The LIST has been updated.
The [I]Broker Aid Station[/I] forum, here on the Babypips site, now lists 24 brokers who have official representatives on the forum to dispense information and answer questions.
We have already vetted 19 of those 24 brokers: one (Forex Metal) is in Group 1 of our List, 15 of them are in Group 2 of our List, and 3 of them (FXCM, FXDD, and BeamFX) are U.S. brokers.
That leaves 5 brokers which we have not previously vetted. Over the weekend, I looked into those five brokers, and found that [B]not one of them will accept U.S. clients.[/B] The 5 are:
Global Prime (Australia)
Admiral Markets (Estonia)
XGlobal Markets (Cyprus)
FxNet Ltd (Cyprus)
Direct FX Trading PTY LTD (Australia)
I hate to see Group 2 grow larger, but U.S. members of the Babypips Forum need to know the facts.
So, later today, I will add these five to Group 2 of our List.
[B]Note:[/B] the broker identified as [B]TradingForex[/B] in the [I]Broker Aid Station[/I] forum is [B]Traders Trust (Cyprus),[/B] already in Group 2 of our List.
Edit: this update has been done
I must have missed it, thanks for pointing it out.
Hi Clint,
In May of this year, FXCM acquired FXDDās US accounts as they no longer offer trading in the US.
We expose Forex Metal and owner VLADISLAV KOGAN (Born 1973, living in Sydney, Australia) in this Video: youtube.com/watch?v=SMruhPTsXBY
(To read all details, PAUSE THE VIDEO often.)
00:00 Our story
00:21 Forex Metal web site
00:25 Victims
02.54 Forex Conclusions review
03:31 How Forex Metal describes itself
04:35 Who they really are
04:38 Photos and the Truth about their Century Tower address
05:32 Panamaās SMV (Superindencia de Mercado de Valores) listing of authorized Forex brokers and September 1, 2011 law requiring government licensing
05:51 More on their fraudulent address
05:58 Their Credit Card
06:11 Employee Names and some Marketing Sites
06:43 Bank of New Zealand wire transfer
07:01 Owner VLADISLAV KOGAN
07:16 Details of his many corporations, starting with New Zealand
08:35 Photos of his old residential address (apartment building)
08:56 Photos of his recent residential address ($2.2 Million AUD home)
09:49 Domain Names, and Cross Relationships linking names and corporations
10:58 Corporations since 2001 and more victims (Calobar LLC, Credit Alliance SA, Dunboyne Investment SA, e-ForexGold, FM Financial Services Ltd, FM Financial Solutions Inc, Forex Metal (Australia), Forex-Metal Exchange Services Inc, Forex Metal Exchange Services UK Ltd, Forex Metal Holdings Limited, Forex-Metal Limited SA, FX Index Limited, FX Index Pty Ltd, FX Index PTY Ltd, FX Markets PTE Ltd)
14:06 Aliom Trading not compliant with ASIC (Australian Securities & Investments Commission), revoking most of its representatives, including VLADISLAV KOGAN
14:47 VLADISLAV KOGAN still claims Forex Metal (Australia) operates under Aliomās License
15:02 Targets Binary Trading and India Forex markets
15:14 Forex Metal in 2014
15:31 In Conclusion
15:45 Research & Web Links, including Timeline (2001-2014), Corporations at a Glance, Domain Cross Relationships, Forums that Forex Metal Markets to, and Forums to Contact
16:57 Recent Updates
17:42 Updates and more to be listed under video āDescriptionā
We will post this info at many popular trading forums (complete list under video); many already have posts on Forex Metal.
Where possible, we will start a new thread āForex Metal Ripped Us Off!ā for victimized traders to post comments.
To warn other unsuspecting traders, we will also post in the most viewed relevant threads.
Search āForex Metalā for specific threads until we list them under Video Description.
We suspect Forex Metal created several personalities or used its affiliates either to say what a great broker they are or to market promotions, or both. Usually details are vague. Click on the names; often all their posts talk more about Forex Metal than actual trading.
We apologize for any repetition, but VLADISLAV KOGAN must be stopped from ripping off traders.
Rather than reposting at every site, WE WILL POST THE LATEST UPDATES AND LINKS IN ONE PLACE, UNDER THE VIDEOāS āDESCRIPTION.ā
Please post your personal stories in this forum, and ALSO under the VIDEOāS āCOMMENTS.ā
This way, you have a record of your post at each forum and well as at one CENTRAL LOCATION for ALL traders to share comments.
A fellow trader that produces many videos exposing Forex, binary trading, and other financial scams has also created videos about Forex Metal:
Forex Metal - Avoid this Broker:
Forex Metal - This Broker is a Scam, BEWARE:
Forex Metal - Use this Currency Broker and Feel the Pain:
He also recommends that victims create and post their own videos (Ezvideo.com is free and simple), and include a link to our detailed video.
VLADISLAV KOGAN is Forex-Metal Payments Department at payments(at)forex-metal.com
Traders, let him know what you think of Forex-Metal.
If VLADISLAV KOGAN eventually returns ALL of our funds, we will post that information in the future.
Traders, thank you all for your time, as well as any additional help or information you may offer.
Excellent updates. I was going to post a similar review over Malta Regulations and the warnings, but for some reason I could not post anything at all, problems aside.
I have been with [B]Forex Broker Inc[/B] for about a month now. In short, no problems at all. Sign up was immediate, deposits are quick and so far nothing of concern. I have yet to withdraw as it is the main point of broker reputation. A thing to point out, there are constant price gaps that have to be refreshed in MetaTrader 4 manually and in some cases they do not display correctly. Spreads arenāt great on the crosses either, scalpers have to look elsewhere. So far not a bad broker.
I also have contacted them over the warnings issued from MFSA and received a responseā¦
Dear Investor,
In regards to your query, we will check with the Higher Management and with our Legal Department and we will get back to you with more information as soon as possible.
Thank you for your patience and understanding.
Kind regards,
Complaints Department
From: [I]foretradex[/I]
Subject: When you were offline (via LivePerson)
To: forexbrokerinc <[email protected]>
There is recent news over the MFSA issuing a warning to several brokers including Forex Brokers Inc. about not being regulated.
As a client of yours, I would like to know more over this concern and what is there to do as a current trader. Thank You.
Weāll see what happens from here. Perhaps the trading side of things, they seem great but I also care how my personal information is/will be handled as non-regulated broker.
About FXtradeweb, sounds and looks promising. But according to the co-founder Rohit Mirpuriās own wordsā¦
Our plans are to attain the full FCA license in the UK, which is being processed shortly, and eventually move our headquarters to London.
Donāt FCA regulation enforce the non acceptance of U.S. clients? All brokers regulated by FCA strictly reject U.S. citizens, so not sure how this will play out in the future.
Thanks, Jason. I was aware of that.
I mentioned [B]FXDD[/B] only because they are still listed as one of the brokers in the [I]Broker Aid Station[/I] forum, and I was trying to account for our vetting of all 24 of the broker names there.
[B]FXDD[/B] should be removed from that forum.
That video is an eye-opener.
We have urged caution regarding [B]Forex Metal,[/B] from the time they were first added to our List.
Specifically, the research done by [I]Gypsy Trader[/I] (and posted HERE, HERE, and HERE) alerted us to some of the apparent āirregularitiesā with this broker. His posts have been referenced in the [B]Forex Metal[/B] listing since April 2012.
Certain parts of your video mirror portions of [I]Gypsy Traderās[/I] reporting.
For now, Iām going to leave [B]Forex Meta[/B]l on our List. However, I will place a serious warning (and a reference to your post) in their listing.
By the way, you were not able to post a link to your [I]youtube[/I] video, so Iāll do it for you ā
Thanks for this info. When [B]Forex Broker Inc[/B] gives you a more specific explanation of this issue, please share it with us here.
Good point. We should watch this situation carefully.
Iāll add a reference to your post in the listing for [B]FXtradeweb.[/B]
And the bad news just keeps coming ā
US Forex Credit Card Ban Set to Become Law as NFA Approves Measure | Forex Magnates
Itās more and more important now for people to setup a residency outside the USA. Thatās the only way to establish a proper derivatives trading career. It takes a little effort, but it seems to be the only long term solution.
I was confused by this also so shot them an email - they said that the UK company would operate as a separate legal entity, and clients would have the option to move their account in the future if they wanted to - all good I suppose as it gives traders from different parts of the world options
Makes sense to me. ā Thanks for this update.
I will add a reference to your post (#2163) to our [B]FXtradeweb[/B] listing.
Hello everyone,
Any more info from people who have used fxtradeweb.com ? Iāve searched for user reviews online but I have not found anything or any information about them. Would you trust them with a deposit? Their minimum is $1K.
Clint and thread contributors,
Thank you very much for maintaining this thread. Itās a real gem. I was wondering if anyone here knows of a website that gives US citizens a good idea of what is required at the bare minimum to open up an account with a non-US broker regulated by the CFTC/NFA. I understand that involves some level of international property ownership, but thatās the extent of my knowledge on this topic. Any help would be much appreciated.
Best
Some advice was given earlier on this thread how to establish non-US residency to continue your trading career. See 301 Moved Permanently and follow the links there to gain more insight.
Does anyone here know how to jump from one post to another? There are posts referenced on the first page regarding due diligence with brokers but I donāt know how to jump straight to a particular post. Can anyone help?
Thanks.
Thereās no way (that I know of) to make that jump.
A [B]link[/B] to each of those posts would be required, and quite frankly when I started adding those post references to the List, I took the easy way out and just added post numbers, instead of working links.
Iām aware of the nuisance this creates. Several times, I have tried to reread some of the posts referenced in the List, and Iāve had the same problem youāre having ā you have to guess at the page number where the post appears, and then you have to navigate to that page (which is a major pain in the butt).
I did a quick count of the number of posts referenced in the List, and counted 73 of them. Iām mulling over how much time would be involved in converting each of those ādeadā references to āliveā links.
Iām not promising anything ā but, Iāll think about doing that.
At the bottom of pages 1 and 2 of the List, I have added [B]links[/B] (arranged in numerical order) to all of the posts referenced on those pages. I hope that this addition to the List makes it a little easier to navigate to the referenced posts.
The link posted here has the number 218 at the endā¦
hxxp://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc-218.html
The post number of [B][I]this[/I][/B] precise comment is 2171. So by eliminating the 4th digit, leaves 217. After this, you round up the third number 7 to 8, so 218. So it runs from 1-10, not from 0-9. Just edit the number on url accordingly.
Yes, I saw this and it is extremely helpful!
Thank you very much.