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MT4 Broker & Protected Deposits

  • #1
  • First Post: Apr 4, 2008 5:13am Apr 4, 2008 5:13am
Hi there,

this might be a relatively stupid question, but given the current turmoil in financial markets, I am looking for a broker where my deposits are protected such that there is no bankruptcy risk with the broker. I know that accounts with e.g. Interactive Brokers or ABN Amro are protected but neither of these offers MT4. I have been demotrading on MT4 and Oanda for 2 years now and have developed a trading strategy that I would like to automate once I go live. Therefore I would like to use MT4 for the sake of simplicity.
As my account size will be relatively sizeable, deposit protection is crucial to me. In a nutshell I am looking for an honest, reliable broker where deposits are protected and that runs MT4 as its trading platform. I would be really grateful for any advice!
  • #2
  • Apr 4, 2008 5:31am Apr 4, 2008 5:31am
Quoting lstd
Hi there,

this might be a relatively stupid question, but given the current turmoil in financial markets, I am looking for a broker where my deposits are protected such that there is no bankruptcy risk with the broker. I know that accounts with e.g. Interactive Brokers or ABN Amro are protected but neither of these offers MT4. I have been demotrading on MT4 and Oanda for 2 years now and have developed a trading strategy that I would like to automate once I go live. Therefore I would like to use MT4 for the sake of simplicity.
As my account size will be relatively sizeable, deposit protection is crucial to me. In a nutshell I am looking for an honest, reliable broker where deposits are protected and that runs MT4 as its trading platform. I would be really grateful for any advice!
don't know if they are any good or what it means but ALpari.co.uk are FSA regulated. Not the biggest range of currencies though but I don't think I've seen anything bad about them.

max
Gravity goes both ways in forex...
  • #3
  • Apr 4, 2008 12:03pm Apr 4, 2008 12:03pm
Are you a US resident? I have found as a US resident it is tough to find the criteria you have specified.
  • #4
  • Apr 5, 2008 3:41am Apr 5, 2008 3:41am
FXCM.

Not the best of brokers, but they are safe.
  • #5
  • Apr 5, 2008 8:22am Apr 5, 2008 8:22am
Quoting forexmoments
FXCM.

Not the best of brokers, but they are safe.
So who do you think is the best broker?

Thanks,
  • #6
  • Apr 5, 2008 10:31am Apr 5, 2008 10:31am
Quoting forexmoments
FXCM.

Not the best of brokers, but they are safe.
Safe? What is safe? Nothing. Even ABN's insuration goes only up to 20k. If you get a real crash nothing is safe anymore. You'd need physical gold, silver...

Regards - Xaron
  • #7
  • Apr 6, 2008 12:08am Apr 6, 2008 12:08am
Quoting lstd
Hi there,

this might be a relatively stupid question, but given the current turmoil in financial markets, I am looking for a broker where my deposits are protected such that there is no bankruptcy risk with the broker. I know that accounts with e.g. Interactive Brokers or ABN Amro are protected but neither of these offers MT4. I have been demotrading on MT4 and Oanda for 2 years now and have developed a trading strategy that I would like to automate once I go live. Therefore I would like to use MT4 for the sake of simplicity.
As my account size will be relatively sizeable, deposit protection is crucial to me. In a nutshell I am looking for an honest, reliable broker where deposits are protected and that runs MT4 as its trading platform. I would be really grateful for any advice!
probably fxcm, as they are well capitalized. but dont be your life fortune on it.
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  • #8
  • Apr 6, 2008 12:39am Apr 6, 2008 12:39am
Quoting jjk2
probably fxcm, as they are well capitalized. but dont be your life fortune on it.
As safe as Refco?

Nothing is 100% safe not even houses.
  • #9
  • Apr 7, 2008 6:29am Apr 7, 2008 6:29am
When I am talking about protected account I mean that the deposits are held with banks that are part of a deposit protection scheme like e.g. in Germany the "Einlagensicherungsfonds" which provides bankruptcy insurance for each account up to 30% of the banks subscribed equity. I am a German resident but German brokers are basically crap and also I am not aware of one running MT4.
  • #10
  • Apr 7, 2008 7:10am Apr 7, 2008 7:10am
Its my understanding that brokers regulated in the UK under the FSA (Hotspot Europe or alpari UK for example) are part of a compensation scheme. I dont know the details, i guess you can learn more on the FSA page.

There are also a few others with a banking licence like Saxo or ABN Amro who have a comepensation scheme.
  • #11
  • Apr 14, 2008 4:03pm Apr 14, 2008 4:03pm
Quoting PipStar
As safe as Refco?

Nothing is 100% safe not even houses.
of course, retail forex is the bottom of the hiearchy. but since ppl want to protect money, it is best that they go with a major broker with good capitalization if the person insists trading forex
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  • #12
  • Apr 14, 2008 6:56pm Apr 14, 2008 6:56pm
as far as i remember, i got email about insurance something from fxpro few weeks ago, perhaps it is the protection that u need....
  • #13
  • Apr 14, 2008 8:30pm Apr 14, 2008 8:30pm
Quoting shrike
Its my understanding that brokers regulated in the UK under the FSA (Hotspot Europe or alpari UK for example) are part of a compensation scheme. I dont know the details, i guess you can learn more on the FSA page.

There are also a few others with a banking licence like Saxo or ABN Amro who have a comepensation scheme.
actually when you goto sign up with alpari uk, you have to sign away any
protection that fsa gives, goto sign up and read there contracts, you'll see the page I'm talking about.
  • #14
  • Last Post: Apr 14, 2008 9:14pm Apr 14, 2008 9:14pm
Very true re Alpari UK, that is why I didn't sign up with them.
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