Search results

CFTC Raids One World Forex Well the CFTC has officially stepped in to put an end to the shenanigans at One World Capital. I have been reporting on the decline and fall of One World Capital for over six months now so this should be no surprise to anyone following this thread. But it appears...

The Final Countdown Queue up the music from Swedish Glam Band "Europe" because this week is when the Dead Pool comes to an end. http://www.youtube.com/watch?v=0ZkllM8znx4 This Friday is the NFA deadline for fx firms to meet the minimum $5 million capital requirement. Two updates to...

NFA Puts in the Boot on Royal Forex Royal Forex may no longer be an independent company but that doesn't mean it still doesn't have sins to pay for. Today the NFA fined them $75,000 for the kind of standard, run of the mill incompetence that we've all come to expect from the poorly...

Undercapitalization at ODL Upon second glance at the latest CFTC Capital Report I have come across a rather alarming capital number for a firm that previously have been well above the $5 million minimum capital requirement. The firm is ODL securities and they reported only $2,566,000 in...

FXLQ in Complete Chaos For those of you caught in the FXLQ meltdown this thread at Forex Factory has some excellent information: http://www.forexfactory.com/showthread.php?t=59150&page=3 This trader posted the following which shows you the incredible maelstrom that FXLQ is currently mixed...

FXLQ in Legal Limbo I've gotten word that customers at FXLQ are not able to get their money out at this time. The mystery deepens as the search for the missing $35 million bond goes on...

Finalists for the Forex Dealer Dead Pool Today the CFTC issued their final report on Net Capital before the new $5 million capital requirement rule goes into effect. http://www.cftc.gov/marketreports/financialdataforfcms/ While this report details balances as of only October 31, it is...

The Running Man: Part II We pick up the story in the summer of 2007. Tradeco is still technically in business although Nettles has long since cut his official ties to the firm. Here are the highlights of the NFA's complaint: Two words: BUCKET SHOP Bwahahahaha! Let that be a lesson...

The Running Man: Part I The NFA is as busy as the Post Office on Tax Day. I haven't even had a chance to chew over the closing of FXLQ or One World Capital yet due to the continuing complaints and emergency actions the NFA is cranking out this week. Nor have I gotten a chance to talk about...

Breaking News: NFA Sanctions Velocity4x! NFA is on the war path right now. This is the Fifth poorly capitalized firm they have disciplined this week. If you are a customer of Hamilton Williams or Velocity4x or whatever the hell they call themselves get your money out now. And for the Love...

Scandal at Forex Liquidity Of all the scandals I have reported on to date this one is by far the most disturbing. The main reason is because FXLQ appears to have defrauded, not just the trading public, but more importantly U.S. regulators. And did it in such a bold manner as to send chills...

All Hell Breaking Loose Yesterday the NFA took action against two more poorly capitalized broker dealers. Solid Gold and FXLQ. Solid Gold has been in the poor house a while but didn't FXLQ have a lot of capital? Nope. Turns out the $30 million + in excess net capital they claimed to have...

Scandal at One World Forex For months I have been detailing on this thread the agonies of Forex Dealer Dead Pool Member One World Capital and how this poorly capitalized firm was destined for the scrap heap. Earlier this year the NFA accused them of failing to meet basic financial...

NFA Banishes ANTC A few months ago PFG announced that it had purchased American National Trading Corporation. http://www.pfgbest.com/about/press/ANTCPurchaseComplete.asp However, that hasn't stopped the NFA from rubbing out its former executives in a ruling that has banished several...

Easy Forex looking for Easy Marks Bad News for the folks over at Easy Forex. Not only are they below the $5 million capital requirement about to go into effect but now they are being sued by an angry customer who lost their shirt. Of course, lawsuits from failed traders against forex...

Swiss FX Broker Going Down the Tubes Three Jeers for Switzerland! Over the past year I have been documenting the sad collapse of Tradex Swiss AG. Tradex is one of the many unregulated firms that Switzerland allows to operate inside their borders without any serious oversight. When...

NFA Fines One World $100,000 And the hits just keep on coming for One World Capital. The NFA just announced that One World has been fined $100,000 for the complaint brought against them last spring. http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0359973&case=07BCC00017&contrib=NFA...

IG says they offer 700 to 1 leverage on their home page: http://www.igforex.com/ Please note: E-FX Options has no relationship with EFX Group. E-FX Options is owned by Emperor Financial in Hong Kong. EFX is owned by MB Trading in California.

E-FX Options is NO More So imagine one fine morning you wake up feeling bright and chipper. You have your morning coffee and scrambled eggs while listening to the banality of the local weather report. You look across the tv screen and see the currency rates scroll by. Hmmm, time to log...

Direct Forex is No More Looks like the Savior missed this big development. Gain Capital bought out Direct Forex. So scratch them from the list. Here is the official Direct Forex Statement: Dear Direct Forex Customer, As you already know, Direct Forex LLC (“Direct Forex”) will be...