Forex Broker

The CFTC has brought charges against a Northern California Forex money manager for committing fraud against his clients. The money manager claims he had never had a losing year, when his actual trading records revealed consistent losses year over year.  He also seems to have mysteriously misplaced a majority of customers’ deposits, taking a page out of the Bernie Madoff method of creative money management. You can read about it on Forex Magnates.

I hate to be self-serving here, but I must. If his clients required him to register on Currensee (as a free service, I might add), these customers would have seen his real results, including win/loss P&L, trade-by-trade recaps, etc. on a daily basis, along with a detailed comparison of his business against the other traders on the Currensee platform.

This charlatan would have been exposed and some of the $4.3 million might not have been lost.  It is time to demand transparency in Forex from all people that offer to manage your money!!

=====

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

-------

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

1 Comment

Attention all Alpari UK, Ava FX, Easy Forex, and FX Pro traders: you can now join Currensee for free and link your live brokerage account. As part of the first-ever Forex social network, you’ll be able to measure your performance and share real-time trade data with your online trading team. We’re all about bringing trust and transparency to the Forex market, and are excited to welcome new members to our unique collaborative trading community.

“We couldn’t do what we do without strong relationships with Forex brokers and these new partnerships enable a whole new group of traders to take advantage of the Currensee trader network,” said Asaf Yigal, co-founder of Currensee.

Emanuel Kronitz, CEO of Ava FX, said, “We are thrilled to partner with Currensee and provide our traders with access to the Currensee trader network. Ava FX is dedicated to creating an exceptional Forex trading experience, and our relationship with Currensee gives our traders access to a unique Forex social network and the ability to connect with a wide variety of traders from around the world. It is a great compliment to our services.”

Sounds like a win-win. We look forward to meeting and collaborating with our new traders on the block. Now go mingle and build your trading team!

Happy Trading,

The Currensee Team

=====

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

-------

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

There's just one week left to comment on the CFTC's proposed rule changes 75 FR 3282.  This ruling proposes that a Forex IB must enter into a guarantee agreement with a CFTC-regulated Forex Dealer Member (FDM), along with a requirement that the Forex IB may be a party to only one guarantee agreement at a time.  That means that an IB can work with only one Forex broker at a time, and that means less choice for traders and less business opportunity for independent US Introducing Brokers.

If you, like Currensee and the other members of the IB coalition, oppose this ruling, it's time to make your voice heard.  Visit IBcoalition.org to learn more about the issue and send an email to the CFTC.  Just a few lines will suffice.  The CFTC will post all the comments they receive, and the more they get, the better the odds are that they will change their plans.

If you need more inspiration on the issue, check out Tell the CFTC that one size doesn't fit all by Dave Lemont and Dear CFTC: who are you really protecting? by Asaf Yigal.

=====

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

As you may have read in the press release, Currensee is one of the charter members of IBcoalition.org, a group of independent Introducing Brokers united to fight a proposed rule change by the CFTC that threatens our businesses and our ability to serve our customers.  As CEO Dave Lemont and Co-Founder Asaf Yigal have blogged before, Currensee opposes proposed CFTC regulations that would reduce Forex leverage to 10:1 and force Introducing Brokers (IBs) to align themselves with just one Forex broker.  IBcoalition.org is focused on the latter issue:

The IB Coalition recently submitted a 10-page letter to the CFTC and, among other points, suggested the following changes to the proposed rulings

  • First, the IB Coalition urged the CFTC to revise the proposed rules to permit a Forex IB to operate either as an independent IB subject to the same minimum capital requirements that apply to a futures IB or as a guaranteed IB.
  • Second, the IB Coalition asked the CFTC to undertake a study of the retail Forex markets to assure that the rules it ultimately adopts are based on a solid factual understanding of the markets and are tailored accordingly.
  • Third, the IB Coalition proposed the CFTC defer to NFA to set appropriate leverage restrictions as it relates to the proposed 10:1 leverage. An onerous leverage restriction, such as this, creates opportunities for unregistered fraudulent schemes to exploit U.S. customers is contrary to the public interest.

If you're an independent IB in the US or just an interested party - everybody who trades Forex in the US or has a Forex-related business that does business in the US is potentially affected - please visit IBcoalition.org to learn more about the issue and make your voice heard.

=====

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

I am happy to announce that we’re the first and only social network to have an agreement with OANDA to properly support their traders via direct and real-time API access. We've had overwhelming response from OANDA traders who want to join Currensee but couldn't...until now.

Starting today, OANDA traders can join Currensee for free, link their real Forex trading accounts and enjoy all the benefits that we provide our traders – sharing real positions in real time with other community members, leveraging the strategies to create an electronic trading journal, tweeting trades in real time, using social indicators to make more informed decisions and other free features. As Paul Jeszenszky, the Head of Marketing at OANDA said:

"OANDA believes Forex traders benefit from the power of online communities and open access to information. Currensee has shown a commitment to both and we're glad our clients now have access to their platform.”

OANDA provides a transparent and very innovative service to their traders and we're happy to have them join the Currensee revolution as a partner. We welcome OANDA traders to join currensee today at www.currensee.com/oanda.

======

Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

-------

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Last week, Interbank FX announced that they are now providing their traders with an option to receive their commissions/dividends on a reloadable Payoneer Interbank FX global debit card, instead of paper checks or wire transfers.  They are one of the only brokers to offer a convenience feature such as this and it speaks directly to what consumers want…access to their cash now.

IBfx debit cardMarilyn McDonald, Vice President of Customer Experience over at IBFX says: “At Interbank FX, we feel customer satisfaction is an essential ingredient in keeping our traders happy,” said Marilyn McDonald, vice president of customer experience at Interbank FX. “By letting traders withdraw their margin sooner, Interbank FX is enhancing the experience of trading with us.”

By choosing the Interbank FX prepaid debit card payment option, Interbank FX traders gain speedy payment and greater convenience by uploading their margin accounts onto their Payoneer Interbank FX MasterCard®  - anywhere Debit MasterCard is accepted, regardless of country or currency. This is a great option for customers globally who may not be able to cash a US check or don’t want to pay the expensive fees of a wire.

Focusing on what the customer wants is something that seems easy to do but can often take time and effort. Marilyn talks about how this was something they’ve been trying to do for several years in her blog post about the launch. It took them two years and, I’m sure, lots of hard work and perseverance given all the regulations and complexities that come with Forex and banking – especially internationally. Well, Marilyn and team, great job in putting the customer first and finding a way to create convenience and access with a superior payment option.

=====

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

-------

Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.