DislikedAre the maximum of those compensation schemes.:
UK.. 50 000 pounds
EU 25 000 eurosIgnored
The amount in UK is 85.000 GBP and in Euro countries the amount is 100.000 EUR.
I'm not insane; my mother had me tested.
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DislikedAre the maximum of those compensation schemes.:
UK.. 50 000 pounds
EU 25 000 eurosIgnored
DislikedHi JB...
So what is the bottom line?
Who is that larger broker with better liquidity?
(I assume you are talking about their Assets liquidity and not the Liquidity they have access to..right?)
And, what would the maximum you would get out if that Larger Broker goes belly up? I mean, via Investor compensation Fund of the Country where they are regulated.
Thanks,
J.Ignored
DislikedYou're focusing on the wrong thing. Investor Compensation is not the main priority. One of my brokers, Interactive Brokers does have SIPC protection, but it doesn't cover Futures or Futures Options. They have 5 Billion in equity capital and strict rules concerning business conduct which are a higher priority.
Ignored
DislikedDude you really need to get your facts straight... you are embarrassing yourself.
The amount in UK is 85.000 GBP and in Euro countries the amount is 100.000 EUR.Ignored
DislikedI guess you didn't read my post. I trade across multiple brokers. IB is the only one that isn't a bank.
As far as a broker diversifying their funds across multiple banks and treasuries, and creating internal silos to separate risk, most traders I know would call this good practice, "not octopus crap" as you put it.
As I said before, I don't trade spot. You might want to bone up on the new NFA required RDS for spot accounts which was released earlier this year. It explains the risks and complete lack of CFTC and SEC protections related to Forex...Ignored
Dislikedyou are trolling, if JP goes down HBSC, GS, Bank of New York Mellon etc. all go down do to their derivatives exposure to one another...Ignored
DislikedWhen information surrounding a company structure raises flags for me, especially when it involves them potentially holding significant amounts of my money, I pay close attention. After looking into Dukascopy and a few other brokers, I decided to go for a larger broker with better liquidity.Ignored
DislikedYou're focusing on the wrong thing. Investor Compensation is not the main priority. One of my brokers, Interactive Brokers does have SIPC protection, but it doesn't cover Futures or Futures Options. They have 5 Billion in equity capital and strict rules concerning business conduct which are a higher priority.
http://www.interactivebrokers.com/en...bgStrength&p=aIgnored
DislikedMaybe... is not the first time, and I am sure not the last.
But Am I really embarrassing myself?
You may want to ck how you Broker/Bank classify you. And read a bit about some exceptions, specially about professional market participants.
Maybe you are a newbie, or maybe you may want to claim to your broker you are a newbie forever...but that may not fly if your Broker/bank goes belly up and the Insurance Fund finds out you have been making trades for 5 years.
J.
.Ignored
DislikedYup I agree. Will they find out if I continuously change broker every year and claim a newbie every time?
UK's FSCS is not so easy and not so fast in providing you compensation in the event your broker fails.Ignored
DislikedInteractive Brokers will report every single cent you earn to your home country's tax office. So do Oanda, FXCM, Alpari, etc
I am against paying taxes. Forex profit is a hard earned money. It's just too convenient for those assholes in my government to spend them for their own benefits.
That's one of the reasons why I trade with DukascopyIgnored
Disliked
I was referring the the external Multi legal entities and how they split their Net Equity to shield the group from one operation going south and not take the whole group down.Ignored
DislikedYou're focusing on the wrong thing. Investor Compensation is not the main priority. One of my brokers, Interactive Brokers does have SIPC protection, but it doesn't cover Futures or Futures Options. They have 5 Billion in equity capital and strict rules concerning business conduct which are a higher priority.Ignored
DislikedThe idea that your Forex positions are covered by SIPC is a dangerous misconception. It is simply not true. SIPC will not cover any forex trading unless the trading is done in order to purchase foreign securities using the foreign currency.
Again, there is no SIPC protection for forex at IB or anywhere else. To be certain, check with SIPC directly. You can e-mail or call them.
And as another member pointed out to you, IB does not have 5 billion in equity. Even if you count the equity at all of the subsidiaries, you won't find 5 billion.
Trade...Ignored
DislikedOanda doesn't report anything to the govt, and i doubt the others do.
Still, outright tax evasion is rather dumb. There are legal ways of minimizing taxes.Ignored
Disliked*Quote:
Oanda does not sent info to IRS concerning individuals. No 1099's to individuals. Is that correct?? Everyone should pay their share of taxes.Ignored