Another 11 brokers sued for accepting US clients

Not sure if this has done the rounds yet. 11 more brokers named in action by CFTC for accepting US clients, 7 of them non-US based.

http://www.cftc.gov/PressRoom/PressReleases/pr6108-11


Wonder how many US noobies still open accounts with unregulated foreign brokers each and every week.

Rather than posting a general statement like this, it may be more useful for noobs if you state clearly why unregistered brokers are not the way to go. It may be beyond your cerebral lobe for you to understand tat noobs know shit and need for things to be explained at a fundamental level. I think that's what is called a learning process - everybody starts at the bottom in forex.

Unfortunately, knowledge in forex seems to breed contempt for the people who are not so intellectually competent - it's not a lack of effort but a difficulty in grasping concepts.

Used to have a lot of respect for your observations until you threw an unwarranted fit on the Useless thread because one member disagreed with your point of view. At best it demonstrates a lack of maturity on your part. The acquisition of knowledge is accompanied by an obligation to share your knowledge with others. When you started in forex where did you start - at the bottom. Where did you get you knowledge - from others. Think about it.

My 2 cents worth - want to have a blast at me. Go ahead! Don't give a shit about your opinion anymore.

You are such a idiot.. He comes here to help and you post this BS!!!

Thank God for unregulated brokers like FinFX who tell the U.S. to pound sand because the U.S. isn't the world forex police...even though it wants to be.

The U.S. government decides to put leverage restrictions in place which derail systems which rely on higher leverage and then talk about how they are "protecting" the little old grandma's getting sucked into trying their hand at Forex instead of going down to the casino.

Whenever you hear "We're the government, and we're here to help." You know that whatever comes next is a lie from the pit of hell, and that you're about to sold a bag of goods backed with some emotional nonsense about how they're protecting orphan children or something.

Seriously. It's not limited to Forex either. Let's just take raw milk. How many people have died from drinking raw milk (one of God's custom-tailored super foods) in the last 30 years? How about zero? Now how many people have died from listeria on cantaloupes this year alone? Fourteen. Do we hear a hue-and-cry going up about how we have to pasteurize these dangerous melons? No. But run a google search for "raw milk raid" and what do you find? A targeted, coordinated attack on small farmers by the FDA who is bound and determined that Big Dairy/Big Grocery not lose any business. After all, if you don't have to walk to the back corner of the grocery store to get your milk ever two days or so, then you wouldn't make all those OTHER purchases on your way to and from the milk cooler.

But the government is there to "protect" you against raw milk, right?

The MF Global and PFG Best debacles tell me the truth that is out there regardless of so-called government protections. That truth is that bad things happen and if you put your money anywhere other than in gold bullion burried in strategic locations on your land up north, you money might just evaporate. Don't put all your money in one place and plan for the worst. Period. Stop trying to convince yoruself that you money is "safe" with anyone.

So the fact that US customers are going to offshore, unregisterd brokers and putting their money (supposedly) at risk of these "bucketshop" owners just up and making off the deposits (the big fear that seems to be out there) sits right at the feet of the CFTC. They COULD have done the smart thing and made sure that the regs said that if you signed off on a waiver initializing next to a series of things like "I understand that I'm undertaking 'high risk' investments", "I understand that using leverage in excess of 10:1 could wipe out my account in a day" "I understand this and that and the other thing and I still want to invest my money my way so stay the heck out of my business" then US brokers could extend better leverage to their customers....then people wouldn't be trying to hook up with offshore firms. But they didn't. So it's their own fault.

The government isn't helping or protecting anyone but the NFA and those who are beholden to them like CTAs. The .GOV is simply trying to make sure all US forex business stays with CTAs regardless of the fact that they screwed themselves by limiting leverage which naturally resulted in a mass exodus from US-based brokers. It's an unwanted and unwarranted intrusion of government control on a supposedly free people.

I hope each and every US forex trader gets an offshore virtual residential address and gets set up with an Australian broker. Let the US brokers feel enough pain that they do whatever lobbying necessary to get Dodd-Frank repealed if Romney doesn't take fast action to keep his promise to scratch that piece of crap.

I think you hit the nail on the head FXAssassin. The gov't needs to quit dipping their hand in everything thinking they are "protecting" people. The economy can run itself without them and will naturally sort itself out. Let people make mistakes and learn from them once and awhile. We didn't get to where we are now by being babied along every day of our lives. Too much gov't intervention these days IMO.