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Wanted: Broker with insurance on margin deposit wit gd spreads

  • #1
  • First Post: Mar 2, 2009 11:28pm Mar 2, 2009 11:28pm
hi, does any know of any brokers which offers insurance on margin deposit(secure our funds in case broker goes bankrupt) and nice spreads?

thank you ! hope to hear from u guys !
  • #2
  • Mar 3, 2009 3:47am Mar 3, 2009 3:47am
I think most brokers can give you an individual bank guarantee for deposits above $100k. Take your pick.
  • #3
  • Mar 8, 2009 2:51pm Mar 8, 2009 2:51pm
Hi,

You should go for one of the UK brokers where they offer seggregated accounts under the FSA.
Check FXCM UK, CFH Markets who I know both have this. I would think ODL and CMC being UK regulated also offers seggregated accounts. But check with them directly.

George
  • #4
  • Mar 9, 2009 3:03am Mar 9, 2009 3:03am
IB has insurance coverage on cash balances up to $1M.
  • #5
  • Mar 9, 2009 7:36am Mar 9, 2009 7:36am
Quoting Trader KGB
IB has insurance coverage on cash balances up to $1M.
Cover this insurance the Spot Forex accounts too ?
  • #6
  • Mar 9, 2009 11:22am Mar 9, 2009 11:22am
i believe Citifx pro is the only one to offer FDIC insurance. its without any dollar limit.
  • #7
  • Mar 9, 2009 12:00pm Mar 9, 2009 12:00pm
Check this out

Quote
New Deposit Insurance Limits - Congress has temporarily increased FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31, 2009. Changes have also been made to other account types. For more information visit: Deposit Insurance Coverage Summary
  • #8
  • Mar 9, 2009 12:29pm Mar 9, 2009 12:29pm
Quoting tomlee
Cover this insurance the Spot Forex accounts too ?
SPIC says no, IB says yes. (Who knows what Loyd's of London would say.) As has been mentioned before, IB handles forex trades a bit differently (debit/credit balances instead of the futures contract format). Perhaps this is what makes the difference, however, until this coverage is put to the test, I'd be sceptical.
  • #9
  • Mar 9, 2009 12:39pm Mar 9, 2009 12:39pm
Quoting fxterrapin
SPIC says no, IB says yes. (Who knows what Loyd's of London would say.) As has been mentioned before, IB handles forex trades a bit differently (debit/credit balances instead of the futures contract format). Perhaps this is what makes the difference, however, until this coverage is put to the test, I'd be sceptical.
What he said.
  • #10
  • Mar 9, 2009 1:05pm Mar 9, 2009 1:05pm
Quoting tomlee
Cover this insurance the Spot Forex accounts too ?

Let me add that the thing that will really protect your account through a depression style contraction, is

1) IB's tight (almost anal) risk management which seems to be very professional as is displayed by their willingness to increase margins drastically when volatility increases. This greatly reduces counter-party risk, etc. Also there are no margin calls, your positions are liquidated immediately. In fact, their credit rating was just increased to BBB+, which for a company of its size isn't chicken liver.

2) IB's business model. The brokerage business model is one of the most profitable there is and IB is well established in this industry.
  • #11
  • Last Post: Mar 9, 2009 1:14pm Mar 9, 2009 1:14pm
Quoting Trader KGB
What he said.

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