CFTC orders Interactive Brokers to pay $700,000 civil penalty

[TraderNumber7]

$700k Fine For IB

Retail FX FCM types seem to get hit with an inordinate amount of this stuff. One more reason to get out of Retail Hell, as soon as humanly possible.

Unbelievable! IB was on my "Two Last Remaining in the United States" list of "trustworthy" Retail FX Intermediaries. In all fairness to IB, this fine had nothing at all to do with IB's relationship to its Customers, however. This was an P&P (Policy and Procedures) issue directly related to back-end regulations and not an issue for Customers on the front-end.

Still - Retail FX has many problems. I'm so glad that I no longer have to trade on Retail platforms. I feel sorry for the entry FX trader these days. Between prototypical Bucket Shops like FXCM, and outright Internet Scams from fake companies posing as Brokers, the New Guy entering FX Retail, has a whole lot to wade through.

- CitiFX

It just might be the ONLY decent Retail source in the entire United States of America!

What a total shame.

 

[wackypete2]

So after all that trashing using retail brokers and bragging about yourself being the only one who knows anything around here, one of the retail brokers you recommend as being trustworthy gets a $700K fine?

You are providing more lulz than the vendor scum.

Peter