I am very impressed and glad to see that you read the rules and understood what they were saying. The language in the NFA rules were very confusing, and I had to read it literally 5 times just to make sure it said what I thought it said.

Yes, the $10million requirement, to reiterate what Forexsavior said about them, will affect those firms offering OVER 100:1 leverage.

Good Luck Trading!

Andy
andy@efxgroup.com

Looks like the Savior missed this big development. Gain Capital bought out Direct Forex. So scratch them from the list. Here is the official Direct Forex Statement:

Dear Direct Forex Customer,

As you already know, Direct Forex LLC (“Direct Forex”) will be transferring the custody and clearing of all forex accounts to Gain Capital on Wednesday, August 29th 2007. Please keep in mind that it is important to liquidate any positions by the close of business, 4:00PM (CDT) on the aforementioned date. All open positions will be liquidated to facilitate the transfer of the accounts to Gain Capital.

For your convenience, we have attached a link that allows you access to Gain Capital’s two proprietary trading platforms. These platforms can be accessed through Direct Forex’ website (Direct Forex, LLC) and by clicking on the link Register for a Demo Account from Direct Forex, LLC. Please take time to familiarize yourself with these new trading platforms in order to minimize any disruption to your trading.

Please keep in mind that Gain Capital is in the process of integrating MetaTrader 4, and is confident that the system will be available on or around October 1st, 2007. Direct Forex appreciates your business and will keep you informed of any updates.

Sincerely,
Direct Forex

I think if your fund not regulated with NFA ...it doesn't matter.....

===================
Forex Indicators Collection

So imagine one fine morning you wake up feeling bright and chipper. You have your morning coffee and scrambled eggs while listening to the banality of the local weather report. You look across the tv screen and see the currency rates scroll by. Hmmm, time to log into your currency trading account to see how your positions look. You are still long USD/JPY where you are taking a beating, hoping the pair will make a come back. In the meantime at least you can console yourself with the interest rate yield you’re getting.

But not anymore. Because if you’re a customer of E-FX Options you are spitting out your coffee at your computer screen right about now. Why? Because without almost any notice E-FX is closing its doors and liquidating all customer positions in two weeks.

Now had you been reading Forex Savior’s reports all along and taken him seriously you could have closed your account months ago knowing E-FX was a poorly capitalized firm that was well below the coming $5 million capital requirement. But for those poor sods stuck in positions at this doomed firm you are about to get the margin call from hell. Meanwhile, the rest of E-FX’s customers can expect the worst trade execution imaginable from a firm about to slip beneath the waves. Run Forrest, Ruuuuuuuuun!

I like how they "apologize" for any inconvenience. These firms are so irresponsible it spins the head. This firm knew months ago they were not going to be able to make the $5 million requirement and yet they didn't make the slightest effort to warn their customers ahead of time. They just wanted to milk the cow until the very last moment. Well, the cow is being taken to the slaughterhouse and its E-FX's customers that are about to become hamburger meat.

And the hits just keep on coming for One World Capital. The NFA just announced that One World has been fined $100,000 for the complaint brought against them last spring.
BASIC Case Summary

For a firm already struggling to meet the coming $5 million capital requirement that’s another 100 grand the firm will have to cough up.

Here is a summary of the NFA’s original complaint:

This was the NFA’s official decision in the One World Case:

I like that comment at the end, “the Decision does not relieve One World of its obligation to comply with all NFA Requirements, including capital requirements for FDMs and the increased capital requirements for FDMs which go into effect on December 21, 2007.”

Hmm, seems to me like the NFA is worried that One World isn’t going to be able to make the new requirement. Hence this gentle reminder along with the demand Walsh pay up for One World should One World default on its payment!

In any case, I strongly recommend ANYONE who has an account with One World for the love of criminy get your money out of that firm once and for all- if you even still can…

Three Jeers for Switzerland! Over the past year I have been documenting the sad collapse of Tradex Swiss AG. Tradex is one of the many unregulated firms that Switzerland allows to operate inside their borders without any serious oversight. When customers get burned Swiss Government officials are only too glad to sit on their hands, or in the case of Tradex, make the situation worse.

Example, customers at Tradex have been begging and pleading with Swiss authorities to grant Tradex the authority to release their funds, which they have inexplicably frozen with nary an explanation. After months of stonewalling Swiss Authorities have apparently informed the clients of Tradex that Tradex is now going into bankruptcy!

Tradex Swiss AG - Page 5

The regulatory environment in Switzerland is a complete shambles. As such fx traders should avoid Swiss firms at all costs. The following Swiss firms are completely unregulated and by trading with these firms you risk suffering the same fate as has befallen the customers at Tradex Swiss AG. I repeat, YOU HAVE NO PROTECTIONS if you open an account with an unregulated Swiss firm.

Unregulated Swiss Brokers
Finex
Tradex Swiss AG
WestCapFX
ACM
MIG
DukasCopy
GFX Group (Forex.CH)
Crown Forex

Do not trade with these firms if you care about safety of funds. Here is an article from the Boston Business Review reporting on the latest from Tradex Swiss AG:

Troubled Tradex may be forced into bankruptcy - Boston Business Journal:

Bad News for the folks over at Easy Forex. Not only are they below the $5 million capital requirement about to go into effect but now they are being sued by an angry customer who lost their shirt.

Of course, lawsuits from failed traders against forex brokers are a dime a dozen. But this case does not appear to be your ordinary frivolous lawsuit filed by some crank on a vendetta. Here are the details as reported in a major Israeli newspaper:

Globes Online – Israel business news – Israel economy – Israel banks – Tel Aviv Stock Exchange – Israel stocks - Shekel – Israel technology – Israel real estate – Israel defense companies - Globes [online] - Suit alleges Easy Forex rewards brokers fo

What jumps out is the line from the Easy Forex broker who brags on television to a news reporter that "a guy gets wiped out - I get my commission. A guy comes up a winner and turns a profit - I pay." I have heard of market makers running amok and giving customers bad order execution for their own benefit but I have never heard of an introducing broker getting compensated only when their customers lose.

So I did some digging to try and find this video. Here it is in all its glory:
ðòðò 10 - çãùåú - ëúá úáéòä çîåø ðâã çáøú ääù÷òåú "àéæé ôåø÷ñ"

Unfortunately, you need to speak Hebrew, which most of us don't. But a friend translated for me and the gist of the interview is that Easy Forex actually compensates these brokers everytime their customers LOSE money. Talk about being underhanded. Aren't introducing brokers usually compensated with a portion of the spread? Not here. Apparently these brokers would go into the religious community where the regulatory oversight is scant and get these guys to open accounts knowing they would get creamed.

Looks like all those critics of market makers have some new ammunition to fire away with in the great ECN vs. Market Maker debate.

By the way, beware forex brokers with evil grins...

Forexsavior,

Are there any reliable forex brokers?
It seems all of them are garbage.

__________________
Trading software for the online investor.
Increase your results dramatically by buying the right values at the right prices.

Go with the well capitalized ones: FXCM, GFT, Oanda

A few months ago PFG announced that it had purchased American National Trading Corporation.
PFGBEST.com - Press Room

However, that hasn't stopped the NFA from rubbing out its former executives in a ruling that has banished several former principals of ANTC to the futures equivalent of Siberia. Did PFG buy a pig in the poke?

Here is the NFA's decision:
BASIC Case Summary

What did they do? They were charged with "deceptive, misleading and high-pressure sales tactics." And "poor supervision." Eh, what else is new. Poorly capitalized firms that do a poor job supervising their employees are a dime a dozen as Easy Forex so amply demonstrated. Just more evidence for traders to beware poorly capitalized firms.