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CFTC Sues 14 Forex Companies

Discussion in 'Forex Articles' started by AsstModerator, Jan 26, 2011.

  1. IQ141

    IQ141 Recruit

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    I'm confused about CFTC

    Isn't this the same regulatory agency that unilaterally determined American consumer traders didn't have enough intelligence to take advantage of 100 to 1 leverage and thus imposed a regulation that restricted our leverage here in the states to 50 to 1? Isn't the CFTC a government regulatory agency somewhat like the NFA, which also imposed a regulation that eliminated the right of American consumer traders to hedge in forex based on the argument that "citizens needed to be protected from the practice of hedging because it doesn't work"? Seriously. Despite the fact that hedging has been around in trading since the dawn of goods being traded, they determined that American consumer traders needed to be "protected" by limiting our choices in how we trade OUR OWN MONEY!!!!! Yet again, now, they file lawsuits against forex brokers who may or may not be totally legit. I don't know. I do my OWN HOMEWORK before opening an account, and that's part of being an adult. A member of a free society. An individual who makes the FREE choice to trade his or her money when and WHERE I choose. And in America, that should be WHEREVER I choose. This all comes back to President Obama who insists on unilaterally pushing the regulatory agencies that the executive branch of the U.S. government oversees to OVER regulate consumer options and choices. 50 to 1 leverage cause I'm too stupid to manage an account with 100 to 1 leverage? Please. No more capability to hedge because I'm too stupid to manage a hedged position and come out with a net profit? Please. So many novice consumers who get into forex and lose cause they are stupid, fall for over aggressive solicitations, or just lose their money out of incompetence complain and whine to the Federal government that a soft touch, liberal socialist like Barack Obama pushes his government agencies to OVER regulate what was otherwise a FINE and FREE industry. I'm sick of the regulations. The system WAS working. It was working fine. Yes, there are a huge number of scam artists out there, including One Corp FX where I personally lost money almost immediately after opening a new account there. (Fortunately, just a small amount of money.) Hey. That was a risk I took based on a friend's recommendation. Is that stupid on my part? Yes. Did I lose some money? Yes. But, I was on a search for another broker who still allowed me access to 100 to 1 leverage. I'm sick of the over regulation. I trade at my own risk. I understand the risks. I can afford to lose the money I trade. I HATE to lose money, but I'm not AFRAID to lose money. If you're afraid, then you shouldn't trade. If you're too stupid to evaluate a broker, as I was in the rush to get into One Corp FX, then you deserve to lose your money. Forex is for survivors. I don't know anyone in forex who has consistently won money day after day, month after month. We are up, and we are down. That's the deal. Sometimes you beat the system, and sometimes you fall victim to a scam EA or some other unethical broker. But man, PLEASE join with me and demand that the GOVERNMENT get out of my business. I'm sick and tired of Obama's regulatory agencies telling me what I can and cannot do in forex. The next thing I expect is that they will tell me I can no longer short the USD because I'm an American citizen. I am seriously expecting some kind of stupid CFTC or NFA regulation of that type the way things are going. This is becoming less of a free market and more of a game you have to play within daily new rules established by the socialists now in the White House.
     
  2. wycfitz

    wycfitz Recruit

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    Vote with your feet!

    Unfortunately I feel this will just get harder to trade all along,
    the Government is slowly taking control of everything including
    our homes, land, freedoms and our rights.

    Look at the history books, not much different from the German
    socialist movement before WWII, many people just watched it happen
    and did nothing. Some people the smart ones moved out of the Country.

    I for my part no longer live in the USA I voted with my feet, they will no longer
    tell me what to do and how to do it. I did not know how little freedom I had
    until I moved out of my Country.

    God Bless America Land of Liberty where the people are NOT FREE!!!
     
  3. IQ141

    IQ141 Recruit

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    It is sad but true

    I have been seriously thinking of moving to Australia. I have family and friends in London, but I don't like the political situation there. Potential for terrorism in UK. So Australia may be my new home, even though I don't know anyone there. After a recent divorce, it may be the best thing I ever do in my life even though I still have my aging parents here in the U.S. and they refuse to consider moving with me. I can't live in a socialist state. I am going to give this until after the next Presidential election. If the move to socialism continues, however, I will also no longer live here. Thank God I'm in a position to get out. So many others are stuck here, and this is a rapidly declining state of affairs. Sadly. So very sadly. Cause I have loved this country to much all my life. It's just no longer the same free America that I grew up in. Taking control of Forex, the Internet, the entire world of healthcare...socialism to the extreme is at hand. Give me liberty, or give me a plane ticket.
     
  4. hemzer

    hemzer Recruit

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    You are mixing up socialism with fascism. What you have there fascist tendencies creeping up and very fast. I feel sorry for such a great country to be ruined by a few handful of idiots.
     
  5. f-man

    f-man 4Xangels Representative

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    InstaForex has rating Scam in the FPA!

    Too bad that CFTC does not read our Forum, before suing Forex brokers:D
     
  6. IQ141

    IQ141 Recruit

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    So why the law suits?

    The real question is why the CFTC had to file lawsuits. CFTC is a legitimate agency of the Federal Government. It should have authority to levy fines and assess penalties on those offending brokers. Oh yes. I know. It's because they can only enforce mandatory compliance with CFTC regulation, mandatory membership, by changing the rules through the courts. I get it. If they just levy fines, then offending brokers in a "free" United States could pay the fines and continue to do business in our "free" economy without submitting to membership and regulatory authority of the CFTC. Making it mandatory to belong and submit to CFTC might actually require action by Congress. But if the executive branch seeks to unilaterally file lawsuits, and if they win in the Judiciary, then they can bypass a Congress that has...oops...fallen into the control of Republicans at least in the House of Representatives. And since the Republican Party is less favorable to sweeping government regulation and mandate of all things related to capitalism, the CFTC might NOT actually be able to enjoy mandatory monopoly regulatory control of every broker in the United States. So that's why they filed a lawsuit, and will seek a Federal judge who leans left, and also hope none of the offending anti-over regulation brokers have enough staying power to make it to the Supreme Court. Even then, CFTC ties them up in court, smears their name in public by merely announcing a lawsuit (which creates enough public concern to shut them down regardless of their relative integrity), and the government wins. The government regulates everything forex. Isn't that what a socialist government would want? Total control without voices of the people ever heard. Yep. I get it now. This is another step toward total control by the Obama executive branch of government. I can't wait to see what's next. And keep in mind, seriously, I don't have any relationship with any of the brokers on this list. I just find it wrong for the CFTC to publicly announce their being sued in court based on failure to comply with regulations of a government agency to which NONE of these brokers belong. Indeed, that is fundamentally the case. If you don't belong to the CFTC, then you MUST be a gang of crooks clearly violating ethic and the law. What was America thinking when it elected a socialist President?
     
  7. Olujobi

    Olujobi Recruit

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    It sounds believable. Lets thank God for this and wait for the outcome this maladministration from these brokers. But some should tell me what happens to clients money if they fail to meet certain demands of the authority. No wonder frequent excuses when trying to withraw. I cant imagine trading with uncertainty!
     
  8. Olujobi

    Olujobi Recruit

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    It sounds believable. Lets thank God for this and wait for the outcome this maladministration from these brokers. But some oneshould tell me what happens to clients money if they fail to meet certain demands of the authority. No wonder frequent excuses when trying to withraw. I cant imagine trading with uncertainty!
     
  9. Pharaoh

    Pharaoh Colonel

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    Many of the new regulations are double-edged swords. They restrict traders while also offering better protections.

    The NFA rules that removed hedging from US accounts also prevent brokers from using "price feed issues" to cancel profitable trades days (or months!) later. The CFTC rules that cut leverage also give them greater abilities to go after offshore brokers that either have a virtual office in the USA or that serve US clients.

    I'm amused to see ForInvest on the list. They claim a Delaware office and their official representative bragged about being in an office in Houston here in the FPA's forums. That will make it a little hard for them to say they've never been in the USA.
     
  10. ByerRA

    ByerRA Recruit

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    MasterForex Suspends service operation for US clients

    I just got the following message from MasterForex

    Dear clients, We bring to your attention that due to a new financial legislation issued in USA, MasterForex Company suspends service operations for clients form USA. The legislation issued imposes strict sanctions for USA citizens, using services of brokerage companies not licensed for operation on the US territory.

    Crap, time for a new broker
     
: cftc

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