Please, please, please STOP ELECTING STUPID POLITICIANS. Yes, FXCM was dishonest. They were a market maker and advertised themselves as an ECN broker. Heck, Oanda and Forex.com are the same thing. Are they dirty too, yes, but it just something that we, the traders just have to deal with. I believe the U.S. traders really lost yesterday. Now we have Oanda and forex.com. I don’t like having my money outside of the U.S. and I had problems with forex.com in the past.
FXCM had the best spreads and the best platforms. I’m really taking this badly. Traders, we need to stand up to the CFTC. Because of them, I’m always worry about a broker being gone the next day and when they got rid of FXCM, I knew that it is time for the CFTC and NFA with all of their stupid rules to go.
We have cable companies and landlords ripping people off left and right and the stupid politicians are too dumb past stupid to focus on the right things. I’m thinking about leaving the U.S.
And we have dishonest brokers such as FXCM who try to rip us off.
THANKS TO the CFTC they get caught.
Imagine what those dishonest brokers could do without the CFTC …
To be honest, I am slightly shocked as they were pretty reputed one and had a lot of grip on the market, but I guess it all looks bright and beautiful from outside. I am even surprised that we see FXCM defending it and making it like it’s something wrong with U.S policy or such, but I believe things have been proven pretty much. But, I will say one thing I never want to work with broker that allow US traders, as I don’t feel comfortable.
Apart from in the eyes of all the people who had ever seen their historical [B]regulatory record[/B]; to those people, they were about the world’s [I][U]lowest[/U][/I] reputed.
But [U]people don’t check[/U], in spite of its being information in the public domain.
A huge share of the “traders’ funds in use”, compared with other brokers, yes - it’s true. But what that shows is that beginning/inexperienced traders rarely check their potential brokers’ [B]regulatory records[/B], however often they’re advised to.
I confess the logic of this escapes me entirely - it seems to me an absolutely bizarre criterion by which to assess a broker. But hey … we all make our own judgments … :33:
Guys, we all lost. We have nothing. I don’t like Forex.com, spreads too high and they are not ethical either.
Oanda, I don’t like my funds outside of the U.S., if I can really help it and their spreads are too high, also.
Been with Oanda for a year. Have had no problems. I’m a swing trader, so the spreads are not a big issue for me. You might try setting up an offshore company and see if you can set up an account with one of the offshore brokers. If you don’t have the money to do all that, you probably don’t need to worry about who your broker is.
Actually, all fair points, as it’s really about personal view only, so you might be right with not having issue with broker allowing U.S. But, I just think this way due to watching them destroy things like LR, Egopay (Payment Processors), but anyway let’s leave it to personal choice even my current broker is not allowing U.S traders, so I feel happy with it.