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Featured Question
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 Tom
Herod, Head Turtle at ForexTurtle, answers your Forex questions.
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 I trade with a Swiss broker.
How can I find information about my broker's regulatory status?
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-Reto, Switzerland
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 Thanks for your question, Reto. In the
United States, traders can visit the
National Futures Association
(NFA) website to check a broker's regulatory status, but that capability varies
from country to country. In Switzerland brokers are required by law to register
with
PolyReg, a a self-regulatory
body established by the Swiss
Anti-Money Laundering Control Authority
(AMLCA) in 1997.
In 2003, the AMLCA had a search engine on its website which enabled the public to
verify whether or not a company had an AMLCA license or was affiliated with a self-regulatory
organization like PolyReg. However, in the summer of 2004, the AMLCA was required
to take the search engine offline because of the Data Protection Act, which prohibited
internet retrieval of information about financial intermediaries affiliated with
self-regulatory organizations in Switzerland.
Consequently, information regarding the regulatory status of a broker in Switzerland,
is now only available if you
telephone or email
the AMLCA. (ForexTurtle members can download more details about the AMLCA
here.)
We're compiling a worldwide list of Financial Services Authorities (FSA) registers
that accomodate online search. You can view our initial
International FSA Register
list as part of our
Quick List
selections.
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-Tom, ForexTurtle USA
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Questions in the Queue
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Questions we've selected to answer next.
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 I have been told that brokers can
change prices after an order is closed and change the value of my trade. Is that
true?
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-Safir, UK
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I
am an options trader but I have been thinking about getting into the Forex market.
Is it possible to buy/sell options on currency pairs?
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-htaylor, USA
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Past Questions
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Questions we've already answered. See all past Q&A.
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I'm working on an investigation
about FOREX and I'm having a really hard time trying to understand the dimensions
of the market and the average personal trading experience. Do you know:
- Average amount of money 1 person invests in the market
- Amount of transactions realized in one period of time
- How big the average transactions are?
- How long the life of an average client is?
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-Laura, Argentina
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I am wondering if Forex losses
are deductable on income taxes. I have been trading for years and have never
had an overall loss for a year, but one of my students had a loss for '08 and is
asking me if it can be deducted and I have no idea. Do you know? And, if so, how
should it be entered on a tax return?
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-Mindy, USA
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