Is your money safe with your broker? | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Why your broker is your friend and your enemy 8 replies

Anyone like Citi as a broker? I'm looking for a safe broker 18 replies

Is Your Money Safe? 22 replies

A Swiss broker - Your money can be safe. 22 replies

Is your money safe with your broker?

  • #61
  • Oct 26, 2012 8:26am Oct 26, 2012 8:26am
Quoting candle779
Well I trade with accentforex and rather satisfied with this fact. Their conditions are seems to me convenient and trading is honest.
How long do you ade with them?
  • #62
  • Oct 26, 2012 8:43am Oct 26, 2012 8:43am
Quoting candle779
Well I trade with accentforex and rather satisfied with this fact. Their conditions are seems to me convenient and trading is honest.
accentforex are unregulated. I can't even find the name of their company or where their head office is from their site.
  • #63
  • Oct 26, 2012 7:16pm Oct 26, 2012 7:16pm
Do brokers provide any coverage, for real? And if so, for all or just part of our deposit/funds..
  • #64
  • Oct 28, 2012 7:37am Oct 28, 2012 7:37am
Quoting TheMaxx
accentforex are unregulated. I can't even find the name of their company or where their head office is from their site.
why do you think that it is a problem if broker is unregulated?
  • #65
  • Oct 29, 2012 5:30am Oct 29, 2012 5:30am
Quoting jourgenj
why do you think that it is a problem if broker is unregulated?
That is usually not the problem, because you always have the last variant for conflicts - the court. But if office of the company is hard to be found, that's strange.
  • #66
  • Oct 29, 2012 6:19am Oct 29, 2012 6:19am
Quoting meng88
That is usually not the problem, because you always have the last variant for conflicts - the court. But if office of the company is hard to be found, that's strange.
Not when your client agreement and T&Cs allows them to be shifty and get away from it. A court can't help you when you there.

Regulators not only set baseline rules to follow, but have the legal power to kick some ass should a broker step out of line. They aren't perfect, that's for sure, but I'll take a well regulated broker over the prospect of having to dig my heals into a losing court battle any day...
FXGears.com
  • #67
  • Oct 29, 2012 11:28pm Oct 29, 2012 11:28pm
Quoting Jack_Larkin
Not when your client agreement and T&Cs allows them to be shifty and get away from it. A court can't help you when you there.
That will be enough, if there will be just some cases for the internet being full of the negative reviews. Actually what all these threads are for? There we can talk about brokers and say about tricks they made.

Of course if this is a broker who registered in 2011 somewhere in Zimbabwe without any regulation, you hardly ever should trust him.

Regulation helps but it can't be the only one condition of a reliable broker.
  • #68
  • Nov 1, 2012 3:57am Nov 1, 2012 3:57am
Quoting neesh24
I'm wondering how many people have larger accounts w/fx brokers and
feel comfortable with that. 10k, 50k, 100k?
are these accounts safe or insured against fraudulent withdrawals or the broker just taking it?

Thanks.
I think people deposit more with such brokers, wellknown or not, but like everything in life, there is always the factor of risk. so its still up to the trader, and the bottom line "ONLY TRADE MONEY THAT YOU CAN AFFORD TO LOSE"
  • #69
  • Nov 1, 2012 4:08am Nov 1, 2012 4:08am
I dare not deposit much as I'm not confident with my lack of experience. My max is $2k (not that I have a lot of money).

But the one thing that I considered before I started with my current broker is their trust account in which my fund is totally off their balance sheet. You can check out whether your broker offer trust account (that means your fund are 100% safe inside your trust even if they go bankrupt or close down). You need to pay a min setup fee of $50 though.

And on top of that, make sure your broker is regulated. Do proper research before you settle with one.
FXPRIMUS trader
  • #70
  • Nov 1, 2012 4:41am Nov 1, 2012 4:41am
FXPrimus are in an lightly regulated jurisdiction (Mauritius) but their third party custodian option looks very interesting:
https://www.fxprimus.com/new-forex-t...ed-fund-safety

Does anyone have any experience?
  • #71
  • Nov 2, 2012 3:12am Nov 2, 2012 3:12am
Quoting ZexyLady
But the one thing that I considered before I started with my current broker is their trust account in which my fund is totally off their balance sheet. You can check out whether your broker offer trust account (that means your fund are 100% safe inside your trust even if they go bankrupt or close down). You need to pay a min setup fee of $50 though.
That's interesting point, but that destroyed all the meaning of the forex. That's more like investment in the bank. Acceptable for the newbie, maybe... But it's hardly ever any reliable broker will do it..
  • #72
  • Dec 13, 2012 12:11am Dec 13, 2012 12:11am
Quoting TheMaxx
FXPrimus are in an lightly regulated jurisdiction (Mauritius) but their third party custodian option looks very interesting:
https://www.fxprimus.com/new-forex-t...ed-fund-safety

Does anyone have any experience?
I'm with this broker now. That was the factor that I took into consideration when I opened my account. Been trading with them for nearly 2 years now.
  • #73
  • Dec 13, 2012 8:00pm Dec 13, 2012 8:00pm
I really don't trust any of them, enough have gone down in recent times. It is a huge problem moving forward if contemplating a big account size. I would be more happy if a bank was a broker like Citibank, though they don't offer to Australians. If your account earned interest like a regular bank account and then you trade if you want. Our banks offer these services for equity share trading and some brokers like Macquarie bank for futures but not for FX.

That in itself probably suggests FX OTC is possibly more for learning the craft of trading before moving on. My 2c.
  • #74
  • Edited 6:03am Dec 14, 2012 12:56am | Edited 6:03am
Quoting ozpips
I really don't trust any of them, enough have gone down in recent times. It is a huge problem moving forward if contemplating a big account size. I would be more happy if a bank was a broker like Citibank, though they don't offer to Australians. If your account earned interest like a regular bank account and then you trade if you want. Our banks offer these services for equity share trading and some brokers like Macquarie bank for futures but not for FX.

That in itself probably suggests FX OTC is possibly more for learning the craft of trading...

You are absolutely right Ozpips.. we should not trust any of them... and that is the main reason we "must" consider trading with
Broker/Banks in Countries were independent " investors compensatory funds" are in place such as Switzerland, UK and some EU countries.
I mean, most of countries have these type of funds like USA has the FDIC, but not all countries funds extend protection
to Forex traders.

You mention Citibank, which is probably the best choice if you are in USA... but is Citibank too big that can not fail? well...if a major
finance crap come around who knows... but if the do, a forex trader is out on the cold with them as the FDIC does not extend
protection to them. Now, for example if you consider Dukascopy Bank in Switzerland, they can fall too... but then the Compensatory
Fund step out and return your deposit to you. (up to 100 000 CHF). Same principle apply in the UK and some EU countries.

Does Australia have strict regulators? Of course it does, but does the SEFC extend protection to forex trader deposits? I believe it does not.

I think this is the bottom line when our deposits are a considerable amount.

J.
  • #75
  • Dec 18, 2012 8:03am Dec 18, 2012 8:03am
Well I think my money is safe with my broker. And I rather satisfied trading with accentforex. Moreover they have rather interesting New Year promotions.
  • #76
  • Dec 18, 2012 8:05am Dec 18, 2012 8:05am
Quoting jourgenj
How long do you ade with them?
I've been trading with them for 3 months on real account.
  • #77
  • Dec 18, 2012 8:09am Dec 18, 2012 8:09am
Quoting TheMaxx
accentforex are unregulated. I can't even find the name of their company or where their head office is from their site.
Well I agree with you. I've asked their support and they said that head office is in the London. But truly speaking it doesn't matter to me where they are but it is important to me to earn with them money.
  • #78
  • Dec 18, 2012 8:09am Dec 18, 2012 8:09am
Quoting candle779
I've been trading with them for 3 months on real account.
It's not just your brokers you need to worry about. You need to find out which bank they have the funds parked in too!
So all in all, nowhere is 100% safe/perfect, so plan accordingly. In other words, take 50% of your profits out, maybe after each completed trade, maybe after a week, but not much longer than that...
  • #79
  • Dec 18, 2012 8:11am Dec 18, 2012 8:11am
Quoting bootsyjam
It's not just your brokers you need to worry about. You need to find out which bank they have the funds parked in too!
So all in all, nowhere is 100% safe/perfect, so plan accordingly. In other words, take 50% of your profits out, maybe after each completed trade, maybe after a week, but not much longer than that...
This is really good advise thank you. Well I think it is a good idea to do this way.
  • #80
  • Dec 27, 2012 1:32am Dec 27, 2012 1:32am
I traded couple months ago and my money is safe with my broker, hotforex.

The broker belonged to FSC and it's a trustful broker. I have researched before invest my money to them. Moreover, I have withdrawn successful 3 times with no delay time.
1 trader viewing now