Proposed NFA Capital Requirement

Quote from ssss:

Moe27


why worry about traders trading spot fx, if you guys like trading currency futures trade and be happy, im happy with spot fx.


No worry ,but broker which make good impression
(protection of the funds) in spot fx only one hotspotfx.com
U.K.

In currency future multiple brokers offer DOME with full liquidity
and protection of the funds.

Statements of forexsavior about currency fx is customized propaganda .Possilbe that forexsavior work by spot fx broker ,
in this case he's opinion about currency fx is related to profit
of the company ,for which he work .


Your respectfully
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SSSS

Hotpost is not the only broker with seg funds out of the UK. In fact, any broker registered with the FSA offers seg funds. At best you are misinformed, at worst you are pushing your favored broker.

And futures charge a spread, commission, exchange fees, feed subscription..... Why are futures traders coming to a spot FX thread on the attack? Will this bill add legitimacy to the industry, and further threaten futures brokers?
 
Quote from cashflos:

SSSS

Hotpost is not the only broker with seg funds out of the UK. In fact, any broker registered with the FSA offers seg funds. At best you are misinformed, at worst you are pushing your favored broker.

And futures charge a spread, commission, exchange fees, feed subscription..... Why are futures traders coming to a spot FX thread on the attack? Will this bill add legitimacy to the industry, and further threaten futures brokers?
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Some characters like Forexsavior are spreading outright lies about currency futures , I quote him :

" People don't trade currency futures because they are impractical to day trade. Execution is lousy, the spreads are too wide and the margin is unattractive"

Execution is ALWAYS under 1 second like in ALL electronic futures products.
Spreads are mostly 1 pip for the EUR/USD and USD/JPY


see for yourself http://equivalentsrdc.cme.com:443/

and daymargin for the majors is $500


Another quote :"I forgot about the commissions. Thanks for reminding me. So in futures you pay Spread AND Commissions. Another reason to trade spot fx."

With retail bucket shops you don't pay commissions BUT they have spreads of 3 up to 10 pips, a spread is a hidden commission and can be much bigger than a commission charged.
Serious spot brokers DO charge a commission : Currenex ,Hotspot,MBtrading,etc...

AND I do trade spot when I want to trade non-majors but not with a retail bucket shop
 
SSSS

Hotpost is not the only broker with seg funds out of the UK. In fact, any broker registered with the FSA offers seg funds. At best you are misinformed, at worst you are pushing your favored broker.


1. ... Author have not any account by any forex broker

2. ...Hotpost is not the only broker with seg funds out of the UK

Disscussion was about spot fx broker (not cfd ,shares ,futures)

But if your message related to U.K. spot FX broker's segregation of the funds , was appreciated

Thank you .

3. Have had with FSA worst experience (author have had experience with SEC,BAFIN ,CFTC)

Young female and long proccesing time ...

4. ...you are pushing your favored broker.
hotspotfx have made best impression on the author
as any another fx spot broker .

Sorry ,but error by this opinion can be .. As author interessed for trading SEC related instruments.

Your respectfully
 
Metatrader Misery

After getting a series of tips from disgruntled traders I'm going to follow up on a couple unregulated forex brokers next week dabbling in the treacherous MT4 arena. Masterforex, PoltekFX and FX Open are involved in a brutal slugfest that has spilled over into numerous bulletin boards. Who are these firms and what are they up to? Details to follow next week.
 
Metatrader Misery- Part I

What happens when a business deal goes bad? You get bitterness, recriminations, machinations and vows to get even. This appears to be what happened after Poltek FX and FX Open parted company. It was not an amicable divorce and after reading through dozens of threads it appears the two former spouses are still hurling dishes, pots and pans, as well as the kitchen sink and family cat at one another in a fit of rage that even Hillary and Obama can’t match.
http://www.forex-tsd.com/metatrader-brokers/12120-poltekfx.html

In this saga there are no good guys or bad guys. All the Savior can do is warn people to stay on the sidelines and watch the spectacle from afar, well out of harm’s way. But if you are looking for a scorecard, well, you’ve come to the right place. Let’s pick things up from one of the earliest threads on the subject.

“FX Open Scam Scum.” This is the title of a series of truly head spinning threads over at Forex Factory detailing the misadventures of FX Open, a forex dealer with one of the worst reputations in the business.

http://www.forexfactory.com/showthread.php?t=50202
http://www.forexfactory.com/showthread.php?t=50879
http://www.forexfactory.com/showthread.php?t=66136
http://www.forexfactory.com/showthread.php?t=55103

Now if you ask FX Open they blame their poor reputation on the scoundrels at Poltek FX who they claim have been waging a systematic propaganda campaign designed to discredit their firm.
http://fxopen.com/News.aspx?Id=fd4b27b3-6783-4aa1-9039-d1c48b7015bd

But who is FX Open? Well, nobody really knows. There is no business address listed on their website. There is no Board of Directors or head shots of executive officers. If you really press them they’ll give you an address in Egypt or tell you that they are registered in the Seychelles. And if that isn’t confusing enough one muckraking trader found out that their website is registered in Florida to a “Mr. John Fool.”
http://www.forexfactory.com/showpost.php?p=1684105&postcount=101

So they could be anywhere and everywhere. They could be someone or no one. In short, they can up and vanish like a fart in the wind if they have to.

FX Open is also one of the too numerous to count unregulated MT4 brokers preying upon the desperation of those traders who have fallen in love with MetaQuotes’ software. And like so many of these unregulated forex brokers they are in the habit of misleading the public about their unregulated status. When a customer asked them if they were regulated this was their response:
http://www.forex-tsd.com/195190-post316.html

FXOpen is offshore broker and FXOpen's business activity is regulated by SIBA.
http://www.fxopen.com/documents.aspx
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Now let’s go to the SIBA website and find out just what this means. The following are the key features of the law that supposedly “regulates” FX Open:
http://www.siba.net/Pages/siba.htm

• No requirement to disclose the beneficial owners of an IBC
• No minimum capital stipulation
• No need to file accounts with the Registrar

In short, FX Open’s “regulation” consists of a useless piece of paper that probably cost them a $100 in filing fees. They are no more regulated than is some ten year old kid’s lemonade stand.

That alone should convince traders to STAY AWAY from them. But the truth is that’s just the tip of the iceberg with these guys.

FX Open has made a lot of enemies in their brief history. One of them is a Kazakhstan native who goes by the name of Erlan. Erlan was a former customer of FX Open’s and he setup a website completely devoted to getting back $50,000 that he claims FX Open stole from him: http://fxopen.info/

FX Open then responded to Erlan with a website of their own (http://erlan.info/) telling a wild story that included accusations that Erlan was sending all of FX Open’s customers “penis enlargement” emails, was trying to crash FX Open’s server and hack FX Open’s customer files and was actually the customer of a former business partner of FX Open’s (Poltek FX) based in Russia that was using Erlan to get back at FX Open. (More on Erlan and his shenanigans in Part II of Metatrader Misery.)
http://www.forexfactory.com/showpost.php?p=1635726&postcount=13

Now seriously, who in their right mind is going to open an account with FX Open after hearing such a loopy tale? And it gets even zanier. Someone claiming to be FX Open’s CEO starts posting at Forex Factory demanding that the forum moderator stop banning supporters of FX Open or else they’ll sue Forex Factory.
http://www.forexfactory.com/showpost.php?p=1674034&postcount=84

The moderator replies that FX Open is a scam and the man claiming to be FX Open’s CEO quickly slinks out the back door after he sees his threats are being ignored. Indeed, FX Open gets completely banned from the forum and is forced to waddle over to Forex TSD where they cause another huge fight with traders screaming that FX Open is a scam and should be banned.

Is FX Open a scam? It’s just not clear. FX Open’s lack of transparency is deeply troubling. Their communication with the public is so unprofessional and their English so mangled that one gets the impression that Borat is running the company. They are also as I have stated before unregulated so if they ever get into trouble they are accountable to no one. At the end of the day this is what the trading public should be most concerned about.

The public should also be concerned about the firm’s alleged dealing practices. The number one complaint against FX Open is that they are a ruthless market maker that has no patience for customers who actually make money. Now this is a common complaint against many market makers. But in the threads referenced above I’ve never seen so many traders screaming about a firm’s dealing practices. Trader after trader complains about profits being removed from their accounts. Numerous traders complain of how the firm booted them out only after they made profits. Traders complain about terrible execution in numbers that really call into question the dealing ethics of this firm.

FX Open’s reply is that all these complaining customers are using some kind of secret software that allows them to “cheat” and make big profits off them. Thus they have no choice but to close the accounts of these cheating customers. I’m aware that there are some traders out there who are skilled at jumping in and out of the market in short bursts due to price discrepancies and latency issues. But this is very difficult to do. Yet judging from FX Open’s claims you would think that there are hordes of these traders out there raping and pillaging poor little forex dealers like FX Open.

Having said all that are some of these complaints against FX Open being orchestrated by their enemies? It appears so. And in part II of Metatrader Misery we’ll take a look at FX Open’s rival “Poltek FX” to uncover what these guys are up to.
 
I think this thread speaks for itself.... how many threads have been started about fraudulent activity or undercapitalization at the CME? Not very many!!!!!!!!!!! and if so then it ws due to a bad apple or an individual trader not an entire company. Remmeber folks.. spot fx is a gray area when it comes to regulation.. the markets are gray enough without adding more gray to the situation. take care and if you care about your money... and a fair playing field that shows volume then try opening a real account and trade CME currency futures.
 
Quote from jaytrader100:

I think this thread speaks for itself.... how many threads have been started about fraudulent activity or undercapitalization at the CME? Not very many!!!!!!!!!!! and if so then it ws due to a bad apple or an individual trader not an entire company. Remmeber folks.. spot fx is a gray area when it comes to regulation.. the markets are gray enough without adding more gray to the situation. take care and if you care about your money... and a fair playing field that shows volume then try opening a real account and trade CME currency futures.
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I write about the spot fx market, not because I think it a disreputable market, but because I'm tired of all these shucksters taking advantage of this fast growing industry with their scams. There are solid fx brokers in the U.S. and the U.K. who are regulated and offer good service to the public. And there are banks like Deutsche Bank and Citibank now offering fx trading to the public. There is no need for customers to trade with sharks like FX Open or Aleccoh FX.
 
And there are banks like Deutsche Bank and Citibank now offering fx trading to the public.


i totally agree ..if you have the capital to trade thru an actual large bank then it would be much better than the fly by night open a mini curency tradign account with your credit card type of companies on the net...however.. bear stearns went under so you also have that risk to worry about as well.

p.s. I am not a shuckster.. so maybe you should say your peace and stick to the issue rather than attacking people who post.

just for curiopsity.. who are you using to trade spot fx? what is the account minimum?
 
Quote from jaytrader100:

p.s. I am not a shuckster.. so maybe you should say your peace and stick to the issue rather than attacking people who post.

just for curiopsity.. who are you using to trade spot fx? what is the account minimum? [/B]
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I wasn't referring to you as a shuckster. My shuckster comments refer to fx brokers running scams.
 
Metatrader Misery- Part II

Is Erlan Saduakasov a real person? Well, judging from this You Tube video he is.
http://youtube.com/watch?v=v77IzenEPSc

Erlan has been waging a non-stop crusade against FX Open for several months now. He appears on bulletin boards, has his own website (http://fxopen.info/) and appears to be quite convincing. Did Erlan lose money at FX Open? Probably. Is Erlan working for or working with FX Open’s hated rival Poltek FX? It sure looks that way.

The evidence is a thread at ForexTSD in which Erlan’s IP address gets traced back to one of Poltek FX’s offices in St. Petersburg, Russia.
http://www.forex-tsd.com/metatrader-brokers/13038-brokers-scam-5.html

The office Erlan was traced back to was FXIndia.org, which is one of the many front groups Poltek uses to recruit customers. Other ones include “Master Forex” (yup, that’s the Swiss outfit that said it doesn’t need to get a banking license and you’ll know why in a moment), Beaverhead Financial, Iberia Forex, and others.

Poltek’s official business address is listed in Belize and like FX Open they too have a useless fill in the blank “certificate” which can be flashed in the faces of naïve traders whenever pesky questions about “regulation” come up:
http://www.poltekfx.com/pic/sertificat.jpg

Another note about Poltek’s address is that their other company, MasterForex, claims an address in Switzerland. Yet it appears this address is fictitious. When a poster at a bulletin board stated they couldn’t actually find Masterforex’s office and asked them if this office even existed a Masterforex’s spokesman refused to provide any additional information and just stated “we also have an office in Russia where you can meet us.” You’d have to be a pretty brave person to want to visit this Russian office knowing the Swiss office actually listed on their website is bogus.
http://carigold.com/portal/forums/showthread.php?t=26720&page=12

As for Master Forex’s regulatory status, you guessed it; Master Forex has its own certificate from the Seychelles it likes to use to ward off those evil regulatory spirits: http://www.masterforex.org/upload/image/fullsize/13.jpg

Why so many different registrations and addresses? Well I guess it never hurts to have a second getaway vehicle in case the first one breaks down. And just as with FX Open you won’t find the actual names of any CEO’s or executive officers on any of these websites. Just addresses for P.O. boxes or links to instant messenger addresses. I’m stunned that anyone would actually consider sending their money to such financial phantoms who can conjure themselves up on a moment’s notice and then disappear without leaving a trace.

Of course, Poltek knows their lack of credibility is a problem which is why they dangle all sorts of goodies before the trading public’s eyes in an attempt to make sure traders don’t look behind the curtain. They offer pip rebates, insane 500:1 leverage, trading volume bonuses, deposit bonuses and even have a special bonus for traders who drive up traffic on their forums by posting sycophantic rubbish.
http://www.poltekfx.com/promotions.html

So even though Poltek has no credibility they are able to woo newbies who are looking for a bargain. But the competition for these newbies is fierce which is why Poltek and FX Open are at each other’s throats.

This Russian version of the Hatfields and the McCoys is likely to continue well into the future with both screeching at each other in the comical form of broken English as seen below in this Poltek broadside against FX Open:
http://www.forex-tsd.com/183206-post4.html

One of these days we have released a newsletter to all our customers, stating that Poltek Fx. starts operating since the 10th of January. Right after that FxOpen Scam Company has published a piece of news about the so-called "phishing emails". You can read it here (FXOpen forex broker - forex services - forex trading).

We are more than suprised with such reaction and would like to state the following:

When you opened your accounts, you did it at Poltek Company, because at that time Poltek used to cooperate with FxOpen. FxOpen is operated by two persons, has no real office, or location and is well known over the web for scamming their customers. You can read about it at

This is the reasin why we don't work with them any more.

After that the head of FxOpen has stolen the whole customer database (including funds and orders) from Poltek and opened his own so-called "brokerage" Belveder. This case was reported to Metaquotes Inc, and their Metatader license is under question now.One case of deceptions (among great many of them) of clients is here: [url=http://fxopen.info]FXOpen.com is a scam company! Beware!
Fxopen itself try to hide these facts.

Besides, the PR director of FxOpen, seems to know English poorly (he is actually a young man from one of the former Soviet Republics), and doesn't know what a "phishing email" actually is. Let us forgive the under-educated boy, but in fact a phishing email always tries to receive some data from you. Logins, passwords, etc. WE ARE IN NO WAY TRY TO RECEIVE ANY INFORMATION FROM YOU. This newsletter is intented only to let our customers know that the company, where they have their trading accounts has started to operate again with even better level of services.
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I love how Poltek, with its busted English and awful grammar, has the nerve to ridicule FX Open’s poor language skills. I don’t think that is the best strategery Poltek should be using against FX Open. In any case FX Open claims Poltek stole their clients and Poltek claims FX Open stole its clients… This tit for tat pretty much summarizes the poor state of affairs these two firms find themselves in today.

So to those MT4 traders who are constantly on the move like Bedouin tribesmen in search of a broker, be sure not to pitch your tents with either of these two dealers. Bedouins are supposed to be adept at spotting mirages, and FX Open and Poltek FX are merely mirages of legitimate forex dealers.
 
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