CFTC Sues 14 Forex Companies

Messages
21
FxOpen back?

They were gone completely for a day, all trades made on that day (feb 3) were not registrated (and I know for a fact that I made two trades on Feb. 3)- my account balance is the same as it was on Feb. 2.

I have withdrawn all my funds from FxOpen before, when I first heard that they were being sued, and they paid out fast enough ... - so, now I can withdraw again - I'm in doubt, because I have made good money with them - they have good spreads, reasonable execution, and I make 0.8 pips on every trade through Cashbackforex.

Anyone ... Suggestions?
 

RahmanSL

Major
Messages
2,536
Adam Wyn-Roberts, you said FxOpen have "good spreads, reasonable execution, and I make 0.8 pips on every trade through Cashbackforex" and "..withdrawn all my funds from FxOpen before, when I first heard that they were being sued, and they paid out fast enough.."

Is that a complaint or a praise for FxOpen???????

Most threads here at the FPA begins with "HELLPPPPP, I have been scammed", or "HELLLPPP, I cannot withdraw my funds"...or some other screams of that nature.
But you are being treated positively well in everywhere possible as expected from a good broker. So what exactly is your complaint???

As for "missing trades", I found out yesterday that you can access the MT4 Traders Log folder.
Go to "start" on your computer, click "All Programs", go to installed "MetaTrader - FxOpen" and click on "Journal" in the pop-up window. Select the folder with the date and go through the data to see whether your "missing trades" are recorded there.

If you find the "missing trades", send that folder as an attachment in an e-mail to FxOPen chiefdealer@fxopen.com

But I would suggest you wait at least a week before you do that as I understand FxOpen people are extremely busy untangling the mess of their over 20k clients' accounts as a result of last 9th, 10th, and 11th problem with their Real-1 Server.
 
Messages
1
Non-regulated companies advertising on FPA site

I think that FPA should not allow any of these compnies to advertise on their site. For example, FXOPEN is all over the FPA site and I came close to opening an account with them. Being on FPA's site gives these companies an implied OK and credibility from FPA. FPA should revamp their advertising policy and not allow nonregulated (CFTC) companies to advertise.
 

Pharaoh

Colonel
Messages
19,905
A lot of those CFTC regulated companies won't allow traders from many other countries to join. For example, no US company can do business with Iran and many of them won't permit Nigerian clients. The FPA has many members from both of those countries.

Due to other CFTC and NFA rules, a lot of US traders are wishing it was easier for Americans to open accounts with offshore brokers. The CFTC seems intent on forcing Americans to do business only with US brokers.
 

sparks

Recruit
Messages
1
FPA Advertising...Buyer Beward?

I think that FPA should not allow any of these compnies to advertise on their site. For example, FXOPEN is all over the FPA site and I came close to opening an account with them. Being on FPA's site gives these companies an implied OK and credibility from FPA. FPA should revamp their advertising policy and not allow nonregulated (CFTC) companies to advertise.
I agree, James. I know the reality is that if a media entity allows someone to advertise, there is no official endorsement represented. It's paid media "formally" independent of the website, magazine, TV network, etc. So, while we understand that an ad which appears on CBS isn't an endorsement for that product on behalf of CBS, there is still a set of standards and practices used by networks like CBS and other TV networks, major magazines, newspapers, etc. that prohibit certain advertisers from appearing for exactly the concern you express...implied endorsement. (The latest legal precedent was Craigslist being held accountable for prostitutes advertising on their site. No implied endorsement at all from Craigslist, but they were subject to legal action because they facilitated promotion of unlawful activity. The same could be said if FPA allows known frauds to advertise on their site.)

Given the credibility and trust we place in FPA, I'm surprised to see some of the stuff advertised on here. I wrote a book on my own trend identification methodology for day traders. I sent a free copy to the advertising department for review and requested the opportunity to purchase banner ad space to promote my book (Trajectory Forex by J.A. Sparks on Amazon by the way :), but I was told there was a six month waiting list to buy a banner ad. So the topic is a genuine one. A lot of people trust FPA, and everyone with anything to sell related to forex from broker services to books to EA's and whatever -- it's widely known that just a banner ad on the widely respected FPA site inherently creates credibility. I would contend that puts a burden of responsibility on FPA, even though we'd have to cut them a bit of slack to the extent that its impossible to predict which brokers may suddenly fall victim to lawsuits or what products/books or whatever may or may not be trustworthy. Then again, with a website as widely read and deeply trusted as FPA, there comes some good faith responsibility.

I understand the waiting list for banner ads...FPA has a loyal following. But when there's a population of less than trustworthy advertisers on the site, you have to question standards and practices. Cause it's not like FPA has any difficulty selling their ad space. My expectation would be that they refuse advertising from less than credible sources, and that would include me and my own book if deemed questionable. That's why I sent a free copy when I inquired about banner ad space. I also note that I have a no questions asked refund policy if the book is too complex for people to implement. I actually expected a standards and practices review before permission to advertise my book. Instead, they simply told me about the six month waiting period to buy a banner ad.

Forex is too ripe with scam artists already. FPA is one of the few places traders can go to find trusted information. It's a reasonable assumption that FPA would have some nature of standards and practices that would preclude questionable advertisers from appearing on the site. I can't bust the chops of anyone behind FPA too harshly, honestly, because it's somewhat unreasonable to hold them to such high standards. Then again, high standards are what this is all about, right? We come to FPA with the expectation that the content here is trustworthy.
 

RahmanSL

Major
Messages
2,536
Well thought out & written, "sparks", but...hmmmm...advertisement is revenue and if the FPA is to practice a set "code of honor" rules & regulations loads of clams will disappear from the bottom line...and old Henry Luiu there will have to be fired as he is too close to home being the "Special Consultant to the FPA" and all.

I can see how very difficult it is to play "international police & court" for the forex world, but the FPA is the best thing (and hope) that scammed traders have of actually "doing something" about those scammers.

Singularly, scammed traders have no hope in pips world of getting anything back from scammers, but here at the FPA, at least there is an "army' of forex traders who are willing to spend time to give a helping hand.

There are many post here where some well known FPA members have contributed significantly to posting their researches on these scammers and point to the proper authorities to file complaints against scammers.

The "army" of members is the actual strength of the FPA as bad publicity forces scammers to negotiate with the FPA to settle some (not all, for that is not possible in our present virtual world) of the problems of scammed traders.

In reality, without the FPA site, where else can scammed forex traders go to?? The international court of justice; perhaps???

I joined the FPA because it's the only true international forex traders community site and I feel I am among people that I can relate to.

After 15 months here, I am rather jaded by those daily post by Newbies complaining of being scammed and expecting the FPA to go out and slap a fine or arrest the scammers for them.

I have come to the point whereby I feel that being scammed is the best lesson that impatience and "get rich quick" Newbies can have to actually learn, understand, and become "street smart" before they can succeed in the forex world.
Apart from being scammed, the other valuable lesson is account(s) wiped out to erase the believes (and over confidence/arrogance) that trading the forex is easy and a quick way to being a multimillionaire.

We members don't pay a single red cent for any of the services we get and, ultimately, the FPA is out here to make money to help pay for maintaining this site, protection against the numerous daily hacker attacks, pay for the many staffs & retainers on their payroll, and, as a matter of course, profits for their investors/owners.

Unfortunately many Newbies expect and, in fact, demand the FPA to help them look for a solution to their problems which in many cases is akin to asking the police to arrest the now demised Bin Laden.
 

MichelAnge21

Sergeant
Messages
247
I dont see any firm in the list that deserves having defenders. I see thieves here, crooks there, scumbags in the corner and a few borderline brokers running for cover.

Why criticize the CFTC for doing their job ? Those who criticize might be the first who will yell " How come the CFTC let those people operate ? " if they get scammed.

It is true that the new regulations convinced some perfectly legit brokers to avoid the US market though. A solution could be bilateral agreements between the USA and other respected jurisdictions where a broker who would be regulated in one country would be accepted in the USA without endless procedures. That s the present MIFID certification system in the european Union. :" You are regulated in France by the Banque de France ? Then welcome in Italy, Germany etc "

Why couldn t the USA do that ? All it takes is for the CFTC to 1) analyze the regulations in let s say Australia; 2) determine that the ASIC has GOOD regulations and 3) Open the US market to ASIC-regulated brokers.

Of course, the present US administration probably has tax evasion in mind....

As for the 50:1 leverage, could it be because Americans are so quick to sue someone else for their own mistakes ? I see Americans constantly suing brokers because " My broker never told me that investing in futures was risky. " or " They should nt have let me invest my savings in haitian penny stocks ( even if it was totally my own decision ) considering my net worth "....You know...it s like that old lady who spilled her coffee in her lap and sued McDonald s because " their coffee was hot. There was no warning on the cup about the danger of spilling it in your crotch when removing the lid while driving "
 
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Pharaoh

Colonel
Messages
19,905
Most of those brokers no longer allow US clients. At least one has gone under. Other than that, a CFTC suit can take a very very long time.
 
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