• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

Problem FastBrokers and FXDD case

I am having an issue with a company
Several people have already reported this NFA press release...

NFA takes emergency enforcement action against New York forex dealer member, FX Direct Dealer, LLC (FXDD)

December 7, Chicago - National Futures Association (NFA) has ordered FX Direct Dealer, LLC (FXDD) to either post a bond or place funds in an escrow account to ensure that the firm can meet its obligations under any restitution order that may result from a related NFA disciplinary action. The customer restitution is estimated to be $3.3 million. NFA's Business Conduct Committee (BCC) issued a Complaint against FXDD earlier this year, charging that FXDD engaged in price slippage practices that benefitted FXDD to the detriment of customers. Similar cases involving asymmetrical price slippage practices have also resulted in customer restitution. FXDD is a futures commission merchant, retail foreign exchange dealer and forex dealer member of NFA, located in New York, New York.

The Member Responsibility Action (MRA) shall remain in effect until the resolution of the BCC Complaint and upon a final determination of the amount of restitution, if any, that FXDD owes to customers. FXDD may request a prompt hearing on this matter before NFA's Hearing Committee.

Click here to read the original.

More important - Read the full text of the Member Responsibility Action here. The NFA appears to be concerned about FXDD's financial condition.
 
I really don't get .. why people keep trading with unreliable brokers... ? there are 3 only reliable traders ... FXCM MBTrading and Oanda, all the rest is **** .. and I only consider trading with MBTrading .. nobody offers you a better deal than MBT and they are reliable.
Traded for 5 years with them .. never had one single problem ...
I am affiliated with them .. Oanda was ok, though MBT is a lot better, Never traded with FXCM .. but they have a sold reputation

Make your choice
 
Although I understand the sentiment of pbernasc, what is suggested is not really true.
The deep liquidity of the forex markets make it very hard to avoid ulitimate scrutiny.
Although I too trade indirectly thru FXCM, and agree they do their best, true liquidity ulimately comes from the world's major banks:
Banco Santandar
Bank of America (Merrill Lynch)
Bank of China
Barclays
BOJ
CitiBank
Chase
Credit Suisse
Duetsche Bank
ITAU
JP Morgan
Toronto Dominion
and a few dozen more,
retail customers wind up nibbling around the edges.
Align yourselves with the major solid institutions if you care for the safety and security of your funds.
.
Why not work with a professional, instead of trying to steal the prize out from under them?
Your odds of winning are not very good on your own (in case you havn't noticed).
.
AI
 
Last edited:
If possible, can we keep this thread about FXDD and save the broker recommendations for the Commerce Zone?

BigT1, did you read the MRA yet? I'm very interested in your opinion of FXDD's status.
 
What is price injection software?

FXDD accused traders of "injecting" prices into MT4. Based on the NFA's original complaint, I don't think they believed this.

The NFA has accused FXDD of "differential slippage". This means that traders were more likely to experience negative slippage than positive slippage. This could be accomplished by using a Virtual Dealer Plugin or similar software.
 
What to say here???
I am trading with them most of my forex live and have NEVER EVER had a problem with them........till this very moment.
Now wondering where this will lead.
To be complete: I am with FXDD Malta.
 
If possible, can we keep this thread about FXDD and save the broker recommendations for the Commerce Zone?
BigT1, did you read the MRA yet? I'm very interested in your opinion of FXDD's status.

Hello AsstModerator,
.
Thank you for your RFI.
Yes, lets keep the issues here as segregated and clear as possible; sorry for any distractions specific to this thread.
.
I had been unaware of this recent notice until your raised it here at the stroke of midnight, tonight.
.
I have since read the MRA and offer my interpretation as such:
1 - It is a grave move by NFA against FXDD that will further shake confidence in them, good or bad.
2 - FXDD will likely post a bond or segregate the requested funds forthwith, and as required; permitting them to continue in business.
3 - The amount involved in the restitution issue is ~ 10% of their minimum capital requirement.
4 - They have cash rich subsidiaries overseas that are immune to CFTC disgorgement.
5 - They will pay any fine and restitution eventually, in order to continue in the milk-fed veal ranching programs they run.

For full-disclosure I maintain a real money trading account with FXDD that I use for test programs of ~ $1,200.00, which is presumably at risk.
.
AI
 
Back
Top