Comment Text:
It is a criminal travesty that US forex traders are discriminated against, treated as 3rd-class citizens, and provided essentially ZERO protection. Not only do the CFTC and the NFA provide us no protection, they FORCE us to work with poorly-regulated US brokers, exposing us to additional damage. Given my choice I would trade at a Canadian FX brokerage, since they regulate and police FX adequately *and* they protect account holders with $1M insurance policies.
The NFA an CFTC give us nothing, except onerous rules (hedging restrictions, idiotic FIFO rules, leverage limits) imposed nowhere else in the word, that provide NO protection against dishonest or poorly-run FCMs.
I lost a significant part of my net worth at PFG. Fortunately some of it was in futures accounts so I will actually see a little of it back. But as the proposed CFTC regulations currently stand, I will have NO protection and NO recourse for my lost FX funds.
Forex traders are citizens just like futures traders, and we deserve the same level of protection. Stop the discrimination and give us the same level of protection and privilege provided to other classes of investors.
Gary Fritz
