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Problem FastBrokers and FXDD case

I am having an issue with a company
The NFA is going after forex brokers one at a time. Now it is FXDD. In the past FXCM, Gain Capital and Ikon were fined heavily for the same offence.
Stay tuned for another forex broker to be in the firing line once NFA wraps up this issue with FXDD. There is a high probability that all of the other brokers that have not yet been
investigated have been using asymmetrical slippage against their clients. It's not as if the rest of the industry is clean. Once they finish investigating the others there
wont be more than 3-4 forex brokers left in the USA if even that, and that has been NFA agenda all along.
 
...........and after they have finished that part in the USA, then they will intensify stuff on the banks and eventually EVERYBODY will loose his money, if he did not hide it in his mattress, lol !!!

Meanwhile I am NOT a happy camper with a lot of money trading with FXDD, but will stay calm and stick to my plan.
 
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

FXCM was charged with same exact thing as fxdd and paid up already. MBT has little liquidity and Oanda is a bucket shop. None of the ones you listed are that great. But frankly for retail they are all about the same.
 
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.

This is not FXDD Malta but FXDD US. NFA has no jurisdiction in Malta.
 
You don't seem to understand the impact of the financial requirements, I think, that this stuff will have on the market.
 
For those with substantial assets at FXDD, could you explain why?
.
Meanwhile, recognize that per the MRA Item 15, since 12/31/2009 FXDD has milked $15.6 million in capital from the firm.
This Christmas, the big boys will have to cough-up some of their plunder to refloat the boat, rather than taking their expected annual bonus.
This is a clear warning put in place JIT.
See attachment.
.
AI
 

Attachments

  • NFA MRA Excerpt 15.JPG
    NFA MRA Excerpt 15.JPG
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I just received this in my mail from my account manager @ FXDD/FXDD Malta:

QUOTE:
Hi Freddy,

Thank you for contacting me directly about this. Below you will find our statement that will be sent to all clients regarding this issue. Please remember all of your business and your IB/MM relations are conducted with FXDD Europe in Malta.

We wanted to reach out to you directly and let you know that FXDD's capital position is sound and customer funds are not and have never been at risk. Customer trust is at the forefront of everything we do and FXDD has always sought to comply with net capital requirements and maintain excess net capital.

FXDD is in compliance with its present net capital requirement of approximately $21m. In fact FXDD's net capital exceeds this requirement. Throughout this entire process, trading operations in the US and abroad have and will continue to operate as normal.

FXDD is committed to full compliance with all pertinent regulations and laws related to its business. FXDD continues to disagree with the NFA on the merits of its complaint. The company will continue to work with the NFA to come to a constructive resolution.

In the meantime, we want to thank you for your business and are happy to discuss any questions you may have.

UNQUOTE

Any panic is NEVER a good thing.

DOES not mean we ALL don't need to stay aware in this business !!!
 
That's funny. If I read that MRA file correctly, FXDD (in the US) hasn't exactly been doing a good job of meeting their capital requirements for some time.

Also, if they NFA fined them for using differential slippage in the US, and FXDD Malta is beyond the reach of the NFA, one could wonder if any regulator is checking FXDD Malta for differential slippage.

BigT1 pointed out one likely scenario - That FXDD pulls in more money from overseas to keep their US operation afloat. On the other hand, with the loss of the ability to use differential slippage to grab extra cash from US clients, how much longer will it be worth FXDD's time (and money!) to maintain a branch that's within the NFA's ability to regulate. Don't forget, $3,300,000 is just the amount of the differential slippage and does not include penalties for the differential slippage or other items that were brought up in the NFA complaint. Perhaps they'll just decide to go fully offshore.
 
You have ANY idea how many US citizens are already trading outside the USA under special Managed Accounts ??
You would be surprised !!
 
Hello FreddyFx,
.
No one knowledgeable here is surprised.
We are well aware of the intentional effort to drive retail forex overseas from here in the USA.
In light of the excesses of this industry, can you truly blame the regulators for wanting to vomit it up?
They are trying to force compliance or banishment; period.
.
The choice as to whether to comply or leave, is in the province of the operators.
Although I do not support the arbitrary and artificial restrictions on leverage, the FIFO and No-Hedge Rules, I do support the regulatory efforts to force broker integrity, compliance, and capital requirements on market participants.
Only those entities willing to play on a level field deserve the opportunity to openly access the US markets, and the wealth of its citizenry.
.
AI
 
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