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Are these lessor-known forex regulators trustworthy?

  • #21
  • Aug 13, 2015 12:41am Aug 13, 2015 12:41am
Quoting jollydragon
{quote} {quote} How do you know CySEC has regulating issue on IronFx? Where to see the status or progress?
There is a thread here in brokers section I think plus you can follow with there site the cysec I mean poor Chinese they lost about 1.5 million dollar and I also have an Egyptian friend who managed to make about 27000$ of 500 $ in long six month hard work ,he says that they have refused to give him his profit ,it could be me or you or some one else ,so we should stand together at least here .​
have a nice day sir
focus while relaxed to see better
  • #22
  • Aug 13, 2015 12:44am Aug 13, 2015 12:44am
Quoting jollydragon
If regulation is so important, why are there so many traders trading at InstaForex? After investigating, I found InstaForex hasn't any regulation for Forex Trading.
yes that's why I don't use them ,yes they trade but does they make money also markets have potentials and rules if you can bring them customers or you have a lot of money in assets they will not scam you fast it is a very complicated market better to be in safe side .
have a nice day sir
focus while relaxed to see better
  • #23
  • Aug 13, 2015 12:50am Aug 13, 2015 12:50am
All the brokers below are under the regulation of CySEC, now I have to find others after reading your comment above.
fx-pro, exness, orbex, forex-yard, easyForex, stock, infin-markets, xForex.
  • #24
  • Aug 13, 2015 12:54am Aug 13, 2015 12:54am
Quoting jollydragon
All the brokers below are under the regulation of CySEC, now I have to find others after reading your comment above. fx-pro, exness, orbex, forex-yard, easyForex, stock, infin-markets, xForex.
Most brokers work with their CySEC regulation ,now they are in to the test bottle lets watch out how they act with this IRONfx matter .
have a nice day sir
focus while relaxed to see better
  • #25
  • Aug 13, 2015 2:10am Aug 13, 2015 2:10am
Quoting PoundTrader
https://youtu.be/1wsV4vE328A
I think they went bankrupt.
Make your losses in demo. Earn your profits live.
  • #26
  • Aug 13, 2015 2:17am Aug 13, 2015 2:17am
Quoting jollydragon
If regulation is so important, why are there so many traders trading at InstaForex? After investigating, I found InstaForex hasn't any regulation for Forex Trading.
Because people don't do enough research and/or are not familiar with forex market. They go onto those broker websites and see all those tempting advertising promising you lots of profit potential with sophisticated trading platform, even education seminars and a long list of liquidity providers of all the famous banks and they think this broker is legitimate and good especially after they see all those welcome bonuses and/or commission discount that they offer. Forget about regulations or checking for their credentials. It's all good after all, they are doing business with all those famous banks so how can there be anything wrong?

Meanwhile, they get all excited and dream of all the income potential and then they take out their wallet and hand their money to those brokers wholeheartedly thinking they are going to finally make it in this world and they are so eager to get started on trading, and then we all know what happens next.
Make your losses in demo. Earn your profits live.
  • #27
  • Aug 13, 2015 4:48am Aug 13, 2015 4:48am
Quoting orabi
{quote} Most brokers work with their CySEC regulation ,now they are in to the test bottle lets watch out how they act with this IRONfx matter . have a nice day sir
I'm afraid we can not know about the result as you can see there isn't any update from the thread poster after March. Now it's in August already.
Guys, who can get the latest status or progress?
  • #28
  • Aug 13, 2015 5:21am Aug 13, 2015 5:21am
Quoting jollydragon
{quote} I'm afraid we can not know about the result as you can see there isn't any update from the thread poster after March. Now it's in August already. Guys, who can get the latest status or progress?
news will come no worry sir
just go for pepperstone if your sum is big
have a nice day please
focus while relaxed to see better
  • #29
  • Aug 13, 2015 10:05am Aug 13, 2015 10:05am
Quoting Forexia
{quote} I think they went bankrupt.
no the owner stole the money and now in prison for 30+ years
  • #30
  • Aug 13, 2015 2:23pm Aug 13, 2015 2:23pm
Quoting PoundTrader
{quote}no the owner stole the money and now in prison for 30+ years
Yes actually the owner got sentenced to 50 years. He tried to kill himself but didn't succeed so now he's going to die in prison. But still the more scarier thing is that company was able to operate for TWENTY years perfectly fine completely undetected by CFTC/NFA when they are supposed to report and publish their financial data every month. And they are supposedly audited EVERY year by the CFTC. So HOW can those TWENTY years of auditing not have found the shortfall? How could CFTC not have found the shortfall sooner?

If this is what could happen and DID happen, how do we know all of the FCM's today overseen by CFTC are all reporting their true financial information? How do we know there is not another or several "PFG's" that are existing today that we just don't know of? The guy was the author and co-author of SIX books on futures and trading, he was a regular contributor to financial TV's, he donated and ran charities and received numerous awards, very much the same as any of these businessmen that we see flashing today. So how many of those are Wassendorf?
Make your losses in demo. Earn your profits live.
  • #31
  • Aug 13, 2015 3:17pm Aug 13, 2015 3:17pm
Quoting Forexia
{quote} Yes actually the owner got sentenced to 50 years. He tried to kill himself but didn't succeed so now he's going to die in prison. But still the more scarier thing is that company was able to operate for TWENTY years perfectly fine completely undetected by CFTC/NFA when they are supposed to report and publish their financial data every month. And they are supposedly audited EVERY year by the CFTC. So HOW can those TWENTY years of auditing not have found the shortfall? How could CFTC not have found the shortfall sooner? If this is what could...
​
to be true with you there is a lobby that rules everything around us this market was created for many purposes one of them to teach certain peoples a lesson I will not be surprised if this man was a victim of such lobby that's why he tried to kill him self.lets hope pray for best have a nice day please
focus while relaxed to see better
  • #32
  • Aug 13, 2015 3:39pm Aug 13, 2015 3:39pm
the lesson is [money in your pocket is the money you really have and it better be gold thats why i advice my family to buy gold in monthly base time thats is the money we really have]
focus while relaxed to see better
  • #33
  • Aug 13, 2015 8:54pm Aug 13, 2015 8:54pm
Quoting orabi
{quote} news will come no worry sir just go for pepperstone if your sum is big have a nice day please
PepperStone has high spreads.
I don't like variable spread broker since they widen their spreads much higher than they commit some time in a day.
  • #34
  • Aug 14, 2015 12:53am Aug 14, 2015 12:53am
http://www.financemagnates.com/

all u need to know about regulators taking action against prop brokerages.
  • #35
  • Aug 14, 2015 8:00am Aug 14, 2015 8:00am
Quoting Forexia
{quote} Yes actually the owner got sentenced to 50 years. He tried to kill himself but didn't succeed so now he's going to die in prison. But still the more scarier thing is that company was able to operate for TWENTY years perfectly fine completely undetected by CFTC/NFA when they are supposed to report and publish their financial data every month. And they are supposedly audited EVERY year by the CFTC. So HOW can those TWENTY years of auditing not have found the shortfall? How could CFTC not have found the shortfall sooner? If this is what could...
CFTC change the system, it's damn near impossible to cheat these days when it comes to brokers and clients funds, don't have time to explain how the new system works but you can look it up.
  • #36
  • Aug 14, 2015 8:02am Aug 14, 2015 8:02am
Quoting Bicarus
http://www.financemagnates.com/ all u need to know about regulators taking action against prop brokerages.
not the same thing
  • #37
  • Aug 14, 2015 12:17pm Aug 14, 2015 12:17pm
Quoting jollydragon
{quote} PepperStone has high spreads. I don't like variable spread broker since they widen their spreads much higher than they commit some time in a day.
variable spread is standard on the largest ecn's if you have a fixed spread, that pretty much tells you your broker is a marketmaker, which is bad
Bulls are stupid Animals!especially when Im short!
  • #38
  • Aug 14, 2015 2:33pm Aug 14, 2015 2:33pm
Quoting jollydragon
{quote} PepperStone has high spreads. I don't like variable spread broker since they widen their spreads much higher than they commit some time in a day.

it is not so high go for fx baxter please have a nice day sir
focus while relaxed to see better
  • #39
  • Edited 2:40am Aug 15, 2015 2:05am | Edited 2:40am
Quoting PoundTrader
{quote}CFTC change the system, it's damn near impossible to cheat these days when it comes to brokers and clients funds, don't have time to explain how the new system works but you can look it up.
Yeah what they did was requiring direct online access 24/7 to the FMC's bank's segregated customer funds accounts bypassing the FCM so it eliminated the possibility of the FCM providing NFA/CFTC auditors of forged bank statements that hide any shortfall in customer funds but who knows of other tricks that FCM's can think of to fool the auditors. What if the FCM doesn't provide the auditors ALL of the banking information of ALL of the customer funds accounts? Let's say the FCM actually has $200 million customer funds but states to the auditors that it only has $17 million segregated and only provides the auditors the banking information of that $17 million customer funds. So each time the auditor goes to the online banking system of the FCM's bank, it sees the $17 million and it would conclude everything is in order without ever realizing the FCM is actually under-reporting customer funds in the first place. Is there any checks in the auditing procedure and systems that guard against that? Do they actually do a reconciliation of the FCM's trades to customer funds to make sure they match? How would the auditor ever know or find out the REAL customer funds balance if the FCM does not report it? I am just wondering. New technologies comes new possibilities for the auditors and the fraudsters and the thieves.

And from reading a study finding report prepared by the independent study group headed by the former SEC Inspector General H. David Kotz (who was the one from SEC who FINALLY listened to Harry Markopolos, the whistleblower on Bernie Madoff), there were a dozen warning signs during the 20-year that PFG was embezzling customer funds that could've led NFA/CFTC discover the problem lot earlier and they missed all of them including this one time in 2011, more than a year before the fraud was exposed, the NFA received an actual bank statement from U.S. Bank showing a balance of just $7 milliona $211 million discrepancy from the balance Wasendorf had reported. An NFA auditor claims to have alerted a field supervisor about the discrepancy, according to the report, but the supervisor claims she was not alerted.. I hope that b1tch supervisor doesn't work at NFA anymore.

http://www.cnbc.com/id/100424979

So many times although upgrading technologies helps but what's more important is the quality and attitude of the people working there which counts lot more.
Make your losses in demo. Earn your profits live.
  • #40
  • Aug 15, 2015 7:26am Aug 15, 2015 7:26am
Quoting Forexia
{quote} Yeah what they did was requiring direct online access 24/7 to the FMC's bank's segregated customer funds accounts bypassing the FCM so it eliminated the possibility of the FCM providing NFA/CFTC auditors of forged bank statements that hide any shortfall in customer funds but who knows of other tricks that FCM's can think of to fool the auditors. What if the FCM doesn't provide the auditors ALL of the banking information of ALL of the customer funds accounts? Let's say the FCM actually has $200 million customer funds but states to the auditors...
i think you should stop trading with any broker and move on the another career path, this business is not for you, you worry about things you can't control and a whole lot of what if this broker does this or that, you must be under a lot of stress.
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