I´m starting this thread because I think could be helpfull to traders with accounts with US brokers. No matter of the platform.

I have to read again the last july and june report to understand what changed in the last CTFC report ( Financial Data for Futures Commission Merchants) attached.

My face turned in white after the first quickly view, because all FCM/NFA brokers where losing capital.

Every broker goes down in a essential point, the Adjusted Net Capital

Oh my god.

However, after the medicine for the nervous. I´ve note some interesting points.

Seems to be a NEW Net Capital Requirements and a NEW way to calculate the excess.

If you compare the latest report with the last one, the Net Capital Requirement was incremented to U$S 500.000/1 Million from 250.000 in use even July.

It was not easy to find the anwser but it´s here. The NFA increased the minimum net capital requirements in last june 16.

as follows:

* For FCMs, from $250,000 to $500,000;

* For independent IBs, from $30,000 to $45,000; and

* For Forex Dealer Members, from $250,000 to $1,000,000.

Many brokers have to borrow money from the uncle to fill the new requirements jejeje

Pls, check the attached files and compare if you´re looking for a broker. Speccially looks for the negatives results.

In my case, I stopped my desicion to open another account. I prefer to see who survives.

Because if you´re a broker and can´t fill the requirementes you´ll be penalized. I don´t know how many you´ll be paid, but the minor (really minor) violations starts with 25000.
Two month in fault could be 50K and if you have 683000 net capital like MB Trading it´s a 10% percent, then you need almost 500K extra to fill the requirement.

Attention: COESFX was deleted , so, it´s outside off cftc regulations. Also, Spencer Financial, both listed on the MT4 brokers thread.

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i checked out the CFTC site, and thanks for pointing that out.

From the list, i found this broker its Forex Liquidity LLC and i searched it on the net their site is FXQL, they use meta4 and their spread is identical to FXDD, but these guys are NFA and FCM registered, and they comply with the new 1mil regulation

I am testing their demo, and as far as i see from their demo you can trade micro lots as well.

I´m glad the post was helpfull to you.

BTW: 135 views/1 reply?
Seems to be that traders with real accounts in the US are few, and they´re not concerned about what they broker are doing or how strong they´re.

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Maybe there is nothing that can be said in response - no doubt a useful piece of info for all. Thanks

PS. By the way, Spot FX Clearing Corp. is a NFA member and is 100% owned by COESfx - seems that the wolf is changing its fur, how about its habits?

I also found another broker, that uses Spot FX clearing, and they are located in florida, and they claim to be ECN and uses Meta,

www.forexinterbank.com they are not more than IB, they dont even have a phone number listed to reach them, but in the meantime i wouldnt not do any business with Coesx, even SBFX dropped them out.

I'm afraid I don't understand. What is the risk/danger of choosing COESFX as a broker? Is it the possibility that harsh US regulations and their accompanying fines could force them out of business? How can one look into this further?

Regulations? I don´t think so, personally I believe it was tricky move.

First, COES was in trouble with CFTC, read here. and the news spread all over the brokers community. I can imagine a lot of broker closing the accounts.

A complicated name in relation with some fraud activities is destructive for any company. So, what we doing if we are the owners? we "move" the company under other name: Spot FX Clearing Corp Member National Futures Association (NFA ID# 0358427) and CFTC Registered.

Fact 1: by 05/31/2006 Spot FX Clearing Corp had a net capital of u$s 267.076. And COESFX 962.851.

Fact 2: 07/31/2006 Spot FX Clearing Corp have a net capital of u$s 1.053.524 (guau) and COES was deleted from the list.

Spot had a capital increase of 253% in 2 months

So, mmm, we sum? = (267.076 + 962.851= 1.229.927) - 1.053.524 = 176.403

What is number ordered to be payed by the CFTC = 246.601

I can imagine some off the record agreement between he company and the clients. In fact, in almost 98% of the time the client never recover 100% of the capital.

So, we have a diff of only 70.198.

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www.forexinterbank.com

Do you know what are the spreads on majors? Leverage?

I have no idea, you can email them, since they dont have a phone number listed,

PS i will not do business witha broker who has no phone number listed.
my 2 cents.

Looks like crooks that should be avoided.