ever heard of a broker running with all deposits??

Hi,

I am currently a client of a , say, controversial broker. Now I am wondering whether I should cancel my account there and move on to another one. One question that crossed my mind is whether you have ever heard of a broker who basically shut down all servers / websites and ran with all of his client's deposits. I am not sure whether you have heard the term "HYIP" before but somehow the HYIP 'industry' came to my mind a couple of times when thinking about whether or not I should be looking for a different broker, perhaps even a big one like Deutsche Bank or something like that.

Regards

Follow your gut instinct.

Follow the white rabbit

After the global financial crisis even the giant banks are not safe. Big does not always mean better.

Big is better in the animal world.

In human being world big does not always mean better

why not go with reputed companies?

If you go with a broker regulated in a strong country, then it just wont happen. In Australia brokers have to have insurance for certian things and I imagine it is similar in other countries like the UK or US. If you open an account with a small broker, unregulated and sitting in somewhere like the virgin islands then you have to ask why when you are given the option of hundreds of strongly regulated brokers.

Steph, Certainly UK/ Aus is better than questionable jurisdiction
However OTC FX in Australia still has problems, when it comes to client money safety.
We had a 47 Million dollar fraud witha "Regulated" FX broker purely because of insufficient checks and balances or lack of mechanism to protect consumer ( I am sure others will jump at my throat when I say this but check any PDS of AUs broker and you will see what I mean)
May be sticking with Australian arms of bigger brokers mght be a good idea! IG markets, DB does not offer retail Fx in Aus
Or in US CitiFX?
UK now has a FX exchange LMAX