Forex.com Fined $100K By NFA

[Pocketjacks]

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=1170

Highlights include:

* Non registered salespeople soliciting accounts

* Boasting safety of funds when it was not true

* Moving prices on clients once they entered a trade

 

[Davdse]

Quote from Pocketjacks:

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=1170

Highlights include:

* Non registered salespeople soliciting accounts

* Boasting safety of funds when it was not true

* Moving prices on clients once they entered a trade

I don't see your last highlight mentioned.

 

[SethArb]

wow ... forex.com is part of the gain capital group

which in my mind was one of the most reputable forex brokerage firms
out there

hopefully they have made the proper changes on their end to avoid this kind of thing in the future

 

[Pocketjacks]

I accidentally put in the wrong link, which was to the final decision and doesn't outline the complaint. That link, with the items I mentioned above can be found here:

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=970

Here is the main link to the case:

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0339826&case=06BCC00037&contrib=NFA


Sorry for the confusion.

 

[tiddlywinks]

Im glad to see the NFA has started to enforce rules on forex dealers. Gain is a marketing machine and an obvious first recognizable target.

That said, Im sure everyone reading this post has read the complaint. Has anybody bothered to read the answer?

GAIN is not doing anything different than other forex dealers, foreign and domestic. So, when will BigDoughFX open a US-based operation? Answer: they won't. BigDoughFX is legally allowed to create a false sense of security with clients. BigDoughFX is significantly more covert than GAIN.

 

[FBW]

^+1. It seems like in 2007 the NFA is devoting more time and resources to tightening up and provide investor education in Forex.

 

[rcanfiel]

Quote from Chood:

This kind of news underscores the absolutely critical importance of working with a forex broker whose integrity, honesty, professionalism, and transparency are the very highest in the industry. I work with BigDoughFX, which is licensed in Switzerland and offers a premium suite of services including live video streaming dealer chat, to go along with the live tradeable and executable real time prices its platform streams to my PC.

BigDoughFX even is adding customer withdrawal as a platform functionality, although I cannot say that I have missed having that functionality so far. Funds sent to it are fully insured in segregated, EU-regulated accounts. What more could you ask for? Oh yea, did I say that the “re-quoting” feature of the BigDoughFX platform often produces fills for my trades that are a few pips or many pips better than when I clicked the trades? That happens a lot, especially around news events. It also offers hedging techniques that guarantee I won’t lose and magma hot hedging signals that give double digit guaranteed returns. Its signals come from its insider "deal flow" contacts in the interbank market.

Why was it necessary to bold 3 mentions of the firm? You smell like a spammer

 

[Urkel]

Quote from rcanfiel:

Why was it necessary to bold 3 mentions of the firm? You smell like a spammer

i really hope u are not serious.

 

[parabolic]

Sorry but I don't think I could trade at a firm called "BigDoughFX".

 

[mister_doodi]

What kind of unprofessional brokerage name is that, do yourself a favor and get a real brokerage. Like, CaChingFX or LeeHarveyOswaldFX.