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Forex.com Fined $100K By NFA
- Thread starter Pocketjacks
- Start date
we announced a site last november called www.yoursmineshag.com. Thinking of rebranding it at the mom.
What a bucket shop...any broker that cannot stick to the most basic rules such as not allowing unlicensed reps to makes sales calls and making sure to not LIE about safety of their funds is obviously completely shady... If I had an account with them, I would close it...
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
The "moving prices on clients"-part seems to be made up by the OP. The NFA-document doesnt mention this.
Also looks like a $100.000 fine wont hurt them much, compared to the gross revenue of gain listed in this document. They should start giveing out fines in the millions to prevent that sort of deceiving marketing.
Pocketjacks
Guest
Quote from Pippi436:
The "moving prices on clients"-part seems to be made up by the OP. The NFA-document doesnt mention this.
Also looks like a $100.000 fine wont hurt them much, compared to the gross revenue of gain listed in this document. They should start giveing out fines in the millions to prevent that sort of deceiving marketing.
Please see my follow up to this post, which is the fourth reply on this thread, you can find the link to the statement there but I'll save you the time and write it right here:
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=970
The above link is different from what you clicked on. Section 15 states the following:
"GCG's claims regarding "no slippage" were also misleading, as slippage can and does occur under volatile market conditions. Moreover, GCG's customers occasionally experience a "rate change," which occurs when GCG updates prices on its trading platform at the same time that a customer enters an order. In these instances, the price originally quoted to the customer is not hte price that the customer actually receives."
Quote from Pippi436:
The "moving prices on clients"-part seems to be made up by the OP. The NFA-document doesnt mention this.
Also looks like a $100.000 fine wont hurt them much, compared to the gross revenue of gain listed in this document. They should start giveing out fines in the millions to prevent that sort of deceiving marketing.
I think the NFAâs statement and fine is enough. If people who are trading/investing in Forex or any other markets and donât look at the NFA, then they deserve to have their money taken. Investments are just like any other business. There are some scams. Although, a million dollar fine would tighten things up a lot faster. Come on NFA, crack the whip!! Make a firm bleed.