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Broker for a graduated retail trader

  • #21
  • Sep 25, 2013 6:00am Sep 25, 2013 6:00am
FX bank guarantee trading enables participants to trade spot forex via a bank deposit as opposed to the standard practice of depositing capital in a designated FX account. This vehicle ensures a high level of protection for funds on a trading account from non-commercial risks

Minimim requirements for trading via this facility is a bank guarantee of $1 Million. To formalize an FX bank guarantee trading setup participants such as individual FX traders, foreign exchange funds, advisors, proprietary trading groups or hedge funds should contact us for additional details and criteria.


This is what one broker sent me
  • #22
  • Sep 25, 2013 2:45pm Sep 25, 2013 2:45pm
Quoting Kevingreene
FX bank guarantee trading enables participants to trade spot forex via a bank deposit as opposed to the standard practice of depositing capital in a designated FX account. This vehicle ensures a high level of protection for funds on a trading account from non-commercial risks Minimim requirements for trading via this facility is a bank guarantee of $1 Million. To formalize an FX bank guarantee trading setup participants such as individual FX traders, foreign exchange funds, advisors, proprietary trading groups or hedge funds should contact us for...
so, if bank goes under there is a problem. At least in AU deposits up to 200k are insured (not sure if any currency deposits though). Still don't see enough benefit for above scenario, these days.

beating safety of depositing enough for next trade only, yet to find.
  • #23
  • Sep 25, 2013 4:16pm Sep 25, 2013 4:16pm
then don't freaking trade, gee stop crying
  • #24
  • Sep 25, 2013 6:01pm Sep 25, 2013 6:01pm
Quoting seaman2
{quote} can you elaborate why do you want to deposit all that money with broker ? If you swing trade all you need is risk for 1 trade + margin. So if you trade 10mm face value and have 1 atr stop or so, you need 200k. If you risk 1% which is 10k, then all you need is couple 10 k. ????? except if you average losses, I guess.... then no money is enough in 1 out of 1000 trades.
People run funds that don't have high leverage and need the capital to put on trades through a broker.
Brokers offer special segregated accounts to comply with the funds PDS and security of client funds.
  • #25
  • Sep 25, 2013 8:10pm Sep 25, 2013 8:10pm
Quoting seaman2
{quote} can you elaborate why do you want to deposit all that money with broker ? If you swing trade all you need is risk for 1 trade + margin. So if you trade 10mm face value and have 1 atr stop or so, you need 200k. If you risk 1% which is 10k, then all you need is couple 10 k. ????? except if you average losses, I guess.... then no money is enough in 1 out of 1000 trades.
And if I have a streak of say 10 losers, I need to make 10 deposits? I was considering putting a portion of the cash on deposit with the broker. The bank guarantee option sounds like a good deal. I was also going to use the account to track my results, so if one day i decide to take in client money, I have some past results to show. If I don't put 100% on deposit, it might seem like I'm overleveraging?
  • #26
  • Sep 25, 2013 8:11pm Sep 25, 2013 8:11pm
Quoting Kevingreene
morgan direct, fcstone, rcgdirect, vcapfx, admd.
Do you know what the min balance for morgan direct is?
  • #27
  • Sep 25, 2013 8:14pm Sep 25, 2013 8:14pm
Quoting MaxDoom
you guys are just talking a load of nonsense... and if the thread starter was serious he wouldn't need to ask the question here in the first place
I'm comfortable with where the money is parked right now, but I do want to upgrade brokers. Not that I don't have access to enough liquidity. I do, but it constantly worries me that my broker might go belly up one day. Since liquidity and commissions are not that big of an issue currently, I'm not in a real hurry to move over. But, this is a serious thread and a serious question. I was hoping someone else on the forums had already contacted these people, so I don't have to call and talk to sales guys.
  • #28
  • Sep 25, 2013 9:07pm Sep 25, 2013 9:07pm
Quoting TheMaxx
{quote} Again, Seg futures, not Seg OTC FX
advanced markets (part owned by Macquarie group) offer seg accounts via macquarie or DB.
  • #29
  • Sep 25, 2013 10:16pm Sep 25, 2013 10:16pm
Quoting card
{quote} I'm comfortable with where the money is parked right now, but I do want to upgrade brokers. Not that I don't have access to enough liquidity. I do, but it constantly worries me that my broker might go belly up one day. Since liquidity and commissions are not that big of an issue currently, I'm not in a real hurry to move over. But, this is a serious thread and a serious question. I was hoping someone else on the forums had already contacted these people, so I don't have to call and talk to sales guys.
I can see your concern with some of these brokers many of whom are just whitelabels of bigger brokers.

To save yourself some time just ring around and ask the broker where does their credit come from.
Credit being tight these days banks will do their due diligence on which broker(S) they are prepared to "lend" to, known as Prime broker agreements.
You know if a broker has one prime broker agreement it should be sound. Two PB agreements and its solid and so forth.
Those who dont have PB agreements I would be wary of lodging large sums of money with.
  • #30
  • Sep 26, 2013 12:57am Sep 26, 2013 12:57am
Quoting card
{quote} Do you know what the min balance for morgan direct is?
100k at the time i ask
  • #31
  • Edited 9:58am Sep 26, 2013 7:02am | Edited 9:58am
Why not just open an FXCM active trader account. They have pretty low spreads and with $500K you have your deposit with Bank of America in a segregated account. If outside U.S, Dukascopy has segregated accounts stating at $250K. Obviously these accounts would earn interest so makes more sense to me than having $1million deposited with a broker not earning interest and just idle unless you really think you need all that money to cover your margin all the time, which I doubt.
  • #32
  • Last Post: Sep 26, 2013 2:43pm Sep 26, 2013 2:43pm
Quoting eurscalpr
{quote} advanced markets (part owned by Macquarie group) offer seg accounts via macquarie or DB.
A great broker.

Also, FXall.. But it's institutional IE you need to be trading under a corporate account
Be hopeful in a winning position, and fearful in a losing position.
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