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Thread: UGMFX - Comments?

  1. #1
    I am considering opening an account with United Global Markets. They're not very popular as FXCM, GFT, Oanda are etc and was just able to find several comments about them on FF. Anyone have terrible experience with them? Great? What are their weaknesses and strengths?

    Thanks

  2. #2

  3. #3
    Excess Net funds is just their Adjusted net capital - capital requirements.

    Quote Originally Posted by ;
    Their Excess Net Capital Is Quite low.
    Http://www.cftc.gov/files/tm/fcm/tmfcmdata0701.pdf

    Might Be a concern?

  4. #4
    Quote Originally Posted by ;
    Excess Net capital is their Adjusted net capital - capital requirements.
    So... is that an issue?

  5. #5
    I dun, I am not very concerned because I wasn't planning on using them.

    But you have to sort of know how they calculate Excess net funds. In theory, a business could have little excess capital because their capital requirements are greater. But, that does not pose a problem to solvency. It really depends upon how the CFTC calculates the broker's capital requirements.

    My concern is largely standing, and to an extent law. When I see few if any customer complaints and the positive feedback from other's I've heard outweighs the negative feedback that I've learned from others, then I consider using a particular broker.

    If I am neutral on a broker, I probably won't consider using them until I am positive that they will operate in a fashion that can fit my trading.

    Being regulated at this point is a step in the ideal direction, I would believe, but that's not enough for me to be convinced one way or the other.

    Quote Originally Posted by ;
    Excess Net capital is just their Adjusted net capital - capital requirements.

  6. #6
    I have been live for about a month now, and been fairly happy, mended spreads are nice, not many requotes, fairly good on fills. The 1 problem I am attempting to figure out it, is that I cant get certain EAs to function in their platform, when they work good on SBFX or even IBFX. I'm just like 90% happy with them, if I can get that figured out

  7. #7
    Quote Originally Posted by ;
    I have been live for about a month now, and been pretty happy, mended spreads are nice, very few requotes, pretty great on fills. The 1 problem I am trying to figure out it, is that I cant get certain EAs to work in their platform, if they work fine on SBFX or IBFX. If I can find that figured out, I'm like 90% happy with them
    Do the EAs in question work onto a UGMFX demo account? Do most or other EAs work on the live account?

  8. #8
    Quote Originally Posted by ;
    StockJay,
    I had been looking at them as well because of their tight fixed spreads and the simple fact they are delighted to let you use scalping egies. I have not used themso I would want to know in the event that you ever find any opinions from real account holders.
    I think they have just been receptive sine Nov. so at this stage they will take who and whatever they could. (scalping news traders)

  9. #9
    I just got words from a friend of mine who exchanged with UGMFX.

    He said that profits generated from his winning rankings were removed from his account.

    He is not a scalper. Positions are held by him more than one week.

    I could not get more info because he is very pissed at the moment submitting complaint with BBB, NFA and Atty Gen of Mass..

    If that is true, we will be hearing some significant news from these groups.

  10. #10
    Quote Originally Posted by ;
    I just got words from a pal of mine who traded with UGMFX.
    He said that profits generated from his winning rankings were removed from his account.
    He isn't a scalper. Positions are held by him .
    I still could not get more information because he is very pissed off at the moment submitting complaint with BBB, NFA and Atty Gen of Mass..
    If this is correct, we shall be hearing a significant news from these groups.
    Thank you for information BK. It'll save a lot of time and effort wit regards to the broker. Looks like stop several new brokers have setup shop lately expecting to make from the 95 percent of losers. But after a few good traders (news traders or scalpers) register together and start making profits, they cant afford to pay them therefore cancel their transactions.
    Remember what happened on the broker Profinum some time. They also started cancelling winning transactions and eventually they had to shut down.

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