Broker fined again - $515,000 | Forex Factory

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Broker fined again - $515,000

  • #1
  • First Post: Oct 20, 2016 10:26am Oct 20, 2016 10:26am
Hong Kongs financial regulator, the Securities and Futures Commission (SFC) said it has reprimanded and fined HK$4 million (around US$ 515 000) the forex broker FXCM Asia Limited (the Hong Kong branch of FXCM, now operating as Rakuten Securities Hong Kong Limited) for regulatory breaches in relation to its forex order execution.

https://smnweekly.com/2016/10/19/sfc...tory-breaches/
http://www.sfc.hk/edistributionWeb/g...?refNo=16PR104
  • #2
  • Oct 21, 2016 1:37am Oct 21, 2016 1:37am
Waiting for Jason Rodgers to see how he will protect them claiming about outstanding trading conditions while the reality is completely different.
  • #3
  • Edited 6:49am Oct 21, 2016 1:54am | Edited 6:49am
ForexFactory Changed my thread title.

How corrupted can they be?

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  • #4
  • Oct 21, 2016 2:27am Oct 21, 2016 2:27am
Hey guys,
FXCM sold their HK branch. They are operated by a completely different company. It's just the name only.
  • #5
  • Oct 21, 2016 3:15am Oct 21, 2016 3:15am
Quoting PharLap
Hey guys, FXCM sold their HK branch. They are operated by a completely different company. It's just the name only.
The fines are for the previous years...
  • #6
  • Oct 22, 2016 12:08pm Oct 22, 2016 12:08pm
It's already clear that FXCM is a scam.

I will NOT deposit $2,000 to a broker that's fined by loads of regulators for more than 4 times now! Jesus.
  • #7
  • Oct 24, 2016 3:19am Oct 24, 2016 3:19am
Quoting PharLap
Hey guys, FXCM sold their HK branch. They are operated by a completely different company. It's just the name only.
Is it some sort of partnership or they are running an IB for FXCM..?
  • #8
  • Oct 24, 2016 4:51am Oct 24, 2016 4:51am
FXCM has been having problems lately. The US National Futures Association (NFA) has announced it is permanently barring from membership the Chicago-based introducing forex broker Vankar Trading. The body overseeing the forex and introducing brokers in the US has also barred Vankar’s president John Karvelas from acting as a principal of an NFA Member for 10 years. Karvelas must also pay a $15 000 fine.
Vankar Trading is acting as an introducing broker of FXCM, FXCM UK, Gain Capital and ATC Brokers.
  • #9
  • Oct 24, 2016 4:55am Oct 24, 2016 4:55am
Quoting mlawson71
FXCM has been having problems lately. The US National Futures Association (NFA) has announced it is permanently barring from membership the Chicago-based introducing forex broker Vankar Trading. The body overseeing the forex and introducing brokers in the US has also barred Vankars president John Karvelas from acting as a principal of an NFA Member for 10 years. Karvelas must also pay a $15 000 fine. Vankar Trading is acting...
This one has nothing to do with FXCM but with Vankar Trading (John Karvelas)

In order to be IB in the USA you have to be regulated by NFA.

The article states clearly that Vankar failed to meet their requirement " The complaint alleged that the broker failed to maintain adjusted net capital and accurate books and records. Furthermore, Vankar and Karvelas failed to supervise the firm’s operations."
  • #10
  • Oct 24, 2016 11:45am Oct 24, 2016 11:45am
Quoting timos
{quote} This one has nothing to do with FXCM but with Vankar Trading (John Karvelas) In order to be IB in the USA you have to be regulated by NFA. The article states clearly that Vankar failed to meet their requirement " The complaint alleged that the broker failed to maintain adjusted net capital and accurate books and records. Furthermore, Vankar and Karvelas failed to supervise the firm’s operations."
What pisses me off is FF moderators changed the title name from ''FXCM'' to ''Broker''
  • #11
  • Oct 24, 2016 12:24pm Oct 24, 2016 12:24pm
Quoting Noorx
{quote} What pisses me off is FF moderators changed the title name from ''FXCM'' to ''Broker''
$$Money$$
  • #12
  • Oct 24, 2016 2:50pm Oct 24, 2016 2:50pm
Quoting Noorx
{quote} What pisses me off is FF moderators changed the title name from ''FXCM'' to ''Broker''
Yes, that's completely ridiculous, definitely a reason to spread this thread in every trading group I know...
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #13
  • Oct 24, 2016 3:36pm Oct 24, 2016 3:36pm
Quoting michisuperfr
{quote} Yes, that's completely ridiculous, definitely a reason to spread this thread in every trading group I know...
It's not the first time.
They did it for this guy too : http://www.forexfactory.com/showthread.php?t=509987

His thread title was "Forex.com reverses $20K winning trades for alleged latency arbitrage" they changed it to "Broker reverses $20K winning trades for alleged latency arbitrage"

Since ForexFactory is an old site with authority,google gives them a lot of weight and they appear in top results for a lot of Forex related keywords.

Brokers don't want that,they pay them - problem solved
  • #14
  • Oct 24, 2016 10:52pm Oct 24, 2016 10:52pm
Im not suprised at what ForexFactory is doing, its not the first time they are doing this, i think they have shares in FXCM, we all know that FXCM is a bucketshop scam broker and ForexFactory supports them, its not a secret... they are muting our freedom of speech
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #15
  • Oct 24, 2016 10:55pm Oct 24, 2016 10:55pm
so i just repplied here and went to the first page of forexfactory to see if this thread would apear since i have recently replied and by rule it should apear and gues what????!! IT DOES NOT APPEAR!!
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #16
  • Oct 24, 2016 11:35pm Oct 24, 2016 11:35pm
Quoting Soros
so i just repplied here and went to the first page of forexfactory to see if this thread would apear since i have recently replied and by rule it should apear and gues what????!! IT DOES NOT APPEAR!!
Lol, that part is hilarious aswell.

That's why I preferred to blow a $100 account instead of joining scam brokers recommended at FF.
  • #17
  • Oct 25, 2016 12:08am Oct 25, 2016 12:08am
Quoting Soros
Im not suprised at what ForexFactory is doing, its not the first time they are doing this, i think they have shares in FXCM, we all know that FXCM is a bucketshop scam broker and ForexFactory supports them, its not a secret... they are muting our freedom of speech
Because its a diferent company. The main FXCM is a good broker. Why hurt the industry? You guys are dumb.
  • #18
  • Oct 25, 2016 4:06am Oct 25, 2016 4:06am
Quoting NathanAhern
{quote} Because its a diferent company. The main FXCM is a good broker. Why hurt the industry? You guys are dumb.
I personally haven't traded with FXCM, but as far as I know this broker is a really normal one. It doesn't depend on its branches which can get fines or smth like that
  • #19
  • Oct 25, 2016 8:55am Oct 25, 2016 8:55am
What difference is this going to make? I mean this is peanut like amount... Doubt any broker will mind it..
  • #20
  • Oct 25, 2016 11:51am Oct 25, 2016 11:51am
Quoting Fedricks
What difference is this going to make? I mean this is peanut like amount... Doubt any broker will mind it..
Since Jason Rogers hasn't come on this thread and explain it, this fine adds more clarity to FXCM's clients rip-off and dishonesty. You're right, this amount is nothing compared to a broker like FXCM, but its still a living proof of what they are.

Newbies come to this forum to see the best for them, while Forex Factory hides this broker's true identity for newbies to fall into their ''demo account'' and trade against the biggest market maker and manipulator.

And they say regulation is a must. There are better offshore brokers who offer a better service.
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