I was going to open new account with another broker BUT i found this post so i thought it maybe helpful for some traders to know before thinking to open an account with any broker.
Copying.....
On July 17, 2008, NFA's Executive Committee recommended that NFA's Board of Directors approve revisions to NFA Financial Requirements Section 11 to implement the increased capital requirements called for under the Reauthorization Act. Under these revisions, Forex Dealer Members will be required to maintain adjusted net capital equal to or in excess of $10 million as of October 31, 2008, $15 million as of January 17, 2009, and $20 million as of May 16, 2009. NFA staff expects that the Board of Directors will adopt these revisions at its meeting on August 21, 2008 and that the Commission will approve them shortly thereafter. We are providing advanced notice of the increase in capital requirements to give Forex Dealer Members sufficient time to make arrangements to come into compliance.
In addition to the increase in the required minimum capital, the Executive Committee also recommended that the Board of Directors approve revisions to NFA Financial Requirements Section 12 regarding the collection of security deposits. Section 12(a) requires that Forex Dealer Members collect and maintain minimum security deposits of either 1% or 4% of the notional value of each forex transaction, depending on the currency. Section 12(b) provides an exemption from this requirement for those Members that consistently maintain at least twice the required adjusted net capital. The revised rule would provide that a Forex Dealer Member that consistently maintains 150% of the required adjusted net capital would be exempt from having to collect the prescribed security deposits. As with the capital requirements, NFA staff anticipates this revision also becoming effective on October 31.
National Futures Association | News Center
Financial Data for FCMs
The following firms have net capital below $10 million
MG Financial $5,393,000
Advanced Markets $6,786,000
Forex Club $7,558,000
Friedberg Mercantile $8,147,000
ACM $8,372,000
Ikon $9,544,000
Easy Forex $9,824,000
Hotspot $9,942,000
Not much change in capital for Advanced Markets, Forex Club and ACM. Swiss broker ACM still appears to be charging the proverbial machine gun nest with a butter knife. Is this firm really going to be able to put up $20 million in the coming months? Did they even know about this capital increase before they parachuted into the U.S. market? We’ll find out soon enough.
The following firms have net capital below $20 million
GFS Forex $11,451,000
MB Trading $12,767,000
ODL $14,870,000
I Trade FX $14,952,000
Alpari $15,786,000
IFX $18,623,000
FX Solutions $19,574,000
The following firms have net capital above $20 million
CMS Forex $20,199,000
PFG $21,345,000
Interbank FX $36,505,000
Gain Capital $67,906,000
GFT Forex $73,219,000
FXCM $91,840,000
Oanda $165,458,000
Copying.....
On July 17, 2008, NFA's Executive Committee recommended that NFA's Board of Directors approve revisions to NFA Financial Requirements Section 11 to implement the increased capital requirements called for under the Reauthorization Act. Under these revisions, Forex Dealer Members will be required to maintain adjusted net capital equal to or in excess of $10 million as of October 31, 2008, $15 million as of January 17, 2009, and $20 million as of May 16, 2009. NFA staff expects that the Board of Directors will adopt these revisions at its meeting on August 21, 2008 and that the Commission will approve them shortly thereafter. We are providing advanced notice of the increase in capital requirements to give Forex Dealer Members sufficient time to make arrangements to come into compliance.
In addition to the increase in the required minimum capital, the Executive Committee also recommended that the Board of Directors approve revisions to NFA Financial Requirements Section 12 regarding the collection of security deposits. Section 12(a) requires that Forex Dealer Members collect and maintain minimum security deposits of either 1% or 4% of the notional value of each forex transaction, depending on the currency. Section 12(b) provides an exemption from this requirement for those Members that consistently maintain at least twice the required adjusted net capital. The revised rule would provide that a Forex Dealer Member that consistently maintains 150% of the required adjusted net capital would be exempt from having to collect the prescribed security deposits. As with the capital requirements, NFA staff anticipates this revision also becoming effective on October 31.
National Futures Association | News Center
Financial Data for FCMs
The following firms have net capital below $10 million
MG Financial $5,393,000
Advanced Markets $6,786,000
Forex Club $7,558,000
Friedberg Mercantile $8,147,000
ACM $8,372,000
Ikon $9,544,000
Easy Forex $9,824,000
Hotspot $9,942,000
Not much change in capital for Advanced Markets, Forex Club and ACM. Swiss broker ACM still appears to be charging the proverbial machine gun nest with a butter knife. Is this firm really going to be able to put up $20 million in the coming months? Did they even know about this capital increase before they parachuted into the U.S. market? We’ll find out soon enough.
The following firms have net capital below $20 million
GFS Forex $11,451,000
MB Trading $12,767,000
ODL $14,870,000
I Trade FX $14,952,000
Alpari $15,786,000
IFX $18,623,000
FX Solutions $19,574,000
The following firms have net capital above $20 million
CMS Forex $20,199,000
PFG $21,345,000
Interbank FX $36,505,000
Gain Capital $67,906,000
GFT Forex $73,219,000
FXCM $91,840,000
Oanda $165,458,000