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  • #161
  • Apr 17, 2012 4:12pm Apr 17, 2012 4:12pm
I am a US resident and still trading with TP.. a service rep said that it's fine that I keep trading but I had a problem depositing more into my account today but he also noted that it was a validation issue and was told to contact the back office

Should I be concerned about my funds and about the CFTC?? I recently opened an account at mbtrading but enjoy the deposit bonuses at TP. I dont want to stop trading with this broker but if It's unsafe to remain a US resident and trade overseas then I will withdraw my funds
  • #162
  • Apr 21, 2012 3:34am Apr 21, 2012 3:34am
Hi TP rep.,
all my demo & real account are invalid.

what's wrong?
  • #163
  • Apr 22, 2012 4:31am Apr 22, 2012 4:31am
Quoting ravenlok
Hi TP rep.,
all my demo & real account are invalid.

what's wrong?
Dear Ravenlock,

During Non Market Hours (Weekends), maintenance work is done on our systems which means that you might run in to a case of not being able to login to your account for a while sometimes when the market is closed.

Thank you,

Chris A. Zacharia
  • #164
  • Apr 22, 2012 6:08am Apr 22, 2012 6:08am
Quoting TradingPoint
Dear Ravenlock,

During Non Market Hours (Weekends), maintenance work is done on our systems which means that you might run in to a case of not being able to login to your account for a while sometimes when the market is closed.

Thank you,

Chris A. Zacharia
Could you tell me why paypal is no longer accepted on your site. I read from last year that it was accepted and now not? Thank you.
  • #165
  • Apr 22, 2012 5:14pm Apr 22, 2012 5:14pm
do not even think about scalping with this guys,they wide spreads very well.
  • #166
  • Apr 23, 2012 2:44am Apr 23, 2012 2:44am
Quoting ohammond
Could you tell me why paypal is no longer accepted on your site. I read from last year that it was accepted and now not? Thank you.
Dear Ohammond,

Paypal has been removed as a funding/deposit method approximately 12 months ago when Trading Point introduced zero fees on all deposits and all withdrawals.

Thank you,

Chris A. Zachara
  • #167
  • Apr 23, 2012 2:46am Apr 23, 2012 2:46am
Quoting ohammond
Could you tell me why paypal is no longer accepted on your site. I read from last year that it was accepted and now not? Thank you.
you should just get a paypal mastercard, its linked to your paypal account and you can get % cash back
  • #168
  • Edited 8:45pm Apr 24, 2012 8:44pm | Edited 8:45pm
Quoting TradingPoint
Dear Ravenlock,

During Non Market Hours (Weekends), maintenance work is done on our systems which means that you might run in to a case of not being able to login to your account for a while sometimes when the market is closed.

Thank you,

Chris A. Zacharia
Now (25apr2012, Wed), I'm getting two statements for the same trading day with different results sent for 23 & 24 April 2012.

The 1st one got 6 "closed transactions" details; the 2nd one (sent minutes later) only got the top 2 usdcad for "closed transactions" for that day (for 24apr).

It seems I'm getting lesser profit for the same day's statement (for 24apr & 23Apr) on the 2nd statement's *closed transactions*- my bottom-line.

Hope your side would resolve this right so there would not be such cause leading to a dispute- which I do hope not. I've made this report to TP support.

Anyone else got similar problem?
  • #169
  • Apr 25, 2012 2:17am Apr 25, 2012 2:17am
hi trading point..
is there any mobile version metatrader on trading point such as on blackberry, android, apple, n other..>?
  • #170
  • Apr 25, 2012 2:19am Apr 25, 2012 2:19am
Quoting jajano
hi trading point..
is there any mobile version metatrader on trading point such as on blackberry, android, apple, n other..>?
Dear Jajano,

We offer applications for all major mobile devices, which you can download from here --> http://www.trading-point.com/trading-platforms

If you may need help feel free to email me directly at chris[at]trading-point.com

Thank you,

Chris A. Zacharia
  • #171
  • Apr 25, 2012 11:57pm Apr 25, 2012 11:57pm
I am having trouble with my execution. It has become very slow, taking 3-5 seconds for every trade to execute, entry and exit. This just started tonight, early Central Standard Time Thursday 26th, it used to be very fast taking a second or less. My demo accounts execution is as fast as ever but my live account is super slow. Is Trading-Point maybe working on their servers or is this a normally slow time for execution? Anyone know including the TP representative?
  • #172
  • May 2, 2012 2:24am May 2, 2012 2:24am
When the US regulators said DO NOT chase the US public as potential clients they meant it! Cyprus based Trading Point has been given a harsh warning and fine by the CFTC as it has been found guilty of unlawfully soliciting U.S. customers to engage in foreign currency trading and was operating as a Retail Foreign Exchange Dealer (RFED) without being registered with the CFTC.
Since the Dodd Frank regulations were implemented in 2008 the whole OTC FX trading landscape was changed. US traders were forced to trade on low leverage and non US regulated brokers could not solicit clients from America.
Trading Point has been asked to pay a fine of $140,000 in addition to close all U.S. customer accounts and to return each U.S. customer funds in the customer’s account. It also directs Trading Point to publish a prominently displayed notice on its website, stating that Trading Point does not provide services for U.S. customers.
Most UK and Cyprus (regulated brokers) have clear disclaimers on their site informing US residents they cannot do business with them.
The CFTC and NFA have been cracking down on unlawful and un-regulated firms both in US and outside offering ponzi schemes, trading without authorisation and soliciting without regulations.
If there are any other non US regulated brokers solicitng US clients please feel free to share!
Forexmagnates team wrote a detailed report on the effects of Dodd Frank and MIFIFD 2, available in the Q4 201 quarterly report.




Source: http://www.fxstreet.com/news/forex-n...8-a3437094d48a
  • #173
  • May 2, 2012 7:33pm May 2, 2012 7:33pm
Trading Point of Financial Instruments Ltd is a European Union-regulated company, licensed by CySEC, and operating its services in strict compliance with the Markets in Financial Instruments Directive (MiFID)2004/39/EC. MiFID is a European Union law that provides harmonized regulation for investment firms across the 30 member states of the European Economic Area. The main objective of the Directive is to increase competition and consumer protection in investment services.

The MIFID consumer protection regulation is by no means inferior to any non-EU regulation equivalent to it. Moreover, the EU directive respects the rights of any responsible trader, allowing them to trade under the conditions they choose, as long as the substantial risks of financial loss are clearly made known to them.

In line with the recent news of Trading Point’s final settlement with the CFTC and with regard to the 8th of September 2011 lawsuit for failure to register according to the new legislation, Trading Point of Financial Instruments Ltd would like to make the following statement:

The complaint of the CFTC was officially forwarded to Trading Point of Financial Instruments Ltd in the middle of September 2011. In order to settle the matter as quickly as possible, the company management and legal advisory team immediately initiated communications with the legal department of the CFTC.

Furthermore, in response to the press release by CFTC of the 8th of September 2011, Trading Point of Financial Instruments Ltd published several press releases informing the public of the issue. For further reference, please see these press releases at:

Official Response – Trading Point of Financial Instruments
http://www.babypips.com/blogs/espipi...x-entities.htm

http://www.forexcrunch.com/cftc-sues...rex-companies/
http://www.forexpeacearmy.com/forex-...companies.html

At a later stage, and strictly in accordance with the CFTC directives, Trading Point ceased to accept any new US residents as clients during the time of ongoing negotiations. At the time, the company management took the decision to further provide services to existing US clients who registered with the company before that stage, and also to ensure the same high level of services to them as they were previously used to. This was again done with the awareness of the CFTC as the issues regarding the future of the US client accounts were at that point uncertain.

Trading Point ranks among those very few EU-regulated forex broker companies that decided to settle the matter without disrupting the smooth operations and services provided to its clients.

Hereby, we would like to inform all our clients that we reached a final agreement with CFTC and that the matter in question is now officially closed. The Illinois Court Order ordered the closing of all US accounts within a very short notice and the settlement of all remaining US accounts. It is Trading Point’s intention to register under the 2008 Farm Bill, the Dodd-Frank Act, and the CFTC regulations and thus the speedy settlement of the lawsuit.
Trading Point prides itself in its reputation for having the clients’ best interests as its main priority. We have served all our clients with the same outstanding professional courtesy and truly unrivalled trading experience. The company respects and does its best to act in line with the laws and regulations of every country.

Thank you,

Chris A. Zacharia - Official Representative of Trading Point of Financial Instruments
  • #174
  • May 2, 2012 10:26pm May 2, 2012 10:26pm
hello, im planning to open an account here..

but can u assure me as im reading about this :
http://www.cftc.gov/PressRoom/PressReleases/pr6248-12

May 1, 2012

Quote
Federal Court in Illinois Orders Trading Point of Financial Instruments Ltd. to Pay $140,000 Penalty for Acting as Unregistered Retail Forex Dealer

Trading Point also ordered to cease soliciting U.S. customers and to modify website

Action part of CFTC’s second nationwide sweep against forex firms for failure to register under the 2008 Farm Bill, the Dodd-Frank Act, and CFTC regulations

Washington DC – The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court consent order requiring Trading Point of Financial Instruments Ltd. (Trading Point), of Limassol, Cyprus, to pay a $140,000 civil monetary penalty to settle CFTC charges. The order finds that Trading Point unlawfully solicited U.S. customers to engage in foreign currency (forex) transactions and operated as a Retail Foreign Exchange Dealer (RFED) without being registered with the CFTC.

The consent order, entered April 25, 2012, by Judge John W. Darrah of the U.S. District Court for the Northern District of Illinois, permanently bars Trading Point from engaging in any conduct that violates the Commodity Exchange Act (CEA) and CFTC regulations, as charged. The order also requires Trading Point to close all U.S. customer accounts and to return each U.S. customer all funds in the customer’s account. It also directs Trading Point to publish a prominently displayed notice on its website, stating that Trading Point does not provide services for U.S. customers.

The order finds that between November 2010 and September 2011, Trading Point solicited orders from low net worth U.S. customers to open leveraged forex trading accounts through its website. The order finds that Trading Point acted as an RFED by offering to be, and acting as, a counterparty buying and selling forex contracts with U.S. customers without being registered as an RFED.

The order settles CFTC charges brought against Trading Point as part of the CFTC’s second “sweep” against forex firms for unlawfully soliciting U.S. customers to engage in forex transactions and operating as RFEDs without being registered with the CFTC (see CFTC Press Release 6108-11, September 8, 2011).

In the forex market, RFEDs and some registered commodity futures brokers may buy forex contracts from, or sell forex contracts to, individual investors who possess sufficient net worth to qualify as eligible contract participants (ECPs). Firms that market forex contracts to customers who are not eligible ECPs are required to register with the CFTC and abide by rules and regulations designed for investor protection, including those relating to minimum capital requirements, recordkeeping, and compliance.

CFTC Division of Enforcement staff members responsible for this case are Jon J. Kramer, Elizabeth M. Streit, Joy McCormack, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.

CFTC customer protection information for retail forex customers

The CFTC strongly urges the public to check whether a company is registered before investing funds. If a company is not registered, an investor should be wary of providing funds to that company. A company’s registration status can be found on the National Futures Association’s website at http://www.nfa.futures.org/basicnet.

Before investing money in the forex market, the CFTC also strongly urges members of the public to review the CFTC’s forex consumer protection advisories listed below.

CFTC Consumer Advisories on Forex Fraud

If it sounds too good to be true, it probably is!

http://www.cftc.gov/enf/enf-forex.htm

Fraud Advisory from the CFTC: Foreign Currency Trading (Forex) Fraud

http://www.cftc.gov/ConsumerProtecti...fraudadv_forex

Foreign Exchange Currency Fraud: CFTC/NASAA Investor Alert

http://www.cftc.gov/ConsumerProtecti...asaaforexalert

Media Contacts
Dennis Holden
202-418-5088

Last Updated: May 1, 2012
  • #175
  • May 3, 2012 2:30am May 3, 2012 2:30am
Quoting jajano
hello, im planning to open an account here..

but can u assure me as im reading about this :
http://www.cftc.gov/PressRoom/PressReleases/pr6248-12

May 1, 2012
halo bro

I don't think there is any relation between that issue and opening an account with them. The issue are about illegal U.S customer, which they shouldn't accept. It's not about fraud or something dishonest.

I've traded with them and think they have a good quality and being honest. The only problem is that they're market maker, which make the spread is high compared to the other. but that wouldn't be a problem if you're not scalping.

Salam sukses
Be the market
  • #176
  • May 3, 2012 4:43am May 3, 2012 4:43am
Just got to say Fuck You to Dodd, Frank, and the CFTC. You can all go to hell. You fucking suck. You don't own me, and I will trade with whomever I want.
  • #177
  • May 3, 2012 2:32pm May 3, 2012 2:32pm
Just FYI, my account was locked today by Trading-point, and all open positions were closed as of midnight yesterday at market price.

I chatted with them today, and they said they were forced to close all U.S. accounts. I've put in my request for withdrawl of funds.

Its a shame, but not totally unexpected. I am surprised that they agreed to pay a fine....they are not based in the US, so they could have just said "no thanks" to the CFTC.

Well, looks like its back to MB Trading for me...I never closed my account there, just let it go dormant. I'm sure not gonna enjoy the 50:1 leverage, no hedging, etc. rules that benefit me in no way whatsoever.
Disregard all prognostications.
  • #178
  • May 3, 2012 2:46pm May 3, 2012 2:46pm
It really is a sad day indeed. I still can't believe all these brokers are caving in. I have no idea what type of leverage the CFTC can possibly have with brokers in a foreign country, just seems strange to me.

TP is a good broker and they have come a long way since the early days and I was very happy with them. I don't know, if I move out of the U.S. I would open another account for sure.

Anyways, the search for a new broker is on. Not much left out there and who knows how long they will accept US customers until they give the boot. I guess that is just another RISK of trading to manage.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #179
  • May 5, 2012 11:00am May 5, 2012 11:00am
hi trader point

i want to open account with 100 dollar .is it possible.i want to deposit by credit card.
Trading by EA
  • #180
  • May 5, 2012 7:53pm May 5, 2012 7:53pm
Dear mmudasir,

You are more than welcome to open an account with $100. In regards to funding yes we do accept deposits by credit cards.

If you many need additional help feel free to contact me personally.

Thank you,

Chris A. Zacharia
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