Proposed NFA Capital Requirement - page 32
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forexsavior,
Firstly, Thanks for your extremely informative updates.
Do you think it is safer now for a trader in the USA to send their money abroad to a Swiss dealer now than before the new reg...
What Swiss firms might you list that are in in the top 5?
ESI think the Swiss market will be much safer as a result of these changes. However, keep in mind these forex dealers have to actually get the banking license first. And as of right now most of those firms have not stated they are doing this. Be patient and wait and see who gets the licenses first before opening an account.
Swiss Dealer Dead Pool
Swiss Dealer Dead Pool
There is great deal of uncertainty in the Swiss Forex Dealer community right now. There is no way of knowing which firms are here to stay and which firms are collecting coins in preparation for their crossing of the river Styx. I have emailed all the major Swiss firms to try and find out if each firm plans on getting a banking license. The responses (or lack thereof) have been quite illuminating.
As such I'm starting a Swiss Dealer Dead Pool to keep the trading public updated and informed about what is going on in Switzerland.
Firms that announced they are applying for a banking license
These firms have confirmed they plan on getting a banking license.
1) ACM
2) Fibo Group
3) Crown Forex
Firms that are fleeing Swiss Regulation
These firms have stated they are registered offshore and don't need to register.
1) Masterforex. Their business office is listed in Switzerland but they are registered in the Seychelles and have stated they do not need to get a banking license.
2) forex-swiss. FXCH, despite the fact they are NAMED "Forex Swiss" claim registration in Dominica. This is an odd company that has claimed multiple office addresses over the years including, Switzerland, Austria, South Africa, Iran, and the United States. Today they are claiming they have offices in Dominica and the United Kingdom. Tomorrow who knows, they could claim a mailing address in Tibet. Beware this firm.
3) Prime4X. Their head office is in Switzerland but they have stated they are applying for a license in Cyprus.
Firms that are no longer accepting customers
These firms are no longer accepting new customers.
1) WestCapFX
Firms that refuse to comment
These firms refuse to comment on the new licensing requirement thus leaving their customers completely in the dark about their future. I strongly recommend anyone who has an account with any of these firms take their money out immediately due to their lack of transparency.
1) GFX Group (Forex.CH)
2) DukasCopy
3) MIGfx
4) Swiss Direkt
5) Tadawulfx
6) Aleccohfx
7) Advised Trading
As always conduct your due diligence and make sure the firm you trade with is regulated and legit.
Proposed NFA Capital Requirement
ForexSaviour;
Thanks for your hard work. All traders need to know the situation as all Brokers
are not on the Up and Up.
TradeView
Where does TradeView stand here ....... they are over $20mil correct?
I also think Velosity4x may be an IB that is fair and may be safe? IMO
Don't know where you are getting your information about MIGfx but I can tell you they have started the banking license application a while ago, they were probably in the first swiss brokers who took the initiative to do it, even before ACM.
Agreed...Every trader should be a member here in Forex-tsd and subscribe to this thread for updates...
ES
ForexSaviour;
Thanks for your hard work. All traders need to know the situation as all Brokers
are not on the Up and Up.Don't know where you are getting your information about MIGfx but I can tell you they have started the banking license application a while ago, they were probably in the first swiss brokers who took the initiative to do it, even before ACM.
I asked MIG by email and they never replied. Until I see them state publically they plan on getting a banking license I am not inclined to give them the benefit of the doubt.
Where does TradeView stand here ....... they are over $20mil correct? I also think Velosity4x may be an IB that is fair and may be safe? IMO
tradeview is not a swiss firm and isn't impacted by these new rules. As for velocity4x, they are no longer an independent FDM. In fact, teh NFA came down pretty hard on them when they were. Surely they are other brokers worth opening an account with...
tradeview is not a swiss firm and isn't impacted by these new rules. As for velocity4x, they are no longer an independent FDM. In fact, teh NFA came down pretty hard on them when they were. Surely they are other brokers worth opening an account with...
Forexsavior, if you were put in a corner and had to choose a MT4 based broker, who would you pick?
Forexsavior, if you were put in a corner and had to choose a MT4 based broker, who would you pick?
Good question. Six months ago I would have said Interbank FX hands down. But ever since FXLQ walked away with over a third of their net capital my faith in them has tanked. What was FXLQ thinking allowing Robert Gray to rob them so?
Sadly, most MT4 brokers are either very small or unregulated (hello FXDD!). I have heard that Gain and FXCM are releasing MT4 platforms. I would recommend you wait until those guys launch.