NFA Accuses FXDD Differential Slippage and More

[Onyebuchim C. Obike]

Hmmmm, this is terrible. Who can we trust???

 

[pip magnet]

Thanks for keeping us informed, i have always known that fxdd will be caught one day. They stylishly took my friends $3000 years ago and we were so young in Forex there was nothing known as at then that we could do.

 

[marjiemiller]

I have only had good experiences with FXDD, with US and Malta (until no US Residents rule). Always received the money in the bank from my withdrawals, within a couple of days of when I asked for it and have had no problem making money with them either. I do not scalp tho, as scalping always led to losses no matter what broker I was at. As far as I'm concerned, if you have to argue about the spread, you've got a bad algorithm. As far as their hedge accounting, it's called average weighting, and it's a standard accounting method, and alot better than getting a "trade not allowed" popup box breaking your robot, which some brokers do. For an explanation of average weighting accounting see What's the difference between weighted average accounting and FIFO/LILO accounting methods?). I've been with FXDD for almost 4 years now, and they are the only broker I still use. I will look into the complaint more, but I just wanted to say amidst all this bad talk about FXDD, that I have as yet only have good experiences with FXDD on trades and withdrawals. Indeed, I love how they don't charge a cent for any withdrawal. Indeed, I have 4 accounts with FXDD and a few months ago withdrew what I thought was all the money from one of the accounts, and FXDD left it open and said I still had 9 dollars in there. I have never had a broker be so honest.

 

[Pharaoh]

Nice to see that the NFA has such a lengthy section on the issue Raimundas and others are having. It appears that FXDD flat out told a number of lies to try to take money from that group of traders after the NFA ordered them to give the money back.

I can't wait for this to get to the penalty phase. If FXDD keeps directly defying the NFA, then the NFA could easily decide to fine them out of existence.

 

[marjiemiller]

If the NFA fines them out of existence, there goes all the customers money. Government agencies are out to make a buck just like everyone else. The "fine" is a paycheck for the NFA. Any of you with annuities out there with Mutual of Omaha will find out that the government does not care about getting any money back for the victims, just the "fine" so they can pay their own salaries. Government agencies are there so that corporations know WHO to pay off. If you look at the donations of CME Group in the last election cycle, they paid off Congress and the President to abolish the OTC forex competition. Try getting any government agency to do anything if they don't see money in it for them. I called the FBI a month ago about Mutual of Omaha in Omaha, Nebraska, USA, and was told if it was less than a million dollars stolen, they did not have the time or resources to investigate the crime. Apparently what's happening here with OTC Forex, is they forgot to form a DC lobby to pay off the agencies. Don't be fooled, gov agencies are not looking out for your wallet, they are looking out for their own wallet. Follow the money. How is it that OTC forex companies are the only crooks that the US Government seems to care about these days. $800,000 in annuities have vanished from Mutual of Omaha, and the government and FBI have no time for such a crime. Sounds like a payoff to me. Old people don't have the energy to complain, easy target, easy crime with no time, all done by a government licensed CPA. Ever tried filing a complaint anywhere but OTC forex and you'll find a tin ear. It infuriates me that the US government is tearing apart the OTC forex market around the world, and yet sees no crimes when they look at the "too big to fail" companies that pay for their campaigns, like CME Group, to bring us back to why the OTC forex market is being destroyed. You are being hood-winked twice if you think they care about your losses. All they care about is the fine they are going to collect. Which is why they make laws, so they can collect a fine. Try playing SimCity to see how governments work. It's all about the money as well.

 

[Pharaoh]

Check the fines against PFG. All specifically require that all cash sent in goes to pay clients FIRST and any penalties are paid only after client funds are covered.

To not hit FXDD with some BIG penalties would be to give them permission to keep ignoring NFA regulations.

 

[BigT1]

If the NFA fines them out of existence, there goes all the customers money . . . Any of you with annuities out there with Mutual of Omaha will find out that the government does not care about getting any money back for the victims, just the "fine" so they can pay their own salaries . . . I called the FBI a month ago about Mutual of Omaha in Omaha, Nebraska, USA, and was told if it was less than a million dollars stolen, they did not have the time or resources to investigate . . . $800,000 in annuities have vanished from Mutual of Omaha . . . It infuriates me that the US government is tearing apart the OTC forex market around the world, and yet sees no crimes when they look at the "too big to fail" companies . . .

Hello marjiemiller,
You should be contacting the Nebraska Department of Insurance - Fraud division. Here is a link:
Nebraska Department of Insurance
Read the entire site to learn how to recover insurance losses. The FBI will get involved if they are asked to by the Nebraska Insurance Commissioner's staff. If you are not a unique case, which is usually the case with insurance fraud, there will certainly be a full investigation.
.
Because your assertion was so shocking, I searched the Nebraska regulatory history of hundreds of actions against insurers going back to 2004, and see not one instance of an action against Mutual of Omaha, which remains a viable muli-line business and which runs a Bank as well, regulated by the Fed.
If you care to write to me privately, I would be most interested in the details of your serious accusation; and as a financial professional, I will try to assist you in resolving this terrible situation for you.
You should also read my recent Post #20 regarding the insurance industry on this thread:
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/20778-pfgbest.html

Anthony Ingrassia, CTA
NFA ID#: 0278164

 

[WaveRider]

marjiemiller, sounds like you should also write your senators and local representative and tell them you woud like the regulators to get the funds and teeth they need to enforce the law. I was an insurance salesman at one time and the scrutiny this industry is under was pretty daunting.

Good to see an NFA agent on the site. Thanks for nailing bozos, BigT1.

 

[BigT1]

marjiemiller, sounds like you should also write your senators and local representative and tell them you woud like the regulators to get the funds and teeth they need to enforce the law. I was an insurance salesman at one time and the scrutiny this industry is under was pretty daunting.

Good to see an NFA agent on the site. Thanks for nailing bozos, BigT1.

Hello WaveRider.
Thank you for your kudos, but I am not an "NFA Agent"; just another Registered CTA, paying his annual renewal fees and subject to their review.
I too was a NYS licensed Life and Health Insurance Agent LA-784970 for many years back in the 1990's, where I cut my teeth in the financial services business.
.
FYI, I have emailed marjiemiller directly, and to-date have seen no reply. I seriously doubt the voracity of her claim, but will immediately update this post upon hearing from her and verifying here assertions. I also inferred from the nuances within her complaint, she may not be under the protection of the US Government, nor a citizen of the US; but for now that is pure conjecture on my part, subject to revision if I ever hear from her.

 

[WaveRider]

I have no first hand knowledge of any legal action taken since my firm was very ethical but the kind of thing she describes and by a well known insurance company, from the training I got, would seem to be the kind of butt-kicking a state insurance comissioner would look forward to. I'd liketo know if it turns out to be anything.