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IndustryCFTC Seeks Public Comment on a Proposal on Investment of Customer Funds

The Commodity Futures Trading Commission issued, for public comment, a proposed rule on the Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations. The proposal would amend the Commission’s regulations governing the safeguarding and investment by futures commission merchants (FCMs) and derivatives clearing organizations of funds held for the benefit of customers engaging in futures, foreign futures, and cleared swaps transactions. The proposed amendments would specifically revise the list of permitted investments in Regulation 1.25 and introduce certain related changes and specifications. The proposed amendments would also eliminate the requirement in the Commission’s regulations that a depository holding customer funds must provide the Commission with read-only electronic access to such accounts for the FCM to treat the funds held in the accounts as customer segregated fund accounts.

WikiFX2022

2023-11-09 16:10

IndustryPhilippines Most Complained Brokers - WikiFX October Data

Leading the list with the highest number of grievances is Live-ForexTrade, amassing four complaints predominantly centered around allegations of fraud and difficulties in fund withdrawal. This broker has raised red flags within the trading community for its lack of regulatory oversight, being unlicensed, and being suspected of being a cloned broker. Cloned brokers impersonate legitimate entities to deceive investors, a tactic becoming more common in the industry. Following behind is OBT, with one major complaint lodged against its services, also regarding challenges in withdrawing funds. Similar to Live-ForexTrade, OBT operates without regulation or a proper license, casting doubts on its operations' legality and safety.

WikiFX2023

2023-11-03 16:28

IndustryFXPRIMUS: Withdrawal Issues Met with 0 Support

Investor embarked on their journey with FXPRIMUS, depositing $2000 and diligently following the broker's guidance, which resulted in a healthy profit of $3000. Eager to reap the rewards of their efforts, Investor initiated a $5000 withdrawal request. What should have been a simple process spiraled into a nightmare as Investor found themselves unable to complete the withdrawal. Anxious and frustrated, they turned to FXPRIMUS's customer service for help. Here's where the problem escalated; Investor's calls for assistance went unanswered. Their messages and pleas seemed to fall into a void, intensifying their already precarious situation. This unresponsiveness from FXPRIMUS's customer service further complicated Investor's predicament, exposing a critical issue in the industry. Reliable and responsive customer support is vital for traders to address concerns and resolve issues efficiently. In its absence, traders like Investor are left in a state of vulnerability and distress.

WikiFX2023

2023-11-02 15:48

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