FXSalt
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Overall
@Frank Fair comment. However, Lion Asset Management have not accepted new Managed Account clients since 2006 other than by an existing client introduction. And I can assure you that isn't about to change.
@DMBFX Anyone that knows me from elsewhere knows that my opinion of the FSA is similar to yours. As a regulatory organisation they are not fit for purpose. However, that is not the point. The fact remains it is a criminal offence to offer their financial services through a UK office address unless they are licensed by the FSA. Or are passported in from another EU country.
@Steve Are you really happy dealing with an organisation whose directors choose not to abide by the laws of the country or countries they choose to operate in? I find that a little surprising. But each to their own I guess.
Overall
Steve,
Just i hate unfair comments.
People can not exist by them selves, so they step on smaller ones to look bigger ! What a STUPID attitude.
I don't see a problem of you asking evidences but i do see a huge problem of people judging blindly !
I work from home, so am i doubtful ?
Overall
I don't have a problem with unregulated brokers providing they are reliable. There are some good brokers out there who aren't regulated.
I don't have a problem with what's been said with regards to the broker either. All I'm saying is that if Frank wants to lend weight to his point then the best way is to show us that he's using FXSalt and has had a withdrawal from them by linking his account here in MyFxBook and making it public. Anything else is unverified internet gossip really.
Overall
By the way, here is my email if required: [email protected]
Overall
Hi Steve - I know that you are not asking to see my bank statement so here is their edited advice and I confirm that the funds are in my account - if you please give me your email address then I will send you their email complete with their logo - thanks
From: FXSalt Admin [mailto:[email protected]]
Sent: Thursday, April 9, 2010 5:00 PM
To: '[email protected]'
Subject: FXSalt Withdrawl
Dear Mr Frank Reeves,
We have received your request for withdrawal as below:
User: FrankReeves (Mr Frank Reeves)
Email: [email protected]
Phone: 000000
Reference Number: EWP00000149
Payment Channel: Bank Wire
Withdrawal Amount: 8000.00 USD
Bank Account Holder Name: Frank Reeves
Bank Name: HSBC Bank
Bank Address: High Street, xxxxxxxxxx
Bank Account Number: GB27MIDLxxxxxxxxxxxxxx
Bank Swift Code / ABA: HSBCxxxx
Remarks:
Regards,
FXSalt TEAM
Overall
Try then judge, anything else it is just pure BULLSHIT and to the hell the regulations as far as i get what i pay for when i want it.
Parenthesis: FSA needs to be regulated in the first place. Just appreciate the UK's banking indutry and investment vehicles fiasco to appreciate the inefficiency of such organization !
As a customer, the day i'll hear they are regulated by the FSA, i'll withdraw my funds !
Overall
Hi Frank who registered 37 minutes ago,
Link the account. Show us the broker. Show us the withdrawals.
As they say "Don't tell, show"
Steve
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THANK YOU LION ASSET FOR SEEMINGLY TRYING TO LOOK AFTER THE INTERESTS OF US POOR PUNTERS - HOWEVER I DO SUSPECT YOUR MOTIVATION ABOUT YOUR FXSALT COMMENTS - I HAVE HAD VERY GOOD SERVICE FROM THEM AS WELL AS A RECENT REMITTANCE FROM PROFITS WITHDRAWN. BY MAKING YOUR COMMENTS IN THE NAME OF YOUR COMPANY THEN MAYBE (JUST MAYBE?) YOUR ARE TRYING TO GET SOME FREE ADVERTISING.
Overall
BTW you clearly have at least an affiliate relationship with them so perhaps you'd be kind enough to forward a link to this thread to FXSalt so they may comment further?
Overall
It is a criminal offence to offer their financial services through a UK office address unless they are licensed by the FSA. Even if it is no more than a mail-drop.
I doubt they're "regulated" by the SEC anyway. I'll take a look eventually.
In a nutshell we have a company that is based in a country where they do not accept clients. They use mail-drops. They are soliciting financial services business through this mail-drop address in the UK which is illegal under UK law.
The rest is smoke and mirrors. The fact that funds go to SCB. LMAO. Some of the biggest boiler room frauds have used that very bank. And many other mainstream banks. That simply has no bearing on the points you raised with them. The test is whether they are acting lawfully in the UK from their UK address. It is my contention they are not.
Sir, I doubt very much that unless somebody from FXSalt feels inclined to enter this discussion and state their association that anyone reading the comments here will ever do business with them. This may be good. This may be bad. I'll let others take a view as we all have to paddle our own canoe.
Good luck to you and thank you for your kind words.
Overall
Hi Lion Asset Management,
thankyou for your time and investigations. I completely agree with you. I personally have made so many bad experiences with many brokers which took my money and I would like to say thanks for your professional approach how to rate a new broker. Wow - Regarding your procedure of investigation I learned a lot. I never thaught about this. So I think that all of the people who will read this post will learn from this-thx!!
I send an email to FXSalt UK and got back this answer within a couple of minutes:
-- "you are correct - FXSalt is not listed with the UK FSA or the German equivalent. The important factor here is that the funds custodian company is regulated and the clients' funds are held in segregated ring fenced accounts at the Standard Chartered Bank.
FXSalt is a global operation , as you can see the website is translated into German, Japanese, Polish and the 3 language Indian version is currently being prepared. The sunny Sunbury residential address is only the central mailing location - all the trading actually occurs in New York under the watchful eye of the SEC. They do allow hedging but cannot accept residents of the USA because of this."--
Just let me know what you think about this answer.
Overall
Make of it what you will but they are not listed with the UK FSA. Even if they are registered with the German FSA equivalent they would have a passport licensing them in the UK.
An example of Alpari UK's listing and what I expected to find for Fxsalt UK is below:-
http://www.fsa.gov.uk/register/firmPassports.do?sid=167495
A search of Google maps in the leafy suburbs of Sunbury doesn't help either - http://bit.ly/cGfIWb. And as for Google Streetview, well, that backs up my impression that their UK address is a residential address. You can see their UK "Head Office" at http://bit.ly/cGfIWb.
So, would I do business with them? No. But if somebody who represents the company wants to comment further here it may help to enlighten others.
If no comment is made from the company then I'll draw the FSA's attention to this matter in due course. If I've made a mistake then I apologise unreservedly. I am only stating the facts based on my very limited quick reseach for the benefit of others.
Overall
@Andrey: I applied for a withdrawal and the funds were in my bank account within 2 business days
Just have a look to the FAQ for more information: http://fxsalt-de.com/en/faq
@Steve: You are welcome. If you are interested in some EAs just send me a message. Maybe we can exchange some information as I have 2 EAs that make money in the longterm and I am curious about your experience ;)
Overall
Thanks for going to the effort of doing that Stefan
Overall
Steve,
just download a demo as the demo datafeed is 100% the same as live datafeed.
As this is a STP / ECN broker spreads a variable and depend on market situation and currency pair.
I tracked spreads of several pairs with a MT4 script (spread history) running in the backround. So these are my average spreads (please note that FXSalt do not charge any comission on top, just spreads):
EURUSD: 1.5
GBPUSD: 2.3
GBPJPY: 3.3
USDCAD: 2.3
USDCHD: 2.2
For me this is perfect!
Overall
What are the spreads like on the majors?
Overall
Could anyone give some feedback about money withdrawal with them?
Thanks in advance!
Overall
Perfect pricing and service.
German customer service /// Deutscher Kundendienst unter http://www.fxsalt-de.com
Overall
Happy with the service, execution and spreads.
Very motivated team to deliver good quality forex trading environment
