Looking For A New Broker Since Boston Prime Went Bankrupt

I read that one bodyguard. Felt sorry for BP. They passed FSA regs on 10th Jan. Five days later *kaboom*. Pretty shitty situation.

Spili

I just thought anyone that had dealings with bp and had not seen the articles would be interested. I know I was when I first saw them

Since there is no dedicated FF thread for boston prime information like there is for fxcm and alpari.

I had no idea that the FSA had a look at BP on Jan 10th.

Wouldn't matter anyway because no one could have predicted the reckless move the snb would make on the 15th.

The only thing that was weird to me is on the 15th right after the chf dropped like a rock BP direct all clients to close all CFD positions by end of day.

Because they were not "confident" on the financial status of the institution providing liquidity for those products. At least that's what clients were told.

Then they put out a press release that all is well and business as usual.

And we all know what happened after that.

To me it was a pretty shi@#@ thing to do. Because your trying to push the fact across your fine & "business as usual" so hard you put out a press release stating so.

When you dam well know that your far from fine and business is not going to go on as usual.

Its just a completely crazy situation to me. I never thought anything even close to this would happen.

I am going to move 1/4 of my US Forex broker account balances and move them to Tallinex (I am US based trader). In the last week I have thinned down my FXCM account balance and holding my Tradestation balance the same. I have closed and removed all funds from one other US based broker.

Any other good ideas for a US based trader??? Hurry up NinjaTrader and open your Forex brokerage!

For US based traders, ATC Brokers might be an option?

ATC white labels FXCM
Slim pickens for US residents.
Citi FX (which I have read white labels Saxo), and Forex.com (GAIN) and MB Trading - all of them seem to have decent reps, plus the biggie, Oanda

Why don'T use IB ?

From US based brookers I would recommend Oanda. Have been a client there for a long time. Nothing to complain really.

Well since I can't start a thread, I can contribute/jack this one I guess.

I am going to invest 3k as soon as I can get some clarity from the information overload regarding brokerages. The one thing I don't see regarding some of the offshore brokerages talked about, which ones are STP's? My system is short term, and depending on how much coffee I drink, could verge on scalping. Through reading more posts than I care to think about, it appears many brokerages that are MM's don't appreciate my type of trading. I had planned to use FXCM to start, and still may, but I would have to wait until the first payment of the loan is issued and feedback from C level execs is given..

On top of that, I also am looking to see if there is anyone in the Chicago area that is willing to be a mentor. Even though I have experience in equities, I am way too new at this to go it alone. So if there's anyone out there looking for a free cup of coffee and a smart and driven mentee, get in touch.

Thank you.

Sad story for BPrime.

I'd recommend IG Markets or Dukascopy. I'm still waiting for LMAX because company isn't profitable yet. We'll see 2014 results.

New article on BT Prime from Forex Magnates



http://forexmagnates.com/exclusive-s...-client-funds/

I can't stand IB...the list is too long. LOL!

Yea I saw that yesterday too, pretty sad. Have you contacted rollingsoliver yet? they got back to me saying its still too soon to start the process

Im not sure the article isn't just hearsay because if they stole it will be out in the open very soon.

I am more inclined to believe it was mis managed

That's the same thing rollingsoliver told me. Very short curt email.

Almost no explanation of whats going on at all.

Then I sent another email CC ing------- [email protected]----------

Explaining to them that from now on I would be forwarding all correspondence between myself, my partner and rollingsoliver to the FCA as well.

Just to insure everything is being handled in the proper manner.

Almost instantly I received a much more explanatory email response from rollingsoliver

The Email is bellow:


Dear Sirs

I refer to our previous correspondence and please be aware that the Director of Boston Prime Limited (“the Company”), George Popescu an individual regulated by the Financial Conduct Authority (“FCA”), has instructed Rollings Oliver LLP (“Rollings Oliver”) together with legal advisors, CMS Cameron McKenna LLP, to assist him in making the application to the High Court in London to place the Company into Special Administration, an insolvency process in the UK.

Once an order of the court has been granted the Special Administrators will be appointed. We cannot be certain of the time frame for this. The appointment will enable the Special Administrators to correspond with clients and other third parties in respect of the Company. Until they are appointed the proposed Joint Administrators’ are not in a position to correspond further.

Kind regards

Nick

Rollings Oliver
6 Snow Hill
London
EC1A 2AY

T: 020 7002 7960

www.rollingsoliver.com

email: [email protected]


Remember to always include your statement of the balance you had at bt prime. Attach it to every email correspondence to rollingsolliver

And in the subject line always add your account name and number- "BOSTON PRIME ACCOUNT # 1234567890 WHATEVER LLC"

This way when they are ready to speak to clients every email you sent has all the information they would need to be of assistance to you.

It will cut down on the back and forth emails looking for additional info.

I am going to email them everyday the way I have outlined until I get an answer.

And I encourage you and anyone else with "money in the wind" with bt prime to do the same.

You should also contact the FCA by email and the FSCS by phone to ask for updates on the situation from their end.

Make as much noise as possible.


http://www.fca.org.uk/ FCA


http://www.fscs.org.uk/ FSCS


Good Luck and Keep Me Posted On Your Progress

Anyone have any first hand knowledge of London Capital Groups FX offering?

I am currently trying to decide where I should "land" after the whole bt prime fiasco.

Anything constructive would be greatly appreciated.

Already read and posted some information & questions over on the "Broker Discussion" LIVE Traders - LCG -London Capital Group FX

Was just wondering what any of you guys contributing to the bt prime discussion might know regarding LCG

Thanks