NFA’s Credit Card Ban Proposal – Another Malicious Nail in the Retail Forex Coffin
NFA has gone a long way trying to completely kick retail forex out of the US eventually reducing the number of retail forex brokers from several dozens to just 11. With FX Solutions heading out as well the number of US forex brokers may fall below 10 within few months.
The latest proposal to ban the use of credit cards and ewallets as a funding method is just another nail in the retail forex coffin. However what makes it special is that NFA is bluntly ignoring its own members, namely the Forex Committee and makes a proposal exclusively concerning forex brokers however without even consulting with them. The only FDMs in the US systematically accepting credit card funding are the RFEDs, that is retail forex brokers. Some brokers have over 60% of total funds deposited by credit cards and other electronic wallets.
Read the entire story posted by Michael Greenburg on ForexMagnates by clicking here.
NFA’s Credit Card Ban Proposal
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SatchFan
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WideEyed
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Re: NFA’s Credit Card Ban Proposal
Is it perhaps a knee-jerk response to some clients over-extending themselves on their cards?