CFTC Rules - Broker Q&A for Traders

fxhunter1

Recruit
Messages
1
I smell much much higher taxes coming down the pipeline. It seems to me that this is the underlying purpose of these new changes, in addition to the obvious intent to reduce the profitability of trading Forex for retail clients here in the US. They are on a campaign to not only eventually terminate democracy altogether, but to destroy the American middle-class. They know that poor and unemployed young men, with hungry families, may more willingly agree to participate in war. They intend to spread their war-making to many countries and we are the fools who are to help them. Guard your sons carefully. Resist US global hegemony. Lose the mind-set that makes critical political thought nearly a crime here on the US streets. This is very serious business.

They wrap everything they do within a lie. In this case, the lie is that they are trying to "protect" us. Obviously, a few new regulations would have been sufficient to accomplish that end, but barring us from having foreign accounts belies their intentions. This is always the case now with whatever they do. One must always look beneath the surface to understand them.

I adhere to the 180 degree theory. The truth is usually 180 degrees from what they say it is. Try this out and you will find that it works.
Wise up girl . This is has nothing to do with " US global hegemony " . This is One World Order hegemony . Our half-black Kenyan moron and his liberal imbeciles friends trying to control everything everywhere . Imam Obama sees himself as the President of the World . He doesn't likes this country , he hates free people, he believes in Government and he doesn't understand business and hate "unfair" capitalism . That is what you get when you put in charge community organizer . Hope all you people learn and VOTE next month.
 

PistolDave

Corporal
Messages
105
IKON GM to close US retail forex operations.

Today I received an email from IKON GM, which is the forex broker I have used for the past year. The are closing their retail forex trading operations and along with it, all traders accounts will be closed and funds refunded to the account holders. This is part of the email they sent:

... Ultimately, it is our opinion that the Foreign Exchange market (particularly the retail market) will be moved to a regulated exchange. We at IKON have taken steps to address this possibility. Due to our strategic alliance IKON GM has determined to focus its efforts on this unique opportunity to develop its new offering in this space. Consequently, IKON GM has decided we will no longer be involved in the retail OTC FX market. ...

It sounds to me like they just don't want the problems of dealing with the US government regulation and other changes that may be coming.

If you have an account with them, or know someone who does, then here is a "heads up" for you.

The deadline is October 15.

Too bad. They were a good forex broker.
 
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webtrader

Private
Messages
8
This is just another opportunity for NEW scammers. Please be aware of NEW FOREX Companies that will be coming out soon saying US Citizens are welcome. They realized that once they changed the rules in 2008 almost all traders started going offshore. Since they want to bring us back then they need to change the rules.
At the end of the day if this benefits the economy then that's all they are interested in.
 

thesaint226

Recruit
Messages
2
US Clients dumped by Brokers over new CFTC rules

I was recently given the boot by IKON GM. Their claim is that due to the new CFTC rule and Dodd-Frank they are getting out of the FX retail business. Has anyone else experience this with other brokers?
 

aicohn

Corporal
Messages
107
>Consequently, IKON GM has decided we will no longer be involved in the retail OTC FX market. <

I've been around the block with US based NFA/CFTC brokers, including, with all due respect, FXCM (horrible slippage issues in the "active trader" platform, perpetual requotes in the market-made one). My considered opinion is these guys taken together don't add up to a warm barrel of piss, and that's before the latest CFTC atrocities. I would rather give up trading than use one of those again. I found my trading nirvana at a regulated australian STP broker, but because of its regulator (ASIC) and ASIC's mafioso relationship with the gangsters at the CFTC they won't do business with US citizens after October 18th, though they remain open for business. The challenge, it would seem, is in now finding an unregulated broker that's honest and provides a good trading environment. I'm being driven to an unregulated broker in order "to protect me". The worst trading environments and most dishonest brokers I've seen in 3 years of trading forex are regulated by the NFA. Those guys "protect you" right out of your trading capital. Every last one of them.
 
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redkar

Recruit
Messages
1
Good Broker

I trade with Tadawulfx and have had no problems. I sent an email to them asking about the CFTC rules and they replyed that they do not comply with CFTC and welcome US accounts.

Anyone else with Tadawulfx?
 

aicohn

Corporal
Messages
107
I've seen alot of complaints about requotes with tadawul, and that would be absolutely lethal to my trading. Any problems that way? Also, aren't they regulated by CySec (how long do you think it will be before the CFTC mafia gets to them?).
 

woody70

Recruit
Messages
4
I been with Tadawulfx for about 8 months. I was told also that they would continue to welcome American clients they do not have a division in the U.S. so they do not need to follow the CFTC rules. As for requotes I only had around three in 8 months and they were maybe only two pips off from where I was trying to enter anyway. Good broker if you ask me though
 

aicohn

Corporal
Messages
107
> they do not have a division in the U.S. so they do not need to follow the CFTC rules.<

Yeah, well GoMarkets has no branch or division on US soil either. In fact, they came out with an almost identical statement right after the CFTC announced their little bogosity. Then a couple days ago they announced they wouldn't do business with US citizen clients after October 18. In their case, the problem is their regulation by ASIC (the australian securities regulator) which has apparently signed a "memorandum of understanding" with the CFTC. As I say, I very much liked the broker and was planning to move substantial additional sums of money their way from my Gain Capital / UK account that was to undergo a forced repatriation back to the US. That was before the GoMarkets "bait & switch".

This leads me to believe the only answer in the end will be an unregulated broker without any US presence, and preferably one from a country inimical to US interests. And I am bound and determined to make sure every dime of capital I have goes as far away from US jurisdiction as is humanly possible. This outrage will not stand.

Nevertheless, I have opened an account with Tadawul and thank you for your observations on the requote issue.

A.
 
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marsh56

Private
Messages
25
The official list of major currencies has been released by the NFA. Here are the major currencies: USD, GBP, CHF, CAD, JPY, EUR, AUD, NZD, SEK, NOK, and DKK. (NFA Manual / Rules . ) Any currency pair comprised of the currencies listed will be a major pair at 50:1 leverage. Any currency pair containing a currency other than what's in the list will be an exotic pair at 20:1.
This looks like an old list. How can it be confirmed that it applies now?

The last date listed is November, 2009.

Thanks,

Mark
 
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