forex
David Lewalski of Botfly LLC sentenced to 20 years in jail for forex scam
- According to a federal criminal Complaint filed in U.S. District Court in the Middle District of Florida, David R. Lewalski, 47, formerly of Gainesville, FL, and his co-conspirators allegedly solicited money about $30 million from hundreds of investors based on false statements that Lewalski could earn the investors up to 10 percent interest per month by trading on the foreign currency (FOREX) market.
Monday, 21/11/2011 | 08:31 GMT by
Michael Greenberg
MF Global Canadian forex clients will get their money this month
Monday, 21/11/2011 | 08:21 GMT by
Michael Greenberg
MSN and Saxo Bank discontinue MSN Trader
- MSN Trader was an ambitious and an out of the box project co-launched by Microsoft and Saxo Bank exactly a year ago. Basically Microsoft became Saxo Bank's White Label and was offering forex, futures and CFDs. This is one of those projects that have small chances to become hugely successful and bigger chances of failing. Unfortunately for MSN and Saxo it was the latter.
Friday, 18/11/2011 | 13:36 GMT by
Michael Greenberg
Currensee makes a foray into institutional forex market, partners with HedgeCo
- Currensee which until now was a hub for retail forex traders looking to follow credible traders has now expanded into the institutional forex market. The move makes sense for Currensee for two reasons: first is that it still has not gained much traction in the retail forex market, the other is that Currensee has institutional investors which were probably instrumental in making this deal with HedgeCo happening. Institutional volumes are typically much higher than the retail ones and hence may be much more profitable for Currensee.
Friday, 18/11/2011 | 09:13 GMT by
Michael Greenberg
ZuluTrade will pay signal providers only for profitable months, charged by NFA
- ZuluTrade finally made an important update to how it compensates signal providers - from now on those providers will be paid for volume made by their followers only if the month was profitable. This means that if signal provider lost money in a given month - it won't get compensated by Zulu.
Friday, 18/11/2011 | 08:22 GMT by
Michael Greenberg
More Tradestation Interbank FX acquisition details
- The announcement of the Tradestation - IBFX acquisition deal obviously generated much interest and discussions in the industry. Main question was whether indeed the price was a mere $17 million. Several of my sources mentioned that Gain may have eventually withdrawn from the deal I announced 2 months ago because there is a pending NFA fine against Interbank FX. Apparently IBFX may be soon fined for some execution flaws - however this has not been announced by the NFA yet so we have no way of knowing whether this will eventually happen.
Friday, 18/11/2011 | 07:40 GMT by
Michael Greenberg
TradeStation acquires Interbank FX (IBFX)
- Couple of months ago I published that Gain Capital is about to acquire Interbank FX after several rounds of discussions with potential investors. In that round Gain remained as the last bidder. This deal however failed at the last moment for reasons not known to me - but not hard to guess that it was a disagreement over final price. IBFX didn't give up on trying to be sold and today finally succeeded - TradeStation (which itself was acquired by Japense Monex Group few months back) just announced that it reached an acquisition agreement with IBFX.
Wednesday, 16/11/2011 | 08:10 GMT by
Michael Greenberg
myfxbook gets back to supporting OANDA accounts
- Earlier this year myfxbook had to stop supporting OANDA trading accounts as OANDA was doing some changes in its API. This was bad news for many of OANDA's traders who wanted to show their stats on myfxbook.
Tuesday, 15/11/2011 | 07:27 GMT by
Michael Greenberg
FXStreet to launch a new cool My Forex Studies tool
- Francesc at FXStreet just announced that soon they will launch a new version of My Forex Studies. This was initially planned as a mere update to the Currencies at a Glance service but has become a complex technological development and will affect the way you browse FXStreet from now on. Beta is expected to start this week and below you can find sneak peak video to what this new service does for you.
Tuesday, 15/11/2011 | 07:19 GMT by
Michael Greenberg
Korean forex market - an overview of the industry including broker volumes
- Korea introduced FX Margin business in 2005, later than in other countries. However, the Korean dynamism was no exception in FX Margin market as it grew rapidly, passing through the financial crisis in 2008. But recently, the Financial Supervisory Service, a government regulation body, grew concerned about excessive investment in the FX Market and is increasing restrictions, such as a deposit increase. Thus the FX market is being tested for its sustainable growth ability.
Monday, 14/11/2011 | 14:55 GMT by
Michael Greenberg
ACM Gold expands to Nigeria with a new local office and a trading floor
- ACM Gold just announced that it opened an office in Nigeria which signals a very interesting move for this unique broker - it operates mostly through local offices and branches rather than online marketing. By doing this ACM is able to generate better market position in those jurisdictions where online marketing is not as prevalent as in US or Europe. Nigerian clients specifically require more personal touch and attention - hence ACM opened not only an office for support but also a trading floor. Trading floor model allows anyone to come and trade whether they have equipment and experience or not, thus generating new forex clients instead of competing for existing ones.
Monday, 14/11/2011 | 11:10 GMT by
Michael Greenberg
More information from Gain Capital's Q3 2011 Report - dbFX details and volume distribution
- Gain Capital published summary of its Q3 2011 quarterly report few weeks ago showing a healthy increase in revenues. Few days ago Gain submitted the full report to the SEC showing several interesting developments. For instance Gain disclosed how much was paid for dbFX's clients and that it received regulatory approval to operate in Hong Kong. In its presentation to investors Gain also showed distribution of its retail trading volume.
Sunday, 13/11/2011 | 19:04 GMT by
Michael Greenberg
American forex traders lose $20 million in September
- Every month CFTC publishes Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) financial data. Amongst other things CFTC also discloses Total Amount of Retail Forex Obligations - which is basically the total equity of retail forex traders that broker holds.
Friday, 11/11/2011 | 06:49 GMT by
Michael Greenberg
Alpari (UK) launches spread betting on MetaTrader 4
- Alpari just became the first broker to offer spread betting on the Metatrader4 platform. Spread Betting is a simpler way of trading various instruments as you typically only need to select the direction in which the asset is headed - up or down. The topic including technological offerings and binary broker volumes is discussed extensively in the latest Forex Magnates quarterly report.
Thursday, 10/11/2011 | 13:25 GMT by
Michael Greenberg
FXCM Announces Third Quarter 2011 Results and October Operating Metrics - Revenues are up
- FXCM's Q3 2011 numbers are out and show outstanding growth in revenues. October retail forex volumes are down 8% but institutional ones are up by 35%. For the first time FXCM also shows average number of institutional trades a day - which is 90% higher in October comparing to September. All in all solid results that might help FXCM's stock, which suffered from several downgrades lately, to rebound.
Thursday, 10/11/2011 | 11:41 GMT by
Michael Greenberg
CFTC Charges Nicholas Trimble and His Two Companies with Million Dollar Forex Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a civil injunctive complaint charging defendants Nicholas Trimble and his companies, Capstone FX Quantitative Analysis, Inc. (Capstone) and Beekeepers Fund Capital Management, LLC (Beekeepers), all of Denver, Colo., with fraudulently soliciting at least $1.1 million from customers to trade foreign currency (forex) through pooled and managed trading accounts using a proprietary forex trading system.
Wednesday, 09/11/2011 | 17:03 GMT by
Michael Greenberg
ForexFolio, A New Introducing Broker, Makes Its Global Debut; Provides turnkey solutions for the Forex Market in 7 languages
- I'm very excited to see my good friend and colleague Jeff Baskin launching his new IB service and website. Jeff is a well known and respected figure in the forex market and is trying to deliver more honesty and transparency into this market. I'm sure Jeff's existing and future clients will be more than happy with his service.
Wednesday, 09/11/2011 | 15:57 GMT by
Michael Greenberg
NFA issues a Notice about MF Global; Canadian forex clients have another option now
- All the MF Global saga has left us wandering what will happen to accounts of many forex traders. According to the latest Forex Magnates survey MF Global has $20 Billion monthly retail forex volume meaning there are quite a few retail forex trading customers out there. MF Global Canada is using FXCM's Trading Station II and MT4 platforms in a semi White Label way. This allows MF Canada clients to jump ship and move to same platform but with a different broker (that is if they are able to extract their funds).
Tuesday, 08/11/2011 | 13:50 GMT by
Michael Greenberg
ICAP October volumes down 7% in October
- ICAP October volumes down 7% in October
Monday, 07/11/2011 | 17:05 GMT by
Michael Greenberg
Boston Technologies partners with FXBridge on offering FX Options trading platform
- Boston Technologies has collaborated with FXBridge and will offer its FX Options trading platform along with its forex trading solutions. BT's clients will now be able to gain access not only to the suit of MT4 spot trading products but to FX Options trading ones as well. It seems that enriching technology offerings is becoming the key differentiator between various technology providers who understand now that forex brokers not only need a basic trading platform but also additional products such as a web version of it, back office, bridge, etc.
Monday, 07/11/2011 | 16:27 GMT by
Michael Greenberg
State Bank of Vietnam tightens forex trading oversight
- Vietnam draws a lot of interest from retail forex brokers lately as it is a strong economy and a large untapped market for them. Most of them still operate there just like they operate in China - through local IBs or through online marketing only however some are thinking of opening local branches, subject to regulatory limitations.
Monday, 07/11/2011 | 06:48 GMT by
Michael Greenberg
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}