I hope none swiss citizen could read your post. It´s completely defamatory.

Seems that you never have visited the country, never even, read a book about Swiss. (you forget the cheese)

What's next, UK? land of the whiskey, two floor buses and public phones.

The most choosed land by many US companies to launch IPOs during 2006 in detriment of NYSE.

France? land of the wine, exquisite perfumes, and good food?

I have to call Central Bank of my country, they have all settlements in this little country as most world Central Banks. They´re so stupids.

Thanks for warning.

Money laundering? Where you live? in a box?
All banks in the world are in the game. Not only swiss banks.

Rigss Bank in Washington DC? Riggs Bank Hid Assets Of Pinochet, Report Says (washingtonpost.com)

I´m still looking for the official link to the new capital requirement, aka, where fuc. is in nfa website?

Can you post it dear forexsaviour?

Btw, IPs of Trade Swiss AG are registered in the US. The web page points to a US company, and the platform too.

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forexsavior

Switzerland is a beautiful country with very nice people, I bet that most Switzerland forex scams are not done by Swiss people.

Now you have a big and respectable broker in your list, Dukascopy.

I trade an account there (not mine) and I know of hedge funds with many millions trading there, this broker is not a casino broker, but an ECN broker, it mean that they don't take the other side. in the statements you can also see who is the clearing of your transaction or the network where your transaction was cleared.

Are you suggesting that they can raise operations and leave with customers funds ?

What about their partnership with UBS bank and bank guarantee funding ?

They can take also all customers funds deposited at UBS as bank guarantee and leave ?

UBS is probably the BIGGEST bank in the world and you should know it, I don't think that bank guarantee funds are at any risk, and most people who trade at Dukas fund their account with this option and if you check Dukas conditions you will know that with they minimal lot size is almost impossible to trade an account smaller than 1 million there without overleverage your trades.

Please explain.

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Switzerland is a beautiful country with one of the highest living standards in the world. But the retail forex market in Switzerland is unregulated. DukasCopy is unregulated. That means Dukascopy can co-mingle customer and company funds if it so chooses without any regulators saying otherwise. That means there is no one watching over them to make sure they are keeping their books straight or not fraudulently soliciting clients. That means if Dukascopy goes under, like Tradex Swiss AG, you have no one to turn to. The fact they have an account with UBS is irrelevent for the average retail fx trader. Maybe someone with $100 million can get a bank guarantee. But the average Joe trading a couple grand certainly can't.

One World Forex with One Foot in the Grave

A few months ago the NFA filed a complaint against One World Forex that stated among other things, "One World lacked an understanding of, or was inattentive to, regulatory requirements and was ill prepared to accept customer business as either an FDM or an FCM. The firm had not established adequate systems to enable it to handle customer funds or comply with customer reporting requirements."
BASIC Case Summary

Well, with each passing day One World appears to be vindicating the NFA’s assessment as they continue their death spiral downward. The last few weeks I have been flooded with tips about One World Forex. No other firm in the Dead Pool has generated more feedback. And all that feedback has been overwhelmingly negative. But I have been holding back waiting for a clearer picture to emerge. However, this thread at an obscure bulletin board has provided me with the Smoking Gun on One World:
GoldenMoneyTree.com :: View topic - 1world-forex.com

First my sources combined with the users on this thread indicate that One World is having severe problems with customer transfers/withdrawals. The reason why is unclear. It could be due to One World’s changing bank accounts from Citi to Bank of America. Or it could be that One World’s books are such a shambles that we may have another CFG on our hands. There is no way to tell right now. However this customer of One World said the following:

“Day 21: Still haven't granted my redemption request. I am so angry now that I don't know if I should still expect to get my money. Last week Jack Walsh said they are having problems or that they still cannot accomplish international wires and blamed it on bank of america. They said hopefully they could do it within the next 40 minutes but until today, it still hasn't been deducted from my account. I don't know why they singled me out to do this to me. Is it because I'm far away and won't sue them because it would be more expensive than my $18,950 that I'm trying to withdraw? I called the NFA and the guy I spoke to states that it is no guarantee that I would get my money back, he says it depends on the agreement with one world that I signed. Well, there's an expensive lesson for not reading the fine print. In my country $18,950 is roughly 900,000 pesos. And that wasn't my entire account with them, I still have $2,756 that I don't know if they'll give back to me. It's my entire savings since I was a child. Although it won't hurt my lifestyle since I still live at home, IT SURE HURTS!
Am I just supposed to sit back and lose my money? I thought I was safe with an american nfa registered broker. The guy from the NFA said he would send a team over to one world but again, he says, there is no guarantee. He said I could file a complaint or he could send me an arbitration kit. This is so sad news for me, and a sad realization. Suddenly, my dreams of having time freedom and doing this full time comes shattering. How do I really know which broker to trust? Will I ever get my savings back?

Day 22: My boyfriend called one world again. They said to wait until next week because they are having management problems and that almost all accounts are under review and that my account is one of those under review. I'm guessing that next week, they'll tell me to wait until next month, and then until next year...I wonder what went wrong and wonder if this is finally the truth. the NFA hasn't gotten back to me yet.

Other traders have sent me private messages confirming the rough shape One World is in. The word on the street is that the situation at One World has become so dire that a large chunk of their sales force resigned because they hadn’t been paid for two months. Other traders are reporting non-responsive customer service, emails that go unanswered and phones that keep on ringing. All the signs of a firm in its last death throes…

The bottom line is when you can’t return a customer’s money when they ask for it you are finished in this business. One World may be able to limp on indefinitely but it is hard to see this firm making a comeback to respectability. Barring a fat sugar daddy willing to pump in ten million dollars this firm’s days appear to be numbered.

Still, seems you´re having trouble to answer certain question dear.

Can I make more easy to you Forexsavior if you need it.

But, I´m still looking for the official link to the new capital requirement rules proposition inside nfa website. If there is one.

Sorry to ask several times but without original text we´re driving blind.

You want you doctor ask your name at least right?, or you prefer him diagnostics you in a forum?

About answers.
Here in forum we follow the natural rule of answer all questions form others members if we can, if the answer is right or if there is no another 50 answers to the same question around.
I expect you follow our rulez. Question to Answers. Question to Answers.

If you don't have enough to answer you could say: I don't know. OR: I´m sorry but I don't have that information. Etc etc.

As we, almost all, say in our posts.

You don't want your thread be requested to close of you been banned alright? Specially by a swiss citizen

Now we focus on a quotes of previous post.

I´m so sorry for this guy, but he´s suffering what nobody could prevent. He is with a registered broker and what?. He still could lose all the money.

That's the main point. The problem It's in the law of every country.

The problems are the guns or the people with guns?
Problem is law or smart lawyers?
This is a crime but this is not.

Meanwhile shoot to another human being it´s considered a try to murder punished by several years in prison, but scam people is an account technical issue punished by a big smile from the judge. You can request 500 millions dollars in net capital requirements and even with that you could not prevent fraud.

Thats the point.

How much time have spent Martha Stuart in a prison?
How much time Refco executives would spent in prison being "the new girlfriend" of the most powerful prisoner?
How much time Enron executives would spent in prison making the food for another prisoners and cleaning the bathrooms?

Oh no, they´re not dangerous would say some lawyer, a minimal security prison would be good for this people your owner.
And then, you have prisoners going for the newspaper in a limo every morning.

Why we hardly punish some crimes and consider others as infractions?

What's the difference between murder one person ans scam 1 thousand?

One thousand who have lost home, live earnings, child´s future and the average age is where they can´t start again with their lives.

I know about what I´m talking. I can't finish law school for this problem. The inside contradiction was too heavy.
A crime it's a crime but, and by this classifications made by man we have a system for rich people and other for poor people.
You go jail by stole a car and not by stole the money which 100 people have earned to buy their cars.

So, no matter of minimal capital requirements, NFA could do nothing without a Congress law.
You should write to your congressman not this forum.

"Dear Congressman,
I was motivated to write this latter because a lot of scams are happening in forex business. To protects us from this people we need you NFA more power, include Accounting crimes in the category of terrorism, public enemies, national problem.
All this crimes will be punished by death. The prisoners will be executed by fighting one each others in a fight Roman Coliseum like. And could be watched live by ESPN or FoxSports."

Again, request all money you want. Thats would no stop swindler's.

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Forexsavior,

Thank you for your professionally written articles. One of your earlier posts inspired me to withdraw my funds from one of the firms listed in Forex Dealer Dead Pool. I made it in due time since that broker has already serious difficulties with redemption of customers funds. You probably saved me money so I am thankful for your posts!

Living outside the US I do not know the US law sufficiently and obviously have some difficulties also with following and interpreting the changes. So, I would like to ask you some questions:

• Is NFA registration a requirement for Introducing Brokers?
• If an IB settled in the US works for a Swiss Broker which country's law shall be applied? (Let's presume that a European customer signs a brokerage agreement with a Swiss broker but the fund has to be wired to a US bank.)
• If a Swiss Broker has been registered in Switzerland and employs US IBs to collect international customers, US citizens included, should the Swiss Broker be registered with the NFA?

Thanks again for your high standard work.

Regards,

Chrisstoff

Thanks Chisstoff. In answer to your questions:

1) NFA Registration is not required of introducing forex brokers. In fact, the introducing broker registration requirements are very murky and the CFTC is looking to get this settled once and for all with the Commodities Modernization Act in Congress. Therefore I can't really answer your other two questions at this time since the law if very unsettled.

Update on Swiss Regulation

It appears that the winds of change are blowing in Switzerland according to FX Street:
Forex Street Weblog: Wind of important changes in Switzerland

Hi Everybody

As you may probably already know, SFBC (Swiss Federal Banking Commission) is decided to regulate the Foreign Exchange business in Switzerland . This process already started a couple of months ago and some important brokerages are already going through the process of getting SFBC’s approval.

One of my sources in Switzerland told me this morning that SFBC is implementing big changes in the way Swiss brokers use to work...

The restrictions that SFBC will require to brokers to implement to get their approval will probably force those not strong enough to disappear and this process could be faster than we think and could take place before the end of the year.

I’ll keep you posted about all this very interesting process.
Under my point of view, the fact that SFBC puts order in the Swiss Foreign Exchange business should be considered as a very good news for all the community, but we must remain alert over the whole process.
Francesc

So it could be that by the end of the year Switzerland will have instituted forex regulation at the retail level and the industry will not have to suffer any more Tradex Swiss AG style shenanigans.

This article outlines the details and helps you understand if your broker is affected:

Profiting with Forex (PFX) - Watch Forex Professionals Currency Trade