Great news, hopefully this will lead to an entire repeal of the awful disaster Dodd-Frank!
I can’t post a link, but google this and it will come up, it’s all over the news everywhere:
washington post trump executive order wall street
Well that may be true, but Dodd-Frank still needs to be repealed. Hopefully with the new Presidential administration small investors will be encouraged and appreciated once again and this will include retail forex trading in the United States. Maybe Trump will abolish the CFTC!
Maybe some FATCA too, while you’re at it, Mr Trump?
A little de-SarbOx’ing? LOL :35:
I so Look Forward to THE scrapping of CFTC and Dodd-frank. Finally some positivism around all the Trump has done so far. Not to forget trump also owns a casino in atlantic city, NJ, that has gone bankrupt “Trump Plaza”. Hopefully he isnt planing to start a B-Book forex brokerage himself 
. Jokes aside, I do believe that this can bring in some loong required changes.
Since I’m here and not just lurking let me put in a good word for Trader’s Way. I have been trading with them for several years and have never had any problems. Again my hope and prayer now is that we will have freedom in the USA again to choose domestic forex brokers that can be competitive in the marketplace as was once the case.
I think it’s pretty likely that the Trump administration will repeal [I]certain portions[/I] of the Dodd-Frank law (assuming they have the cooperation of Congress).
Repeal of the entire law may be a bit of a reach. But, one can hope.
Obviously, I am putting words into the mouth of Morpheus, the rebel leader in the film [I]The Matrix.[/I]
If someone challenged me to prove that my statement is true, I would not be able to do it.
The best I could do would be to provide anecdotal evidence of the CFTC’s systematic attacks on U.S. retail (off-exchange, over-the-counter) spot forex trading.
But, I believe my statement is true, and I stand by it.
Even the [I]total[/I] repeal of Dodd-Frank would not undue the damage done to retail forex by the CFTC over the past 7 years. Here is a SUMMARY of the CFTC’s regulation of spot forex which I posted in 2012.
The CFTC itself will not, and should not, be abolished, in my opinion. The CFTC’s regulation of [I]commodity futures[/I] has been instrumental in making those markets safe, reliable and world-dominating.
But, the CFTC ran amok, in my view, when they started chopping away at [I]off-exchange[/I] spot forex, apparently in an attempt to force it to conform to an [I]exchange-traded-futures-type[/I] configuration.
The CFTC’s authority to regulate spot forex needs to be radically redefined. I can’t even guess when that might become possible.
But, until Trump won the election, I couldn’t see even partial repeal of Dodd-Frank on the horizon, and yet here it is. So, this is no time to think small.
FATCA is another can of worms, altogether. And I haven’t heard a peep about gutting or repealing it. But, there’s only so much a new president can do in his first 2 weeks!
After Trump takes an ax to Dodd-Frank, we can lobby for the same action against FATCA.
Who knows? – We might just be successful.
That will depend on radically redefining the authority of the CFTC regarding spot forex regulation, as I referred to above.
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Thanks to all of you for your comments on this topic. I hope you will keep them coming!
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Sometime today, our thread will clock its one-millionth visitor.
Thanks to all of you who have made this [I]offshore project[/I] so useful to so many people!
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1 Like
Thank YOU, Clint, you are making BabyPips great.
Holy Sh**, FXCM is exiting the US market.
FXCM sells its US clients to Gain Capital as it exits US Forex market | LeapRate
And then there were two… All according to CFTC plan? The way things are going, offshore may soon be the ONLY option for US traders.
My question is this…If FXCM will screw their customers here in the US then why wouldn’t they somewhere else? I can’t imagine ANYONE trusting them in any part of the world. I know I sure wouldn’t!
For those who are just now hearing this news,
here are some links to bring you up to speed:
[U]The CFTC’s announcement[/U]:
[U]Two articles in [I]Finance Magnates[/I] about the CFTC action[/U]:
Breaking: CFTC Levies $7M Fine on FXCM, Forced to Quit US Market | Finance Magnates
Breaking: FXCM to Sell US Accounts to GAIN Capital | Finance Magnates
[U]Jason Rogers’ statement here on [I]Babypips[/I][/U]:
FXCM US Reaches Settlement with NFA and CFTC
[B][U]Edit (updates)[/U] —[/B]
[U]Additional posts from Jason Rogers:[/U]
http://forums.babypips.com/fxcm/84720-fxcm-going-out-business-post803323.html#post803323
http://forums.babypips.com/fxcm/84720-fxcm-going-out-business-post803325.html#post803325
http://forums.babypips.com/fxcm/84720-fxcm-going-out-business-post803327.html#post803327
http://forums.babypips.com/fxcm/84720-fxcm-going-out-business-post803385.html#post803385
[U]Additional articles from [I]Finance Magnates[/I][/U]:
Exclusive: NFA Charged FXCM for Using Own LP for No Dealing Desk Execution | Finance Magnates
Breaking: FXCM Restructuring Plan Includes the Termination of 150 Employees | Finance Magnates
Breaking: FXCM’s Share Prices Shed 50% of Market Value at Open | Finance Magnates
Johnson & Weaver to Investigate Whether FXCM Officers’ Practices Breach Law | Finance Magnates
Breaking: GAIN Capital Signs Agreement with FXCM to Buy US Client Base | Finance Magnates
Darwinex Cuts Business Ties with FXCM, Urges Users to Recommend New Venue | Finance Magnates
Breaking: GAIN Capital CEO Comments on FXCM US Clients Acquisition | Finance Magnates
GAIN CEO States Increased Regulation a Long-Term Positive for Industry | Finance Magnates
Breaking: Gain Capital Will Pay Up to $500 Per Each FXCM Transferred Account | Finance Magnates
OANDA CEO Issues Statement on Recent CFTC Action in the US | Finance Magnates
FXCM Details its Expected Savings from Leaving the US Retail Forex Market | Finance Magnates
FXCM Settles Another Regulatory Headache in U.S. Ahead of Departure | Finance Magnates
Breaking: FXCM Group Promotes Brendan Callan to CEO Leucadia Appoints Chairman
FXCM Inc to Be Renamed ‘Global Brokerage Inc’ Following US Upheaval
GAIN Capital’s Shares Surge after Jefferies Forecasts $150 RPM
Global Brokerage Announces Upbeat Q4, Repaid $30 m to Leucadia in March
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Sorry Clint,
I should have known you and baby pips were already all over this important story. I guess this post was my emotional release mechanism. It’s just so shocking to watch regulators target the destruction of an entire industry. I’ve been relying on FOREX for extra retirement income. This is not fair.
Newbie–So who are the two which remain standing? Currently doing paper trading/demo and had hoped to one day go live—
Thanks!
[B]Gain Capital[/B] will be the 600-pound gorilla, with something like 58% of the U.S. retail forex market.
[B]Oanda[/B] will be the other large player, but less than half the size of Gain.
Two minor players will fight over the remaining 16%.
[U]Edit / correction[/U]:
Based on data released by the CFTC in early April –
Gain Capital has a 53.5% market share, Oanda has a 29.1% market share,
and the remaining 17.4% is split between Interactive Brokers and TDAmeritrade.
Those numbers (the latest available) were calculated as of the end of February 2017.
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It seems pretty obvious what the ultimate goal of the CFTC is…
the CME already offers much higher leverage for day trading currency futures (100-150:1) compared to 50:1 for the US Forex brokers. If they eliminate the competition, they can force all retail Forex volume on exchange.
s19h02t3f,
I apologize for the delay in replying to your post. I’ve been distracted over the past few days, first by the discussion regarding possible repeal of the Dodd-Frank law, and then by the surprising news that the largest forex broker in the U.S. has been banned forever from the business.
Anyway, I want to thank you – belatedly – for getting back to us with an update on your efforts to open an account with Renesource Capital.
I’ve never had direct contact with Renesource, and I don’t know anyone (other than yourself) who has. So, I can’t comment or advise on how you might proceed in getting over the paperwork hurdles you described.
I was looking forward to a Renesource success story, in your case. Maybe such a story is still possible.
If anything further develops, I hope you will revisit our thread and update us again.
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Hello all,
Thanks Clint for an excellent informative thread for the people looking for a good broker. I opened my account with Tradersway few months ago and I like the broker a lot as everything is going well.
I have been using FXJunction for stats. Today I was unable to connect my TW account to FXJunction. I received the following email when I contacted their support:
[I][B]Dear Member,
Thanks for your information. Sorry to inform you, but we have blacklisted this company as they are not regulated. You are free to choose any broker which is regulated and link that account to your FX Junction profile.
Best Regards,
FX Junction Support[/B][/I]
FYI
I know next to nothing about FXJunction (I’m not into social trading).
I took a look at the FXJunction website, and was surprised to see that they claim to support 880 brokers.
I seriously doubt that there are 880 [I][B]regulated[/B][/I] brokers in the world.
As for the offshore brokers on our List, you have probably noticed that two-thirds of them are unregulated, including Trader’s Way, one of our [I]Trusted Brokers[/I].
I won’t get into a debate about the virtues (or not) of regulated brokers, except to say that I disagree with those people who take for granted that regulated brokers are sound and trustworthy, while unregulated brokers are shifty and untrustworthy. People who believe that are naive, in my opinion.
Anyway, I guess you will have to choose whether to stick with FXJunction, or with Trader’s Way.
I wish you success, whichever you choose.
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