Effex Capital FXCM US exit case extended for petition filing

1. Regulated Forex Scams? You Bet

Yes, Regulated Forex Brokers Commit Scams

When one typically hears the phrase “forex scam” one automatically assumes that it is being perpetrated by an unlicensed or unregulated forex broker. For the most part, that assumption is correct. All you have to do is a quick google search and you will find numerous articles detailing reprehensible acts committed by unregulated forex and binary options brokers. However, there have been numerous instances of regulated forex brokers skirting the rules.

Not all regulated brokers are trustworthy

Unfortunately, there are numerous regulated forex brokers that have defrauded unsuspecting clientele as well. Last year on the CFTC slapped a $7 million fine on Forex Capital Markets (FXCM) in a civil monetary penalty for engaging in fraudulent and misleading solicitations, spanning from September 4, 2009, through at least 2014.
Additionally, the CFTC emphasized that FXCM had misrepresented that its ‘No Dealing Desk’ trading platform had no conflicts of interest with its clientele. Instead of running a true ECN execution platform where trades are performed directly in the interbank market, their clientele’s trades would be redirected to a Effex Capital LLC, which was originally designated to be an independent market maker but was, in reality, an extension of FXCM. Effex Capital would take very aggressive forex trades against the investors in order that they would lose and in return, FXCM would be the beneficiary of some very high kickbacks, which they received under the table from FXCM.

FXCM barred from the U.S.

Because of their duplicitous practices, the CFTC withdrew their regulation and FXCM was no longer allowed to service U.S. customers. Additionally, FXCM was caught by the FCA in yet another forex scam. They took away their investors’ positive swaps, causing them to only receive negative swaps. Surprisingly, the FCA did not remove their regulation.

Beware of OTCapital

OTCapital, forex broker regulated by ASIC has been swindling numerous investors. Broker Complaint Registry has received numerous complaints from those who have been victimized by their reprehensible practices. Complaints have ranged from not allowing clients to withdraw their earnings to never receiving a call back after they had deposited. Unfortunately, ASIC has not taken any action against OTCapital.

Protect yourself from a forex scam

Before you deposit money with a broker you must first make sure that the broker is regulated by an entity such as the CFTC, FCA, ASIC or the IIROC. Remember not all regulatory bodies are created equal. For example, if the broker that you are interested in has only a CySEC (Cyprus) regulation it would be wise to steer clear. Although they have gotten tougher on rulebreakers, CySEC is still lax in numerous areas.
Additionally, do your research. This means reading reviews, looking at various forums, and so on. It is not enough that the broker you are interested in has a regulation. You must vet them.
If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process. Visit www.fundsrecovery247.com for more information or Contact - [email protected] com.
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FXCM - YouTube 137. An Introduction to Forex Capital Markets (FXCM) FXCM (Forex Capital Markets) TV Commercial - FXCM ... FXCM Heroes FXCM Review by FX Empire Dealing Desk Forex Broker Description by FXCM

Effex Capital, the company embroiled in the exit of FXCM from the US retail FX market, has suffered a defeat at the Seventh Circuit U.S. Court of Appeals in a case alleging the National Futures Association (NFA) defamed it in its press release about proceedings against FXCM.. On August 13, 2019, the Seventh Circuit U.S. Court of Appeals issued Final Judgment affirming the District Court’s ... Effex Capital, the company whose name was implicated in FXCM’s exit from the United States retail Forex market, has won a short extension to the time to reply to accusations brought against it and its CEO John Dittami by former FXCM clients. Effex Capital, implicated in FXCM US troubles, targets NFA chief exec in lawsuit From financefeeds.com The number of parties in the lawsuit brought by Effex Capital, the company whose name got widely known thanks to the exit of FXCM from the US retail FX market, has just gotten bigger, with the legal action now targeting the top official of the National Futures Association. FXCM Inc; Forex Capital Markets, LLC; FXCM Holdings, LLC; Effex Capital, LLC; Dror Niv; William Ahdout; John Dittami. This is the first legal action after the events from February 2017 that targets not only FXCM but also Effex Capital, as well as John Dittami, Effex’s CEO. August 30, 2019 AtoZ Markets – Effex Capital which is the unit involved in FXCM’s exit from the US retail Forex market got an extra time to decide on how to proceed further with a lawsuit against the National Futures Association (NFA). As per the previous report, Effex Capital lost its appeal in the lawsuit with the Seventh Circuit U.S. Court of Appeals issuing Final Judgment upholding ... The lawsuit brought by investors in retail Forex broker FXCM Inc, now known as Global Brokerage Inc (OTCMKTS:GLBR), accusing the company and a number of its executives of securities fraud, continues at the New York Southern District Court. On October 21, 2020, the plaintiffs (lets’ note that the lead plaintiffs are 683 Capital Partners, LP and Shipco Transport Inc.) submitted a set of ... Effex Capital was a spin off from FXCM to keep an algorithmic trading system within a separate company. FXCM maintained a very close relationship with Effex Capital. Effex Capital conducted its business with the use of FXCM employees, and they worked in the same office as FXCM operations. Further, Effex Capital benefited from interest free loans from FXCM, and received special trading ...

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FXCM - YouTube

FXCM Heroes provide first class service for first class traders. Learn more about FXCM: https://www.fxcm.com/uk/ This video is intended for the users of Forex Capital ... BITCOIN BREAKOUT!!? $6,000 PUMP IF THIS HAPPENS!! “$1,000,000 BTC NEXT HALVING Possible” - Raul Pal - Duration: 21:00. Crypto Zombie 29,627 views. New We are here for you. The Best FX Online Forex Capital Market FXCM Currency , Stock Trading Platform For Beginners uk. Our customer service has won numerous regional and international awards to be ... Founded in 1999, FXCM Group is an international online forex and CFD brokerage brand. In the UK, the FXCM brand is managed by FXCM Ltd. The company is based in the UK and its head office is ... Published on Mar 14, 2011. Dans ce court vidéo, vous pouvez entendre l'informations trompeuse que FXCM avait publié à l'époque pour vanter son modèle ''No Dealing Desk'' en même temps qu ... The FXCM group of companies (collectively, the "FXCM Group") is a leading provider of online foreign exchange (forex) trading, CFD trading, and related servi... FXCM (Forex Capital Markets) TVC Client: FXCM Agency: Oxygen Advertising Director: Kostas Papadopoulos Production Company: Filmarmoniki