So, is there now a good, big, MT4 broker ?
I am searching for a decent MT4 broker. And with decent I mean not an postbox company like FXDD from which you can find absolutely NO information at all. I am searching for a company that is regulated and from which we know if they have money and how much excess capital they have etc.
So I painstakingly compared the MT4 120 brokers list with the
USA Futures Commission Merchant List and I found 3 brokers !!! ONLY 3 !!! that where in both lists (please correct me if I overlooked one)
Direkt Forex LLC: has only a capital of 1.400.000$ far less than the future 5.000.000$ that the law will (hopefully) require. And can you imagine to put 100.000$ on the account of a broker who has only 1.400.000$ . That means he has only 14 clients like yourself (embarressed) NO WAY !
United Global Markets: A company with only a capital of 816.777$ What is that? The micro account specialist ?
ODL Securities INC. Never heard of before but ... They have an Adjusted Net Capital of 6.551.859$ . So they are nicely over the 5 million $ of the futur law. More good news is that they have even names and addresses on their website. Yes sir ! NAMES. There are people working in that company ! They are also in several countries and are also regulated in these countries. In their UK website they show even their face look here:
ODL moves to new offices in heart of the City of London.
Lets round up: We have a registered company (in several countries), We know how much money they have, their address and their managers names and sometimes even a picture. And they seem a well funded USA registered MT4 broker. Is that the only exception ?
Records of ODL Securities in the FCM FINANCIAL DATA Lists
August 31, 2005
August 31 2006
May 31 2007 (the most recent)
You can see in these files how the capital increases steadily.
If anybody knows more about this broker or has trading experiance with it please post reply here.
Or if you know an other well documented and well funded MT4 broker, we want to know about it !
I posted this somewhere else BEFORE I found this ODL Securities:
From all the brokers in the 120 list I find
NONE in the
SELECTED FCM FINANCIAL DATA LIST or they are underfunded. Like fxdd seems to be Tradition North America Inc (according to Bongrak from Golden money tree), but in the list is no such company, but there is: TRADITION SECURITIES AND FUTURES INC. This is not the same company. So this is a broker from which we know NOTHING: Not regulated, not insured, no idea about capital, yearly profit. Are they wealthy or at the border of bankruptcy? Who is the boss ? The only thing you get is an address and a telephone number.
I am frustrated about the lack of regulation and information in this forex broker jungle. Why does it takes years before the government of the USA takes the steps to organize this? It seems so they are gone do something in the near future ... lets see.
Or should we trust Alpari UK ? Where can we find any info about their capital requirements and excess capital ?
I ringed to MIG in Switserland and asked the guy on the phone if he could provide some info from a government source (or any 3th party) about the financial situation of MIG. I got only commercial blabla as a reaction. Customers are not supposed to ask such a question.
JP
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