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ACM Throws in the Towel ACM is officially closing their U.S. office and retreating back to Switzerland after failing to make any headway in the U.S. Of course the Savior has long suspected this Swiss broker wouldn’t last very long on this side of the pond in light of the increased capital...

It's your funeral

The Forex Savior Seal of Approval In light of the government takeover of Crown Forex I am once again being asked, “which specific broker do you recommend?” That is not for the Savior to say. Different brokers have different products and all traders should conduct a regulatory...

Crown Forex Update Just received this update from someone who has been involved in the controversy at Crown Forex. This would explain the withdrawal difficulties customers have been experiencing. Developing...

Crown Forex on Life Support It appears the Peace Army’s muck raking was well founded in regards to Crown Forex. Kudos to Pharoah for being ahead of the curve: http://www.forexfactory.com/showthread.php?p=2412692&highlight=crown+forex#post2412692 Swiss banking regulators have...

Winds of Change Blowing in Switzerland After years of fraud and malfeasance perpetrated by Bernie Madoff style Swiss forex brokers the retail forex business in Switzerland is on the verge of going legit as all Swiss brokers must either get a banking license or close up shop. However, these...

Huh? What are you smoking Big Gun? What trader wouldn't want to trade with a firm that isn't allowed to take confiscate profits from your account? If you want to trade with some offshore bucketshop that freely swipes profits out of the accounts of winning traders they are plenty of sharks you...

NFA Drops Another Bombshell The National Futures Association has passed some new rules that all traders should be aware of ASAP: http://www.nfa.futures.org/news/PDF/CFTC/CR2_43_ForexPriceAdj_112408.pdf Translation- No more “adjustments,” unless these adjustments meet strict NFA...

October Net Capital Report The U.S. retail forex industry appears to be soaring over the new capital requirements by leaps and bounds. October showed an across the board increase in virtually every dealer’s net capital. Still, for some firms it is a long way to $20 million. And while...

The Taming of the Wild West The forex market has long been known as the Wild West of Finance due to its unregulated nature. But the frontier is being tamed and it now appears the day of the unregulated Introducing Broker is drawing to a close. While the CFTC has not yet released its new...

The Pirates of Scandinavia Last month the S.S. Saxo Bank forced hundreds of employees to walk the plank in a furious effort to keep their Danish Longship from taking on any more water amidst the financial tsunami that has engulfed CFD brokers around the world. But it is another former...

September Net Capital Report The CFTC has just released their latest net capital figures. The big news is that everyone is doing well. Firms are seeing big jumps in net capital as forex brokers appear to be raking in the cash in this volatile market. It doesn’t appear that anyone has...

CMC in Crisis So say news reports coming out of Australia. A few weeks ago, at the height of the financial panic, leading CFD provider Saxo Bank took a meat cleaver to their work force in a frenzied effort to slash costs. CMC now appears to be following suit. They had already laid off...

GFS Forex Suspended in Dubai Forex Dealer Dead Pool member GFS Forex has run into a bit of trouble in the Middle East. Their Dubai office was recently shut down by regulators and they were hit with $500,000 in fines and plaintiff compensation. It wasn’t always this way for GFS. Back in...

not yet. they're still tracking down old firms like snc who were supposed to be out of business a year ago

Scandal at SNC Last year forex dealer SNC Investments sold off its forex business because they were unable to meet the NFA’s $5 million capital requirement. But it appears that they stayed in business as a Futures Commission Merchant and Money Manager. They are in business no more...

Dead Pool Alert The NFA has come out with a statement that reads as follows: http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2198 The deadline to meet the new capital requirement is this Friday. The most up to date CFTC net capital statement shows the following firms with...

August Net Capital Report With the world financial system in chaos it’s never been more important to trade with a well capitalized firm. The CFTC has just released their latest net capital figures. Not a lot of changes from the last one. Only difference is that U.S. forex dealers have...

Rosenthal Collins Buys MG Financial The Great consolidation continues. Today RCG announced that they have bought out Money Garden: http://www.chicagotribune.com/business/chicago-rosenthal-collins-mg-oct15,0,5693946.story Money Garden clearly could not survive on its own judging from...

Bacera Moves Off-Shore Last week Bacera officially closed their U.S. office and are no longer servicing U.S. customers. It was always a long shot that they would be able to meet the increased capital requirement to $20 million so this closure comes as no surprise. But they still plan on...