DislikedRefco was a prime broker too, and claimed that money of their clients is in segregate accounts.Ignored
when a broker goes bankrupt 0 replies
Looking For A New Broker Since Boston Prime Went Bankrupt 33 replies
what happens if your broker goes bankrupt? 8 replies
Why a broker bankrupt? 2 replies
DislikedRefco was a prime broker too, and claimed that money of their clients is in segregate accounts.Ignored
DislikedTechnically, when the broker goes bankrupt, you go 'bankrupt' too. Read the contract when you open an account at an fx broker. Even it it's a registered one at NFA, CFTC, FSA.
But it seems that this apply mostly to the so called bucket shop/market makers. For second/prime brokers, it'a another field.Ignored
DislikedOnly trade with brokers that have bankruptcy protection:
Such as IB, Dukascopy and the like.........Ignored
DislikedRefco was a bucket shop mate, their antics are why FXCM got the rep of being a dodgy broker. Refco was a market maker of the worst kind from what i heard, back in the dark ages of dealing desk only fixed spread retail FX!!! When all FX brokers profited from our losses.Ignored
DislikedRefco was the worst of the worst in retail forex market. Till that day, no retail broker can hold a candle next to that bucket shop ... FXCM does come close.
Because of FXCM direct involvement with Refco back then, I will never deal with them.
BTW, Refco was a bucket shop. Refco was the largest bucket shop to date.Ignored
DislikedOnly trade with brokers that have bankruptcy protection:
Such as IB, Dukascopy and the like.........Ignored
DislikedWhat are you saying - when trading currency futures or spot forex with Interactive Brokers, in case of bankruptcy money is gone or?Ignored
DislikedWere there any signs, any bad news about them before they collapsed and froze client's money?
I read that they suffered a loss 2009. - "Sonray’s latest accounts did display signs of financial stress. The company suffered a $1.5m loss for the year ended 2009, as expenses of $10.5m outweighed $8.3m in revenue, up from a $442,000 loss for the previous year as costs rose at about twice the rate of revenue."
http://www.contracts-for-difference....dministration/Ignored
DislikedI think as a private company there was no way for outsiders to know if Sonray was making those losses!
The facts you mention come out only afterward! ( may be I am wrong some people in the Know may knew !)Ignored
DislikedI think as a private company there was no way for outsiders to know if Sonray was making those losses!
The facts you mention come out only afterward! ( may be I am wrong some people in the Know may knew !)Ignored
DislikedOn top of that even traders complaint when govt tries to regulate FX! becasue they think that it is impinging on free market! ( in other words to keep the high leverage etc they are happy for lax regulations!)Ignored