You’re the second member to raise this issue regarding FX Choice.
MarcinFX said essentially the same thing in his post #3928 back on January 30. Three weeks later, the FX Choice rep refuted the allegations made be MarcinFX (attributing his problems to a glitch which FX Choice claimed to have fixed), but MarcinFX remained unconvinced.
Now it would appear that FX Choice still has some explaining to do.
From what I’ve been able to find out, Capital City Markets is “registered” in Vanuatu, but that’s not the same thing as being “regulated”.
More on Capital City Markets in the replies below.
As I’ve said in several previous posts, I don’t think our issues with a dictatorial CFTC will be resolved by any action taken to trim, gut, or even repeal the Dodd-Frank law.
And my guess is that Dodd-Frank will not be repealed, now or ever. I think it will be tweaked and fiddled with, and will possibly end up bigger and more bloated than it already is. This process is not in the President’s hands – it’s in the hands of Congress. Five hundred and thirty-five politicians, each one beholden to constituencies, special interests, and donors. Each one with his/her own agenda. Good luck getting anything resembling common sense out of that bunch.
End of rant.
Sorry.
I had never heard of this broker, until this discussion started today. See my comments below.
Thanks for posting that link, Moe. I’ve learned a tiny bit about Capital City Markets from your link:
• Domiciled in Vanuatu (that’s an island in the western Pacific). Domiciled simply means they are registered as a company there. The address they give in Vanuatu may be nothing more than their registered agent on the island.
• Phone number in London. That’s probably their physical office. They do not claim any sort of registration or regulation in the U.K.
• They claim to be a true ECN broker. That claim needs to be verified.
• How long this broker has been in existence I have yet to discover. Of course, like every other broker in the world, they claim to be “a global leader in online trading”.
• Spot FX, CFD’s, commodities and metals. MT4 platform. Micro account: $100 minimum to open, 0.01 minimum position size, up to 1000:1 leverage, variable spreads / no commissions, etc.
As for research – I’m not the only person on this thread able to do basic due diligence. You guys need to roll up your sleeves, and pitch in. 'Nuff said, I hope.
As for the Trusted Broker suggestion – that’s a long way down the road (if it even happens).
See above.
I think your guess is correct. Money transfers to offshore brokers seem to be one of the Nanny State’s favorite targets.
Good suggestion regarding an update from Paul Callen (the former Tallinex rep here in the forum). Now that Tallinex has severed all ties with the U.S., they should be free to tell us what’s been going on, without fear of any sort of U.S. reprisals.
Agree. See my rant, above.
I can’t argue with that decision.
Your “good word” has been noted.
I’d like to hear from even more members who actually trade live with Finpro. Are there enough of you to put the question of Trusted Broker status for Finpro to a vote?
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