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Info on broker: BankDirectFX
- Thread starter RussG
- Start date
-
- Tags
- bdfx bank direct fx
efa-FX
Private, 1st Class
- Messages
- 40
Hi all - The FSMA Brussels responded to my questions (I did not translate from French to English but you can copy/paste e.g. in 'Google translate' :
From: Siscot, Monique [mailto:Monique.Siscot@fsma.be]
Sent: Tuesday, August 20, 2013 12:09 PM
Cc: PE_FCF_SEC
Subject: FW: FSMA_BankDirectFX /SMO
Monsieur,
Nous nous référons à vos e-mails du 14, 15 et 19 août 2013.
Bankdirectfx n'est pas connue auprès de la FSMA et ne dispose pas des agréments requis pour pouvoir offrir des services financiers réglementés en Belgique ou à partir du territoire belge.
Nous vous remercions pour les informations transmises et nous ouvrons une enquête.
La FSMA publie sur son site (LanguageChoice - website FSMA) les listes des personnes habilitées à fournir des services financiers réglementés. Toute personne peut ainsi vérifier si la personne qui lui propose un service financier dispose de l’autorisation nécessaire.
Nous réattirons votre attention sur un avertissement à propos des risques liés aux transactions spéculatives sur devises que la FSMA a publié sur son site web: Des risques liés aux transactions spéculatives sur devises - website.
Nous vous prions d’agréer, Monsieur, l’expression de nos sentiments distingués.
Monique Siscot
Autoriteit voor Financiële Diensten en Markten (FSMA)
Bescherming van de consumenten van financiële diensten
Congresstraat 12-14
B-1000 Brussel
Tel +32 2 220 57 10 - Fax +32 2 220 59 30
Quote: "Bankdirectfx n'est pas connue auprès de la FSMA et ne dispose pas des agréments requis pour pouvoir offrir des services financiers réglementés en Belgique ou à partir du territoire belge."
Bankdirectfx is not known to the FSMA nor have the required approvals to offer regulated financial services in Belgium and from Belgium.
From: Siscot, Monique [mailto:Monique.Siscot@fsma.be]
Sent: Tuesday, August 20, 2013 12:09 PM
Cc: PE_FCF_SEC
Subject: FW: FSMA_BankDirectFX /SMO
Monsieur,
Nous nous référons à vos e-mails du 14, 15 et 19 août 2013.
Bankdirectfx n'est pas connue auprès de la FSMA et ne dispose pas des agréments requis pour pouvoir offrir des services financiers réglementés en Belgique ou à partir du territoire belge.
Nous vous remercions pour les informations transmises et nous ouvrons une enquête.
La FSMA publie sur son site (LanguageChoice - website FSMA) les listes des personnes habilitées à fournir des services financiers réglementés. Toute personne peut ainsi vérifier si la personne qui lui propose un service financier dispose de l’autorisation nécessaire.
Nous réattirons votre attention sur un avertissement à propos des risques liés aux transactions spéculatives sur devises que la FSMA a publié sur son site web: Des risques liés aux transactions spéculatives sur devises - website.
Nous vous prions d’agréer, Monsieur, l’expression de nos sentiments distingués.
Monique Siscot
Autoriteit voor Financiële Diensten en Markten (FSMA)
Bescherming van de consumenten van financiële diensten
Congresstraat 12-14
B-1000 Brussel
Tel +32 2 220 57 10 - Fax +32 2 220 59 30
Quote: "Bankdirectfx n'est pas connue auprès de la FSMA et ne dispose pas des agréments requis pour pouvoir offrir des services financiers réglementés en Belgique ou à partir du territoire belge."
Bankdirectfx is not known to the FSMA nor have the required approvals to offer regulated financial services in Belgium and from Belgium.
Last edited:
odysseus11
Private, 1st Class
- Messages
- 46
Here is the translation:
From: Siscot, Monique [mailto: @ Monique.Siscot fsma.be]
Sent: Tuesday, August 20, 2013 12:09 PM
Cc: PE_FCF_SEC
Subject: FW: FSMA_BankDirectFX / SMO
Sir,
We refer to your e-mails of 14, 15 and 19 August 2013.
Bankdirectfx is not known to the FSMA does not have the required approvals to offer regulated financial services in Belgium and from Belgium.
Thank you for the information provided and we open an investigation.
The FSMA published on its website (LanguageChoice - website FSMA) lists of persons authorized to provide regulated financial services. Anyone can verify if the person has a financial service has the necessary authorization.
We réattirons your attention to a warning about the risks associated with speculative currency transactions that FSMA has published on its website: The risks associated with speculative currency transactions - website.
Please accept, Excellency, the assurances of our highest consideration.
Monique Siscot
Autoriteit voor Financiële Diensten in Markten (FSMA)
Bescherming van van Consumenten financiële diensten
Congresstraat 12-14
B-1000 Brussels
Tel +32 2 220 57 10 - Fax +32 2 220 59 30
Quote: "Bankdirectfx is not known to the FSMA does not have the required approvals to offer regulated financial services in Belgium and from Belgium."
From: Siscot, Monique [mailto: @ Monique.Siscot fsma.be]
Sent: Tuesday, August 20, 2013 12:09 PM
Cc: PE_FCF_SEC
Subject: FW: FSMA_BankDirectFX / SMO
Sir,
We refer to your e-mails of 14, 15 and 19 August 2013.
Bankdirectfx is not known to the FSMA does not have the required approvals to offer regulated financial services in Belgium and from Belgium.
Thank you for the information provided and we open an investigation.
The FSMA published on its website (LanguageChoice - website FSMA) lists of persons authorized to provide regulated financial services. Anyone can verify if the person has a financial service has the necessary authorization.
We réattirons your attention to a warning about the risks associated with speculative currency transactions that FSMA has published on its website: The risks associated with speculative currency transactions - website.
Please accept, Excellency, the assurances of our highest consideration.
Monique Siscot
Autoriteit voor Financiële Diensten in Markten (FSMA)
Bescherming van van Consumenten financiële diensten
Congresstraat 12-14
B-1000 Brussels
Tel +32 2 220 57 10 - Fax +32 2 220 59 30
Quote: "Bankdirectfx is not known to the FSMA does not have the required approvals to offer regulated financial services in Belgium and from Belgium."
Hi
No offense to oxysseus or efa-fx but I just read this thread and on like first page Ryan says FSMA does not do Forex stuff.
So now you are saying "verified scam". Thats crazy.
UNless you can prove broker ripped some off, is definitely not a scam!
I would surely be very fearful if I were on a courtroom and you were the judge!
BankDirectFX
BDFX.com Representative
- Messages
- 39
That's correct. The letter you have obtained from FSMA does not express the opinion that BDFX is required to be registered and regulated. What it states is:
"Bankdirectfx is not known to the FSMA does not have the required approvals to offer regulated financial services in Belgium and from Belgium."
This indicates that we are not registered to provide regulated financial services in Belgium.
Spot foreign currency is NOT a regulated financial service in Belgium. Therefore, we are not required to be registered with FSMA in order to offer this service.
Here is the written opinion of the regulator on spot foreign currency in Belgium:
--------------
Dear Sir,
The FSMA does not oversee regulation of the spot foreign currency market as such as it is not considered to be a "financial instrument" as defined by the law of 2 August 2002.
Kind regards,
FSMA
Supervision of financial service providers
Last edited:
BankDirectFX
BDFX.com Representative
- Messages
- 39
Gestur: why don't you just show us some receipts of filled orders by your liquidity providers just like Global Prime does to everyone who asks?
Because, prior to your suggestion, no one requested this. What was requested is our private signed and executed contract documents with our liquidity providers. An absurd request for a public forum, like FPA, of anonymous internet posters who don’t hold accounts with us.
You previously made reference to the fact that Global Prime offers LP ticket confirmations for existing clients. Any client of ours can do this.
Therefore, I’ve offered Odysseus11, at the very bottom of this post, to open a FREE account with us , funded out of our own pocket in the amount of $1,500.
He can execute live trading and I will post the LP Tickets for his trades. I doubt he will accept this, of course.
Any client can open an account and request this information. And, in fact, we’ve already provided Donna from DonnaForex with live confirmation of our LP tickets substantiating these facts.
Odysseus11: gestur he hasnt provided any evidence because he IS a scam, and his ONLY OPTION is to misdirect and deflect and try to change the subject (which happens to be the title of this thread).
That’s incorrect. I haven’t provided anything publicly, to anonymous forum personalities.
What I have done is began furnishing Donna, from DonnaForex, with all of the requested documentation and verification attesting to the validity of our brokerage firm, the fact we maintain live relationships with our LPs, all the way down to the LP ticket #s for the live transactions executed by our clients.
We’ve given her much more than that, and I’m confident she’ll report back soon.
Anyone who doesn’t understand why a brokerage would not publish sensitive contracts and private documents on a forum like FPA is just misguided or unreasonable.
Pharaoah: One of my brokers (which I won't name - a broker that works for me may not meet your needs) lists LPs on its website. It also sends press releases and emails all clients when a new LP is added. I personally think that all brokers should do this. Otherwise, clients may be left wondering if trades ever get passed on to the real market or not.
I am not familiar with any broker that lists their liquidity aggregators on their website. Which broker is this?
Many brokers, like us, list the underlying interbank liquidity providers (multinational banks) aggregated by the actual LP they are trading through. However, none that I am aware of lists their true aggregators and LPs.
Furthermore, simply listing with whom you have LP partnership on your website does not answer the question as to whether trades get passed on to the real market.
Every broker in existence reserves the right to B-Book your account, whether they advertise themselves as an STP broker and maintain actual LP relationships.
Just because a broker has live liquidity providers doesn’t mean your trades are getting routed to the market. They can still hold them in-house, and 99% of the time they do.
--------------------------
Here’s the bottom line: We’ve confirmed our validity with DonnaForex. I’m sure she’ll post soon.
As for Odysseus11,
BankDirectFX is willing to provide you with a free self-directed trading account funded with $1,500 of our own money. That way, you can test the executions, trading environment, and service yourself.
In the future, if you want to criticize our brokerage, at least you’ll actually have real experience from which to draw, versus perpetuating wild speculation and lies on the forum in the manner you currently are.
If you decline, then you clearly have no real interest in vetting our brokerage.
Contact me for your free account, we’ll get you set up Odysseus11, and you can help prove to the forum members that we are executing live trades with our LP.
Because, prior to your suggestion, no one requested this. What was requested is our private signed and executed contract documents with our liquidity providers. An absurd request for a public forum, like FPA, of anonymous internet posters who don’t hold accounts with us.
You previously made reference to the fact that Global Prime offers LP ticket confirmations for existing clients. Any client of ours can do this.
Therefore, I’ve offered Odysseus11, at the very bottom of this post, to open a FREE account with us , funded out of our own pocket in the amount of $1,500.
He can execute live trading and I will post the LP Tickets for his trades. I doubt he will accept this, of course.
Any client can open an account and request this information. And, in fact, we’ve already provided Donna from DonnaForex with live confirmation of our LP tickets substantiating these facts.
Odysseus11: gestur he hasnt provided any evidence because he IS a scam, and his ONLY OPTION is to misdirect and deflect and try to change the subject (which happens to be the title of this thread).
That’s incorrect. I haven’t provided anything publicly, to anonymous forum personalities.
What I have done is began furnishing Donna, from DonnaForex, with all of the requested documentation and verification attesting to the validity of our brokerage firm, the fact we maintain live relationships with our LPs, all the way down to the LP ticket #s for the live transactions executed by our clients.
We’ve given her much more than that, and I’m confident she’ll report back soon.
Anyone who doesn’t understand why a brokerage would not publish sensitive contracts and private documents on a forum like FPA is just misguided or unreasonable.
Pharaoah: One of my brokers (which I won't name - a broker that works for me may not meet your needs) lists LPs on its website. It also sends press releases and emails all clients when a new LP is added. I personally think that all brokers should do this. Otherwise, clients may be left wondering if trades ever get passed on to the real market or not.
I am not familiar with any broker that lists their liquidity aggregators on their website. Which broker is this?
Many brokers, like us, list the underlying interbank liquidity providers (multinational banks) aggregated by the actual LP they are trading through. However, none that I am aware of lists their true aggregators and LPs.
Furthermore, simply listing with whom you have LP partnership on your website does not answer the question as to whether trades get passed on to the real market.
Every broker in existence reserves the right to B-Book your account, whether they advertise themselves as an STP broker and maintain actual LP relationships.
Just because a broker has live liquidity providers doesn’t mean your trades are getting routed to the market. They can still hold them in-house, and 99% of the time they do.
--------------------------
Here’s the bottom line: We’ve confirmed our validity with DonnaForex. I’m sure she’ll post soon.
As for Odysseus11,
BankDirectFX is willing to provide you with a free self-directed trading account funded with $1,500 of our own money. That way, you can test the executions, trading environment, and service yourself.
In the future, if you want to criticize our brokerage, at least you’ll actually have real experience from which to draw, versus perpetuating wild speculation and lies on the forum in the manner you currently are.
If you decline, then you clearly have no real interest in vetting our brokerage.
Contact me for your free account, we’ll get you set up Odysseus11, and you can help prove to the forum members that we are executing live trades with our LP.
odysseus11
Private, 1st Class
- Messages
- 46
I absolutely accept.
I have *no* interest in anything other than verifying whether or not you have a real brokerage, since by your own admission you arent regulated.
And for the record, we have been ASKING for LP tickets for about 10 pages now.
All anyone has been asking for, actually, are items that any other broker happily provides, like a tour of the office, tickets of LPs which can be independently verified with that LP, things like that. No one ever asked to see "confidential contracts" or anything like that. I still believe that the posters on here who miraculously show up and clap each other on the back and attack me (and all have 3 posts on only this thread and have registered in the last 3 weeks) are shills that you bought from a freelancer site, and I believe you paid forexcopywriter.com to draft and send spam for the primefxfund or whatever they are called, which I believe is YOU, and you are using faked data to fill a myfxbook promoting that - which is how anyone heard of you in the first place. Im sorry I wrecked your plans and wasted your marketing dollars by exposing that this seemed the most likely activity going on, but I ackowledge that you are clearly well versed in trading and forex, you know your industry - and your brokerage I suppose *could* be valid, albeit unregulated - this would just make your marketing practices (or what I *believe* are your marketing practices) unethical at best. Your personal attacks at me I couldnt are less about.
But I *do* want to prove one way or the other that you have a valid brokerage. I accept your offer, will PM you to set up an account, and warn you in advance of 3 things:
1) I accept that its possible spot forex brokerage services are not regulated in Belgium, but I will seek corroboration with the belgian authorities on that if you dont mind
2) I *do not* expect (nor want) to see your "private contracts", but you have already offered to provide LP fill tickets, and I *will* seek to corroborate those with the LP in question independently. Again, this is something *any* broker would do on request. I do understand b-booking and that many brokerages dont send 99% of the traffic to market, but we arent discussing that. You *claim* you have LPs, you *claim* you can provide LP fill tickets, so thats what I will be expecting, no more no less. I am willing to keep that information detail confidential if you wish. I will simply publish the outcome, and make no mistake, I will be *just* as happy to report if you ARE legit - I have no axe to grind, why would I? I dont own a competitor or something, why would I care beyond just trying to protect the forum membership that Im a part of..if you are legit, then great!
3) the one final thing you have been silent on is the tour of your physical facility that you reportedly have 9 staffers in at a very prestigious Belgian office location. Regardless of your silence or cooperation, a visit to your office is being coordinated right now, just as a form of due diligence on that side of things (your physical location). As with the other DD items, any other real broker would be happy to have visitors, as has been pointed out numerous times. If you are in fact there as you claim, then EXCELLENT!
So I will PM you, and look forward to setting up with you, and confirming for members what you have told us.
meantime also, efa-fx, can you reply back to Ms Siscot at FSMA, explain the situation and perhaps quote Ryan, and get her confirmation that FSMA does or does not consider operating a retail forex brokerage a "regulated" activity? We need really their opinion, it isnt ours that matters, including Ryans.
I have *no* interest in anything other than verifying whether or not you have a real brokerage, since by your own admission you arent regulated.
And for the record, we have been ASKING for LP tickets for about 10 pages now.
All anyone has been asking for, actually, are items that any other broker happily provides, like a tour of the office, tickets of LPs which can be independently verified with that LP, things like that. No one ever asked to see "confidential contracts" or anything like that. I still believe that the posters on here who miraculously show up and clap each other on the back and attack me (and all have 3 posts on only this thread and have registered in the last 3 weeks) are shills that you bought from a freelancer site, and I believe you paid forexcopywriter.com to draft and send spam for the primefxfund or whatever they are called, which I believe is YOU, and you are using faked data to fill a myfxbook promoting that - which is how anyone heard of you in the first place. Im sorry I wrecked your plans and wasted your marketing dollars by exposing that this seemed the most likely activity going on, but I ackowledge that you are clearly well versed in trading and forex, you know your industry - and your brokerage I suppose *could* be valid, albeit unregulated - this would just make your marketing practices (or what I *believe* are your marketing practices) unethical at best. Your personal attacks at me I couldnt are less about.
But I *do* want to prove one way or the other that you have a valid brokerage. I accept your offer, will PM you to set up an account, and warn you in advance of 3 things:
1) I accept that its possible spot forex brokerage services are not regulated in Belgium, but I will seek corroboration with the belgian authorities on that if you dont mind
2) I *do not* expect (nor want) to see your "private contracts", but you have already offered to provide LP fill tickets, and I *will* seek to corroborate those with the LP in question independently. Again, this is something *any* broker would do on request. I do understand b-booking and that many brokerages dont send 99% of the traffic to market, but we arent discussing that. You *claim* you have LPs, you *claim* you can provide LP fill tickets, so thats what I will be expecting, no more no less. I am willing to keep that information detail confidential if you wish. I will simply publish the outcome, and make no mistake, I will be *just* as happy to report if you ARE legit - I have no axe to grind, why would I? I dont own a competitor or something, why would I care beyond just trying to protect the forum membership that Im a part of..if you are legit, then great!
3) the one final thing you have been silent on is the tour of your physical facility that you reportedly have 9 staffers in at a very prestigious Belgian office location. Regardless of your silence or cooperation, a visit to your office is being coordinated right now, just as a form of due diligence on that side of things (your physical location). As with the other DD items, any other real broker would be happy to have visitors, as has been pointed out numerous times. If you are in fact there as you claim, then EXCELLENT!
So I will PM you, and look forward to setting up with you, and confirming for members what you have told us.
meantime also, efa-fx, can you reply back to Ms Siscot at FSMA, explain the situation and perhaps quote Ryan, and get her confirmation that FSMA does or does not consider operating a retail forex brokerage a "regulated" activity? We need really their opinion, it isnt ours that matters, including Ryans.
Last edited:
BankDirectFX
BDFX.com Representative
- Messages
- 39
No PM necessary.
You're welcome to open your account at
https://www.bdfx.com/open-live-account.html
Once the Accounts Dept has issued your account #, let me know, and I'll instruct them to fund it with $1,500.
You're welcome to open your account at
https://www.bdfx.com/open-live-account.html
Once the Accounts Dept has issued your account #, let me know, and I'll instruct them to fund it with $1,500.
Pharaoh
Brigadier General
- Messages
- 20,309
Ryan,
I remain very curious why anyone would set up a brokerage in a country that lacks regulation. In today's multinational environment, it's easy to set up a corporation in many countries. Why pick one that you say does not regulate forex.
Future regulation counts for nothing if a problem happens now.
Sorry, no plans to list my bucketshop. I don't want to start a lemming stampede to a broker I selected for very specific purposes - my broker works for my needs and may not work for many other people. I will mention that it's NFA regulated, so any advertising, such as boasting about LPs is subject to strict regulatory oversight.
Efa-fx,
Please double-check with the FSMA and see if they agree or disagree with Ryan's assertion that spot forex does not fall under their scope of regulation.
I remain very curious why anyone would set up a brokerage in a country that lacks regulation. In today's multinational environment, it's easy to set up a corporation in many countries. Why pick one that you say does not regulate forex.
Future regulation counts for nothing if a problem happens now.
Sorry, no plans to list my bucketshop. I don't want to start a lemming stampede to a broker I selected for very specific purposes - my broker works for my needs and may not work for many other people. I will mention that it's NFA regulated, so any advertising, such as boasting about LPs is subject to strict regulatory oversight.
Efa-fx,
Please double-check with the FSMA and see if they agree or disagree with Ryan's assertion that spot forex does not fall under their scope of regulation.
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