Heads up for anybody with accounts with these dealers.

The last few weeks has seen the NFA foreclosing on a lot of forex dealers who are undercapitalized. The following firms have been shut down as a result:

1) United Global Markets, LLC
Today the CEO just sent an email out to clients saying they were going out of business because they could not meet their capital requirements.

2) Trend Commodities Limited
On June 19 the NFA shuttered Trend Commodities due to fraud and for failing to meet their capital requirements.

3) Spot FX Clearing Corp
On June 14 the NFA shuttered SpotFX due to fraud and for failing to meet their capital requirements.

4) FX Option1 Inc.
On June 7 the NFA shuttered FX Option1 due to fraud and for failing to have adequate security deposits for customers.

5) Spencer Financial LLC
On May 17 the NFA shuttered Spencer Financial due to fraud and for failing to meet their capital requirements.

6) Alpha Forex
On May 14 the NFA shuttered Alpha due to fraud and for failing to meet their capital requirements.

Do you have money with the following? their current capital - IF SO GET OUT NOW
One World Capital $1,105,000
Open E Cry LLC $1,062,810
Velocity4X $1,587,000
Direct Forex LLC $1,523,000
Easy Forex US Ltd $5,011,644 - they are above the 5 mio threshold but only just and with a name like that - get out.
3D Forx LLC $ 2,525,372
E FX Optioons LLC $1,709,752
FiniFX $1,464,000
Forex Club $3,304,000
Forex International Investments Inc $1,464,620
Forward Forex $1,793,767
FXCM LLC $759,689
GFS Futures & Forex $3,074,000
Nations Investments $1,699,000
Royal Forex Trading $1,102,000
SNC Investments $1,565,000
Tradition Securities $781,869
I Trade FX -$3,039,000 Note these guys are already bankrupt --- negative capital.!!!!!
MB Futures $3,080,000
Money Garden Corp $3,399,844

I can't stand FXCM just as much as anyone else, but you really need to learn how to read their balance sheets. Capital requirements and balance sheets are two completely different things.

They made, what $200 million last year? Don't quote me on that, but they definitely aren't even close to hurting.

I-TradeFX are the remnants of CFG Trader - aka, run.

The only ones I'd question on your list are Velocity and One World. Although, One World has a few pending CFTC/NFA reparations cases against them.

Thanks for your heads up on these, for those not as familiar with these issues as we are.

Currency Trading, Forex Trading, Forex, Online Currency Trading

Scroll down, I was way off - but they have roughly $120 million in working capital.

Again, I cannot stand them and will never trade there again. But, for what it's worth.

Hi Everyone,

I happened to notice this post. I trade with them right now, not a large account or anything, but I decided to call in and see what they have to say about the situation. I checked everything myself after they gave me the info and it adds up: FXCM LLC is simply an FCM they founded a long time ago in case they want to offer futures trading. Forex Capital Markets is the FDM that allows forex trading. So, if you look at the CFTC data under "Forex Capital Markets" you will see they have about $55 million in excess capital. They also told me to check the contract is signed when I opened an account it is says you are opening with "Forex Capital Markets". They're obviously doing fine as you pointed out yourself. I still prefer to trade with Oanda but that's another issue. At least my withdrawal will go through

Just curious does anyone well any successful trader have a good word to say about FXCM ? Know i won't be opening an account with them anytime soon from what i've read !

Billy

OK. I've heard lots of negative info about lots of broker.
Does anyone have at least some positive?

What broker do I use if I want to open an account and deposit $10'000 there? $20'000? I know the answer is simple - any broker will do. But I do want to receive at least double the invested capital without constant re-quotes, news hang-ups and being stop-hunted.
An MT4 broker that allows scalping, using EAs and 200:1 leverage.

Any? Oh and it would be great if it was in Europe but not Cyprus or something. I will have to pay taxes and I want them to pay taxes as well. Off-shores don't pay taxes to anyone or pay very little ones.

__________________
MQL4 programming is easy ^^

The typical guy who wants to post something. No mater of truth, no matter of lies, no matter of anything, the important is to post.

If somebody wants to read my (not short) answer, is in Cat thread, specifically here.

We see in two months what´s happened.

But, for me is the simple and classic "why most traders lose money?".

Because follow the crowd?

__________________

Elite Manual Trading | Portfolio | Calendar | Suggestions to improve the forum | My Blog

Remember: Signatures must have three lines as maximum

YOU must be very carefully before writing a lot of B.S. and create panic for nothing .

I tade live on FXDD..

What do you thing about this dealer ?

I is good for me to whitdraw MY money ??

Thanks.

PipeTrader: FXDD has a large parent company (Tradition Group) and should be fine. Neolee's post is irresponsible and without merit.

The $5,000,000 minimal capital requirement for brokers is a proposal and a long way from becoming effective. The current minimum is $1,000,000 (in some cases $500,000) and most brokers in neolee's post comply.