JadeFX
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Myfxbook should red flag these type of brokers, or take them off the comparison list.. good thing the website is not working for unsuspecting clients..
http://forexmagnates.com/cftc-shuts-down-jadefx-owned-by-jacob-juma-omukwe/
shut down - out of business
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Yes, it is bad....also having funds with JadeFx, hoping to get it back one day :-(
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The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in the U.S. District Court for the Western District of Wisconsin charging defendants Jacob Juma Omukwe, JadeFX Ltd. (JadeFX) and Jade Investments Group, LLC (Jade), all of Wisconsin Dells, Wis., with operating a fraudulent off-exchange retail foreign currency (forex) scheme through the website www.jadefx.com. None of the defendants has ever been registered with the CFTC.
The CFTC complaint alleges that, from at least June 2009 through the present, Omukwe, Jade FX and Jade fraudulently solicited and misappropriated more than $3.2 million from more than 500 customers in the United States and throughout the world to trade forex. Contrary to Omukwe’s representations, only a fraction of customer funds were traded and most of the funds were misappropriated. In addition, the complaint alleges that JadeFX and Omukwe failed to register as a retail foreign exchange dealer (RFED) and associated person (AP) of an RFED, respectively, as required under the Commodity Exchange Act (CEA) and CFTC regulations.
Defendants allegedly made explicit but false guarantees on the JadeFx website including that (1) all customer funds are traded in forex, (2) customer funds are completely segregated from JadeFX’s operating accounts and (3) customer funds were protected from bankruptcy.
Instead of segregating customer money into separate accounts, Omukwe allegedly pooled all customer funds together into bank accounts that he exclusively controlled. From these bank accounts, only a portion of customer money was traded in forex. Omukwe allegedly misappropriated the remaining funds to pay for personal and business expenses, including the operational costs of JadeFX and Jade.
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I guess you need to wake up and realize the truth about Leverage. True STP or ECNs to True Banks offer between 50:1 to 200:1 but mostly 50:1 to 100:1 . That is because that is the Risk the True Banks are willing to take on Leverage.
Any Broker offering you anything about above 200:1 e.g 500:1 or 400:1 or 300:1 is a Dealing Desk though they might tell you that they offer STP. You need to find a broker who is a PURE STP or ECNs.
But also you have to be careful about ECNs .Not all ECNs go the Liquidity Banks and it also depends on what is in their Liquidity Banks Pool ( Liquidity Banks, Prime Brokerages & Retail Traders )
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I have to Admit that out of 15 Brokers i have used in the past 7 Years . JadeFX is the Best . Some new traders will always Complain and scream at nothing. Some of us traders , expect things that only exist in our dreams.
Three things that i need to trade successfully
1. Low insititutional Spreads & Fast STP Executions
2. Low Commissions
3. Honesty in their executions
I believe some of us traders need to understand that brokers do business to make money and they are not charity but as long as i know what i am paying at the forefront then i have no problem . I have been with JadeFX for over 1 year and frankly , they are one of the Best in the business and no bullshit .They are honest and provide all the 3 things i need to succeed.
Now if the 4th thing you need is A Good Trading System not 99% Garbage Expert Advisors being sold on the Internet. Without a Good Trading system that can survive all the Market conditions it does not matter how good your broker is, you will always loose money . So Get yourself a good trading strategy , automate it , Backtest it , forward test it and then Trading it.
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I was with them through the move and I never recall then saying the trades would be moved to the new liquidity provider (I'm not even able to wrap my mind around how that would even work in theory), but I was given ample time to wind down the open positions. In fact I was so tired of the slippage with the old liquidity provider that I wound down my trades early and requested the move early.
With that said, I am NOT happy with the new liquidity provider! At least the old liquidity provider would slip you both ways (for and against you)... this new one will ONLY slip against you, never for you. They also have been experiencing down time that is unacceptable during normal market hours. Their tech support is not as easy to get a hold of anymore. It's sad to see with all the new technology improvements, the quality of service has gone downhill.
I will be moving my accounts to FxOpen (True ECN) with the hopes that the ECN aspect will help make the marketplace a more fair marketplace as was the case when NASDAQ and their SOES system was unfair. For those who were not around during this time, NASDAQ did everything in their power to make it a fair place to trade for there own NASDAQ traders, and NOT a fair place for anybody else. NASDAQ bandits they were called for simply offering better spreads to the trading public. When NASDAQ complained, the regulatory bodies said there was nothing they could do because these "NASDAQ Bandits" were making it a better place to trade for the retail trader. So what did NASDAQ do, implement crazy rules like the 5 min rule that said you had to hold a position for 5 mins before you could turn around and close it, and the 17 sec rule which said other NASDAQ traders were allowed to verify who the order was going to and had 17 seconds to reascend the order (so they could keep it all in-house). It wasn't until Island ECN and Archipelago routing reached that tipping point that forced NASDAQ to clean up it's act and start trading like a fair and free marketplace.
The same needs to take place in Forex and I welcome a true ECN (that allows hedging -- sorry MBT) and I encourage all traders to demand ECN trading so that we together can make this marketplace a more free and fair marketplace.
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When Jade decided to change liquidity providers a few months ago, first they said all open trades would be moved to the new provider. Then they changed their minds, got a little crabby and not so nice to get along with and forced everyone to close out open orders. I lost a lot of money (about $12k) because of Jade. Definitely would not recommend them. I thought they were the greatest thing around for the first few months. I should have listened to the folks preaching about them not being regulated. Live and learn. Don't make the same mistake.
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Well I got all excited but then I saw the deal breaker. The Max leverage is 100:1 horrible many EAs need high leverage to run ..
randy
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Been trading with JadeFX since the beginning of 2010 and the experience has been positive. Very good spreads. Good execution. Fast account set-up. Plus I agree with the philosophy of these guys to not give-in to fed regulation. A very clean and easy trading environment that is a relief after trading with FXCM.
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Yes the reason is becoming extremely clear and it IS actually an advantage and I'll explain why and how... Why do they incest of passing regulations that the people do NOT want??? they want to keep retail traders from pulling money out of the corrupt and highly manipulated stock markets and putting their money into Forex. Like the Obama administration, this is history repeating itself all over again. Free markets work better when government: 1) stay's out of the way; and 2) keeps the playing field fair and free of fraud (nothing more, nothing less). The powers that be fail to understand history and this point eludes them for reasons that could only be described as ideological in nature.
This is exactly what happened when Futures were gaining market share, and the options brokers didn't like the fact that money was moving elsewhere. What did they do, push for regulators to decrease the leverage so that futures were no longer more attractive than options. Now it's Forex that is the more attractive marketplace... why? because there are many more participants... why? because you don't need a lot of money and it cannot be easily manipulated. Sure there are big fish, but the only thing scary to a big fish is a bigger fish.. and there is ALWAYS a bigger fish!
The problem with the regulators (like the Obama administration) is that they will FAIL not for lack of effort, but because they cannot see the forest from the trees and fail to grasp that a free market by its very nature is immune to socialist agendas. Let me explain... 1) NFA does NOT make money off of the retail investor, they make their money from the signatory member brokers with membership fees etc. It's the member brokers who make there money from the retail trader to pay the hefty membership dues; 2) All these regulations are doing is pushing the money overseas and to companies out of the jurisdiction of the NFA (like JadeFX.) With no money being made by the retail forex brokers, they will stop paying membership fees to the NFA and what really makes the NFA upset is that they can NOT force their policies on the rest of the world (although it can be argued that it is this very reason alone why they attempt these regulations -- hoping the rest of the world will follow -- but it will not.)
So while NFA member brokers have a handicap that diminishes their ability to compete freely in a global market, like water which always finds the lowest point, so too will the money.. right into the hands of those brokers ready to capitalize and fill the need being created by such socialistic policies and as pointed out we are already seeing examples of this.
History tells us the main problem with socialist agendas is that eventually you run out of people to tax.
Pray for Obama. Psalm 109:8
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I have traded live with Jadefx and I have found them to be a good broker.
I do a lot of scalping and it is profitable with Jade. I regrettably had to close the account simply because I have access to a much better strategy that I cannot implement at Jade. Given the fact that their minimum trade size is 0.1 standard lots, it is not practical to leave a small amount of money in the account for trading.
I run similar strategies across many brokers and I can tell you that regulation does not translate into profits. Regulation, also does not translate into protection for the trader. So, if regulation and nice paperwork are your top priority, then these guys are probably not for you, but if profitable trading is, then you can consider Jade as a good broker.
Just a word about the "cloned documentation"........you will probably find that they are using a BT liquidity bridge. BT also provide pro-forma documentation as part of a complete "Start Your Own Brokerage" program. I doubt there is anything more devious than a simple lack of customisation on their part at play here.
I might also add that the speed of deposit and withdrawal is really fast.
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Here's 7 of 9
http://wehaveinternets.files.wordpress.com/2009/05/jeri_ryan-7of9_005.jpg
And here's a normal Borg
http://blogs.orlandosentinel.com/.a/6a00d83451c3cb69e20120a510d7dc970b-800wi
See the problem?
So if you're not 7 of 9 and you're part of the collective, isch....the prognosis is not so good.
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Not to mention that the Borg might be in on it, talk about conflict of interest. Just remember not all Borg looked like 7 of 9. Most were actually quite ugly....
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And on top of that there's the cloned documentation....
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😁
the regulation is there for a reason... and i'm sure many here would see it as a big negative point rather than an advantage.
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I'm with forexlit...
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Care to elaborate that empty statement?
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I also use this broker and can attest to their incredible speed at depositing funds. They are also very quick to fill requests to withdrawal funds as well. Their spreads are better than my Dukascopy Suisse account but the execution is not quite as quick. Don't get me wrong, JadeFX's execution is still great, it's just not as blistering as Dukascopy. Their commission fees are more than reasonable and their spreads are razor thin. I have used Alpari (US), TadawulFX, and FXCM US & UK. None of them come close to the performance, bargain, and satisfaction that JadeFX has. I have used scalpers, grids, and manual trading all of which perform exactly as each is intended (my performance is the weakest point right now).
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Are you joking?
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I added Jade FX as one of my brokers 3 weeks ago because of the spread and low fee, .50 per round lot traded. So far I am very happy with them. They have posted my deposit faster than anyone else has ever done. I have not withdrawn anything yet, if they are anywhere near as fast as they are with deposits then I will return and max out the rating for them.
I have been with The Collective now for a while and find Jades FX's "mission" statement is exactly the same. Even the web site seems the same. The only difference is a monthly fee is charged with The Collective instead of a commission per trade.
If you want an ECN broker you need to consider Jade FX. They are unregulated and this allows hedging.
