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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | Owen Hudson ( C2 Score: 962 ) |
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| When: | 7/28/07 (20:13) | |
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| | FOREX is unregulated in the U.S., If any of you have money at a U.S. FOREX firm, kiss your money good bye. Ask the REFCO traders. They lost all their money and because FOREX is unregulated got nothing back but pennies on the dollar. If you trade this system you better use FUTURES or a CANADIAN Forex Dealer. Do a google on Refco Bankruptcy Forex you'll see. lol |
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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | Index ( C2 Score: 975) |
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| When: | 7/28/07 (22:58) | |
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| | In response to post by Owen Hudson of 7/28/07 (20:13) FOREX is unregulated in the U.S., If any of you have money at a U.S. FOREX firm, kiss your money good bye. Ask the REFCO...
See entire
I completely agree. I trade futures only. T
There is a theory that FXCM (?) through the UK uses segregated funds, but have not really verified how true that is... |
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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | Zsolt |
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| When: | 7/29/07 (4:53) | |
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| | In response to post by Owen Hudson of 7/28/07 (20:13) FOREX is unregulated in the U.S., If any of you have money at a U.S. FOREX firm, kiss your money good bye. Ask the REFCO...
See entire
So I assume now you are posting this message in all the FX forums on C2, or did you just choose this one for some reason? |
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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | Francis Gingras (Admin) |
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| | User is online | | |
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| When: | 7/29/07 (12:38) | |
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| | In response to post by Owen Hudson of 7/28/07 (20:13) FOREX is unregulated in the U.S., If any of you have money at a U.S. FOREX firm, kiss your money good bye. Ask the REFCO...
See entire
From FXCM:
The NFA recently proposed raising the minimum adjusted net capital requirements for Forex Dealer Members (FDM) to $5 million. An FDM is a registered Futures Commission Merchant (FCM) that strictly conducts FX business.
We have noticed some confusion from clients as to the relationship between FXCM LLC and Forex Capital Markets LLC. The FXCM Group, similar to many multinational corporations, operates under several entities. Currently, Forex Capital Markets LLC is a registered FDM, while FXCM LLC is a registered FCM (not FDM). Therefore, assuming the proposed increase in capital requirements are passed, they will not apply to FXCM LLC, as FXCM LLC does not cater to retail FX clients.
The main entity where client funds are held is Forex Capital Markets LLC, which has an adjusted net capital of $51,155,872 as of May 31, 2007. Currently there are approximately 31 active FDMs with liabilities to customers of approximately $795 million. Forex Capital Markets LLC holds in excess of $215 million in customer funds, approximately 1 out of every 3 dollars of customer funds held by Forex Dealer Members.*
The FXCM Group has in excess of $120 million in overall capital, and approximately $100 million in operating cash as seen in its release earlier this year http://www.fxcm.com/news-release.jsp. Our financials are posted at this link: http://www.fxcm.com/company-profile.jsp.
*Source: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704
(Forex Capital Markets LLC is the FDM referenced in this NFA document as holding in excess of $215 million in customer funds.) |
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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | Zsolt |
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| When: | 7/30/07 (8:28) | |
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| | In response to post by Index of 7/28/07 (22:58) I completely agree. I trade futures only. T
There is a theory that FXCM (?) through the UK uses segregated funds, but have not really verified how true that is...
This is true, but you can't Autotrade a UK account. |
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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | Francis Gingras (Admin) |
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| When: | 7/30/07 (11:15) | |
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| | In response to post by Zsolt of 7/30/07 (8:28) This is true, but you can't Autotrade a UK account.
This is true at FXCM, but very soon IFX Markets will be available and they can autotrade UK accounts.
Francis |
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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | Lew Payne ( C2 Score: 912) |
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| When: | 7/30/07 (14:11) | |
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| | In response to post by Francis Gingras of 7/30/07 (11:15) This is true at FXCM, but very soon IFX Markets will be available and they can autotrade UK accounts.
Francis
Futures through Interactive Brokers (IB).... |
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| Subject: | FX is unregulated. Kiss your money goodbye. |
| Posted by: | david reynolds |
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| When: | 8/16/07 (18:52) | |
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| | In response to post by Lew Payne of 7/30/07 (14:11) Futures through Interactive Brokers (IB)....
Another regulated way to trade currencies is through the currency ETFs, FXE, FXB etc. If you want leverage, you could operate on margin with your broker, but that leverage level is probably not going to be so high. There are also options available for these ETFs, but unfortunately the options are not so liquid at this point.
I have a hope though that these options will become more and more liquid as time goes on. Maybe in a few years, this will be a great and regulated way to play currencies.
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