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Is your money safe with your broker?

  • #41
  • Jun 20, 2012 5:34am Jun 20, 2012 5:34am
Dukascopy is signatory of "Swiss Banks' and Securities Dealers' Depositor Protection Association". Client’s deposits are protected until maximum CHF 100’000.- for each client. http://www.einlagensicherung.ch/en

From 100 000 USD and up you can use bank Guarantees to keep the funds with your trusted bank.

From 250 000 USD and up you can open Segregated Swiss Bank Account of your choosing.

Barclays Stockbrokers may also be good choice regarding safety of deposited funds. They are part of the Barclays Bank Group. The only drawback is 0.5 lot niminum trading size which makes very precise risk management a bit difficult.
  • #42
  • Jul 10, 2012 10:46pm Jul 10, 2012 10:46pm
Quoting CHFJunkie
If you plan to deposit these amounts with a broker, then choose a futures broker , then your funds will be insured and you will not have to worry.
PFGbest is one
No such thing as we see Right Now! Futures brokers segregate funds however that's only on paper the hands holding control of the cookie jar are th one's to watch.

Indeed this latest stunt should spark even more regulation, but hopefully this time it wont be so much noticed street side but rather a smack to the brokers back office structuring.

"Look Left Think Right"
  • #43
  • Jul 10, 2012 11:05pm Jul 10, 2012 11:05pm
unless hell freezes over citi not going no ware
  • #44
  • Jul 22, 2012 2:11pm Jul 22, 2012 2:11pm
barclays was involved in fixing and recently fined arecord amount PFG's CEO admitted to committing fraud for over 20 years stealing from customers in a suicide note which can b found here ----> http://www.zerohedge.com/news/full-pfg-ceo-suicide-note f anyone still thinks there money is safe with ANY broker they should think again .... how many more examples do you need
  • #45
  • Jul 22, 2012 2:25pm Jul 22, 2012 2:25pm
Quoting CHFJunkie
If you plan to deposit these amounts with a broker, then choose a futures broker , then your funds will be insured and you will not have to worry.
PFGbest is one
well we now know thats not true
  • #46
  • Jul 23, 2012 4:11am Jul 23, 2012 4:11am
Quoting fugly
well we now know thats not true
hahahahhahah!!!
  • #47
  • Oct 9, 2012 4:34am Oct 9, 2012 4:34am
hello guys, which MT4 broker do you advice for a 200k deposits ?
Only dukascopy offer custodian banking service ?
  • #48
  • Oct 9, 2012 3:49pm Oct 9, 2012 3:49pm
Quoting FedePresident
hello guys, which MT4 broker do you advice for a 200k deposits ?
Only dukascopy offer custodian banking service ?

I do not of any other Brokers other then Dukas that offers to trade with deposit in a custodian Bank... period.

Swissquote offers mt4.
Trading with them has same 100 000 CHF client protection as Dukas .. via Swiss Compensation Fund. So up to that amount a Custodian Bank it is not Necessary.

Nothing else that I know for "forex" trading around the World that has that kind of security of funds.

As the guaranteed is per "client", I am not sure if Swiss Banks will consider you as 1 or 2 clients if you open an account as a natural person and another in the name of a Legal person such a Corporations, LLC or other.

If that is the case, then your 200K would be secured.
J.
  • #49
  • Oct 9, 2012 5:27pm Oct 9, 2012 5:27pm
I think Advance markets have a custodian bank setup too just like Dukascopy. Im not too sure though.

From Advance market website:

"Segregated Customer Account: For qualified counter parties, Advanced Markets, in conjunction with Macquarie Bank and Deutsche Bank National Trust Company, offer qualified clients a secure client funds solution through a tri-party agreement. All funds are held at the custodial bank, with funds debited or credited within 24 hours of the close of the trading day. All customer equity is secure and segregated at all time."

http://advancedmarketsfx.com/inst/cr...olutions.htmls
Fear prevent possibilities, and so does Greed
  • #50
  • Oct 10, 2012 6:10am Oct 10, 2012 6:10am
Quoting xtrader101
I think Advance markets have a custodian bank setup too just like Dukascopy. Im not too sure though.

From Advance market website:

"Segregated Customer Account: For qualified counter parties, Advanced Markets, in conjunction with Macquarie Bank and Deutsche Bank National Trust Company, offer qualified clients a secure client funds solution through a tri-party agreement. All funds are held at the custodial bank, with funds debited or credited within 24 hours of the close of the trading day. All customer equity is secure and segregated at all time."

http://advancedmarketsfx.com/inst/cr...olutions.htmls...

Thanks for the tip xtrader. This one was not in my book.
Interesting Broker. I will keep it in my list. Would be interesting to find how what they consider a "Qualified Client". I could means high minimum trading capital.

I guess being regulated in USA, means complying with no hedging and the other silly rules.

J.
  • #51
  • Oct 10, 2012 6:39am Oct 10, 2012 6:39am
thank you guys for replies, very appreciated.

I prefer UK or Swiss broker, but I'm opened to evaluate every solutions, cause i'll start next year to trade again.
  • #52
  • Oct 14, 2012 3:49pm Oct 14, 2012 3:49pm
Quoting FedePresident
thank you guys for replies, very appreciated.

I prefer UK or Swiss broker, but I'm opened to evaluate every solutions, cause i'll start next year to trade again.
How do you say Uk or swiss broker are reliable? can you please explain it in little brief if you don't mind.
  • #53
  • Oct 18, 2012 3:25am Oct 18, 2012 3:25am
I think the best way to view this is to take the point of view that your money is not safe wherever it is, and to plan accordingly.
MF global had 'ringfenced segregated accounts', and it was all ok until the day that customers found out that they weren't, whatever the blurb says. And as you don't see anyone in jail after 2 billion vapourised then it's safe to say that other brokers/banks will be viewing this with great interest. After all, that's quite an incentive don't you think?
You should research who your broker banks with, who the clearing house is (a lot of people who lost their money were not with MF Global, but their brokers routed their funds through them).
Bottom line-your cash is only safe if you have it in a safety deposit box. If it's in a bank then guess what, that could vapourise too. It's not a pleasant thought, but i can tell you that it will all be ok, and you will have all the written assurances that you require until the day that things go wrong with your broker and/or bank, and you'll find that 'your' money is actually not yours at all.
So if trading, take out your profits as often as you can, park it with your bank, and take it out of the bank and have it secured/buy gold as a hedge etc to spread it all out. You don't earn any interest in a current account anyway do you?
Yes that's a risk too r.e. gold, but the new paradigm is keeping your money safe, let alone making a positive return...
  • #54
  • Oct 18, 2012 3:57am Oct 18, 2012 3:57am
Hi, I've just started trading on Forex. I am going to choose the best one. I've seen a many reviews on chats and forums . Most reliable and popular are accentforex (10$ min deposit) and fxpro (500$). Both are good. min deposit is very important for trading I am newbie Thus I decided to trade with accentforex.
  • #55
  • Oct 18, 2012 5:56am Oct 18, 2012 5:56am
Quoting dianamersi
How do you say Uk or swiss broker are reliable? can you please explain it in little brief if you don't mind.
I would say that a "reliable Broker" and "is money safe with the broker?" are 2 different topics.

In regards to funds safety. The Swiss and UK offer the best, and the bottom line is these countries have similar organizations to the FDIC in the USA ( Deposity Insurance Gov. agencies)

These organization were created to avoid "Bank runs" in case of major economical/financial/Banks crashes. ..or.. Regulator interventions, or bankruptcies.

This is to prevent that people rush to withdraws all their money (usually creates panic and worsen any situation) if any of this events happens.

Well... that is true for all "Banks deposits" in all the countries that have these organizations... But in the USA, Australia and others, this guarantee DOES NOT extend to money deposited in Forex Brokers. In Switzerland, UK and some EU countries it does.

Now, not all Brokers in the UK and the EU are necessarily "reliable" .. I mean, if their platforms is always disconnecting, withdraws are slow, they are always taking a few pips in each trade..etc, etc. that is a different history. Most likely would be complaints, regulator would intervene and you WILL get back whatever your balance shows in your daily statement (hopefully you still have some left if the brokers has been taking it pip by pip). Obviously that was/is NOT a reliable Broker.

J.

PS.. I believe that even trading with CitiFx the deposit is not guaranteed by the FDIC. That was the case shown in their website long time ago when I was residing in the US. ( I do not know the present situation).
  • #56
  • Oct 24, 2012 6:51am Oct 24, 2012 6:51am
Quoting jeuro
I would say that a "reliable Broker" and "is money safe with the broker?" are 2 different topics.
I am totally agree with you! Well It could be a reliable broker, but if trader have no experience in trading he can do a lot of mistakes despite on the broker. I've heard a lot of opposites reviews about the same broker. So profit to my mind depends not only of broker but also of trader.
  • #57
  • Oct 25, 2012 5:20am Oct 25, 2012 5:20am
Quoting candle779
Well It could be a reliable broker, but if trader have no experience in trading he can do a lot of mistakes despite on the broker.
I am agree. There are some situation except the trading actually, when trader can make mistakes with his account like using bad solutions of deposit or withdrawing, or using bonuses.
I think of my broker as a reliable one, so I suppose my money are safe now (till I will make some stupid things of course))
  • #58
  • Oct 25, 2012 9:34am Oct 25, 2012 9:34am
Quoting meng88
I am agree. There are some situation except the trading actually, when trader can make mistakes with his account like using bad solutions of deposit or withdrawing, or using bonuses.
I think of my broker as a reliable one, so I suppose my money are safe now (till I will make some stupid things of course))

yep, it depends mostly from you, broker can support you but it is not all
  • #59
  • Oct 25, 2012 2:56pm Oct 25, 2012 2:56pm
if yes , please said name broker
  • #60
  • Oct 26, 2012 6:05am Oct 26, 2012 6:05am
Well I trade with accentforex and rather satisfied with this fact. Their conditions are seems to me convenient and trading is honest.
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