Which is the safest broker in relation to the bank they keep they're accounts with | Forex Factory

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Which is the safest broker in relation to the bank they keep they're accounts with

  • #1
  • First Post: Apr 20, 2010 8:49pm Apr 20, 2010 8:49pm
I'm with Oanda currently - who bank with JP Morgan. To say the least I'm concerned and would like to move my account to a bank that is as safe as possible.

Any ideas gratefully received!
  • #2
  • Apr 20, 2010 9:36pm Apr 20, 2010 9:36pm
You shouldn't really be concerned with the safety of funds at JPM, as they're in the 'too big to fail' camp of essentially US gov't insured banks. If you'd like to take extra precaution, you're best off trading via a UK-domiciled, FSA regulated broker, where your funds will be segregated. Find one that banks with RBS and your funds are protected by the UK gov't/taxpayer, by way of the UK gov't/taxpayer owning 80% of RBS.
  • #3
  • Jun 3, 2011 10:14am Jun 3, 2011 10:14am
Quoting Trader KGB
You shouldn't really be concerned with the safety of funds at JPM, as they're in the 'too big to fail' camp of essentially US gov't insured banks. If you'd like to take extra precaution, you're best off trading via a UK-domiciled, FSA regulated broker, where your funds will be segregated. Find one that banks with RBS and your funds are protected by the UK gov't/taxpayer, by way of the UK gov't/taxpayer owning 80% of RBS.
On that note, RBS uses the same platform as Oanda but offers a great variety of commodities and other tradable options. Spreads are not quite as good but that will hit hardest if your a scalper or intraday looking for tighter profits. If your looking for long term position holding then they might be a better option.

RT
  • #4
  • Jun 8, 2011 1:34am Jun 8, 2011 1:34am
my broker banks with Barclays which has the highest rating in eu..
  • #5
  • Jun 9, 2011 8:33am Jun 9, 2011 8:33am
Quoting squaw
my broker banks with Barclays which has the highest rating in eu..

could you tell us what you broker is ?
  • #6
  • Jun 9, 2011 9:14am Jun 9, 2011 9:14am
Quoting @999
could you tell us what you broker is ?
Are you serious?
Attached Image
  • #7
  • Jun 9, 2011 1:40pm Jun 9, 2011 1:40pm
Hi,

I think it can be Dukascopy as you can keep funds in your own bank account & get settlements on daily basis. But you need at least +100k$ account to have that.

Regards
13
Brokers are angels
  • #8
  • Jun 10, 2011 1:33am Jun 10, 2011 1:33am
All of the Australian brokers have to keep there client funds in a separate account as required by ASIC (make sure they are ASIC registered, will say on the front page of their website). If the broker goes into administration, client accounts cannot be touched and have to be paid out before any creditors.

Gomarkets (singapore owned company, australia based, ASIC registered) use National Australia Bank who are one of the big 4 banks in Australia one of the largest 20 banks in the world last time i checked. Any other Australian broker will be similar
  • #9
  • Jun 10, 2011 2:56am Jun 10, 2011 2:56am
Quoting havaiana
All of the Australian brokers have to keep there client funds in a separate account as required by ASIC (make sure they are ASIC registered, will say on the front page of their website). If the broker goes into administration, client accounts cannot be touched and have to be paid out before any creditors.
I don't think so, maybe in theory, but in practice when Sonray bankrupt clients lost their money.
  • #10
  • Nov 4, 2014 8:10am Nov 4, 2014 8:10am
Quoting fx111
{quote} I don't think so, maybe in theory, but in practice when Sonray bankrupt clients lost their money.
I agree with you...
They are very easy to deception and all information on website is totally fake and scam. So, be careful and keep warn..
  • #11
  • Nov 4, 2014 9:46am Nov 4, 2014 9:46am
Quoting Trader KGB
You shouldn't really be concerned with the safety of funds at JPM, as they're in the 'too big to fail' camp of essentially US gov't insured banks. If you'd like to take extra precaution, you're best off trading via a UK-domiciled, FSA regulated broker, where your funds will be segregated. Find one that banks with RBS and your funds are protected by the UK gov't/taxpayer, by way of the UK gov't/taxpayer owning 80% of RBS.
Completely agree. FCA (now it is called like this) is the safest and the best one
  • #12
  • Nov 4, 2014 12:53pm Nov 4, 2014 12:53pm
I think there is one major flaw with what the US traders above are saying ......I wouldn't be so worried about your brokers bank going bust, I would be more concerned that your broker is not required to have their clients funds segregated! ie lets just help ourselves to our clients funds shall we to cover any funding issues

I think MF Global did just that!
  • #13
  • Nov 8, 2014 11:29pm Nov 8, 2014 11:29pm
Quoting magpie23
I'm with Oanda currently - who bank with JP Morgan. To say the least I'm concerned and would like to move my account to a bank that is as safe as possible. Any ideas gratefully received!
Really? I trade with Oanda too, and Oanda singapore manage my account, are they put my money in JP Morgan? I don't like this bank too, they just been finned some million dollars
  • #14
  • Nov 9, 2014 12:04am Nov 9, 2014 12:04am
Hey guys,
http://en.m.wikipedia.org/wiki/List_of_largest_banks
It's surprised me that JP Morgan is too big, it totally safe!
  • #15
  • Nov 10, 2014 6:53pm Nov 10, 2014 6:53pm
Forex.com (Gain Capital)


"Safety of customer deposits
All customer deposits are kept separate from our own operating funds and distributed across a global network of custodian banks. Every bank we use holds an investment-grade rating and is monitored as per the guidelines set by the Risk Committee of GAIN‘s Board of Directors."


http://www.forex.com/financial-stren...-security.html
"Look Left Think Right"
  • #16
  • Nov 10, 2014 9:05pm Nov 10, 2014 9:05pm
Quoting CurrencyAnalyst
Forex.com (Gain Capital) "Safety of customer deposits All customer deposits are kept separate from our own operating funds and distributed across a global network of custodian banks. Every bank we use holds an investment-grade rating and is monitored as per the guidelines set by the Risk Committee of GAIN‘s Board of Directors." http://www.forex.com/financial-stren...-security.html

Safety of customer deposits All customer deposits are kept separate from our own operating funds - This is a standard procedure from all FX broker licensed holders under reputable regulators like ASIC in Australia.
Equally the major Australian banks where the majority of funds are held by Australian brokers are protected by the taxpayer bailout scheme despite them making record profits.
  • #17
  • Last Post: Nov 10, 2014 9:12pm Nov 10, 2014 9:12pm
Quoting CurrencyAnalyst
Forex.com (Gain Capital) "Safety of customer deposits All customer deposits are kept separate from our own operating funds and distributed across a global network of custodian banks. Every bank we use holds an investment-grade rating and is monitored as per the guidelines set by the Risk Committee of GAIN‘s Board of Directors." http://www.forex.com/financial-stren...-security.html
Liar is trying to promte scam Gain Capital company"All winning accounts will be closed immediately and only losers may apply"
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