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  • #241
  • Aug 25, 2011 12:20pm Aug 25, 2011 12:20pm
From attorney-


"Dodd-Frank says that trading firms/brokers/clearing firms are prevented from dealing with U.S. customers in forex or metals absent registration with the CFTC or under certain very unique exemptions (which most firms do not satisfy)."

"I agree with you on most points. Assuming you had standing, a court would most likely rule that you are absolutely allowed to trade with whomever you want. I believe that Dodd-Frank is very clear on this point. The problem, however, is for the trading firms since they are now prohibited from trading with you. A court would not likely rule in favor of them, given the fact that Dodd-Frank is now the law. As a result, I think your grassroots approach is likely going to be the most effective approach."
Do your time and enjoy the ride...
  • #242
  • Aug 25, 2011 3:26pm Aug 25, 2011 3:26pm
Quoting Good Fortune
Actually it's kinda confusing. An attorney I spoke with in Chicago said the law did not ban U.S traders, but prohibited anyone not registered with the CFTC from offering U.S traders. How this works is still alittle fuzzzy.
sheer hypocrisy!

"you are free of cause....but in fact you are not..."
  • #243
  • Aug 25, 2011 3:55pm Aug 25, 2011 3:55pm
Quoting Good Fortune
Actually it's kinda confusing. An attorney I spoke with in Chicago said the law did not ban U.S traders, but prohibited anyone not registered with the CFTC from offering U.S traders. How this works is still alittle fuzzzy.
Very similar to online poker. It was not illegal to play, but illegal to for gambling business to accept payments. On April 14 this year, the CEOs of the top 3 online poker firms were indicted for bank fraud (their method of processing transactions). Money was returned from only 1 of the 3 sites. (Roughly one-third of my bankroll is tied up there).

I highly recommend anyone depositing any sum of money into a business, to make sure the business is regulated by a government agency. Full Tilt Poker was poorly regulated, and they had a $60M shortfall in player accounts due to accounts not being segregated and accounts being credited before payments arrived (I never had issues, but others would wait weeks for withdrawals, in other words, it takes weeks for money to transfer). And Full Tilt Poker was the second largest poker room, and I (along with many, many others) considered it extremely trustworthy just as some on this forum consider FinFX trustworthy.

Will the same happen to FinFX and other non-regulated brokers? I don't know. IMO a lot more money is involved in the gaming industry then just a few unregulated offshore brokers, but you never know...
  • #244
  • Aug 25, 2011 5:35pm Aug 25, 2011 5:35pm
Quoting grimReaper
Very similar to online poker. It was not illegal to play, but illegal to for gambling business to accept payments. On April 14 this year, the CEOs of the top 3 online poker firms were indicted for bank fraud (their method of processing transactions). Money was returned from only 1 of the 3 sites. (Roughly one-third of my bankroll is tied up there).

I highly recommend anyone depositing any sum of money into a business, to make sure the business is regulated by a government agency. Full Tilt Poker was poorly regulated, and they had a $60M shortfall...
Also remember that online poker unlike FX involves money laundering. What busted their arse was not the video game per se, but the money laundering.
Do your time and enjoy the ride...
  • #245
  • Aug 25, 2011 6:49pm Aug 25, 2011 6:49pm
Quoting Good Fortune
Also remember that online poker unlike FX involves money laundering. What busted their arse was not the video game per se, but the money laundering.
True true, trying to emphasize how poorly FT was regulated and what it led to.
  • #246
  • Aug 26, 2011 3:56am Aug 26, 2011 3:56am
Quoting forextrader9
Pls let us know when you find a trader who isn't complaining of these new rules. Just curious if your statement is backed by facts. Highly doubt it.
My trading style has always been compatible with current US limitation.
Apart from this, if you can't escape the limitations, the "positive" way of thinking is that described by cloggie, what else?
  • #247
  • Aug 29, 2011 10:08pm Aug 29, 2011 10:08pm
Quoting jagui
My trading style has always been compatible with current US limitation.
Good for you! Hope it remains compatible when leverage is reduced to 1:1 (which is where things are headed, IMHWO!!!)
  • #248
  • Aug 31, 2011 11:15am Aug 31, 2011 11:15am
Quoting forextrader9
Good for you! Hope it remains compatible when leverage is reduced to 1:1 (which is where things are headed, IMHWO!!!)
No, it won't.
But luckily US doesn't have the power to force the rest of the world to 1:1.
  • #249
  • Edited 4:00am Sep 2, 2011 3:54am | Edited 4:00am
Quoting grimReaper
True true, trying to emphasize how poorly FT was regulated and what it led to.
Hello grimReaper - you sound so familiar to me. Did you used to play on PokerChamps years ago? I loved their platform/community and miss the user interaction during game time <--- aka Grimalkin/DaringEwe

I moved onto PStars as a supposedly reputable company, 'til even the last poker triumvirate folded [pah-dahm-PUM]. Thankfully, I only have to squawk about a mere $26 lost/unreturned. My late night entertainment had to evolve somehow.

I opened up a LiteForex 'penny' account earlier this summer. They have yet to notify me that my business (U.S. based trader) isn't welcome, nor that my account funds will run into a wall if I request a withdrawal. Hubby rec'd a notice that Moneybookers won't facilitate transactions for LiteForex' U.S. clients. Strangely, I didn't receive such notice and have been able to deposit via credit card. Don't know what to make of it. =/

Hubby opened up an account with FinFX and loves the responsiveness, but has yet to make a decent enough profit to warrant a withdrawal.
  • #250
  • Sep 2, 2011 6:19am Sep 2, 2011 6:19am
Guys, can you tell me how is execution speed on FinFx? Is it good for automated trading?
  • #251
  • Sep 2, 2011 8:02am Sep 2, 2011 8:02am
Quoting Micazu
Hello grimReaper - you sound so familiar to me. Did you used to play on PokerChamps years ago? I loved their platform/community and miss the user interaction during game time <--- aka Grimalkin/DaringEwe

I moved onto PStars as a supposedly reputable company, 'til even the last poker triumvirate folded [pah-dahm-PUM]. Thankfully, I only have to squawk about a mere $26 lost/unreturned. My late night entertainment had to evolve somehow.
Hi, no I played Full Tilt and PokerStars (didn't play as much on PokerStars, and PS sn is much different) and I go by a similar name on 2plus2 forums.

Actually, PokerStars returned American funds within two weeks of BF! You should see if you can still withdraw.
  • #252
  • Sep 4, 2011 12:44pm Sep 4, 2011 12:44pm
A whole lot better than one of those american brokers
  • #253
  • Sep 5, 2011 1:29am Sep 5, 2011 1:29am
Quoting grimReaper
Hi, no I played Full Tilt and PokerStars (didn't play as much on PokerStars, and PS sn is much different) and I go by a similar name on 2plus2 forums.

Actually, PokerStars returned American funds within two weeks of BF! You should see if you can still withdraw.
Isn't Full Tilt closed since the middle of summer?
  • #254
  • Sep 5, 2011 3:33am Sep 5, 2011 3:33am
Quoting josef
Isn't Full Tilt closed since the middle of summer?
Yes, while they sort things out with their "regulator." There was suppose to be a hearing in late July, but it was postponed to this month to allow FTP to negotiate deals with a (rumored fictional) investor.
  • #255
  • Sep 7, 2011 11:20pm Sep 7, 2011 11:20pm
I applaud finfx for not bowing down to US bullying. So far they are the best option out there for those of us Americans who dont want to be big brothered. Also id bet all I have that those CFTC rules were not put in place "for our financial safety." They were put in place for other reasons that benefited whomever pushed to get those regulations passed(Just like every other law and regulation). First of all we are all grown men and women. We dont need our government telling us how much of OUR money we can risk. Also it is up to us, GROWN men and women to learn the pros and cons of leverage. I for one understand that leverage COULD be a dangerous thing. HOWEVER I want the OPTION to trade higher leverages if I CHOOSE TO DO SO. And how about that game the CFTC played with all of us last year by threatening to lower the leverage to 10:1 KNOWING all along that their target was 50:1. They got us all worked up fighting 10:1 so when they finally announced that they were going to "do us a favor" and only lower it to 50:1 they thought we'd appreciate that and be greatfull. Well I for one am not. I want my 100:1 and 200:1 leverage back. Alot of trading styles are severely hindered by 50:1. 100:1 and 200:1 leverage allows you to do alot more and have a wider window with certain styles of trading. If one has 100k in their account but trades anywhere from 1 to 10 lots, that person can work wonders with higher leverages. But if that person risks it all by being stupid enough to trade 50, 60, 70 lots or the highest possible lots he can trade with100k well.....then....that person deserves to lose it all and I dont think I should be punished because of the stupid people out there that trade that way. America would be better off if they'd stop dumbing everything down so the stupid people can keep up and start doing things that make THEM have to keep up with the smart ones. You trade max lots and blow your account out in 2 seconds, thats what you get. And get out of forex so the rest of us can get at LEAST 100:1 back. But again, Bravo FinFx. Keep it up and NEVER give in!
  • #256
  • Sep 8, 2011 2:16am Sep 8, 2011 2:16am
Quoting shocfacter
America would be better off if they'd stop dumbing everything down so the stupid people can keep up and start doing things that make THEM have to keep up with the smart ones. You trade max lots and blow your account out in 2 seconds, thats what you get. And get out of forex so the rest of us can get at LEAST 100:1 back. But again, Bravo FinFx. Keep it up and NEVER give in!
Well said. http://www.forexfactory.com/images/icons/icon14.gif
  • #257
  • Sep 15, 2011 4:03am Sep 15, 2011 4:03am
I'm planning on joining FinFx (micro account). I've been reading though the thread searching for news spike execution quality.. Could the live-users please shed some light on the aspect...re-quotes/delays..or instant?

My current broker (Trading Point) started delaying execution of pending stop orders by 30-50 seconds, prior to this everything was always 100% instant for 4 months..I really got used to it But now..so unfortunate
  • #258
  • Sep 19, 2011 11:15am Sep 19, 2011 11:15am
Quoting dn1pro
I'm planning on joining FinFx (micro account). I've been reading though the thread searching for news spike execution quality.. Could the live-users please shed some light on the aspect...re-quotes/delays..or instant?

My current broker (Trading Point) started delaying execution of pending stop orders by 30-50 seconds, prior to this everything was always 100% instant for 4 months..I really got used to it But now..so unfortunate


I read somewhere trading Point is being sued by the CFTC. May want to check into it.
  • #259
  • Sep 20, 2011 2:40am Sep 20, 2011 2:40am
Quoting knucklehead
I read somewhere trading Point is being sued by the CFTC. May want to check into it.
Thanks, knucklehead, that appears to be true.
So anyone had recent live news-spike trading experience with finfx? Delays, re-quotes, slippage, spread? Anything else about current performance of the broker?
  • #260
  • Sep 20, 2011 2:08pm Sep 20, 2011 2:08pm
Quoting dn1pro
Thanks, knucklehead, that appears to be true.
So anyone had recent live news-spike trading experience with finfx? Delays, re-quotes, slippage, spread? Anything else about current performance of the broker?
if true this is very interesting...!

be so kind provide the source
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