Now can log in already, yes traded @Friday 14January. This month traded 3 times until today, date 4,11 and 14.
At noontime? Mine was abt 4-5pm on 14th while i was opening, the figures were in the process of updation. Seemed that itās not synchronizedā¦
We canāt exactly determine the time, but it seems to be that the trading last for hoursā¦? or it doesnāt much with the chart, can anyone check the chart?
MasterAsia, MasterAsia. I didnāt really want to say anything about this because this is not my area of expertise, it does get complicated, but it seems that you are insisting on it.
A while ago, when I was researching forex trading etc. I was talking to some people and it was loosely explained to me that futures contract is basically something which expires. Looking at my broker platform, these are mainly commodities like Brent Crude (oil), Light Crude (oil), Cocoa, Coffee, Corn, Cotton, Livestock (Feeder Cattle, Live Cattle, Lean Hogs, Pork Bellies), Soyabean, Sugar Wheat etc you get the picture. Even the metals like Gold, Silver, Copper, Palladium, Platinum, some of them have both Spot and Futures. Then theres the āBond and Moneymarketā which are futures. They typically have an expiry of 2 months from the time they come out, and they come out every month, so there is an overlap, sometimes referred to as front month and back month. And I havenāt talked about options and derivatives yet. Some have a life of more than 2 months.
Let me throw in some links which I googled just to make me look like I know what Iām talking about 
Futures contract - Wikipedia, the free encyclopedia
What is the difference between trading currency futures and spot FX?
Currency Markets - Forex Markets - Currency Futures Markets - Currency Trading
So on this one, unless you can prove me wrong, Iāll have to go with Mutalib and say that no license is necessary unless iTrader is offering any of those mentioned above which expires.
This is NOT to say that I am with Edgar or Mutalib because I am also wondering, now that Edgarās bank accounts are not frozen anymore and cleared for normal operation, (and was successfully used for trading while frozen), still no word on withdrawals!
its a good comment but some factor being deletedā¦ i guess some of them wont know the real reason behind itā¦ babypips is hiding somethingā¦ if my post being remove again, then this page cant let ppl saying the true thingsā¦
Hi active trader,
I am sorry i donāt get what you are trying to explain, What you put is exactly what i had explained about spot and futures. Maybe i should simplify it. In financial industry, a person can typically buy a spot or futures contract in terms of currency trading.
SPOT rates as I studied in University usually is OTC ( Over the counter ) rates or when you exchange money here and now with the money changer or dealer. So SPOT is simply any exchange that is on the spot. You agree on the rate and we exchange on the Spot. Any variant to that is futures
In Future contracts there is many types of contracts and includes in it currency contract- Call option , put option, You can also buy forward or sell forward contracts, etc.
The impt aspect is look at the terms as defined by NZ Securities posted by Mutalib. The reason NZ Securities uses form over substance is because there are just too many types contract to name , so to encompasses everything they instead just explain as this - āIf you trade in leveraged or margin, typically its a Futures contractā. So by using leverage or margin it captures any contract or dealings which has leverage or margin
Then look at what we do - When you use 1000 USD to buy 100,000 contract. We are leveraging, which is why sometimes you are subject to margin call. Margin call happens because the amount of 1000 USD you put in will not cover the loss when you close your position. So when NZ Securities uses the term Leverage or Margin we typically cannot run away from holding a license.
To answer your question. You can trade anything in the world - commodities, stocks, currency. But as long as the trading includes any leverage or margin. NZ Securities term them as futures
The terminology we use should give you a hint. Like Margin call, 1:300 this about leveraging. That is why LattitudeFX have to get a license. Remember they are also dealing in forex.
MasterAsia,
In your quote your left out āthough this depends on the terms of the particular contract.ā Which university did you go to?
I donāt really want to argue with you too much, maybe someone else would like to say something here. This is all Iām going to say. All I know is that sometimes when I need to ring up my broker for a quote, they always ask like - āYou like the price on the SPOT USD/JPY yeah?ā I mean, these are common basic terminology to distinguish all the different instruments used by the whole world. If you are going to tell me that you are right and my broker is wrong then I would believe my broker instead of you.
Just do a simple test, ring up the NZ Securities Commission, or your broker (if you have one - not iTrader cos you canāt speak to anyone), and then tell us what they say.
Hi all,
Actually I have tried to clear this matter and some of the nonsense since day 1, pls refer from post #11 of this thread.
ā[B]Forex[/B]ā is short for foreign exchange or currency market, also ocassionally abbreviated as FX.
Have also tried to clarify that āCurrency [I][B]Futures[/B][/I]ā is a totally different matter with different set of properties & rules.
It is reallyā¦ how should I say? Stupid? trying to mangle, twist & wrap [B][U]Forex[/U][/B] and [U]Currency Futures[/U] together. Canāt stand those who tried. Idiots.
The [B][U]fact[/U][/B] is that FOREX is the only monetary exchange that is over-the-counter (OTC) market, OTHERS ARE NOT; IN-FACT NON OTHER ARE!!!
NVM; The rest is up to you.
P/S: ActiveTrader, give me 5, I totally support your verdict.
I am sorry do you guys actually know what you are talking about Solai and Activetrader.
Forex - is a simple acronym for Foreign Exchange. Basically the term is used broadly when you deal in any currency exchange.
AND we only mainly talk about SPOT rates when its OTC. In simple englishā¦ if you go to airport in malaysia but have singapore dollars. You give money OTC in SGD, they pay your balance in Ringgit. This transaction donāt require a license. So SPOT is alsmot always use as a reference for OTC transaction.
NOW, let me just explain in SIMPLE ENGLISH.
As there are many type of transaction besides the traditional SPOT currency exhcnage. NZ Securities has kindly defined the key feature that THEY consider a Futures contractā¦ its not the type but the form that is impt.
As long as there is leverage or margin invovled. They consider most likely to be a futures - regardless if its commodities, Currency Swap, Call option, etc.
The KEY WORDING is MARGIN or Leverage contracts.
Because THERE are MANY DERIVATIVES in the current market from Put option, call option, futures, SWAP, CFDetc. NZ Securities if YOUR NOTICE. Does not specify the TYPE of derivative . Whatever its commodities, Futures so on and so forth. MR Solai you are right to say that futures have its own rules. Even in futures there may be variant of different contracts.
MR ACTIVETRADER have kindly point not all ā[B]though this depends on the terms of the particular contract.ā [/B]. That is what i have been sayingā¦ in Futures and other derivativeā¦ there are also many variant to the contract. THAT is why they say only if they are leverage or margin. It will be IN THEIR eyes almost certain to be a futures contract.
NOW ā¦ what NZ securities tried to do is instead of specifying the particular deravitive. They classify IN THE NZ sercurities definition ANYTHINGā¦ that is MARGIN or LEVERAGEā¦that would almost likely to be Futures.
So continue to give each other hi 5ā¦I will leave it thereā¦ i think i explain enough.
Let just use our brains alittle, go to NZ registered forex companies, not belonging to Edgar group. YOU will find that ALL of them have trading License
besides LattitudeFX evey single Edgar competitor have trading license.
Secondly, every group have a Segregated Customer account belonging to the company. Look at the whole Itrade group. Look at how their account is structured. Mutalib say Edgar got frozen becaus ethey did not comply with some policy. Yet, they are suppose to be this big company bigger then FXCMā¦ as mention by someone on the post.
Isnāt it wierd for a forex company ( Global Trade Consortium) that have been operating since 2002 ā¦ ( its other offshoot ) - like Legion, Zeta, Goldstar development. They would have already got better system in place. Why is it that MOST of their account are not in NZ where it should be ? but in Malaysia or HK. Accounts Frozen ? mmmmā¦
Even though no payment advise from Edgar but i believe that Edgar is clearing our accounts. As my accounts being updated and the āunclear amountā already been corrected last few days. My agent told me the same things, everything will be solve by March. This is the only time i got a ādateā from my agent but not the answer āwaitā.
According to NZSECās Hayden in some earlier posts:
[B]āGenerally foreign exchange contracts which are cash settled and traded on a margined or leveraged basis are futures contracts,ā[/B]
Thou Edgar/Legion purportedly trades in spot market, they still fall under the āfutures contractsā definition as per NZSEC because they offer margin or leverage trading. Unless you are an illegal money lender, any corporations that offer margins or loans have to apply for special permit? No?
This is my understanding on spot and futures.
Spot forex transaction involves the purchase and sale of a currency at the [B]CURRENT/MARKET PRICE[/B] with [B]IMMEDIATE DELIVERY[/B]. (hence the word āSPOTā). Those currency quotes we see on bloomberg are all spot rates. In currency trading, you can trade on spot market and settlement is usually T+2.
As for FX futures, the transaction is done today whereby the quantity and price is agreed today, but delivery is set at a later date, say 90 days from today. You can close the futures contract before expiry by taking a short position in the spot market.
The main difference between futures trading and spot trading is on the delivery. Forex speculators usually trade in spot market due to its high liquidity and volatility.
I believe what Hayden meant was, if you operate as money changer or selling cash settled foreign exchange contracts, you do not need a license from the SEC. But in Edgarās case they are offering a high leverage of up to 100:1. How is it possible for an āonline trading platform providerā to offer margin facility when they are not broking firms or investment banks?
As for Mutalib, I think you are the one who ASSUMED you know all the law. This new FSPR law is for general financial service provider which includes and not limited to insurance agents and financial planners. It is not a broking license. Please donāt operate in a cowboy style by assuming āapa saje. Sama ajeā. Whether clients to bank in money to Legion or Edgarās acc, broking licence or registration number, apa saje, same aje. If you think you are a legitimate broker, you would have been part of www. NZFMA. ORG, the NZ Financial Markets Association.
Mutalib, why donāt you issue a statement in your website to clear all the confusion? Replying in this forum will only make you a laughing stock. Everyone knows, posting in forum is merely oneās opinion and is not an official statement and should not be taken seriously.
Star89,
Despite the predicament, i m still confident that the withdrawal will be ok eventually. Let Edgar resolved their problem and itās just 1.5 mths to go.
Thereafter, for those whoās scare and doubted this Edgar should make full withdrawal and then stop criticizing here.
I also have the confidence in Mr Mutalib and believe he is trying the best to overcome the situation. Thatās the only thing we can do for now, as agreed, wait n seeā¦
Just to keep everyone HAPPYā¦ and get professional advise. I have personally emailed Hayden Best from the NZ Securities commission regarding Mr Mutalibās claim. Since Mutalib claim that we are Sombong Bodohā¦ then ok i will send all the info to NZ Securities and ask them
Rather then argue until the cows come home. I will once and for all help everyone to settle if Edgar is a scam and WHY their account was frozen or closed. and if they require a license
So for Solai and Activetrader, hopefully i can get your answer from Hayden best and so you can High 5 one another.
But all i can say is if these turn out to be a scam, you will be quite certain NZ securities commission will take a very interesting look at the operations.
Anyway, I have compiled the operations of the group, the companies i know of, and just about everything we have all discussed. If NZ Securities are interested I will hand over the findings and let them decide.
But since some people here cannot be convinced, the best solution is to let the authorities involve decide.
So if you still think Edgar is the real deal please by all means leave your money in there. If you think they are not the real deal by all means draw out your money now before the Securities commission clamp them down
If Mutalib is sure about his company then it should be worry freeā¦ so lets wait for some news from Hayden Best.
So smileā¦
Hi, for few days did not login, already loads of comments. I think we have to agree on MasterAsiaās action on emailing to the authority asking for confirmation regarding this matter. and its really sad to know that a professional person like Mr. Mutalib using the word ābodohā.
I want to make my self clear here. I am not edgarās competitor nor investor. but I also donāt want to see investors lose their money as I felt the pain of loosing money to a scheme like this before. I canāt also say I am on the neutral side here. all I want is a clear clarification that saying EDGAR and the related said company is for real and not manipulating investorās fund from the authorityās side.
another commend to Mr. Mutalib. what on earth are you saying??? bodoh??? if you so smart, why and WHY and why at the first place didnāt get a regulated and high reputated broker??? you are dealing with huge huge responsibility here. Mr.Mutalib, mirror your self first before saying ppl bodohā¦
then I too realize regarding money being freezed. wowwā¦ this even unrealisticā¦ if being freezed, how money can get back to ledger??? to clear this kind of matter if EDGAR really can produce documentation, bank negara sure release the fund just within few working days laā¦ alamakā¦ what is this armature bullsh*t??? 
ā¦ you donāt believe me, go ask bank negara.
and to all investors, there are no such thing on handling withdrawal plus certain issues to settled till march. you should and supposed to get your withdrawal without all their nonsense.
again Im here not attacking anyone other than EDGAR and its administration. So, to those who seek answers, why not do like what MasterAsia did. lets get answers from the authorityās side. I also want to get answers from SCC and BankNegara regarding this matter. if EDGAR is what being claimed by Mr. Mutalib, then nothing to worry.
yahooā¦ good idea also let the authority knowā¦ if its a scam, then everyone money bye byeā¦ including master asia friendā¦ if authority dont have evidence, means edgar is cleanā¦ so, you all decideā¦
Ooooā¦ how you know clean??? so how come money being freezed??? come on, make some sense on your statement here. is there anything wrong asking for verification from the authority??? if the authority have evidence saying edgar is clean then good news laā¦ if no evidence, how to say clean or not???
my friends including relatives also edgarās investor. but most agree want an answer from the authority because not only the withdrawal issue, but also the legitimacy thing. Tell me you wounāt do anything when you see something suspicious going on in your neighbours house? it could be a theive, or ealseā¦ so to confirm, you not do some checking meh??? now AllenLeow, YOU DECIDEā¦
Dear PipsConqueror,
Donāt be so serious with AllenLeow, you know he is just an only investment idiot at all in thread. You know, according to AllenLeow he has extra cash to invest in Edgar, thatās why he has nothing worry about āriskā. Oh, come on, not āriskā at all, itās a scam and a trap for naive investors.
I think AllenLeow can put all his money into Edgar as he is so optimistic with Edgar, right? Then, why just only extra money? Come on, AlleLeow, deposit all your money in Edgar as you are so confident with Edgar, right? With AllenLeow money in, Edgar may have a little room to clear some withdrawal to those who are wait too long. Agree?
Ohhā¦ ok ok okā¦ heheheā¦
AllenLeow, please accept my appologiesā¦
Hi Mr Mutalib Rahman,
Your appearance given us some faith and hope with Edgar and Legion. Till now, the outstanding files of 487 have cleared? Anymore Clients managed to send you an e-mail seeking you help? If yes, have you given a helping hand to get their money back?
Hope to see some happy faces reporting here before CNYā¦
Can some enlighten me ā¦ did Edgar just change bank details again ?
I think a couple of days ago i thought i saw Legion Trade ? Now its prince trading ? Also did they change a couple of the Malaysian bank details. I vaguely remember the names were different.
Well anyway, I guess we know why Company change banks.
I am still waiting for a reply from NZ Securities, once the information is available i will post it on the web.