4evermaat
2nd Lieutenant
- Messages
- 2,709
I wasn't sure which community forum to put this poll. There were 2 scam alerts recently:
https://www.forexpeacearmy.com/community/threads/ic-markets-scammed-me-today.48565/
https://www.forexpeacearmy.com/comm...sed-my-opened-positions-on-the-weekend.48429/
Pepperstone case is particularly insidious: Trades blatantly cancelled while the market was closed?
It got me thinking: How could a trader's court case not be allowed for these cases? I found out later that due to current rules, only spot forex currency pairs, CFDs on forex pairs, and binary options based on forex pairs qualify (I assume this includes gold and silver No, it doesn't. Forex pairs only.). So the only reason it was not "court-eligible" is because of the technicality of it being a CFD. So......
I propose to allow certain CFDs to be eligible for FPA traders court. CFDs trade identically to how spot forex pairs trade, except market hours of operation are not always 24/5. They may have breaks during the day and close on certain holidays.
Because CFDs could theoretically be created on just about any derivative, a limit might need to be placed to the most active ones. Like CFDs imitating all major stock market indices (s&p 500, ftse100, Dax30, IT40, etc, and specific commodities like Crude Oil). A quick look at Dukascopy shows that there are 13 major stock indices and 2 versions of Crude oil. I checked at a PoP broker and they had about 13 or 14 CFDs symbols. I also checked IC Markets as they have the most CFDs I've seen from a 'ECN-claiming' broker and it is about 26 there, including crop commodities soybean, corn, etc). It would be unreasonable to try and cover all single stocks and all commodities.
Another rule may require the broker to also offer at least 8 spot forex pairs on the same platform as the CFDs, in which at least 4 of them are major crosses (like EURUSD). This would help to verify that they are actually dealing with spot forex trading, and offer CFDs as an additional offering.
By including these CFDs to make them court-eligible, it makes it possible for traders who would otherwise qualify for a court case if the symbol been a forex pair to now take offending broker to FPA traders court and a chance of receiving some justice.
I hope this is made a sticky as I believe the feedback could promote justice for a lot more people.
https://www.forexpeacearmy.com/community/threads/ic-markets-scammed-me-today.48565/
https://www.forexpeacearmy.com/comm...sed-my-opened-positions-on-the-weekend.48429/
Pepperstone case is particularly insidious: Trades blatantly cancelled while the market was closed?
It got me thinking: How could a trader's court case not be allowed for these cases? I found out later that due to current rules, only spot forex currency pairs, CFDs on forex pairs, and binary options based on forex pairs qualify (I assume this includes gold and silver No, it doesn't. Forex pairs only.). So the only reason it was not "court-eligible" is because of the technicality of it being a CFD. So......
I propose to allow certain CFDs to be eligible for FPA traders court. CFDs trade identically to how spot forex pairs trade, except market hours of operation are not always 24/5. They may have breaks during the day and close on certain holidays.
Because CFDs could theoretically be created on just about any derivative, a limit might need to be placed to the most active ones. Like CFDs imitating all major stock market indices (s&p 500, ftse100, Dax30, IT40, etc, and specific commodities like Crude Oil). A quick look at Dukascopy shows that there are 13 major stock indices and 2 versions of Crude oil. I checked at a PoP broker and they had about 13 or 14 CFDs symbols. I also checked IC Markets as they have the most CFDs I've seen from a 'ECN-claiming' broker and it is about 26 there, including crop commodities soybean, corn, etc). It would be unreasonable to try and cover all single stocks and all commodities.
Another rule may require the broker to also offer at least 8 spot forex pairs on the same platform as the CFDs, in which at least 4 of them are major crosses (like EURUSD). This would help to verify that they are actually dealing with spot forex trading, and offer CFDs as an additional offering.
By including these CFDs to make them court-eligible, it makes it possible for traders who would otherwise qualify for a court case if the symbol been a forex pair to now take offending broker to FPA traders court and a chance of receiving some justice.
I hope this is made a sticky as I believe the feedback could promote justice for a lot more people.