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Clarification and more questions/answers
Without intending to, I may have created some confusion, and I'd like to clear it up.
The method I am talking about for raising money for this project is by being an Introducing Broker (IB) to many forex brokers, and getting commissions from the trades of our members. I am not talking about being a broker.
Being a forex broker is far too complex for the reasons that Linuxuser mentioned. There is essentially no way to trade less than one standard lot and have direct bank processing. Many banks do not even offer leverage.
As an IB, we would move the money from commissions via wire transfer to our bank after we were paid- probably weekly or monthly.
"The money is wired to main Broker account. Just take a look into the forms of many IB. The form often says you're opening an account with another company than your IB.
Second problem could be what´s could happens if the IB helds the money. the main broker could ignore your trades because there is deposit under your name into your main account." -Linuxser
I apologize that I don't really understand what you saying here. I have only been an IB once and that very briefly.
These are not trading accounts I'm talking about here, although I would guess that most brokers that we could be an IB for would want us to open a trading account to put the commissions into. We would then do that, and when the commissions are placed in the account by the broker, we would then request they be moved to our bank account.
"I suggest:
1-Banks acting as Brokers and a careful reading of the contract.
2-Canadian CIPF
3-Insurance Company." -Linuxser
I didn't truly understand this either, again my apologies.
What is a Canadian CIPF?
I think the fault here is mine. A friend of mine who read this post last night thought I was talking about a forex brokerage run by and for traders. This is definitely beyond the scope of what I am talking about. I would hope that after a reasonable length of time that there would be enough commissions accrued that we could have some of our members trade the money that has been made (with a commission for them for trading of course!) to increase this money at a faster rate so we are ready to help traders who are the victim of broker shutdowns faster.
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"If I have not love, I am nothing." So what is love? Is it our present day romantic notions? To me not. To me love is the willingness from the heart to serve others with respect, kindness and practicality in whatever way God gives us. As we serve others in this fashion we serve and reflect Him who made us all.
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