10 FOREX Brokers Shut Down By The NFA!

Francesc Riverola, CEO & Founder of FXstreet.com, posted a list released by the NFA on his blog.  You may read it here:http://weblog.fxstreet.com/2008/01/nfa-registered.html

Some of the firms that "shut down" are still in business.  This is because they merged with other larger firms who could meet the new NFA capital requirements.  This, IMHO, makes them a new entity.  Examples of this may be Royal and Xpress Trade.

Whatever may be the case, shut down or gobbled up, the NFA has taken steps to protect American investors and I welcome the oversite.  BRAVO NFA!

I also think "educators", "trainers" and "experts" should be regulated by the NFA.  This is why FX Bootcamp is a member of the National Futures Association and is registered as a Commodities Trading Advisor.  To do so, one must follow the NFA  guidelines, rules and most importantly, pass their tests.  Unfortunately, not many"experts" have done this... or can do it.  Hey... that CTA test was hard!

- Wayne McDonell, NFA Member & Registered CTA

This is a snap shot of Francesc's blog post...

Registered Forex Dealer Members (as of December 21, 2007)
Advanced Markets Inc.
Bacera Corporation
Capital Market Services
CMC Markets US LLC
E FX Options LLC
Easy Forex US Ltd.
Forex Capital Markets (FXCM)
Forex Club Financial Company LLC
Friedberg Mercantile Group, Inc.
FX Solutions LLC
Gain Capital Group Inc. (FOREX.com)
GFS Securities and Futures, Inc.
Global Futures & Forex Ltd. (GFT)
Hotspot FXr, Inc.
I Trade FX LLC
IFSCL USA, Inc.
IFX Markets, Inc.
Interbank FX, LLC
MB Trading Futures
Money Garden Corporation
Oanda Corporation
ODL Securities Inc.
Peregrine Financial Group, Inc.
RJ O'Brien Associates Inc.

Forex Dealer Members Who Have Ceased Operations Since September 1, 2007
American National Trading Corp.
Direct Forex FX
Farr Financial Group
Forex Liquidity
Hamilton Williams LLC
One World Capital Group LLC
Royal Forex Trading LLC (Freedom FX LLC)
SNC Investments, Inc.
Solid Gold Financial Services, Inc.
XpressTrade LLC

Comments

[Forex Broker Reviewer]

Yeah, I had noticed that Direct Forex, FX and Solid Gold Financial Services sites have been down recently. I guess that could've been foreseen as the writing on the wall. Forex Liquidity and One World Capital Group were actually shut down by NFA earlier this year and Royal Forex was fined - see the links below. There's about four of these brokers I have never heard of so I guess that's not much of a loss, unless you had an account with them, of course.

http://www.nfa.futures.org/news/newsRel.asp?ArticleID=2027

http://www.nfa.futures.org/news/newsRel.asp?ArticleID=2013

http://www.nfa.futures.org/news/newsRel.asp?ArticleID=2044

[X IBFX Clint]

Hamilton Williams LLC is velocity4x recently acquired by gain but theirs a lot of trouble that come along with buying a debunked broker, I bet the people in charge of this buyout are looking pretty silly at gain right now.

[TuB]

Just like the song ” we’ve only just begun “ seems NFA is not only raising caps for FCM to 20million they will be knocking out about 70% of the unregistered brokers out there by making it mandatory for all IB to be registered. For those of you in none believers, read for yourselves http://agriculture.house.gov/inside/Legislation/110/sbsCFTC.pdf

[oia]

is oandafx registered with CFTC, NFA and NSA

[dual]

Nice to meet you.
Your site was interesting and had a look at it.
Come to take my blog good.
Link if you like it.
Thank you.