|
|||||||
| Rate my Broker Discuss anything and everything regarding Forex brokers. Need some help finding a broker that's right for you? Then this is the place for you. Also, check our our resources on How to Choose a Forex Broker and Meet the Forex Brokers. |
 |
|
|
LinkBack | Thread Tools | Display Modes |
08-05-2008, 07:00 PM
|
||||
|
||||
Where are those stats?
@Forex Savior
Where did you get those financials for the companies you listed? I have scoured the NFA website and have not found it but I am pretty sure they publish it. If you could provide a link (or at least a clear step by step), that would be great because I like to keep track of that kind of data. Thanks. 
|
|
08-07-2008, 05:17 AM
|
|||
|
|||
|
June CFTC Net Capital Report
The CFTC has released its latest Adjusted Net Capital report. With less than three months to go before the NFA raises capital requirements to $10 million the Capital issue is once again front and center in retail forex. How does your firm stack up?
Financial Data for FCMs The following firms have net capital below $10 million Advanced Markets $5,054,000 Bacera $5,361,000 MG Financial $6,086,000 ACM $7,342,000 Hotspot $7,711,000 Friedberg Mercantile $8,189,000 Ikon $8,301,000 Forex Club $8,454,000 CMC $8,729,000 Easy Forex $9,478,000 No change in capital for Advanced Markets, Bacera and Money Garden who are still way below the upcoming cap increase. Also, for the first time ACM is reporting net capital and their first number out of the box isn’t that great. One suspects they had no idea cap requirements were going up and it could very well be they have completely mistimed their entry into the U.S. market. ACM appears to have brought a knife to a gun fight… Typical of a Swiss firm isn’t it? The following firms have net capital below $20 million GFS Forex $10,909,000 MB Trading $11,165,000 IFX $13,010,000 ODL $13,053,000 Alpari $13,084,000 I Trade FX $16,097,000 FX Solutions $17,974,000 CMS Forex $17,931,000 PFG $19,862,000 The following firms have net capital above $20 million Interbank FX $30,364,000 Gain Capital $61,918,000 GFT Forex $67,298,000 FXCM $70,792,000 Oanda $165,526,000 As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law going into effect in less than three months.
|
|
08-07-2008, 10:06 AM
|
||||
|
||||
|
Ahhhhhhhhhh I see...it is found at the CFTC website! I was looking at the NFA site.
WOW...OANDA is a monster!!!!!!!! And Interbank surprises me...I had an account with them but just closes it because the server lag and reliability were horrible over the past 2 months. All that money and crappy servers?! Ughh. I liked them too. Lots of free tools, webinars, etc. I hope they get it together again. I hope the new requirements for these firms don't kill off the smaller competition. Forex is very competitive...without...you can kiss freebies like demo accounts, trading tools and other helpful goodies goodbye! Last edited by BrianSNJ; 08-07-2008 at 10:44 AM.
|
|
08-12-2008, 10:43 AM
|
|||
|
|||
|
The Dark Regulator
With the Dark Knight breaking box office records around the world it looks like the CFTC is trying to cash in on the caped crusader’s popularity. In a recent press release announcing the formation of a “forex fraud” taskforce the CFTC stated, “This announcement sends a clear signal that the CFTC is on the beat, and that our continued and increased cooperation with law enforcement authorities will help put these forex dealers where they belong – in jail.”
CFTC Announces Formation of Retail Foreign Currency Fraud Enforcement Task Force Ya I know many of you are chuckling to yourselves, in classic Joker style, “ha, ha, ha, and I thought my jokes were bad.” Forex fraud has been rampant the last couple years and like the hapless gang at the Gotham police department the regulators can never seem to get the bad guys who remain safely tucked away like “Lau” from the Dark Knight hiding out in his Hong Kong skyscraper. Only in the retail forex world the villains sip margaritas on the Turks and Caicos Islands or are busy forging $35 million ABN-Amro bonds in Switzerland. But maybe there is finally hope here in Gotham. Perhaps the Dark Regulator can save us from the scammers and con-men who are a blight on our wonderful forex world. Let’s hope the CFTC’s new task force scheme works out and that they are able to drive these agents of chaos in the retail forex market out of business once and for all. But then again the Jokers of the retail forex world have never been intimidated by schemes have they? Joker: Do I really look like a guy with a plan? You know what I am? I'm a dog chasing cars. I wouldn't know what to do with one if I caught it! You know, I just, do things. The mob has plans, the cops have plans, Gordon's got plans. You know, they're schemers. Schemers trying to control their worlds. I'm not a schemer. I try to show the schemers how, pathetic, their attempts to control things really are. So to the folks at CFTC, please, make sure this latest scheme doesn’t draw the kind of ridicule the Joker loves to heap on law enforcement…
|
|
08-12-2008, 11:38 AM
|
||||
|
||||
|
Amen!
Excellent commentary FS...really enjoyable reading. I also understood the Dark Knight references since I just saw it this weekend. Ripping good movie! I am so worried about this latest pile of steaming (you know what) regulations is going to turn out to be nothing more than a result of the lobbying efforts of the big companies scheme to weed out competition. True Forex is riddled with scam outfits...but a small amount of due diligence can prevent that stuff. Once the competitive environment of Forex is gone..we will all be royally screwed. Verizon. Comcast. Need I say more folks?
|
|
08-19-2008, 07:20 AM
|
|||
|
|||
|
I Trade FX Takes the Stand
Last Friday I Trade FX’s response to the NFA regarding the complaint lodged against them was posted on the NFA’s website. Below are the details:
BASIC Case Summary The Nine Lonely Whales Right off the bat I Trade comes out swinging in their response, denying that they had only 9 accounts with balances of $50,000 or more and insisting they had “substantially more” such accounts. They did not, however, deny the NFA’s statement that they had only 3,000 active customer accounts in total. The number of large accounts is of course an important part of this case. If I Trade only had 9 large accounts than surely they would notice any large transactions taking place amongst any of them. The NFA’s entire case rests upon the charge that I Trade did not take any action to report the suspicious transactions that were happening with the Olint accounts, among others. The Vetting of David Smith I Trade FX then sticks in the knife with a great line in response to the NFA’s repeated references to David Smith acting as a Principal in the firm. “Respondents admit that David Smith was listed as a principle of I-Trade starting on March 27, 2007, but only after the NFA took six months to conduct its due diligence investigation of Smith prior to approving Smith as a principal of I-Trade…” Ka-POW! I Trade is basically telling the NFA, “hey if this guy was so bad why the hell did you approve him to be a principal in the first place?” Gotta admire the moxie of I Trade as that takes some brass cajones to get up in NFA’s face like that. However, I could not find any response from I Trade FX in regards to the NFA’s charge that David Smith funded I Trade FX with almost all its operating capital in 2007. So it appears that I Trade is conceding that their company was basically bankrolled by David Smith during his tenure as principal. That in my opinion is the real sin for I Trade FX, that their company was using an alleged con man’s money to inflate their net cap numbers throughout 2007. David Smith’s Secret Bank Records As you’ll recall in an interview conducted by Jamaican Radio David Smith claimed that he would have given NFA his bank records had he had the time to do so before changing his story and stating he couldn’t turn them over for “legal reasons.” I Trade FX states for the record that they simply did not have the legal authority to compel David Smith to provide NFA with the documents when they asked about them. So the question for David Smith remains “why would you not turn over your bank records? What legal authority was preventing you from doing this?” The Guts of the Complaint The main charge NFA is lodging in this complaint is that I Trade FX failed to notify authorities about suspicious activity going on in David Smith’s accounts, among others. Here is I Trade’s response regarding the Olint account activity: Quote:
In another clever bit legal jujitsu I Trade FX bats down the charge that they didn’t respond to certain “Red Flags” with this answer: Quote:
But this caught my eye at the end: Quote:
So now what? Well, I think this case will probably be decided by events on the ground. There are still far too many questions surrounding Olint and David Smith. If the Feds can’t prove any financial wrong doing my guess is I Trade FX and NFA will settle the matter a few months from now. But if the Feds find some really nasty stuff on David Smith I can’t imagine NFA will give I Trade FX a slap on the wrist. Lucky for I Trade FX they are not a public company or else their stock would be in the toilet. In the meantime, I am cautioning traders to take a wait and see attitude towards this besieged and embattled firm.
|
|
09-11-2008, 05:40 AM
|
|||
|
|||
|
July CFTC Net Capital Report
The CFTC has released its latest Adjusted Net Capital report. With less than two months to go before the NFA raises capital requirements to $10 million the Capital issue is once again front and center in retail forex. How does you firm stack up?
Financial Data for FCMs The following firms have net capital below $10 million Bacera $5,448,000 MG Financial $5,545,000 Forex Club $6,709,000 Advanced Markets $6,874,000 Hotspot $7,573,000 Ikon $8,088,000 Friedberg Mercantile $8,176,000 ACM $8,395,000 Easy Forex $9,630,000 No change in capital for Bacera and Money Garden (although Advanced Markets saw a small uptick while Forex Club saw a small downtick.) Also, ACM is still reporting net capital below 10 million. One suspects they had no idea cap requirements were going up and it could very well be they have completely mistimed their entry into the U.S. market. ACM appears to have brought a knife to a gun fight… Typical of a Swiss firm isn’t it? The following firms have net capital below $20 million ODL $10,500,000 GFS Forex $11,296,000 MB Trading $12,201,000 Alpari $12,810,000 IFX $14,941,000 I Trade FX $16,214,000 CMS Forex $17,996,000 FX Solutions $18,887,000 The following firms have net capital above $20 million PFG $21,695,000 Interbank FX $33,341,000 Gain Capital $67,077,000 GFT Forex $69,497,000 FXCM $78,503,000 Oanda $164,523,000 As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law going into effect in less than two months.
|
|
09-20-2008, 12:41 AM
|
|||
|
|||
|
Quote:
|
|
| Thread Tools | |
| Display Modes | |
|
|
Linear Mode
