I don’t search the best spread but the best spread during the news
http://www.mataf.net/forums/index.php?act=attach&type=post&id=2728

And I want to see if I can find a trading tool by comparing the medium price between brokers. I think we can make money with a such information

Anyone that offers you additional 10 or 15 or 20 % bonus are brokers that you need to stay clear of. They offer such a deal because they know that they will get their money back and more…

LIVE AND LEARN

March 3, 2010:

“I am pleased that the CFTC Chairman acknowledged our concerns and appeared open to changes to the leverage requirement,” Boswell said. “The CFTC has received over 5,600 comments on the foreign exchange proposed rule and I am hopeful that this input will help the Commission to find a common ground that won’t chase business overseas, while still protecting consumer interests.”

U.S. Rep. Boswell: Chairs subcommittee hearing on Commodity Exchange Act in 2008 Farm Bill
3/3/2010

Dear Sirs,

I would like to hereby express my deep concern with the intentions of CFTC to limit the maximal leverage for retail Forex brokers from the current 1:100 to 1:10. In my opinion, the following scenario is likely in that event:

1. The maximal leverage reguirement will be increased for all US-regulated brokers from the current 1:100 to 1:10. This will clearly demonstrate a complete dismissal of a regular Forex trader’s interests if they happen to be conflicting with the interests of the “big wallets” – banks and non-retail futures brokers. We do not wish to be “protected” till we go broke just to make them even richer.

2. US-based retail Forex brokers will sure be unwilling to lose their business completely. They’ve already got burned with the recent self-imposed regulations of the NFA (which is not even a government agency, although many traders are made to believe it is) and now clearly realize the 1:10 leverage will be the last nail into their coffin. These retail brokers will therefore start moving their businesses to other countries and servicing US customers from there, successful examples of which already exist: Dukascopy in Switzerland (which has recently introduced MT4 in addition to their custom platform), ATCBrokers and FXCM in the UK, FXDD in Malta, FXPro in Cyprus etc.

3. The US government in response will do everything possible to prevent US traders from enjoying the benefits of being serviced in other countries by making overseas transactions to personal bank accounts even more controlled and restricted.

4. Those traders who make a living from their trading will then have no other choice but to set up offshore companies for themselves through the Internet (contrary to a popular belief, this doesn’t cost much – one can get an offshore company with an overseas bank account for as low as $1,500).

5. As all (or most) trading accounts will be on the companies’ names, the US government may heavily lose on the income tax they collect from US Forex traders. Thus, trying to harm the average Joe trader and make the banks and futures brokers richer at his expense, the government is harming themselves in the end.

Since recently, America (which I really love) has been turning from a land of opportunities to a land of restrictions. Very sad to see this, indeed.

Yours sincerely,
Jacob Beasley

I’m not sure that the CFTC and/or the NFA are actually very good at “making sure clients do get paid even if a few years late”.

If One World’s accounts were “at least $9 million short of the claimed liabilities to customers” and Jack Walsh and One World have just been fined a total of $520,000 that leaves a very large pile of client’s cash that Jack Walsh and Charles Martin spent on “strip clubs, restaurants, jewelry and a never-released movie” which it seems increasingly likely will never be returned to its rightful owners.

Jim

http://archives.chicagotribune.com/2009/jan/07/business/chi-winnetka-forex-fraud-arrest-jan07