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Will Russian Forex Brokers Fall along with the Ruble?
The news from Moscow has been grim recently. The fall of the Russian Ruble has policy makers mulling over some scary choices; including the imposition of stringent currency controls which could block customers from withdrawing their funds from Russian based forex brokers.
The whole situation is reminiscent of the Asian Currency Crisis of 1998. A full collapse in the Ruble could not only lead to huge losses for any traders who have Ruble denominated accounts but could also destroy banks and brokerages throughout Russia who would be bankrupted when they are unable to pay back dollar denominated loans with worthless Rubles.
It is something that traders who have accounts with Russian based forex brokers (i.e. Broco Company) need to seriously take into consideration.
Russians are already dispensing with the Gallows’ Humor by quoting 19th-century writer Mikhail Saltykov-Shchedrin: "It is not a tragedy when in exchange for a ruble you get half a ruble; the tragedy is when in exchange for a ruble you get a punch in the face."
Well, too many forex traders have gotten punches in the face instead of their money back as I have detailed on this thread (and even as we speak Crown Forex is busy socking their own customers in the chin with the rage of Christian Bale on a movie set: YouTube - Christian Bale Goes ApeSh#t on Terminator 4 set)
The good news is if you are trading with a broker that offers USD/RUB all I can say is “Buy! Buy! Buy!”
No, I do not think that Broco will default, for one thing they have a $10,000,000 U.S. dollar insurance policy in place for just this short of thing. Second, while most of their customers are Russian, the banks overseas depositors are using to trade with them are not, and go into U.S. funds accounts. Third, if you have any sizable amount with them $100,000 or more you can have your funds put into a segregated funds account at the bank, so you wouldn't be hurt if their ruble based accounts took a beating. So of all the Russian firms out there Broco is the last one too be worried about. I would be a lot more concerned if I was with Alpari, Poltek, or FXopen than Broco.
Also why the scare tactics only in regards to Russia? Why not mention also that U.S. banks are the ones that collapsed and if not for hyper inflation on part of the Fed and Communist nationalization by the government your U.S. bank account with your U.S. broker would be worthless? This crisis is global in scope, in reality your not safe anywhere these days.
One more thing, regarding Crown, it is the lawyers who are running Crown untill the investigation finishes that are forbidding the withdrawals. It's not that Crown itself is refusing to pay, it's that the lawyers don't want to send home anyones money untill THEY get paid.
The hounds are closing in on David Smith. With his Ponzi Scheme in ruins the police in the Turks and Caicos Islands have arrested and frog marched Smith before a magistrate court; where he promptly ponied up $1 million in bail money...
Jamaican David Smith, the head of Olint TCI Corporation, was arrested in the Turks and Caicos Islands on Thursday on eight charges.
According to TCI police press officer, Sgt Chase, Smith was arrested on two counts of uttering false documents, four counts of forgery, and two counts of theft; he was subsequently released on $1 million bail and will appear in the magistrate court at a later date.
Don’t you just love how these Bernie Madoff types claim to be broke and bankrupt and yet always seem to have that cool million stuffed under the mattress that they can whip out on a moment’s notice? If he can produce $1 million in bail money surely he has more money stashed away. So what’s to prevent him from hiring a private jet and fleeing to Cyprus or the British Virgin Islands to start all over again?
Still, silence from American regulators. Now that Smith has been arrested and charged with fraud surely I Trade FX’s case will be decided upon shortly? Smith was a former principal in I Trade FX who made some highly suspicious transactions with the firm. In 2007 I Trade FX’s net capital fluctuated wildly and all the while David Smith was behind the scenes cutting deals left and right. The NFA needs to clear the air once and for all.
The CFTC has just released their latest net capital figures. The field is narrowing dramatically with the departure of HotSpot, ACM and ODL. Which firm will go next?
The following firms have net capital below $20 million
Advanced Markets $10,071,000
GFS Forex $12,888,000
Easy Forex $13,094,000
Ikon Royal $14,249,000
MB Trading $14,779,000
I Trade FX $15,254,000
Forex Club $15,982,000
Alpari $17,497,000
The following firms have net capital above $20 million
PFG $27,395,000
CMS Forex $28,021,000
Interbank FX $43,669,000
FX Solutions $44,618,000
GFT Forex $75,215,000
Gain Capital $107,167,000
FXCM $115,260,000
Oanda $169,722,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new $20 million capital requirement going into effect in the months ahead.
One more thing, regarding Crown, it is the lawyers who are running Crown untill the investigation finishes that are forbidding the withdrawals. It's not that Crown itself is refusing to pay, it's that the lawyers don't want to send home anyones money untill THEY get paid.
How do you know this? They don't mind deposit and they don't honor withdrawals for now, does that sound right coz i know they stil accept deposit from new customers.
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