CFTC Sues 14 Forex Companies

pipsbuster

Sergeant
Messages
246
Fighting Delaware-based brokerage firms or even InvestTechFX in Canada ain't going to be hard for the US CFTC. InstaForex, based in a classic offshore jurisdiction - the British Virgin Islands, appears to be a different story. Can't wait to see how much Uncle Sam can do in their case. If the CFTC fails to halt the InstaForex operation, a black list of some sort will probably be issued where Insta will be included and possible show trials of their US customers might take place.
 

babadan

Recruit
Messages
16
And Justice for All

I consider this measure to be indeed useful for the investors.
I would suggest to FPA to build a "black list" containing the non recommended brokers by the regulation authorities from different part of the world. This can be on top of the already existing FPA's SCAM broker list, which is very useful by the way.
 

fxfrench

FXOpen AU Representative
Messages
392
I consider this measure to be indeed useful for the investors.
I would suggest to FPA to build a "black list" containing the non recommended brokers by the regulation authorities from different part of the world. This can be on top of the already existing FPA's SCAM broker list, which is very useful by the way.
I think a list of brokers that ARE listed with the CFTC would be more constructive. Brokers that aren't on the list shouldn't be blacklisted though. It would just be a small list of brokers that US citizens are allowed to open accounts with.

Unfortunately the US govt and the CFTC have decided to restrict the freedom of US investors to make their own investment decisions.
 

Antny

Private
Messages
24
CFTC is acting suspicious....

I have to say that the CFTC is acting suspicious. First they try to reduce leverage to 10:1. Then they are doing everything within their capability to keep US citizens from trading with offshore brokerages. Even our own Congressmen have been qutoed making statements to the effect that they are highly suspicious of the CFTC's actions. They (congressmen) have blatantly stated that all these supposed "protections" of US traders have actually made it far more difficult to trade without losing their money. It has become very obvious that they are not acting in the interest of the American public, but are acting in the interest of a corrupt few who are already rich and stand to gain even more by this. In my opinion, it very much looks and feels like the CFTC is attempting to make it hard for poor people to use forex trading to get rich. Every single one of these "protection rules" does not really affect the super wealthy traders at all. The only ones who are feeling the impact are those who are low to middle class wealth citizens.

I don't know about all of these trading firms in this new lawsuit, but as for fxopen, I did not think they had a presence in the United States. So....I searched Delaware's corporation registry. There is no registry of any company with the name FXOpen. There is some foul play going on here with the CFTC. I believe they are trying to abuse the system and use this whole lawsuit to try and set some sort of legal president that gives them the ability to tell US citizens where, what, and how they are allowed to spend their hard earned money. Anyone else get this feeling?
 

RahmanSL

Major
Messages
2,536
Well, at least the U.S Government didn't out-law trading Forex like mine did : ) citing it's too dangerous and risky for the "common" citizen (just because an a*%h%*e ex-finance minister lost billions "playing" with our reserves money).

A lot of us here on my side of the pond are trading (or rather, indulge in) forex, and me think me government are aware of that but is keeping both eyes closed.
 
Messages
21
Is it safe?

I think a list of brokers that ARE listed with the CFTC would be more constructive. Brokers that aren't on the list shouldn't be blacklisted though. It would just be a small list of brokers that US citizens are allowed to open accounts with.

Unfortunately the US govt and the CFTC have decided to restrict the freedom of US investors to make their own investment decisions.
Is it safe to return my funds to FxOpen .. I took everything out when I heard about the lawsuit, how serious is it? Do you stand to go out of business?
Are you going to win? Does it matter?

regards,

AdamFx42
 

geoffrey

Private, 1st Class
Messages
62
This is incredible. I cant imagine FXOPEN been in list. It therefore beholves on us all to be extra careful our transactions with most of the brokers.

Thanks for this great information.
 
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