Hi Folks.

First, a quick reminder that we are going to have a webinar this Sunday (April 8th) at 7 p.m. eastern time, looking at a simple and low stress way to trade Gold using a common indicator with some uncommon settings.  You can learn more at http://fxscalpingacademy.com/spring2018

Earlier today I sent out an email regarding FinFX rising like a Phoenix from the ashes of its former self, only now they are based in Malaysia.

I had a long Skype conversation with a friend of mine who is tied in closely to a group of brokers, including Tallinex and the old FinFX, who was able to fill in some blanks and set me straight on a couple of issues.

When we were all trading with FinFX back in the early teens, they were based in Finland but were not a "regulated" broker at the time.  Once they decided to apply for a regulated license (or whatever it was they were seeking) Finland required them to ditch all their US based clients in order to be in compliance with various treaty-based regulations.  Once that was done, Finland still rejected their application and gave them 30 days to shut down.

Sometimes it just doesn't pay to do the right thing.

So they had 30 days to find a home for their remaining non-US based clients, and this was how they ended up with BCFX in Cypress.  It's fairly similar to how us former Tallinex traders ended up at Capital City Markets.  They simply moved their entire client base en masse.

Problems arose when 30 days later BCFX ran into their own regulatory problems with Cypress regulators (again, I'm still shocked such an organization even exists), and found themselves shut down as well.  I'm told the problems were nothing to do with missing money or short funded accounts but just some ridiculous violation that put a burr under someone's saddle in Cypress and they closed down the entire shop).

Now for the good news.

The resurrected FinFXGlobal is owned and operated by some of the same folks who ran things when they were still in Finland.  In other words, it's back under Old Ownership.

Now for the bad news.

If you are a US based trader, you need to have a minimum of $10M in liquid assets and open an account with $5M (M stands for Million, in case you were wondering).

So that probably leaves one or two of you out in the cold.

As for non-US based clients, I'm feeling a lot better about the new FinFX now than I was about 8 hours ago.  I'm just sorry I can't throw some coin in their direction and try them out personally.

And this whole FinFX thing is relevant because in about 60 days, the EU is going to impose a bunch of new rules on EU based brokers which will severely limit the amount of leverage they will be able to offer their clients (thanks to Roswitha for the tip and to my back room brokerage contact who confirmed all the bad parts in our convo).  A lot of EU (and probably UK) based brokers are going to see a lot of their smaller retail clients head for the exits in search of an offshore broker who can provide a trading environment similar to what we once enjoyed back when Forex was just getting underway.

So the news that the new FinFXGlobal is really the old FinFX in a different part of the world is actually comforting to a degree.  If any of you who are able open an account with them I will be very interested to hear about your experiences.

And for the few of you who inquired over the last few hours who I am trading with these days, I am still with Traders Way: https://www.tradersway.com/?ib=1014617  I have a great story to share about them but I will save that for another email.

Jeff