NFA Approves Prohibition of Credit Cards to Fund Retail FX -
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thread: NFA Approves Prohibition of Credit Cards to Fund Retail FX

  1. #11
    Member Snore's Avatar
    53
    Since our inception, NFA was committed to protecting shareholders, says NFA President and CEO Dan Roth.

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  2. #12
    quoteborrow Cash is borrow money don't matter what you use it for, don't matter if you fail to pay it back on bills you ran up in clothing stores or using it to Progress your Carree, im done Great luck to you
    what im trying to say is a credit card that you use to run up debt should not matter where you use it, wheather it Is in a clothing store or using it to fund a broker account in the end of the day That the credit card companies want there money back No Matter where you use it

  3. #13
    quote Sure it is borrowed money. The purpose is that the failure rate of the ones that fund their account with high interest borrowed cash they can not afford. The same as the individual who byes clothes from the department store they cannot afford. These traders are mainly, unprepared, underfunded and enjoying with money they cannot afford to lose.
    Borrow cash is borrow money do not matter what you use it for, don't matter if you are not able to pay it back on bills you conducted up at clothing stores or using it to advance your Carree, im done good fortune to you

  4. #14
    quoteLOL, you know how many college kids get offer credit cards that can not afford to pay them back I was provide a credit card and had no occupation and yes I did take it it's does not matter whether they have the money to fund there account it's same same if anyone had a credit card then went to the store to buy clothing they didn't have the money at precisely the same with financing a FX account, thats why it's call borrow cash
    Sure it's borrowed money. The purpose is the failure rate of those that fund their account with higher interest borrowed money they can not afford. The same as the individual who byes clothes from the department store they cannot afford. These traders are mostly, unprepared, underfunded and enjoying money they cannot afford to lose.

  5. #15
    quoteLOL, you know how many college kids receive credit credit cards which can't afford to pay them back I was offer a credit card and had no occupation and yes I did take it so it's doesn't matter whether they have the money to finance there account it is same same if anyone had a credit card and went to the store to buy clothing they didn't have the money at the time same with financing a forex account, thats why it is call borrow cash
    please foregive my gramma im a little tipsy at the moment

  6. #16
    Caveat about the Preceding. I believe there's a gap in paying by credit card for advantage or paying by credit card because you can't afford to finance your account.
    LOL, you know how many college kids receive credit credit cards that can't afford to pay them back I was offer a credit card and had no job and yes I didn't take it so it's does not matter whether they have the money to finance there account it's same same if anybody had a credit card and went to the shop to buy clothing they did not have the money at precisely the same with financing a FX account, thats why it's call borrow money

  7. #17
    Caveat on the above. I think there is a difference in paying by credit card for advantage or paying by credit card because you can not afford to finance your account.

  8. #18
    quoteI concur, it is not any different if I got a credit card went searching with this borrow money so if I wanted to use the money for trading thats my business
    I think the distinction is, and depending your rate of interest you're trading anywhere up to 10 - 20% yearly interest. Thats ok if you think you can conduct a yield of 40 percent to pay the interest after which your card? To me the debate does not make sense.

  9. #19
    Junior Member luisokbobt's Avatar
    14
    Time to get the gravestone ready for retail FX trading in the U.S.. .

    I have to put some of this attribute on the CFTC, the NFAs parents. They're the ones who decided retail FX has to be regulated - they are also the ones who subsequently said to the NFA they will need to be the ones who govern retail FX. The NFA, by definition is that the National Futures Association, and consequently has been regulating futures for quite a long time today relatively efficiently. I kind of feel like like the NFA is a whiny child in this circumstance, the CFTC informs NFA they need to start regulating FX and you know their response was something along the lines , but, but, Dad I do not WANT to govern retail FX! (tears up) And also the CFTC is all like Too bad, I am your dad and also the NFA is all like FINE, if you are going to make me deal with retail FX I am going to intentionally do a horrible job, that'll teach you to inform me what to do. And thus begins the NFA's discerning regulation and specific targeting of Forex firms in the united states.

    If you research the NFA's recent action taken against member firms you'll observe that 8 from the past ten actions taken were against firms dealing in retail FX, just one or two truly dealt with futures. To be honest I am not positive whether this is since retail FX is an inherently more sketchy/risky industry or since the NFA has it out for FX firms and is selectively targeting FX participants. My guess is on the latter.

    It's merely a matter of time before the NFA does away with introducing brokers, then they'll start to impose limits on tools offered (eventually we will be down to just trading EUR/USD and GBP/USD in 10:1 leverage), then a leverage decrease, until you know it there'll be a single RFED left in the united states, FXCM and they'll be charging astronomically high spreads to all customers.

    What is more ludicrous is that the NFA is a SRO, they only make money by charging annual dues to their own members and ticket prices - the greater FX firms they put out of business that the LESS earnings they receive...

    lt;/rantgt;

  10. #20
    Member
    47
    Can somebody write to these men, seriously?

    Why dont we get a request going fromcliqforexassociates and send it to the NFA?

    Brokers are to scared of saying anything for getting fined and thrown in the NFA dungeon

    Perhaps the public can have a better impact

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