Quote:
Originally Posted by daraknor
FXDD is the US marketing arm for a very large company called Tradition Group based in Switzerland last I recall. They are in a ton of markets, including energy exchanges, oil, forex, metals, etc. FXDD isn't broke. I'm dismayed they are joining the NFA because I think the NFA is crazy.
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That's interesting. Do you know what their net-worth is? Though I cannot vouch for the figure I googled, someone obviously sourced it from somewhere, and if it is even within a magnitude of what they actually are worth, it still won't be enough! The fact that they initially declared that they would not be applying for NFA membership certainly isn't the hallmark of a financially viable company...
Also, can you comment on whether the Tradition Group already have, or will be applying for a Banking licence, as per the new Swiss regs?
btw, I agree with you to an extent about the NFA, but it does at least provide potential customers with a sense of security by collating brokers' assets. The alternative is bucketshops like Fxopen and Aleccohfx - one has no permantent address and ellegedly robs its customers blind, the other, despite supposedly having assets of $61,000,000 (if memory serves) is now officially bankrupt, with unknown individuals having emptied its coffers, even though its owner (Aleccoh) was still spinning lies just a week ago...