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Attachments: Tadawul FX (TDFX) Discussion
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Tadawul FX (TDFX) Discussion

Quoting orion86
Thank you very much Kate ! Now I much more understand about forex and Tadawul. Thank you for your patience to answer every my questions so far ! Best regards,

My pleasure! I’m very happy to hear I have been of help you that you have a better understanding of forex now. Good luck with your trading!
Hello, Kate. Thank you for information.

Can you recommend me VPS server?

Regards

Josef
Quoting josef
Hello, Kate. Thank you for information.

Can you recommend me VPS server?

Regards

Josef

Hi Joseph,

The best VPS server to get usually depends on the kind of an EA you have (I imagine this is why you are looking for a VPS?). It would be best to check with your EA provider as they would be better suitable to make a recommendation. Tadawul FX servers are located in France and Germany, so I would recommend to get a VPS somewhere close to the region for better performance.

Kind Regards,

Dear All,


We are delighted to announce that Tadawul FX has won another award, the Best Islamic Forex Provider of 2011, from the renown World Finance magazine. The recognition was based on innovation, originality and quality of products and services, as well as geographic reach and market development. Thank you to everyone who voted for us, your support is much appreciated!


We are also excited to announce that Tadawul FX website has been launched in the Arabic language Online forex trading with leading online forex broker Tadawul FX to better cater to our Arabic speaking clients in the MENA region and worldwide. Customer Support is also available in Arabic in addition to French, Hungarian, Russian, German, Greek, Slovak, Romanian, and of course English.



Best Regards,

http://www.tadawulfx.com/newsletter/...nouncement.jpg


Dear Valued Client,

You might be aware of the recent changes in U.S. regulations regarding off-exchange retail foreign exchange. The new regulatory rules-implemented by the Commodity Futures Trading Commission (CFTC), the U.S. government agency responsible for the regulation of retail foreign exchange-apply to retail forex transactions that are offered or entered into by entities registered with CFTC under the Commodity Exchange Act (CEA).

Tadawul FX Ltd. is regulated by Cyprus Securities and Exchange Commission (CySec) and complies with all applicable European Union laws and regulations, including those under the European Markets In Financial Instruments Directive (MiFID). Although, Tadawul FX does not have any offices or operations in the US and is not subject directly to the licensing laws of U.S. regulators, further to our compliance checks it appears that the CFTC does not allow retail forex transactions to be provided to U.S. clients by entities not registered with the CFTC.

Due to the regulatory restrictions in the U.S., it is with great regret we inform you that Tadawul FX will no longer be able to accept any transactions from U.S. residents from 8th July 2011.

Procedure for USA resident clients

By 8th of July 2011 (22:00 CET) all open positions and all pending orders must be closed. Any positions left open will be automatically closed at the last available price, and all pending orders will be cancelled.

All funds in the trading account must be withdrawn to the original source. To collect all remaining balances from your trading accounts, you are kindly requested to send a withdrawal form, which will be processed once it is received. If you have recently sent funds to your trading account, the funds will be sent back to your original source, as soon as these are received. As of Wednesday 6th July 2011, no deposits will be processed from U.S. residents.

The status of the trading account will be changed to "Read Only," allowing you to access your account with your existing login details, just to view history and generate reports as you require.

We sincerely apologize for any inconvenience this may cause you, but unfortunately changes in U.S. regulations are beyond our control. Nonetheless, we will continue to reevaluate the U.S. laws and would be happy to accept U.S. residents in the future, should the laws and regulations change. We have thoroughly enjoyed working with you and would like to thank you for your business. Please feel free to seek independent legal advice to further determine how the regulations affect you or your company.
If you have any questions, please do not hesitate to contact us and will be very glad to help you.

Best Regards,
Tadawul FX
[email protected] politicians..... I think we need to start drug testing them.
I am a US citizen and Tadawul account holder. This news is horrible.

(Time to vent - Guess the only way I can live freely is to move to another country! Enough with the "Big Brother" already. The balance between safety and freedom was long ago breached. The US as a "Police State" - for our safety of course - is very close.)

Tadawul has been a great broker for me. I really do not want to try to find another broker, and certainly NOT in the US where the laws don't allow us to trade the way the rest of the world is allowed.

How can Tadawul be at any risk by allowing US residents to trade with them? If anything, wouldn't the trouble come to the trader?

I am very curious why you need to close out US residents if you are not regulated by US laws? How is the US a threat to you too?

I look forward to Tadawul's response.
"to our compliance checks it appears that the CFTC does not allow retail forex transactions to be provided to U.S. clients by entities not registered with the CFTC" "...Tadawul FX does not have any offices or operations in the US and is not subject directly to the licensing laws of U.S. regulators

WHAT?

This doesn't even make sense. "The CFCT does not allow, and Tadawul is not subject directly to the licensing laws of U.S. regulators"

So what is stopping them from allowing U.S. Residents from doing business with them?

Why do they care what the CFCT allows or doesn't allow if they're not regulated by them?

They're not regulated by the IRS and they don't comply with them, why do they CHOOSE to comply with the CFCT?

Why do they feel the need to comply with a regulatory body that has NO authority over them?

Something is not as it appears here!
They dont care if they make sense to the little guy. The US central banking system carries a pretty big stick after sending $600 billion of its tax payers money to European banks during QE2. In other words; fall in line if you want to be on the gravy train.
Quoting nmmagick
I am a US citizen and Tadawul account holder. This news is horrible.

(Time to vent - Guess the only way I can live freely is to move to another country! Enough with the "Big Brother" already. The balance between safety and freedom was long ago breached. The US as a "Police State" - for our safety of course - is very close.)

Tadawul has been a great broker for me. I really do not want to try to find another broker, and certainly NOT in the US where the laws don't allow us to trade the way the rest of the world is allowed.

How can Tadawul...


Hi Nmmagick,

Thank you for your kind words. I am very happy to hear that you have enjoyed working with Tadawul FX, and your comment is really appreciated. We also enjoyed having you with us and truly regret that we can no longer continue to work with you and our other US resident traders.

Unfortunately, it seems that the CFTC rules and regulation have a direct impact on all forex companies throughout the world, as it deems to be responsible for US residents. As a result, and after very thorough investigation we were required to discontinue offering our services to US residents. Institutions that continue to do so could potentially be prosecuted, fined or lose their license, which can have a detrimental effect on the business and reputation of any company.

Regards,
Quoting PIP-Squeak
"to our compliance checks it appears that the CFTC does not allow retail forex transactions to be provided to U.S. clients by entities not registered with the CFTC" "...Tadawul FX does not have any offices or operations in the US and is not subject directly to the licensing laws of U.S. regulators

WHAT?

This doesn't even make sense. "The CFCT does not allow, and Tadawul is not subject directly to the licensing laws of U.S. regulators"

So what is stopping them from allowing U.S. Residents...

Hi Pip-Squeak,

Please see my post above... it seems that such measures have to be taken by CFTC because as a U.S. regulator, it holds responsibility for U.S. resident traders/investors, irrelevant if the company the person works with is licensed and regulated by other reputable regulators outside of the U.S.

As a result (and with great regret), Tadawul FX has to ensure that it also complies with best business practices and laws put forth by CFTC.

All the best!
Quoting TDFX


Hi Nmmagick,

Institutions that continue to do so could potentially be prosecuted, fined or lose their license
Prosecuted by who?
In what court?
Based on what jurisdiction?
Who is going to fine these Brokers, the CFCT?
Who is going to take their license, the CFCT?
Fined by who, the CFCT

Their license was not issued by the CFCT how can the CFCT fine them or revoke a license it did not issue?
Quoting PIP-Squeak
Prosecuted by who?
In what court?
Based on what jurisdiction?
Who is going to fine these Brokers, the CFCT?
Who is going to take their license, the CFCT?
Fined by who, the CFCT

Their license was not issued by the CFCT how can the CFCT fine them or revoke a license it did not issue?
They can stop US banks from handling payments to them. They can arrest their executives if they set foot on US soil. That's what they did to the online gambling firms. You can't blame the brokerages for not wanting to offer services which are now illegal in the US.
I would almost bet it's tied to the access to liquidity... because when things get dicey such as the Greece situation firms often look to shore things up by getting additional liquidity.

If the liquidity partner is associated or licensed through the CFTC / NFA etc they will pass the rules of such along with a liquidity deal in the form of a "Memorandum of Understanding".

If they don't accept it, they simply get shut out of the liquidity which in these extraordinary times would be worse than losing a few traders as it could bring down their whole operation.

Not saying a liquidity deal was the reason, but might be as it seems like TDFX stance has changed "overnight" from their previous position.

AND for a firm to not be licensed by or outside of such jurisdiction of CFTC / NFA isn't a hard stretch of the imagination to see how and why this likely came about.
Quoting pip_seeker
the liquidity partner is associated or licensed through the CFTC / NFA etc they will pass the rules of such along with a liquidity deal in the form of a "Memorandum of Understanding".
I would agree in part. I think there IS a 3rd party involved with the ability to enforce the CFTC Regs. However, since "Tadawul FX Ltd. is regulated by Cyprus Securities and Exchange Commission (CySec) and complies with all applicable European Union laws and regulations, including those under the European Markets In Financial Instruments Directive (MiFID)" I believe it is an agreement between the EU / MiFID and CFTC.
Kind-of a long arm enforcement!

In addition, I tried SEVEN brokers last night. 2 in AU, 2 in Ireland, 2 in the UK and 1 swiss broker, ALL of them said that there were not taking any US clients. I tried 2 in the British Isles today, same response. So it's definitely not just a Tadawul issue!

So I guess I'll either have to learn to trade the way Chris and Barney want me to or move to a free country!
Quoting PIP-Squeak
I would agree in part. I think there IS a 3rd party involved with the ability to enforce the CFTC Regs. However, since "Tadawul FX Ltd. is regulated by Cyprus Securities and Exchange Commission (CySec) and complies with all applicable European Union laws and regulations, including those under the European Markets In Financial Instruments Directive (MiFID)" I believe it is an agreement between the EU / MiFID and CFTC.
Kind-of a long arm enforcement!

In addition, I tried SEVEN brokers last night. 2 in AU, 2...
I am amazed all the time about the story's I hear from your country.
So you can go to Las Vegas and gamble till the cows come home, or even better you are permitted to trade e-mini futures with a $2000 account and no there is absolute no problem with that.

Instead of moving to another country how about keeping your politicians on a leash and making sure that they represent your wishes and needs.

Well this looks to me like protectionism in favour of your local brokers meaning you as a customer will be screwed twice instead of once.

Good luck to you all trading under such agreements.

Cheers
Quoting PIP-Squeak
I would agree in part. I think there IS a 3rd party involved with the ability to enforce the CFTC Regs. However, since "Tadawul FX Ltd. is regulated by Cyprus Securities and Exchange Commission (CySec) and complies with all applicable European Union laws and regulations, including those under the European Markets In Financial Instruments Directive (MiFID)" I believe it is an agreement between the EU / MiFID and CFTC.
Kind-of a long arm enforcement!

In addition, I tried SEVEN brokers last night. 2 in AU, 2 in...
I wish we could get some folks together and mount a legal challenge and campaign against the political operatives behind this.... Heck, get this current administration out of the Whitehouse and power. The thing that really burns me up though is that no one is even challenging this in court! This is a legal form of commerce they just outlawed to cover their arses! This is not like gambling where you are dealing with money laundering. People are just passively accepting this as unwinable when the staff that wrote this law probably couldn't tell you what an exchange rate was....
However, we may have a shot to get some type of relief or executive order signed by the next Commander In Chief. There is a simple solution out there! Need to start doing our homework though and figure out how and what to get in front of him/her. May need to go to our local political meetings, make friends, start researching, and get some solutions. Gonna depend on how badly people want to step up though and declare enough is enough with this b.s.
Do your time and enjoy the ride...
Quoting Good Fortune
I wish we could get some folks together and mount a legal challenge and campaign against the political operatives behind this.... Heck, get this current administration out of the Whitehouse and power. The thing that really burns me up though is that no one is even challenging this in court! This is a legal form of commerce they just outlawed to cover their arses! This is not like gambling where you are dealing with money laundering. People are just passively accepting this as unwinable when the staff that wrote this law probably couldn't tell you...
I really don't think Republican or Democrat or Independant will solve anything.

Alot of this started via the FARM BILL under Bush and Frank/Dodd finnished it off more or less. Their ideas are mostly to get rid of fraud and reduce the amount of leverage because of the financial crisis. Reduce useable leverage on traders and you reduce the amount of leverage on the banks... and conquer fraud all in the same breath.

However, the bigger problem is "stupid people" holding jobs with access to power to form laws. This is much farther reaching than a single party affiliation.

When terms such as "fuzzy math" are used to describe things we don't understand we are in serious trouble when a financial crisis comes onto the scene.

If we had some bean counters in there who "paid their own taxes" and "knew how to balance a check book" we wouldn't be in half the mess we are currently in.

But this is "Do as I say not as I do" time. The shoe is always on the other foot. No one will ever take blame when things are bad, but first in line when times are good.

Welcome to the Political Machine of the US.
Quoting pip_seeker
I really don't think Republican or Democrat or Independant will solve anything.

Alot of this started via the FARM BILL under Bush and Frank/Dodd finnished it off more or less. Their ideas are mostly to get rid of fraud and reduce the amount of leverage because of the financial crisis. Reduce useable leverage on traders and you reduce the amount of leverage on the banks... and conquer fraud all in the same breath.

[size=3]However, the bigger problem is "stupid people" holding jobs with access to power to form laws....
I agree this a nonpartisan issue that effects us all. All parties are culpable. But imo, the only way out will be to develop a solution that involves participation in our court's legal system and in our political process where we hire and fire elected officials...
Do your time and enjoy the ride...
Quoting pip_seeker
However, the bigger problem is "stupid people" holding jobs with access to power to form laws. This is much farther reaching than a single party affiliation.
Quoting Good Fortune
People are just passively accepting this as unwinable when the staff that wrote this law probably couldn't tell you what an exchange rate was....
If your going to take up a cause, how about the fact that ANYONE other than our elected Representatives are writing any law! This one just happens to affect us as currency traders. There are thousands of laws and regulations created everyday by some un-elected bureaucratic moron that knows more about how you should run your life than you do.

How about we get OUR elected Representatives to vote on one law that states NO Federal law shall be imposed on the citizens that has not been voted on by Congress. It could read some thing like this:

"All legislative Powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives." and then for extra protection add in "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

Doh! We already did that!

The real problem IS non-partisan. Its Congress delegating their legislative powers to others by way of "Federal Regulations". Federal regulations are the actual enforceable laws authorized by major legislation enacted by Congress. The Clean Air Act, the Food and Drug Act, the Civil Rights Act, THE DODD FRANK Financial Reform Act, etc.

These regulations are done behind closed doors with No public debate, No publication, No vote, and an even more corrupt process for changing them.

Until we force Congress to STOP delegating the Federal Law making process to unknown subordinates, those that write these regulations will continue to go wild with no checks and balances!

I predict there will be a revolt - Right after its to late!
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