bwizard,

Appreciate a reference to the relevant NFA/CFTC documentation that states it is illegal to solicit clients via the internet. There is a world of difference between 'non-compliance' and illegal.

All I can see is the NFA is a voluntary membership organisation. I think this is a just a storm in a tea cup, and the clients' only way out is full-on civil litigation. This appears to be a case of the guy has lost his money and now he is resorting to some form of legal extortion to recover his funds. I would say this is only a threat to a trader that is US based and is dealing with US clients.

The fact that he has found a lawyer that will fight his case means nothing. I have yet to find a lawyer that will turn anything down.......generally a lawyers' point of view is 'It doesn't matter whether you have a case or not, I have 3 kids to put through college, so I will fight really hard for you'.

I think we should rather be talking regsitration from a credibility point of view, rather than a legal point of view. Consumer education should be given priority rather than enforcement(which I believe to be impossible anyway).

Well for case as such, better create some EA thing to manage client account.

Such as rent a signal EA, where after you install the EA, it will do exactly what the Expert Trader do.

Setup a homepage, providing EA leasing service, and charge by percentage of net profit monthly.

As such of business service, you can have all the customer from the world without boundary.

What about the setup of PAMM account ? Is this kind of FX Manager service and need to register as business ad regulated ?

So now I'm very confusing, that are we discussing the small group of personal private FX manager or the big company of FX Investment firm.

Just like are you a not a graduated teacher, can you give private tuition to student ? Or you must go under some Tuition Center or open a Tuition Center by yourself.

Can you be prosecute if you give internet tuition to student from all over the world without license ? You are unregister teacher in China, so the student in US complain your ethics of practice. So NFA or CFTC can do anything about it ?

Well if tuition teacher and FX manager are the same category of similar case.

I think is much easy for the newbie to understand, that NFA/CFTC is just some nice Certificate hanging at the Tuition Center Firm and got nothing to do with the unregister private teacher.

WhyLose posted:
    Malta is my base DD and I use an ITC which gives me an effective tax rate of 5% on the company side and helps on a personal level if I don't stay in Malta more than 6 months each year.

Comisión Nacional del Mercado de Valores is at http://cnmv.es and is the relevant regulator.

We are closed to new clients except by recommendation from an existing client. And have been since 2006. That is when we stopped updating performance there.


Which is a different way of saying you are soliciting for clients or you wouldn't be on this forum. Certainly nothing wrong with this of course. Only problem is the fact that you have no effective trading statement of anything. Your account http://www.myfxbook.com/members/WhyLose/lion-asset-select/30721 here has only a $3000 deposit, which would probably only cover your plane tickets every six month from tax have to tax haven. All trading history has been marked as private, thus not much can be deduced from it. The broker also is private. But even if it was a real account generating say 2000% profit it still wouldn't really say anything because you could have 1000 companies in many tax havens. The issue of having 10000 separate real accounts was discussed here: http://www.myfxbook.com/community/trading-systems/wdgannlive/38421,1

WhyLose posted:
    Sir, you're entitled to your opinion. And I do not have the inclination to comment further other than to say you are incorrect on most points.


Another point is that for those firms running PAMM accounts, their trading statements to myfxbook.com must clearly be marked as such. Myfxbook.com has now such a large profile, reputability and clout with mbtrading, alpari etc. that I can't see why Alpari won't provide such information via mutual consent to myfxbook.com. Such a PAMM account will have lots of deposits and of course a reasonably large equity. As far as I know there isn't a single PAMM account on myfxbook, we only have real accounts showing 2000% gain but with an initial deposit of $500 or similar meaningless amount from the same sockpuppet. myfxbook can only verify a real statement, they don't know if such a real statement is but 1 out a 1000 from the same individual hiding behind hundreds of offshore accounts, trust funds etc.

The role I see for myfxbook is that they can leverage their name and clout to also start verifying large hedge forex funds as listed by http://www.barclayhedge.com/research/indices/cta/sub/curr.html

Very well said
MFB and Barclayhedge should work together
There is also many other sites that allow to publish and analyze statements, everyone has something different to offer
Maybe someone should buy all these sites and combine the best ideas with the best verification methods to create a much larger and transparent community.
And we should really have two section clearly separated in any community THE LIVE and THE DEMO sections.
Its driving me crazy when I see a beautiful growth curve just find out a few seconds later that its a Demo account.


R



stephanusR posted:
  
Another point is that for those firms running PAMM accounts, their trading statements to myfxbook.com must clearly be marked as such. Myfxbook.com has now such a large profile, reputability and clout with mbtrading, alpari etc. that I can't see why Alpari won't provide such information via mutual consent to myfxbook.com. Such a PAMM account will have lots of deposits and of course a reasonably large equity. As far as I know there isn't a single PAMM account on myfxbook, we only have real accounts showing 2000% gain but with an initial deposit of $500 or similar meaningless amount from the same sockpuppet. myfxbook can only verify a real statement, they don't know if such a real statement is but 1 out a 1000 from the same individual hiding behind hundreds of offshore accounts, trust funds etc.

The role I see for myfxbook is that they can leverage their name and clout to also start verifying large hedge forex funds as listed by http://www.barclayhedge.com/research/indices/cta/sub/curr.html