Forex Brokers, and some rumours floating around

Well, it is started , after UGFMX frozen from trading till more Capital is raised, their are rumours floating around that brokers will need 3 million capital to restart trading.

Those that are with UGMFX need to remove their funds, that is all I can say. IF and BIG IF this is the NFA, attempting to knockout the little guy, because of the CME/CBOT and Major players wanting into the game, as well as so many bucket shops getting Fines from NFA, it may have more legs that everyone thinks.

Remember Rumours are rumours and just that, NFA has a email function that gives you emails on rulings they have, that is a good way to keep up with your broker, also you can get your NFA ID from your broker and put in the NFA and search for any Fines or rulings on them, ALSO there is a report, I will be posting the current report on the BCTS website www.BlueCollarTradingSociety.com and www.forexmgr.com both later today,this gives a list of the brokers and how much capital they have.

I have called 4 of the brokers I know, including talking to the owners, they all say that it may be true, but doesn't apply to them. To be honest, I only can say that out of 2 of the ones I know, and we are working with one of those now under BCTS, and working on the interface to the other one.

I don't want you to get into panic mode,, remember though, if you read the fine print of the agreement with your broker you will see a disclaimer stating your a general creditor.

Watch the NFA, I will be watching it closely, if your with a broker that has anything less than 2-3 million in capital, discuss with them or leave.

Both brokers, "One World Financial" and now "UGMFX" have been basically shut down. both had 1 million .

Email me directly at Questions@forexmgr.com if you want more info. or need to ask questions.



Andy<> Stapleton
www.forexmgr.com
www.BlueCollarTradingSociety.com