Going offshore to escape the CFTC

[FxAll]

Hello
I had the same question from them and they send me the following link.
I have checked their regulation in Dubai governmental website.
They are 100% regulated by the Economic department of the Dubai.
It seems that they are a trust-able brokerage.
If you like you can check their regulation here:

search Glory Way license number (662938) or name(GLORY WAY GENERAL TRADING).

License Search page is : dubaided.gov.ae/eservices/Pages/Anon/CompLookup.aspx?1=1&PID=10105&LID=&sname=Search_Li cense_Information]البحث عن بيانات رخصة

If they regulated by the Dubai, that it is the question time, when the stop support US clients. Because CFTC can force them through local regulated authority.
For the US client only one way it is to trade with trusted unregulated/offshore brokers. But offcaus we can not be 100% sure that CFTC couldn't sue them. At least for the time while this broker doesn't have brand awareness in US.

[Clint]

.....CFTC can force them through local regulated authority.

It is true that the U.S. CFTC and the Dubai Financial Services Authority have signed a Memorandum of Understanding, dated December 1, 2005. You can read the whole thing in a fairly short period of time. But, if you can figure out what it says, you're smarter than I am.

It probably allows the CFTC to do anything they want to do. That's how the Ruling Class operates.

So, is it just a matter of time before the CFTC starts to bully Dubai? We'll have to wait and see.

[manikah]

Just from few days ago I joined my self in paxforex for forex trading.I already fall a love with its 100% bonus.I deposited 350& but it give me 300& deposit.Another opportunity I got from that site is Lowest Spread – From 0.5 Pips and negative balance protection.I am so safe for that facility.After few months even few years I want to continue my trading with paxforex.

[FxAll]

It is true that the U.S. CFTC and the Dubai Financial Services Authority have signed a Memorandum of Understanding, dated December 1, 2005. You can read the whole thing in a fairly short period of time. But, if you can figure out what it says, you're smarter than I am.

It probably allows the CFTC to do anything they want to do. That's how the Ruling Class operates.

So, is it just a matter of time before the CFTC starts to bully Dubai? We'll have to wait and see.

If the company will not have the NFA license that it is a mater of time while they accept US clients.

[forexdude12]

Hello
I had the same question from them and they send me the following link.
I have checked their regulation in Dubai governmental website.
They are 100% regulated by the Economic department of the Dubai.
It seems that they are a trust-able brokerage.
If you like you can check their regulation here:

search Glory Way license number (662938) or name(GLORY WAY GENERAL TRADING).

License Search page is : dubaided.gov.ae/eservices/Pages/Anon/CompLookup.aspx?1=1&PID=10105&LID=&sname=Search_Li cense_Information]البحث عن بيانات رخصة

I have sent them an email. However, I have yet to receive a reply. The email was sent around the same the day I made the post here. ( in defense of Glory Way I haven't checked my email this recent week...too busy) If there is an update with an answer from them, I will gladly come here and update. Fair is fair.

[pipette2010]

It's all a matter of trust. MF Global was licensed and regulated beyond imaginable. Where are they now with their customers' money?

Other brokers play dirty tricks on their customers despite being licensed and regulated. I haven't seen this from MyFXChoice.

JadeFx was a "broker" in Belize and all the traders were raving about what great trading conditions they had there and how deposits and withdrawals were always smooth...until the CFTC came down on them and it was discovered that everyone was basically trading on demo accounts and they were taking Paul's deposits to pay for Peter's withdrawals. It's funny that to this day, some traders still think that JadeFx was an honest broker and that it was the CFTC's fault that they only got 70% of their original deposits back.
I'm not saying MyFxChoice is the same, but I would exercise extreme caution.

[FxAll]

JadeFx was a "broker" in Belize and all the traders were raving about what great trading conditions they had there and how deposits and withdrawals were always smooth...until the CFTC came down on them and it was discovered that everyone was basically trading on demo accounts and they were taking Paul's deposits to pay for Peter's withdrawals. It's funny that to this day, some traders still think that JadeFx was an honest broker and that it was the CFTC's fault that they only got 70% of their original deposits back.

Can you provide the link to this information?

[manikah]

Paxforex is a broker which regulated by STP.It also give more opportunity to open multiple demo account which is very effective beginner.Experience with this I like best it.

[pipette2010]

Can you provide the link to this information?

Here's a link to the official CFTC statement. I don't have enough posts to include links. You can Google Jadefx for more information if you want.

ww*.cftc.gov/PressRoom/PressReleases/pr5997-11]CFTC Charges Jacob Juma Omukwe and his Companies with Solicitation Fraud and Misappropriation in $3 Million Foreign Currency Scheme

[Clint]

JadeFx was a "broker" in Belize.....

It's interesting to note that there is no mention in the CFTC complaint of any connection to Belize.

One individual, and the two companies he allegedly controlled, were all located in the state of Wisconsin.


Here are two paragraphs copied and pasted from the CFTC press release:

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in the U.S. District Court for the Western District of Wisconsin charging defendants Jacob Juma Omukwe, JadeFX Ltd. (JadeFX) and Jade Investments Group, LLC (Jade), all of Wisconsin Dells, Wis., with operating a fraudulent off-exchange retail foreign currency (forex) scheme through the website jadefx.com. None of the defendants has ever been registered with the CFTC.

The CFTC complaint alleges that, from at least June 2009 through the present, Omukwe, Jade FX and Jade fraudulently solicited and misappropriated more than $3.2 million from more than 500 customers in the United States and throughout the world to trade forex. Contrary to Omukwe’s representations, only a fraction of customer funds were traded and most of the funds were misappropriated. In addition, the complaint alleges that JadeFX and Omukwe failed to register as a retail foreign exchange dealer (RFED) and associated person (AP) of an RFED, respectively, as required under the Commodity Exchange Act (CEA) and CFTC regulations.

Here is a link to the entire CFTC Press Release.


Evidently, Jade claimed to be domiciled and registered in Belize. And some former customers of Jade have referred to Jade as a Belize broker, as well. But, who knows? If this broker was a scam, as the CFTC alleges, the connection to Belize could have been part of the fraud.