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CFTC Sues 14 Forex Brokers
In its first action using the new powers given by the Dodd-Frank bill, the CFTC sued 14 forex firms alleging that they illegally solicited investors to participate in forex trading because they were operating without being registered as forex dealers with the CFTC. The suits were filed in Federal District Courts in Chicago, Kansas City, New York and the District of Columbia. The following firms are being sued as part of this action -
EuroForex Development LLC
FIG Solutions Limited, Inc.
ForInvest
FXOpen Investments Inc.
FXPRICE
GIGFX, L.L.C
InovaTrade, Inc.
InstaTrade Corporation dba InstaForex
InvesttechFX Technologies, Inc.
J&K Futures, Inc.
Kingdom Forex Trading and Futures, Ltd.
Prime Forex, LLC
Wall Street Brokers, LLC
ZTrade FX LLC
In 12 of the cases, the CFTC alleges that the companies, acting as retail foreign exchange dealers, offered to take the opposite side of forex transactions with their customers, in other words acting as a market maker, without being registered with the CFTC. In the other two cases against ZTradeFX LLC and FXPRICE, the CFTC is just alleging that the companies solicited customers to place forex trades without being registered with the CFTC.
Of the 14 forex brokers being sued, 11 were listed on the Best Online Forex Brokers website. Below is what we know about these brokers.
FIG Solutions Limited, Inc. (FigFX) - FigFX is contending that they have never had any offices, branches, employees, agent, affiliates or introducing brokers in the United States and that they have never done any forex related business with any resident of the U.S.
ForInvest Group - ForInvest has been on our list since 2009. They are obviously a quite small broker. As far as we know there has never been any information on their site as far as regulation goes. They list their address as Tortola, British Virgin Islands but the CFTC is maintaining that they are registered as a Delaware corporation.
FXOpen Investments Inc. (FXOpen) - FXOpen is a quite popular broker whose main market is the Middle East and Arabic speaking customers. FXOpen has offices in Cairo, Paris, Kuala Lampur, Jakarta, Moscow, Kazakhstan and Mauritius. Again, the CFTC is alleging that they are a Delaware registered corporation. We do not know if this would be the parent corporation or a subsidiary. As of now, FXOpen in not accepting accounts from US residents. We do not know if they did before this action by the CFTC.
FXPRICE - FXPRICE has been around a long time and been on our list since 2008. While not one of the major brokers they are highly rated by our individual trader ratings. They list their address as Tortola, British Virgin Islands but again the CFTC is alleging they are a Delaware corporation. Their website now says they don't offer services in English and they do not accept clients from the United States or Quebec. We know they used to offer services in English and had an English version of their website, although we do not know if they offered services to US customers before.
GIGFX (Global Investment Gate) - GIGFX had been on our list since 2009, although recently we took them off because their website is no longer operational. Our information has them based in Cyprus but again the CFTC is saying they were a Delaware registered corporation.
InovaTrade, Inc. - InovaTrade is a small broker based in Panama. We do not know much else about them other than the CFTC is saying that they maintained offices in Florida.
InstaTrade Corporation dba InstaForex - InstaTrade (InstaForex) is a major Russian forex broker, licensed in Russia with offices in the British Virgin Islands, according to the CFTC. We're not entirely sure what gives the CFTC jurisdiction over them but I guess we'll find out when they go to court.
InvesttechFX Technologies, Inc. - InvestTechFX, while not a major broker is a reasonably large broker with offices in Canada and Hong Kong. We haven't found any information about their regulation. The CFTC is also saying they are a Toronto, Canada firm so exactly why they think they have jurisdiction, we're not entirely sure.
J&K Futures, Inc. - J&K Futures is a small brokerage firm that has been around for quite some time with offices in Los Angeles and New York. We have no information on their regulatory situation.
Prime Forex, LLC (Prime4x) - Prime4x is a mid-sized forex broker that has been around since 2005. According to our information they are based in Cyprus. According the CFTC, they are a Delaware registered corporation.
Wall Street Brokers, LLC (WSBrokers) - Wall Street Brokers is a relatively small broker. The information we have is that they are based in the US, however looking at their site currently, we cannot find a physical address. The CFTC maintains that they are a Delaware registered corporation.
There are three other forex brokers, EuroForex Development LLC, Kingdom Forex Trading and Futures, Ltd., and ZTrade FX LLC, listed in the CFTC suit which we had never heard of. That somewhat surprised us because we thought we knew about almost every broker in the world, but after further research, while it appears that these three companies at one time had websites, they now appear to be either non-operational or semi-operational. All of them very minor players for sure. We do have a company named EuroForex on our list but this is an Italian company and as far as we know, not related to EuroForex Development LLC, the company named in the CFTC's suit. |
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发表于 10-7-2011 07:23 PM
变色卡
千斤顶
oanda最好。。。无需担心
，都不知这是第几次开这样的帖了，沉了又来，彻底麻木了
它的spread 真的很不错
你会的
1968 
46
