Can we build a better broker?

[RahmanSL]

ufxbank is a good broker????

You must be really s****** us cause the reviews on them are just...well...horrible! And the FPA has two warnings against using them as a broker.
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hi$$$t, when can we expect your brokerage company to begin business?

 

[The Prophet]

Am I the only one a little miffed at some chap using the FPA for a few weeks to help him and then blowing off the FPA after writing the words below:

"But I think FPAs work here is done"
"And I now know that I am officially not a criminal" Thank you guys for all your help'.


Is he suggesting that the FPA is endorsing his so called non regulated possible future brokerage?

Is he suggesting the FPA are saying he is not a criminal, who said anything about anybody being a criminal or not? are these words to be used over and over again when and if this comes to fruition and then people are scammed.
"But the FPA endorsed him"

Sorry people if I sound a little peed off but so many people are setting up scam brokerages all over the world and so many people are being scammed out of their savings etc. As the f-man says, when theres millions in the account, one day when you feel tired of the rat race, with nobody to stop you, close shop and run for them there hills! In Barbados or somewhere else!

So FPA, please advise if you are fully endorsing this chap and on what grounds. If its as easy as that the Prophet will start a bucket shop tomorrow, I'm getting a little long in the tooth and some extra zero's in the bank would do nicely.

Regulation sucks, but it's better than being robbed.

 

[Pharaoh]

I believe he's referring to the background check that 4xangels.com ran on him showing that he's not a criminal.

I too am sad that he's given up. I would have thought he'd have had more financing lined up before getting this far into discussing plans.


At least this hasn't been a total waste of time. We now know that any so-called STP or ECN broker that uses Boston Technologies can't truthfully blame their liquidity provider for canceling trades. If we can get similar assurances from other liquidity providers, it will become much quicker to prove that many broker claims of arbitrage are lies intended to steal profits.

 

[The Prophet]

A Perfect Example

I started a thread in the general discussion area called Intelfx - Scam or Not. This truly highlights the need for regulation of some form or another. It also highlights the need for serious checks of the broker.

I have been looking at what 4xangels do as an IB and really like the way they work. I will be opening an account through them with hotforex and i know my account will be safe and i will get my rebates and free due diligence reports.

Happy days - Thanks f-man Its about time there was a way to feel safe.

 

[Damon]

?!?!?

Hey guys,

Sorry! I have not been updated that anything was being said in here, I just got an E-mail showing "The prophet's" Last comment and I see I have been missing the on going discussion.

I was not using FPA to show that I am not a criminal nor was I looking for any endorsement.

I have not given up either, I have burned through many lenders at this point. No one seems to even understand the Forex that I have talked to really, and they WILL NOT INVEST IN WHAT THEY DO NOT UNDERSTAND, it's driving me crazy, I have to jump through several hoops before I get told that this is the case. I have completely depleted my contacts now. My teacher will not even invest in this idea as he says this already available at 50 grand accounts and up... he is missing the point that the little guys are getting screwed...

FatCat: I am looking for 100 grand. At this point it looks like I will just make the money myself, I am not jumping through any more hoops with finance guys just for them to say, I don't understand = I don't invest. Another problem is the people I am approaching don't like that I only want 100 grand. It is too small fry for them... they think. But I am doing it lean start up method which is new to them too... AARRGGHHH!

The Prophet: Glad to know you disagree with the user regulated idea, It is not for everyone. But I did want to see how many people thought the idea was crap and how many thought it was good. I am also VERY glad you made use of 4X angels and found a brokerage you feel safe in.

As for starting your own bucket shop -I do not think you realize how tough the brokerage game is. It is not a walk in the park like the salesman may tell you it is. The way I am doing it I will be working for free and then peanuts for the first while, I need to develop new software and prove myself and sell myself on word of mouth. If you have 1-10 million go ahead and do it the normal way... you too can be a flash in the pan. This is not my goal.

Anyway, back to the point, you feel more regulation is key, I feel history tells us that that only leads to one thing, no more game. And I intend to take some responsibility with some fellow traders and see if we can't do a better broker (Safer, cheaper AND freedom to trade properly). Previous unregulated brokerages have set a mighty low bar, all I have to do is be a brokerage that says what we do and do what we say. And that is exactly my intention. Have you ever noticed that when more police are hired crime statics go up? Ever wondered why? Ever wondered why when you let banks run a countries money it eventually crumbles? Ever noticed that a people not running it's government leads to that civilizations death?

Total lack of responsibility = death. Conversely, the more alive you are the more responsibility you take. I think the forex is a fantastic opportunity, it has been for me. I want to see it survive. This is just my view, I have no intention of pushing it on anyone.

Pharoah: Quite right, I have taken a lot from this thread. On another note, Sive is fantastic. How did you get him? He does a few things different than I do but comes up with the same results, it has been a pleasure taking his course (On the advanced fibs now), I now get more (and stronger) levels of confluence and am even considering some scalps with my new found knowledge. If you are on speaking terms with him, please send him by best regards, I think his contribution to the forex scene is priceless.

Guys: I'll check on this thread every couple days instead of waiting for an E-mail, shouldn't take so long for me to get back to you.

Damon

 

[Damon]

Gone for a bit

Hi guys,

I am going to see the blue Jays in Seattle and then rafting in Oregon next week. I will respond after the 22nd.

I just had another thought, does anyone trade live? for free I mean, like not as a subscription but as like TV for traders? is there forex tv anywhere? Would this be something that traders might be interested in?

Damon

 

[Pharaoh]

You've done forex account management. It might be reasonable to tell clients that they can have the "ultimate" broker to have their accounts traded on, but only if they are willing to invest some money in the brokerage itself.

You could structure this as shares in the company (voting or non-voting) or else loans to the company.

 

[Antny]

Non regulated forex brokers

To address anyone about a non regulated forex broker and the reliability....
FXOpen and FinFX.
Both are excellent brokers. Neither are regulated.

 

[TraderChris]

Better broker

Damon

I'm currently looking for a new, solid, reliable etc broker. Why don't you get 100 traders, we each buy 1 share in your brokerage for $1000, and you have the money you need to start. You also have 100 traders to start with! And when I tell my brothers that I've bought shares in a brokerage, they will move their trading to my broker as well. We all do that, and there are 300 traders in 1 week!

The risk I'm taking to give my money to you is the same as giving it to any broker on the 'net. At least this is a change of starting a good brokerage, and have the added benefit that I might cash in on a bigger slice of the pie when you buy out my share - if I want to sell it back to you, that is

Regards

Chris

 

[seravitae]

Amen to that, i'd buy some shares in such a startup. As just stated, it's about the same risk as giving money to any existing broker, where you might never see it again. But given the amount of money that flows through all of our lives, $100 (my preferred stock unit) or $1000 is not significant (you will live without it!) but the possibility of having an awesome broker makes it worth the gamble. For more enticement you could pay back the shares with initial profit so the user is left at zero-loss, but they could hold onto (or sell back) their share.

I am also sure you can probably reduce capital by finding traders who can code, do web design, etc, and they'd most likely work for free in spare time just to see it come to fruitition. Though you may have potential bias/security issues from this, I guess that's part of the game though.