Well it appears that the US Regulators have long arms.
I am NOT a US citizen and I decided to go with JadeFX who was touted as NOT being regulated by the US. Now, JadeFX has been a great broker, great speed, no requotes, awesome spread etc. No complaints at all.
But somehow the USA reached in and touched them. Their liquidity provider is a US Bank and their tech support is in the US. They do not have any US clients or so they say and I believe them.
Here is the message from today from JadeFX. My point is not about JadeFX as much as it is about:
1. Ensure that you have true segregation of funds.
2. Ensure that you truly know how your broker is/is not regulated.
3. First sign of trouble move the majority of your funds immediately. keep some in so the account is left open and you can come back if you wish.
4. Never have just one broker.
5. This is a sign of things to come.
_________________________________________________________________
We would like to update all our JadeFX Ltd club members on situation or isssue we have at hand. After today's meetings , there are several options that might occur.
Currently due to this intensive inquiry we can not process any funds because no access is allowed & will not be allowed until some resolution is found. We want to make sure that all our members understand the great challenges we are facing
What Options might be available for JadeFX Ltd club members:
1. bankruptcy -- if they prolong the inquiry to several weeks or months. This implies that we might be able to recover part of the funds
2. Complete aggresssive shutdown due to severe penalties and prolonging the inquiry-- this implies their will be some violations and we might be able to wind down and recover part of the funds.
3. Warning issued for any violations found and severe penalties applied ---this implies there will be a possibility to recover ALL or part of the funds.
NOTE: The situation right now is very fluid or very unpredictable , anyone who has dealt with the regulators understands how tough and unforgiving the outcome can be. We hope for the best and we are doing everything possible to have a positive outcome but we can not predict or know what will happen or how long it will take ( Days or Weeks ) , since they move very slowly
The regulators are coming down very hard on any brokerage regulated or unregulated or based in US or not Based in US , it does not matter. So long as you are dealing with any US bank for liquidity then you are in their crosshair.
we will also take down the website due to the ongoing inquiry for the time being and will turn it back up, once a resolution is reached. This is due to some changes required to meet certain non-solicitation clauses and various pieces of information required to be placed on the website.
For any communication while we are working on the issue please use only the email
Thank you and let's hope for the best
JadeFX
http://www.jadefx.com
I am NOT a US citizen and I decided to go with JadeFX who was touted as NOT being regulated by the US. Now, JadeFX has been a great broker, great speed, no requotes, awesome spread etc. No complaints at all.
But somehow the USA reached in and touched them. Their liquidity provider is a US Bank and their tech support is in the US. They do not have any US clients or so they say and I believe them.
Here is the message from today from JadeFX. My point is not about JadeFX as much as it is about:
1. Ensure that you have true segregation of funds.
2. Ensure that you truly know how your broker is/is not regulated.
3. First sign of trouble move the majority of your funds immediately. keep some in so the account is left open and you can come back if you wish.
4. Never have just one broker.
5. This is a sign of things to come.
_________________________________________________________________
We would like to update all our JadeFX Ltd club members on situation or isssue we have at hand. After today's meetings , there are several options that might occur.
Currently due to this intensive inquiry we can not process any funds because no access is allowed & will not be allowed until some resolution is found. We want to make sure that all our members understand the great challenges we are facing
What Options might be available for JadeFX Ltd club members:
1. bankruptcy -- if they prolong the inquiry to several weeks or months. This implies that we might be able to recover part of the funds
2. Complete aggresssive shutdown due to severe penalties and prolonging the inquiry-- this implies their will be some violations and we might be able to wind down and recover part of the funds.
3. Warning issued for any violations found and severe penalties applied ---this implies there will be a possibility to recover ALL or part of the funds.
NOTE: The situation right now is very fluid or very unpredictable , anyone who has dealt with the regulators understands how tough and unforgiving the outcome can be. We hope for the best and we are doing everything possible to have a positive outcome but we can not predict or know what will happen or how long it will take ( Days or Weeks ) , since they move very slowly
The regulators are coming down very hard on any brokerage regulated or unregulated or based in US or not Based in US , it does not matter. So long as you are dealing with any US bank for liquidity then you are in their crosshair.
we will also take down the website due to the ongoing inquiry for the time being and will turn it back up, once a resolution is reached. This is due to some changes required to meet certain non-solicitation clauses and various pieces of information required to be placed on the website.
For any communication while we are working on the issue please use only the email
Thank you and let's hope for the best
JadeFX
http://www.jadefx.com