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How to choose a broker safely

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  • Post #1
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  • First Post: Oct 25, 2013 3:24pm Oct 25, 2013 3:24pm
  •  johnpratt261
  • | Joined May 2013 | Status: Member | 36 Posts
I'm newbie sorry for my english .
My capital grow up every day , too much Regulator . (~2 year profit)
FSC http://fscl.org.nz/ Hotforex
FCA http://www.fscmauritius.org/ Roboforex http://www.bvifsc.vg/ Forex4you
Cysec http://www.cysec.gov.cy/default_en.aspx Exness

I fear someday lose all my money . I need a best Regulator when broker scams, I can get a refund from the Regulator (not profit just my capital) . I seem domain have ".gov" better than other. Can you help me ?
Internet is sharing
  • Post #2
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  • Oct 28, 2013 2:00pm Oct 28, 2013 2:00pm
  •  bmw335isedan
  • | Joined Oct 2013 | Status: Member | 9 Posts
For Forex, I think FXCM is the best

or

Interactive brokers

I personally use Tradestation for futures
 
 
  • Post #3
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  • Edited Oct 29, 2013 3:03am Oct 28, 2013 2:16pm | Edited Oct 29, 2013 3:03am
  •  Max FX
  • | Joined Aug 2011 | Status: Member | 162 Posts
Regualtion is not a guarantee especially if you are not local customer of the company. Just withdraw profit in time. And I bet that nothing will happen with many brokers: Alpari, FXPro, FXCM, IG, SAXO and many others. I am quite sure that you will fall sooner than these companies...
 
 
  • Post #4
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  • Oct 28, 2013 2:49pm Oct 28, 2013 2:49pm
  •  johnpratt261
  • | Joined May 2013 | Status: Member | 36 Posts
Quoting bmw335isedan
Disliked
For Forex, I think FXCM is the best or Interactive brokers I personally use Tradestation for futures
Ignored

So much Spread . For NDD Account 2.7 pip Spread EU . Other broker only from 0.6 pip EU .

Quoting Max FX
Disliked
Regualtion is not a garantee especially if you are not local customer of the company. Just withdraw profit in time. And I bet that nothing will happen with many brokers: Alpari, FXPro, FXCM, IG, SAXO and many others. I am quite sure that you will fall sonner than these companies...
Ignored
What mean garantee ,sonner ?
Floating leverage (Alpari) that mean it can automatic change from 1:500 to 1:10 ???? So High risk .
Internet is sharing
 
 
  • Post #5
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  • Oct 29, 2013 4:35am Oct 29, 2013 4:35am
  •  undergroundz
  • | Joined Nov 2012 | Status: Member | 226 Posts
I think your list is ok, if they can't take your money and leave you. Other brokers can do it. Nothing guarantee they won't leave you.
 
 
  • Post #6
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  • Oct 29, 2013 7:06am Oct 29, 2013 7:06am
  •  Alpari
  • | Commercial Member | Joined Jul 2008 | 506 Posts
Quoting johnpratt261
Disliked
Floating leverage (Alpari) that mean it can automatic change from 1:500 to 1:10 ????
Ignored
Hi johnpratt261,

Welcome to the forum!

Alpari UK uses a floating leverage system on MetaTrader 4 Micro, Classic and Pro accounts. This system automatically applies higher leverage on a trade by trade basis depending on your trade volume.

When you’re trading forex, an open position of less than USD3 million nominal value carries a maximum leverage of 1:500.

An open position of USD3 million to USD5 million carries a leverage of 1:500 for the first USD3 million and a leverage of 1:200 for the remaining USD2 million.

An open position of USD5 million to USD10 million carries a leverage of 1:500 for the first USD3 million, a leverage of 1:200 for the next USD2 million and a leverage of 1:100 for the remaining USD5 million.

For open positions higher than USD10 million, the first USD3 million carries a leverage of 1:500, the next USD2million carries a leverage of 1:200, the next USD5 million carries a leverage of 1:100. Everything above carries a leverage of 1:33.

For example, if you open a position of USD12 million (for example, 120 lots in USDCHF), your margin requirements will be:

http://imageshack.us/a/img9/9376/leveragex.jpg



Alex

________
Alexander Chadwick
Alpari (UK) Representative
 
 
  • Post #7
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  • Oct 29, 2013 7:19am Oct 29, 2013 7:19am
  •  Kilian19
  • Joined Jan 2011 | Status: Currently in Asia | 839 Posts
I don't know how often I have to explain this. High leverage isn't equivalent with high risk!!! Leverage just tells you how much positions you can potentially open with an account.

If you buy 1 lot with 1:33 leverage or with 1:500 doesn't make a difference. You have a net 1 lot exposure in one direction. The difference only is that on a 1:500 you might still be able to buy another lot but you don't have to! High leverage is great as it increases your field of operation but can also be used to over leverage. But that is the fault of the individual and not of the leverage itself. You don't have to do something because you could.
 
 
  • Post #8
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  • Oct 29, 2013 7:07pm Oct 29, 2013 7:07pm
  •  Jason Rogers
  • Joined Jun 2009 | Status: FXCM Representative | 5,808 Posts
Quoting johnpratt261
Disliked
Other broker only from 0.6 pip EU
Ignored
Hi John,

It's important when comparing spreads between brokers to keep in mind whether there are any additional commissions. For example, FXCM charges no commission on top of our spreads. Below is a snapshot I just took from the real-time spreads table here on Forex Factory, and as you can see, our spreads compare favorably with other brokers that don't charge commissions.

http://img833.imageshack.us/img833/3325/bzml.png


Spreads are important, but they are just one factor out of many to consider when choosing a broker along with 24 hour customer support, trading platforms offered, education, resources, etc. We seek to provide competitive spreads while also delivering great execution and a safe place for you to hold your funds.

It's no secret that the brokerage industry has been in the midst of a price war for the past couple of years. That combined with lower trading volumes last year have caused many brokers to struggle. There was even a broker in Europe that went bankrupt after trying to entice clients with 0 pip spreads. Last year also saw the failure of a US broker that had previously touted their razor thin spreads. We've had other brokers have to pull out of the US after being unable to meet regulatory capital requirements.

If recent events have taught us anything, it's that the financial stability of the broker you choose can have far greater implications than we previously thought. Unfortunately, the vast majority of forex brokers are privately held companies, so it's hard to know the state of their finances. Are they profitable, or are they barely staying afloat? How can you know whether they are safe place to keep your money?

FXCM is a publicly-traded company (NYSE ticker: FXCM), so information regarding our financial data is readily available. This is one of the reasons why traders have entrusted us with $1.171 billion in client funds as of the latest publicly available data.

Jason
 
 
  • Post #9
  • Quote
  • Oct 29, 2013 7:31pm Oct 29, 2013 7:31pm
  •  TraderPablo
  • | Joined Oct 2011 | Status: Member | 1,416 Posts
Quoting Jason Rogers
Disliked
{quote} Hi John, It's important when comparing spreads between brokers to keep in mind whether there are any additional commissions. For example, FXCM charges no commission on top of our spreads. Below is a snapshot I just took from the real-time spreads table here on Forex Factory, and as you can see, our spreads compare favorably with other brokers that don't charge commissions. {image} Spreads are important, but they are just one factor out of many to consider when choosing a broker along with 24 hour customer support, trading platforms offered,...
Ignored
does ur company offer segregated accounts?...
 
 
  • Post #10
  • Quote
  • Oct 30, 2013 2:10am Oct 30, 2013 2:10am
  •  FXOjafar
  • | Joined Feb 2006 | Status: FXOpen AU Representative | 496 Posts
I agree spreads are important to judge how good your trading experience would be with a broker. With commissions added (ours is from $1.80 each way) you can work out the total cost per trade. If you are a high frequency trader, it can make all the difference.

Attached Image (click to enlarge)
Click to Enlarge

Name: spreads.png
Size: 145 KB


Safety of funds is also a concern. As an ASIC regulated broker, FXOpen AU is bound by very strict laws with regards to the use of client funds and where they are held. We hold client funds in CBA which is one of Australia's "Big 4" banks and according to Australian law, your money can only be used to cover trading margins. This is a good thing in my opinion. We have seen too many companies go under because of economic mismanagement and poor investment of client funds by unscrupulous dealers.

Australia has a great corporate culture that frowns upon any kind of corruption or shady dealing that doesn't give everyone a "fair go". Sydney is a friendly place, so you might like to pay us a visit and see how we can help you trade well and grow.
 
 
  • Post #11
  • Quote
  • Oct 30, 2013 3:15am Oct 30, 2013 3:15am
  •  Max FX
  • | Joined Aug 2011 | Status: Member | 162 Posts
Quoting FXOjafar
Disliked
Safety of funds is also a concern. As an ASIC regulated broker, FXOpen AU is bound by very strict laws with regards to the use of client funds and where they are held. We hold client funds in CBA which is one of Australia's \"Big...
Ignored
Dear FXOjafar, can you please give detailed answer how are customers of your company protected from bankruptcy of your company. Who is covered clients, what is maximum amount and etc. Detailed answer will be apreciated.
 
 
  • Post #12
  • Quote
  • Oct 30, 2013 3:18am Oct 30, 2013 3:18am
  •  Max FX
  • | Joined Aug 2011 | Status: Member | 162 Posts
Quoting Jason Rogers
Disliked
{quote} . It's no secret that the brokerage industry has been in the midst of a price war for the past couple of years. That combined with lower trading volumes last year have caused many brokers to struggle. There was even a broker in Europe that went bankrupt after trying to entice clients with 0 pip spreads. Last year also saw the failure of a US broker that had previously touted...
Ignored
Dear Jason,

I would like to ask you same question as FX Open representative. Can you please give detailed answer who clients of your company are protected from bankruptcy. Who is covered clients and what maximum amount will be paid per customer.
 
 
  • Post #13
  • Quote
  • Oct 30, 2013 3:20am Oct 30, 2013 3:20am
  •  Max FX
  • | Joined Aug 2011 | Status: Member | 162 Posts
Dear Alex, Alpari UK representative.

Can you please answer how customers of your company are protected from bankruptcy. Who is covered clients and what maximum amount will be paid per customer. Thanks in advance.
 
 
  • Post #14
  • Quote
  • Oct 30, 2013 3:24am Oct 30, 2013 3:24am
  •  Max FX
  • | Joined Aug 2011 | Status: Member | 162 Posts
If we will get an answer from all three representatives than we can compare. I would like to hear answer on same question from CySec regulated company. Than we will be need answer from swiss company. After that all most respectable countries will be covered.
 
 
  • Post #15
  • Quote
  • Oct 30, 2013 3:46am Oct 30, 2013 3:46am
  •  Alpari
  • | Commercial Member | Joined Jul 2008 | 506 Posts
Quoting Max FX
Disliked
Dear Alex, Alpari UK representative. Can you please answer how customers of your company are protected from bankruptcy. Who is covered clients and what maximum amount will be paid per customer. Thanks in advance.
Ignored
Hi Max FX,

Good question.

We know that the safety of your funds is an important for your peace of mind. That is why we’d like to take the time to explain how Financial Conduct Authority (FCA) regulations work and make sure you know the facts.

FCA regulation – understanding the facts

In order to be licensed and regulated by the FCA, we need to adhere to the regulator’s rules and obligations. The FCA performs frequent checks to ensure businesses are fully compliant.

Under FCA client money rules, Alpari UK is required to segregate all retail client funds from our own funds. This separation of accounts ensures that your money can never be used as a recoverable asset by Alpari UK's general creditors.

These funds are held in separate bank accounts. We take great care and diligence in their selection. Currently the client funds are held in Barclays, Bank of America Merrill Lynch and Royal Bank of Canada, three of the world's top-tier banks. In addition to these, company funds are also held in Morgan Stanley.

It’s also important to know that the FSA requires regulated businesses to maintain a minimum capital adequacy at all times to ensure businesses remain financially stable.

Your money is protected

In the unlikely event that Alpari UK is unable to meet its financial obligations, you can submit a claim to the Financial Services Compensation Scheme (FSCS). This scheme protects up to GBP50,000 per person.

The FSCS also protects the money in our segregated retail accounts. If a bank holding the funds you have deposited with Alpari UK goes into liquidation you will be able to claim up to GBP85,000 per person and per institution.

Eligibility depends on the status and the nature of your claim.

You can find out more from this booklet or on the FSCS website.

Treating customers fairly

We put your interests at the centre of our business to ensure we comply with FSA Principle 6: “Pay due regard to the interest of its customers and treat them fairly.” Read more about how this principle is applied across all areas of our day-to-day business activities.


Alex

________
Alexander Chadwick
Alpari (UK) Representative
 
 
  • Post #16
  • Quote
  • Oct 30, 2013 4:05am Oct 30, 2013 4:05am
  •  seaman2
  • | Joined Feb 2013 | Status: Member | 1,363 Posts
To Alpari UK

Does 50K FSCS scheme protects non gb citizen ?

Same question if bank goes under (which is not just remote fantasy)
 
 
  • Post #17
  • Quote
  • Oct 30, 2013 4:16am Oct 30, 2013 4:16am
  •  Max FX
  • | Joined Aug 2011 | Status: Member | 162 Posts
Quoting Alpari UK
Disliked
{quote} Hi Max FX, Good question. We know that the safety of your funds is an important for your peace of mind. That is why we’d like to take the time to explain how Financial Conduct Authority (FCA) regulations work and make sure you know the facts. FCA regulation – understanding the facts In order to be licensed and regulated by the FCA, we need to adhere to the regulator’s rules and obligations. The FCA performs frequent checks to ensure businesses are fully compliant. Under FCA client money rules, Alpari UK is required to segregate......
Ignored
Thanks very much for your prompt and detailed reply. Can you please clarify your FSCS rules. Just to be clear, in unlikely even of Alpari UK going belly up, will absolutely any retail client regardless of his/her citizenship or residency be able to claim this GBP50,000 insurance payment.
 
 
  • Post #18
  • Quote
  • Oct 30, 2013 4:38am Oct 30, 2013 4:38am
  •  Alpari
  • | Commercial Member | Joined Jul 2008 | 506 Posts
Hi seaman2 / Max FX,

Quoting seaman2
Disliked
To Alpari UK Does 50K FSCS scheme protects non gb citizen ? Same question if bank goes under (which is not just remote fantasy)
Ignored
Quoting Max FX
Disliked
{quote} Thanks very much for your prompt and detailed reply. Can you please clarify your FSCS rules. Just to be clear, in unlikely even of Alpari UK going belly up, will absolutely any retail client regardless of his/her citizenship or residency be able to claim this GBP50,000 insurance payment.
Ignored
Generally speaking, the FSCS can only accept claims from individuals and small companies or small charities. Overseas financial services institutions and large companies are excluded.

Full details of who is eligible to benefit from the FSCS protection can be found here.


Alex

________
Alexander Chadwick
Alpari (UK) Representative
 
 
  • Post #19
  • Quote
  • Oct 30, 2013 5:04am Oct 30, 2013 5:04am
  •  Max FX
  • | Joined Aug 2011 | Status: Member | 162 Posts
Quoting Alpari UK
Disliked
Hi seaman2 / Max FX, {quote} {quote} Generally speaking, the FSCS can only accept claims from individuals and small companies or small charities. Overseas financial services institutions and large companies are excluded. Full details of who is eligible to benefit from the FSCS protection can be found here. Alex ________ Alexander Chadwick Alpari (UK) Representative
Ignored
Hi again, thanks for your reply and for the link. But it doesn't really answer my question. Can I please have a straight answer to my question. Say if I had a China or any other passport for that matter, and lived in my respective country, would I be eligible to claim the insurance provided by the FSCS, in case Alpari UK went under?
 
 
  • Post #20
  • Quote
  • Oct 30, 2013 5:55am Oct 30, 2013 5:55am
  •  Alpari
  • | Commercial Member | Joined Jul 2008 | 506 Posts
Quoting Max FX
Disliked
{quote} Hi again, thanks for your reply and for the link. But it doesn't really answer my question. Can I please have a straight answer to my question. Say if I had a China or any other passport for that matter, and lived in my respective country, would I be eligible to claim the insurance provided by the FSCS, in case Alpari UK went under?
Ignored
Hi Max FX,

In the unlikely event that Alpari UK is unable to meet its financial obligations, as an individual you can submit a claim to the FSCS, no matter where you are based.


Alex

________
Alexander Chadwick
Alpari (UK) Representative
 
 
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