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  • #201
  • Aug 20, 2011 7:50am Aug 20, 2011 7:50am
Quoting cloggie
Take it up with you congressman, if you are in the States. Foreign brokers will not flout the law as they would be barred from doing any business in the US with any US based liquidity providers. Even EU/Asian liquidity providers with US branches are out of bounds for non regulated foreign brokers. Do you really want to do business with an unregistered broker that accepts US clients and that can legally only use minor liquidity providers in Timbuktu? Or do you want to take your chance, hoping that they will not be shut down and their funds seized,...
be so kind to explain to senator mckain and alikes that arizona is not
the center of the universe .....and europe is not timbuktu
  • #202
  • Aug 20, 2011 8:02am Aug 20, 2011 8:02am
All joking aside. Picking a broker is not easy, and most retail traders only spend a few minutes picking one, mostly based on glossy advertising or 1000:1 leverage.

Do your due dilligence, this link is a good start:

http://www.cftc.gov/ucm/groups/publi...cmdata0611.pdf

If the broker you are thinking about does not list its capital with the CFTC, would you really want to deposit your funds with them? Check with the local regulator at least for their capital requirement reports.

Next step is to make sure your broker is properly regulated, and I mean with one of the big regulators, not some dodgy one on a Caribbean island somewhere.

The next step is calling that regulator to make sure they have a good record. Check each and every action against them.

The next step is finding out the liquidity providers, do your due dilligence on them, at least call them and check their record with the regulators.

The next step is checking on the corporate side of the business, get a credit report about them from one of the big leading credit agencies.

The next step is calling or visiting them and talk to them.

The next step is opening a small live account and see if your trading style suits their platform/liquidity/spreads etc.


Do your due dilligence or else live with the consequences, just don't come here complaining on these forums about some dodgy broker, if you had gone about your business the right way, you wouldn't be with a dodgy broker in the first place.

Are the big regulated brokers perfect? Of course not, you will have problems with them, at least you have somewhere to go if you can't get it resolved and a broker with a 100 Mn in capital is not going to run of with your 500 bucks.
  • #203
  • Aug 20, 2011 8:05am Aug 20, 2011 8:05am
Quoting alstural
be so kind to explain to senator mckain and alikes that arizona is not
the center of the universe .....and europe is not timbuktu

You are barking up the wrong tree, the rules are here, either live with them or flaunt them, your choice.
  • #204
  • Aug 20, 2011 8:26am Aug 20, 2011 8:26am
Quoting cloggie
You are barking up the wrong tree, the rules are here, either live with them or flaunt them, your choice.
luckily i am on the other side of the pond

and us based brokers were out from my list right away

simply my current broker is not great for scalping

and i am in search of reliable one with ecn/stp

-------

....but your advice how to select a broker is of a good quality

and will be very helpful for beginners

-----------
regards...
  • #205
  • Aug 20, 2011 8:35am Aug 20, 2011 8:35am
Quoting alstural
luckily i am on the other side of the pond

and us based brokers were out from my list right away

simply my current broker is not great for scalping

and i am in search of reliable one with ecn/stp

-------

....but your advice how to select a broker is of a good quality

and will be very helpful for beginners

-----------
regards...
In your case, you want to find an EU based broker that is locally registered and regulated, does not accept US clients, in breach of their laws (unless they are US registered also), is well capitalised, check with your regulator, has no adverse regulatory record, has good liquidity providers and a good corporate credit report. As you are scalping you want fast execution, so check on latency, little slippage and decent spreads.

Put all these requirements in a spreadsheet and start checking local brokers of one by one. A low spread broker may well not become your first choice if they have loads of slippage and lousy latency.
  • #206
  • Aug 20, 2011 10:39am Aug 20, 2011 10:39am
Quoting cloggie
In your case, you want to find an EU based broker that is locally registered and regulated, does not accept US clients, in breach of their laws (unless they are US registered also), is well capitalised, check with your regulator, has no adverse regulatory record, has good liquidity providers and a good corporate credit report. As you are scalping you want fast execution, so check on latency, little slippage and decent spreads.

Put all these requirements in a spreadsheet and start checking local brokers of one by one. A low spread broker may well...
this is what i've been doing for some time...

and when divisa capital droped out from my list

having followed vantage and gomarkets

the only left is finfx

i try to get as much info as i can on the web

even started a thread on trade2win forum

and ask questions in email exchange with finfx

some points give me little unease

namely the absence of proper regulatory body in finland

and nonsegregated accounts

the rest of info is only positive

probably soon i'll open live acct to try this broker

why any opinion is much appriciated

--------------

regards ...and lucky trading
  • #207
  • Aug 20, 2011 10:45am Aug 20, 2011 10:45am
Quoting alstural
namely the absence of proper regulatory body in finland

and nonsegregated accounts

These 2 items are major red flags and typical for crooks/thieves. Depositing any money with these charlatans is just financial suicide.

Don't come back here in a few months complaining that they ran of with your money.
  • #208
  • Aug 20, 2011 4:24pm Aug 20, 2011 4:24pm
My experience with Finfx has been excellent in all respects for several months. Account monies are segregated. I'm chosing to believe the posters on this thread who have withdrawn funds with no problem; have not withdrawn any money yet.

The United States cannot control everything and everyone in the world; it does NOT have the moral authority, for one thing.

I am in the United States, the country which has become the most evil on earth because its government is being run by dual citizens who hate the people who live in the country and hope to bring it down in the process of creating their new world order. This planning has been in the works for decades if not centuries. The US was an integral part of the master plan.
  • #209
  • Aug 20, 2011 6:12pm Aug 20, 2011 6:12pm
Perhaps I'm wrong and I'm in fact only a stupid german. But I thought this thread is about the experiences with FinFX and I posted mine. No need to insult me especially without having read my post accurately. Instead of discussions this seems to become a party of monster-traders - I know better things to spend my time.
  • #210
  • Aug 20, 2011 7:23pm Aug 20, 2011 7:23pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Greenstar
My experience with Finfx has been excellent in all respects for several months. Account monies are segregated. I'm chosing to believe the posters on this thread who have withdrawn funds with no problem; have not withdrawn any money yet.

The United States cannot control everything and everyone in the world; it does NOT have the moral authority, for one thing.

I am in the United States, the country which has become the most evil on earth because its government is being run by dual citizens who hate the people who live in the country and hope to...
BS talker like you/tea-party people making this country evil, nothing else...bloody hypocrite racists!
  • #211
  • Aug 21, 2011 7:53am Aug 21, 2011 7:53am
Quoting cloggie
These 2 items are major red flags and typical for crooks/thieves. Depositing any money with these charlatans is just financial suicide.

Don't come back here in a few months complaining that they ran of with your money.
You should not talk bad about a broker you don't have an account with.

I had a money manager account at FinFx for several months, me and my clients had withdrawed more than €60k in profits, without any problems and without delays.

The fact that in Finland forex is not regulated, doesn't mean that there aren't honest brokers, of course, it doesn't take a genius to understand this.

Forums are full of people who talk without real experience of what they are talking about. My advice is don't listen to them.
  • #212
  • Aug 21, 2011 8:07am Aug 21, 2011 8:07am
Quoting alstural
"....one in a foreign country that will accept US clients in blatant violation of US law..."

i dare to ask since when US law has become the law of the world?
US law cannot apply to foreign entities, it can apply only to us entities, such as us people and us brokers.

An unregulated broker in Finland has all the rights to accept american clients. This is one case with unregulated is actually better. It is the us citizen that eventually breaks the us law, if it open an account abroad, not the unregulated foreign broker, which has no obligations on this.
  • #213
  • Aug 21, 2011 10:27am Aug 21, 2011 10:27am
In practice, US does what it pleases. Have you heard of the Black Friday of poker? DoJ seized domain names of 3 off-shore poker sites for violating US laws. Domain names were given back, but only under certain conditions.

As much as I like to believe in the free market, being regulated by govt agency is important. One of the sites was poorly regulated and as a result had $60M shortfall in player accounts (accounts were debited instantly, whether payments were made or not). The site owes $150M to US players, which we're yet to be paid one dime since four months.
  • #214
  • Aug 21, 2011 11:06am Aug 21, 2011 11:06am
Quoting grimReaper
In practice, US does what it pleases. Have you heard of the Black Friday of poker? DoJ seized domain names of 3 off-shore poker sites for violating US laws. Domain names were given back, but only under certain conditions.

As much as I like to believe in the free market, being regulated by govt agency is important. One of the sites was poorly regulated and as a result had $60M shortfall in player accounts (accounts were debited instantly, whether payments were made or not). The site owes $150M to US players, which we're yet to be paid one...
"...In practice, US does what it pleases......"

yes.....it is called "american democracy"

------------
".....As much as I like to believe in the free market, being regulated by govt agency is important....."

in reality the world has

"free market regulated by american government"
  • #215
  • Aug 22, 2011 7:38am Aug 22, 2011 7:38am
Quoting jagui
US law cannot apply to foreign entities, it can apply only to us entities.

And that's where you are wrong, the US can happily demand that any foreign broker that accepts US clients is registered with them. Any broker that decides to ignore that and accept US clients anyways should be avoided like the plague.

Quite a few of them have been shut down already, with the loss of all deposits for the retailers. If you are willing to take that risk, go for it, just don't go dragging others down with you in the process.
  • #216
  • Aug 22, 2011 7:57am Aug 22, 2011 7:57am
Quoting cloggie
And that's where you are wrong, Any broker that decides to ignore that and accept US clients anyways should be avoided like the plague.

Quite a few of them have been shut down already, with the loss of all deposits for the retailers. If you are willing to take that risk, go for it, just don't go dragging others down with you in the process.
".....the US can happily demand that any foreign broker that accepts US clients is registered with them......."

but if a broker has no presence in us?

no branches no servers no web registered domain(based in europe/far east)

but has full registration regulation and protection(funds up to... state insured)

even having banking licence ...?
  • #217
  • Aug 22, 2011 8:56am Aug 22, 2011 8:56am
Quoting cloggie
And that's where you are wrong, the US can happily demand that any foreign broker that accepts US clients is registered with them. Any broker that decides to ignore that and accept US clients anyways should be avoided like the plague.

Quite a few of them have been shut down already, with the loss of all deposits for the retailers. If you are willing to take that risk, go for it, just don't go dragging others down with you in the process.
Care to provide such a list?

Are you saying that foreign forex brokers had been shut down explicitely for having accepted us clients, and that us authorities did that in a way that caused us clients to lost money?

I doubt that us can close un unregulated foreign forex broker, like FinFX, with no presence at all in the us. It has no authority to do so, unless Finnish state/agencies/regulators do the work for them.

In this case, I believe, the maximum us can do is to punish the us citizen who opened the foreign account.
  • #218
  • Aug 22, 2011 9:03am Aug 22, 2011 9:03am
Quoting jagui
Care to provide such a list?

2 seconds on the CFTC website would have given you this:

http://www.cftc.gov/PressRoom/PressR...pr5974-11.html

http://www.cftc.gov/PressRoom/PressR...pr6087-11.html

Can't really be bothered to dig for more, you are taking a huge gamble in what you are doing, but you don't seem to want to listen to anyone here.

You are either a stooge for FinFx, or are not the brightest bulb on the string, either way, keep doing what you are doing, it ain't my money.

The CFTC doesn't care where they are, if they sollicit US clients, they are wide open to be shut down, only a matter of time.

But heh keep your money with FinFX, they will need it to pay the lawyers.....
  • #219
  • Aug 22, 2011 9:17am Aug 22, 2011 9:17am
Quoting cloggie
2 seconds on the CFTC website would have given you this:

http://www.cftc.gov/PressRoom/PressR...pr5974-11.html

http://www.cftc.gov/PressRoom/PressR...pr6087-11.html

Can't really be bothered to dig for more, you are taking a huge gamble in what you are doing, but you don't seem to want to listen to anyone here.

You are either a stooge for FinFx, or are not the brightest bulb on the string, either way, keep doing what you are doing, it ain't my money.

The CFTC doesn't care where they are, if they sollicit...
sorry mister"mentor"

but your lecturing begins to look more and more as sort of arrogant crap
  • #220
  • Aug 22, 2011 9:18am Aug 22, 2011 9:18am
Quoting alstural
sorry mister"mentor"

but your lecturing begins to look more and more as sort of arrogant crap


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