Francesc Riverola,
Hi everyone
If you go around Forex Forums, you’ll see a lot of noise going around NordMarkets lately. Most of the noise comes from a group of Spanish traders that are having a big dispute with the firm.
During the last few weeks I’ve been in close contact with those traders and they have presented me their case against NordMarkets. All proves provided were sent to NordMarkets CEO Mr. David Novin in order to get his view.
The big problem FXstreet.com is facing in this dispute is that the case is about to go to court, so none of the parts have been willing to provide all necessary proves as they do not want to put in danger their position in court. That is leaving us to a very difficult situation.
What we have seen from proves and comments made by both parties is that something obscure is going on and that someone here has messed things up quiet heavily.
As between the group of Spanish traders and the broker there is also an IB that was trading their account, the situation gets even more messy as it is not a case between two parts but three.
For this reason, on October 1st 2009 I decided to temporarily suspend FXstreet’s commercial relationship with the Swedish brokerage firm NordMarkets.
NordMarkets was one of the firms included in FXstreet’s brokerage list and we also had an IB agreement with them as they were one of the brokers participating to our Pip Rebate Program. Both commercial relationships are being put on hold.
I want to stress again that temporary suspending the commercial relationship with NordMarkets does not mean we believe that the company lead by Mr. Novin is guilty of any crime. That assumption is absolutely false as by the proves provided we can’t conclude with a 100% guarantee who is telling the truth.
I think that our obligation as a reliable Forex site is to put ourselves on the sidelines of this case - for this reason we put the commercial relationship on hold - in order to avoid that anyone else could get somehow hurt from the consequences of this case.
At the same time, I’m putting right now my blog at the disposal of both parties for any statement they may wish to make referring this unfortunate case that I hope will be soon left behind.
Also, we have requested NordMarkets not only to be registered but also to be supervised by Swedish FSA before restarting the relationship.
As many of you already know, being fully registered in one of the following countries: US, UK, Australia, Canada, Nordic Countries, Japan and Switzerland is a must to be listed in our list of brokers. Of course, brokers must accept to pay our fees to be in the list, otherwise FXstreet.com would not exist as we live from advertising.
At this time, we are not accepting in the list brokers with European Union passport.
More about our decision regarding EU passport brokers here:
http://blogs.fxstreet.com/francesc?s=EU+passport
From now on, we won’t accept brokers that are just registered but they will also need to be supervised by a trusted government body regulator.
Thanks
Francesc
Thanks, Francesc.
It’s good that fxstreet has decided not to enter into partnerships with brokers who are not registered with their countries’ financial supervisory body. Your action shows that fxstreet is a responsible forex news and knowledge provider.
Best regards.
Marc
The thing is that in this case, NM was registered so they were meeting our request as we thought that registering and supervising went together. As they did not, we are now requesting the registration and the supervision. We request both
Thanks for your kind words
I have been dealing with NM and some of my friends are satisified with them. It is sad that some clients can affect the relations with fxstreet. So i order to be just in this case fxstreet has to let go of the arguments from a few people who shouts the loudest. As far as it goes, fxstreet should be respectfull and not letting this affect NM in a bad way, as far as I know NM has a great deal of credibility!