USA Troops! - Page 2

vanes7 · (#11 (**permalink**))

troops? Interesting. Could anyone give us some explanation about that? I imagine you’re talking about which warranties are backing up our portfolios. Good idea, it’s a good fact evaluating brokers! Vanes

Daniel Carter · (#12 (**permalink**))

of course, there are many regulators on this markets. As traders, we need to know more about this and check brokers, there are many tip but this is a important one on first steps. I’ve seen about CFTC, NFA and there is a bunch more. I’m testing the market with a platform from Tradeviewforex, I’ll check which they offer. Dan

Pharaoh · (#13 (**permalink**))

Quote:

Originally Posted by Daniel Carter

I would like to know if what you call “forex troops” is related with regulator agents. If so, I wonder if there are agents all around the world or there is a big one regulating the whole market. I really hope my broker is allowed to be in the market and fits with agent requirements. Thank you, Dan

My oh my. Welcome to the trenches. The situation is a LOT uglier than you imagined.

Allow me to enlighten you. Remember that thermonuclear meltdown that the very tightly regulated NYSE had? In comparison, forex is very unregulated.

We are more like a militia that has banded together in self defense. There are some regulations in some countries, but not a lot. Some brokerages are 100% unregulated. The only rules a brokerage must follow are the local regulations in the country it is based in (vary from sort of adequate to none) and international anti money laundering laws. AML laws about forex are only designed to keep people from using a forex account to transfer money from one person to another, not to protect traders in any way.

Since you just signed in here in the USA troops thread, I'll assume you are US based. The good news is that there is some regulation in the USA. Make VERY sure your brokerage is NFA registered and in good standing. Some US brokers aren't, and this puts them in violation of regulations - doesn't exactly make one feel confident. Others have a US address, but are really based elsewhere - I know I don't want to trade with a company that conceals where it is really based.

There are some low/no regulation offshore brokers that aren't bad, but if they turn bad, you won't have a lot of legal recourse. No matter what brokerage you use, watch your statements like a hawk. If you start to get suspicious, get screenshots. If you start to lose confidence, pull most or all of the money out of your account as quickly as possible.

vanes7 · (#14 (**permalink**))

good info you share on this forum. I checked out the broker I got, Tradeviewforex, it is certainly NFA registered and also US based which seems good especially if I’m living close, almost the fx market heart!

todder · (#15 (**permalink**))

I would like to steer this back on target so deliver my extra cheese and cheese pizza with cheese bread and a large cheese shake to Viroqua, Wisconsin. At ease.