex at this stage but it goes on.
CFTC and ASIC are also party to the IOSCO Multilateral Memorandum of Understanding concerning the consultation...
Dear Sir, thanks for your update. Can you please clarify if this MOU only impacts US citizens or does it also impact Green card and work permit visa holders residing in the US and are tax payers in the US?

Thanks for clarifying this.
  • #1,282
  • Oct 11, 2010 11:02pm Oct 11, 2010 11:02pm
Quoting GoMarkets
Hi,

Just thought we would expand on why we believe the CFTC rules affect ASIC OTC forex providers as a few clients have asked us and would like us to expand on the memorandum of understanding.

the CFTC and ASIC entered into a Memorandum of Understanding concerning consultation and co-operation in the administration of Futures laws ( Bilateral MOU )
At first one might argue that it doesnt affect Spot Forex at this stage but it goes on.
CFTC and ASIC are also party to the IOSCO Multilateral Memorandum of Understanding concerning the consultation...

Thanks GoM, for your answer.
This thread is part of what makes Go Markets one of the best forex brokers. I’m sure the US traders will miss your honesty.
It sounds like the US traders need to unite and put forward to the CFTC a strong objection opposing their ridiculous regulations.
  • #1,283
  • Oct 12, 2010 12:45am Oct 12, 2010 12:45am
Quoting forextrader9
Dear Sir, thanks for your update. Can you please clarify if this MOU only impacts US citizens or does it also impact Green card and work permit visa holders residing in the US and are tax payers in the US?

Thanks for clarifying this.
To our understanding this applies to residents of the United States. If you are living in the US and pay taxes their etc, then I believe it applies to you, but that may be something that you want to to speak directly to the CFTC about. Sorry I can't be any more definitive, but I have basically no knowledge of the visa/green card system in the US!
  • #1,284
  • Oct 12, 2010 1:37am Oct 12, 2010 1:37am
Is there PAMM account or other tools to manage multiple accounts with a unique MT4 EA

thks
  • #1,285
  • Edited 9:52am Oct 12, 2010 9:41am | Edited 9:52am
Quoting Peter-FX
It sounds like the US traders need to unite and put forward to the CFTC a strong objection opposing their ridiculous regulations.
I agree on one hand, but on the other hand, it's probably easier to qualify as an ECP, provide the documentation, and just move forward and be done with it. Or look at dual passport/citizenship. GoM wasnt the first broker to shun US clients. I'm surprised GoM went so far to at least try to accommodate some US clients. Those smart enough to take advantage can at least not worry about any new regulations. ECPs get all sorts of breaks.

Quoting Philippe
Is there PAMM account or other tools to manage multiple accounts with a unique MT4 EA

thks
good question. If they dont, then you'll just have to use a separate mt4 account copier to custom copy trades.
Measure trends automatically with zero lag
  • #1,286
  • Oct 12, 2010 10:00am Oct 12, 2010 10:00am
Quoting ybfjax
I agree on one hand, but on the other hand, it's probably easier to qualify as an ECP, provide the documentation, and just move forward and be done with it. Or look at dual passport/citizenship. GoM wasnt the first broker to shun US clients. I'm surprised GoM went so far to at least try to accommodate some US clients. Those smart enough to take advantage can at least not worry about any new regulations. ECPs get all sorts of breaks.



good question. If they dont, then you'll just have to use a separate mt4 account copier to custom copy trades....
Dual passport is not an option as highlighted by GOM's above post. This law is applicable to all those residing in the US, citizens or not.

What is ECP, can you pls help clarify where we can find more information on this?
  • #1,287
  • Oct 12, 2010 5:52pm Oct 12, 2010 5:52pm
Quoting forextrader9
What is ECP, can you pls help clarify where we can find more information on this?
Rather than post here the full definition of an ECP if you click here and look at point 12 then you will see the full definition.

***SPOILER ALERT: it is confusing!***

I think the one that is most likely to apply and would work with GO is that if you are an individual with assets exceeding $10,000,000. Unfortunately I know that for many traders, that is not applicable.
  • #1,288
  • Edited 9:19am Oct 13, 2010 4:37am | Edited 9:19am
I think this link posted in FF is good for MT traders to understand better about some of the "behind scene" (which are normally hidden from us) of MT platforms.

Maybe GoM could educate her clients about this similar subject?

http://forexmagnates.com/an-overview...0%99s-ecn-mt4/

Cheers
  • #1,289
  • Oct 13, 2010 8:42am Oct 13, 2010 8:42am
Hey mates, go to Got Money website in Brisbane Australia, gotmoneyfx.com.au/ and get yourself an account with some aussie's who aren't scared about that big arm of Uncle Sam. Get 400/1 leverage,hedging,give the big finger to the nasty old uncle with the scraggley beard. Ha. I just opened an account and I just have to go to the bank and send them a wire. And I get a 10% bonus to boot.

I am as happy as a clam. Go defy your uncle the old coot. This November all the bums are getting voted out and then let the fun begin again.
  • #1,290
  • Oct 13, 2010 10:43am Oct 13, 2010 10:43am
Quoting daytrader15
Hey mates, go to Got Money website in Brisbane Australia, gotmoneyfx.com.au/ and get yourself an account with some aussie's who aren't scared about that big arm of Uncle Sam. Get 400/1 leverage,hedging,give the big finger to the nasty old uncle with the scraggley beard. Ha. I just opened an account and I just have to go to the bank and send them a wire. And I get a 10% bonus to boot.

I am as happy as a clam. Go defy your uncle the old coot. This November all the bums are getting voted out and then let the fun begin again.
Are they regulated? If yes, they are impacted by the new law as all/most regulatory boards have a MOU with CFTC.

So far, only banks are exempt, like MIG Bank, Saxo bank, dbfx, Dukascopy, etc.
  • #1,291
  • Oct 13, 2010 11:00am Oct 13, 2010 11:00am
Quoting forextrader9
Are they regulated? If yes, they are impacted by the new law as all/most regulatory boards have a MOU with CFTC.

So far, only banks are exempt, like MIG Bank, Saxo bank, dbfx, Dukascopy, etc.
Just like GOM, they are also regulated by ASIC, so this is out of question for US clients.

From their website:

"Located and licensed in Australia, client funds are regulated by ASIC and held in accordance with the Corporations Act 2001 in Australian banks."
  • #1,292
  • Oct 13, 2010 1:44pm Oct 13, 2010 1:44pm
Quoting forextrader9
Just like GOM, they are also regulated by ASIC, so this is out of question for US clients.

From their website:

"Located and licensed in Australia, client funds are regulated by ASIC and held in accordance with the Corporations Act 2001 in Australian banks."
It's a grey area, and they seem to be accepting US clients still, so if they want to take the risk and the client wants to take the risk, it would then be upon the CFTC to try to stop it.
  • #1,293
  • Oct 13, 2010 4:50pm Oct 13, 2010 4:50pm
Quoting Philippe
Is there PAMM account or other tools to manage multiple accounts with a unique MT4 EA

thks
Hi Philippe,

We do offer the MetaTrader4 Multi-Terminal which allows you to trade multiple accounts at once. You can download it from our website and give us a call and someone will gladly show you how to use it.

Chris
  • #1,294
  • Oct 13, 2010 5:35pm Oct 13, 2010 5:35pm
Quoting daytrader15
Hey mates, go to Got Money website in Brisbane Australia, gotmoneyfx.com.au/ and get yourself an account with some aussie's who aren't scared about that big arm of Uncle Sam. Get 400/1 leverage,hedging,give the big finger to the nasty old uncle with the scraggley beard. Ha. I just opened an account and I just have to go to the bank and send them a wire. And I get a 10% bonus to boot.

I am as happy as a clam. Go defy your uncle the old coot. This November all the bums are getting voted out and then let the fun begin again.
Every mom and pop must be opening a forex broker in hopes of getting US traders. Seriously, some of these brokers mentioned recently i've never heard of.
  • #1,295
  • Oct 13, 2010 6:07pm Oct 13, 2010 6:07pm
Quoting wwwin
It's a grey area, and they seem to be accepting US clients still, so if they want to take the risk and the client wants to take the risk, it would then be upon the CFTC to try to stop it.
I believe the biggest approach to grow business is by good reviews and referrals. The whole CFTC I believe is just so far left field. If you want to have a good business you will have many reviews by your customers. Brokers should have customers write a review about them, every client they have.
  • #1,296
  • Oct 13, 2010 7:37pm Oct 13, 2010 7:37pm
GoM just launched an add-on feature MYFX into her platform?
http://www.gomarketsaus.com/myfx-trading-console.html
Wondering should existing clients pay for it USD99? or enjoy a free installation?
Any idea, Chris?

Cheers
  • #1,297
  • Oct 13, 2010 7:52pm Oct 13, 2010 7:52pm
Quoting tradpat
GoM just launched an add-on feature MYFX into her platform?
http://www.gomarketsaus.com/myfx-trading-console.html
Wondering should existing clients pay for it USD99? or enjoy a free installation?
Any idea, Chris?

Cheers
Hi,

It applies to the first 100 clients who are eligible (new or existing). After that it is going be charged at $99 by MYFX, but we may be able to arrange further discounts for clients.

Chris
  • #1,298
  • Oct 13, 2010 9:36pm Oct 13, 2010 9:36pm
Quoting GoMarkets
Hi,

It applies to the first 100 clients who are eligible (new or existing). After that it is going be charged at $99 by MYFX, but we may be able to arrange further discounts for clients.

Chris
hi chris,as u may know by now that US's CFTC new ruling of changing fr current leverage of 1:100 to 1:50 will be effective fr 18/10/10,r u guys fr GoMarkets affected by this new ruling or eventually follow it too? Is your leverage still at 1:400 max? thanks
  • #1,299
  • Oct 13, 2010 9:53pm Oct 13, 2010 9:53pm
Quoting fxking
hi chris,as u may know by now that US's CFTC new ruling of changing fr current leverage of 1:100 to 1:50 will be effective fr 18/10/10,r u guys fr GoMarkets affected by this new ruling or eventually follow it too? Is your leverage still at 1:400 max? thanks
Hi,

Just to set your mind at rest we are not affected by this at all so for all of our clients the leverage can be set to as much as 1:500 and full hedging is still available.

The only way the new rules affect us is that as previously mentioned we are unfortunately able to accept US resident retail clients and that is discussed fully in the thread above.

We also appreciate the kind comments coming from the US clients who are affected and hope that one day we will be able to do business with them again.

Cheers
  • #1,300
  • Oct 13, 2010 9:59pm Oct 13, 2010 9:59pm
Quoting GoMarkets
Hi,

Just to set your mind at rest we are not affected by this at all so for all of our clients the leverage can be set to as much as 1:500 and full hedging is still available.

The only way the new rules affect us is that as previously mentioned we are unfortunately able to accept US resident retail clients and that is discussed fully in the thread above.

We also appreciate the kind comments coming from the US clients who are affected and hope that one day we will be able to do business with them again.

Cheers
thanks for your prompt reply,just out of curiousity,u guys claim to be ECN/STP,using MT4 platform? any slippage,re-quotes,frozen platform,etc for LIVE acct,not DEMO acct? any problem for big amt funds withdrawal?
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