Alpari.co.uk Discussion

Again, you re-read what you wrote - you're clearly stating that if there's only a handfull of active traders last year, despite having 100,000 clients, why the hell a portal was needed? - That's like saying that the non-actives have no money in their accounts, or that they don't want to to recover it. That's a wrong assumption.

Another wrong assumption is the example you gave:
Having switched between their account types don't mean you have a new account - what you have is ALWAYS one account, with another (or several) sub-accounts attached to it.
I'm in that situation too - 1 month before the burst, I created a new sub-account, and transferred all the cash from the main to the sub-account.
But it's always only one account that I have with Alpari.

Anyway, you're talking about possible numerous inactive accounts (which most probably are sub-accounts, like in your case and mine), but what they have isn't 100,000 accounts... it's 100,000 clients.

Right. But that's valid for the accounts that weren't active for quite a while before the SNB event, as for the ones who were active until the day before (as I was) - the difficulty is the same (none). And that's why those are the first to have access to the portal.

To sum up, I think you're focusing on the wrong stuff at this point (the conversion type and rate, the necessity of the portal, etc...) we are way beyond that, now.
What's important now is knowing what the right step is to claim either to FSCS or KPMG.

If you're talking about the e-mail to have access to the portal (assuming you didn't trade on the fatidic day, or had open positions at all), what they said was that the portal would be gradually given access to, starting with a first batch of 500 clients;
The expected deadline to the others (again, that didn't trade that day or had open positions at all) was, if I remember right, the 6th.

Olá tuga, tudo bem?

In that case, you have a claim form in the site to fill and send, where you declare an estimate of your balance;
You send this and your last daily confirmation with the voting form, which is also there.
I think that's about it.

Boa sorte, abraço!

Well, in light of the latest developments today (had to read the last 3 pages or so), I'm preparing to agree my balance in the portal, and assign my claim to FSCS.

I just think I'll have to correct the personal details on the portal, since my surname is at the first name's field, and my middle name is at the surname's field.
First name isn't anywhere.
That's a bug caused by Alpari data, since they always have written my name in the wrong order in the daily confirmations (last name, first name, middle name).

Hope it isn't anything that will cause possible problems or delay things further.

Hello guys, today i received and email from alpari (kpmg) saying that i had filled incorrectly the retail client proxy. To be specific I did not insert the name of proxy holder.... I cannot attend and i cannot send people who will attend for me. Who is the chairman of the meeting? Do I just write chairman of the meeting?... How can i trust this chairman.. what if he says i am for when i really was against....

Hi guys, i am from spain and i am another victim of this "fucking" process, my english is not the best and i will like if someone can help me into making a decision, but i also will bring very important information to this thread.
It seems like almost no one have there acces to the claim portal, cause in the claim portal you see very CLEARLY that you should go with FCSC!!
Cause when you agree your balance & submit responses above you should click in the bottom " COntinue claim process " and one you enter there you read all of this:
The role of the FSCS
As you may be aware, the FSCS is the compensation fund of last resort for customers of financial services firms authorised in the United Kingdom. It protects consumers if an authorised firm, like Alpari (UK) Limited (in special administration), becomes insolvent and cannot return money or investments to its customers. It describes this as "being in default". For eligible claims the FSCS can pay up to £50,000 in compensation per person. In exchange for this payment, you must assign your claims against Alpari (UK) Limited (in special administration) arising out of your Client Agreement to the FSCS. If you would like more information about the FSCS, you should visit their website athttp://www.fscs.org.uk.
The amount of the claim for which you should seek compensation from the FSCS should be whichever is the greater of your Client Money Entitlement and your Contractual Claim Amount (if they are different).
Applying to the FSCS for compensation is a separate and parallel process to claiming against Alpari (UK) Limited (in special administration) in the special administration. If you intend to apply for compensation from the FSCS, you should note that the FSCS will only make payments to you in accordance with its rules and if the value of your claims have first been agreed in full by the Joint Special Administrators. This means that if you intend to apply to the FSCS you still must agree the amount of all your claims with the Joint Special Administrators.
The FSCS will assess each claim received and will confirm whether each claim meets its eligibility criteria.
If your total eligible claim against the Company is valued in excess of £50,000 and accepted by the FSCS, it will pay the maximum compensation of £50,000 to you. The FSCS will then pass on to you any subsequent dividend payments or other distributed amounts the FSCS receive until such time (should it occur) that your total claim against the Company is satisfied in full. Thereafter the FSCS would recover any additional amounts itself to offset the cost of the £50,000 compensation paid to you.
Do you intend to make a claim for compensation from the FSCS and assign your claims to the FSCS?
If you select "Yes" this will not automatically assign your claim to the FSCS. The FSCS will contact you in due course. You do not need to contact them.
If you select "No", this will indicate to the Joint Special Administrators that you currently do not wish to claim compensation and assign your claim to the FSCS. This will not prevent you from claiming compensation and assigning your claims to the FSCS at a later stage, should you subsequently choose to do so.
If you do not claim compensation and assign your claims to the FSCS, you will be entitled to receive directly any distributions which may be made from the Client Money Pool in respect of your Client Money Entitlement and any distributions which may be made from the general estate in respect of your Contractual Claim Amount. The Joint Special Administrators have not currently declared any distributions; it may take some time for any to be made; and you may not receive distributions in the full amount of your Client Money Entitlement or Contractual Claim Amount.Seeking compensation from the FSCS is likely to result in you receiving your money more quickly than by retaining your claim against Alpari (UK) Limited (in special administration).
If you select "No", you will need to confirm or provide your bank account details and, if necessary, supporting documents on this Claims Portal so that the Joint Special Administrators can, in due course, make payments to you in respect of your claims.
I have underline in RED color what its the most important part of the letter for me, cause
I think there they are saying basically that if you go with FSCS you will have all your money back if you had under 50K ( i have under 50 k ) that it will be a more quickly process than claim from KPGM and that you may not recieve all your money!!!
So my important question is, if i want to go with FSCS to give me back the money i should click YES, right?? Cause if a click no it means i will go with KPGM as far as i understand it?? Thanks in advance and greetings to all!

You insert "chairman of the meeting", but please delete the sentence
(and in respect of any resolution for which no specific instruction is given, may vote or abstain at his/her discretion)

Thank you MissV....

You have to click YES if you want to go with the FSCS.

Please pay attention to the later point 5 "waive your claim". Don't select it. I think it is a trap for not english speakers.

There is update on kpmg web !!!

For those that have difficulty accessing the document:

Alpari (UK) Limited (in special administration) (“the Company”)
Update to clients with a claim into the Client Money Pool – 4 March 2015
This update is in addition to previous information
Claims Portal
Further to our communication on 26 February 2015 the Claims Portal is now available to the first tranche of clients, being the majority of those clients who have a claim into the Client Money Pool and had a cash balance only as at 9.00 GMT on Thursday 15 January 2015 and entered no subsequent trades. Emails have been sent to all of these clients (approximately 83,000) providing instructions of how to access the Claims Portal and agree their claims.
We will provide further updates on the website when further clients can access the Claims Portal, and those clients will receive an email at that time.
Clients’ and Creditors’ Meeting (“Initial Meeting”)
It is unlikely that further clients will be able to access the Claims Portal prior to the Initial Meeting on 12 March 2015.
As previously stated, if you have submitted a statement of claim and agreed your claim in the Claims Portal, the value agreed in the Claims Portal will take precedence for voting purposes.
If you do not have access to the Claims Portal and intend to vote at the Initial Meeting please ensure that you submit a Statement of Claim prior to 12 noon on 11 March 2015.
If you have agreed your claim on the Claims Portal by 12 noon on 11 March 2015 then you have agreed your claim for voting purposes, as well as for distribution purposes, and do not need to submit a Statement of Claim Form.
If you cannot attend the meeting, or intend to attend the Initial Meeting and represent a corporate body, you will need to submit a Proxy Form in advance of the Initial Meeting. These forms are available on the Joint Special Administrators’ website. If you are attending the Initial Meeting and you do not represent a corporate body you do not need to submit a Proxy Form.
Creditors’ committee
The function of a Creditors’ Committee is to represent the interests of Clients and Creditors as a whole, rather than the interest of certain parties or individuals.
The Creditors’ Committee cannot change those aspects of the special administration which are already set in law, for example they cannot allow creditors to share in the Client Money Pool or otherwise alter the rights of clients in any way.
In accordance with the Rules, the Joint Special Administrators consider that it is appropriate in the case of Alpari (UK) Limited (in special administration) that the Creditors' Committee should consist of 5 persons to be elected at the meeting. Clients, creditors, and any persons whom the Joint Special Administrators consider would reflect the interests of all parties in achieving the special
administration objectives (which includes the FSCS, whose claims are expected to grow substantially over time) are eligible to be elected. Only clients and creditors are able to vote for the formation and members of a Creditors' Committee at the Initial Meeting. The Joint Special Administrators will set out at the Initial Meeting the number of members to be elected onto the committee by the client class and creditor class of voter, respectively.
Clients and Creditors are able to vote for the formation and members of a Creditors’ Committee at the Initial Meeting.
If a Creditors’ Committee is formed it is for them as a group to approve, for example:
• The basis of the Joint Special Administrators’ remuneration
• The drawing of Category 2 disbursements (i.e certain expenses incurred by us)
In addition to its statutory functions, it may also serve to assist the Joint Special Administrators generally and act as a sounding board for them to obtain views on matters pertaining to the special administration. The committee may also require the Joint Special Administrators to attend before it at any reasonable time and provide information relating to the Joint Special Administrators’ actions.
The Creditors’ Committee therefore provides Clients and Creditors with an avenue to voice any queries or concerns that they may have with the Joint Special Administrators.
FSCS
The FSCS have posted an update to Clients on their website (http://www.fscs.org.uk/news/2015/mar...agr-jhknh3k1d/)

Hello,
I have not received an email to claim via the portal yet.

I did try www.kpmg.com.uk/alpari and also www.kpmg.com/uk/alpari
just to have a look at the portal but none of the above take me to the claims portal.

What is the exact web address of the web portal for claims?

What is the point in getting the URL for the portal when you have not yet been contacted by KPMG? Even if you have the address you cannot use it yet as you don't have any login details. These will be supplied in due course by KPMG

Patience....

Did you look in the "Junk Mail" folder? (what these mails really are)

Dambuster,
I am worried because my case is unique.
I opened a new account with Alpari-UK and NEVER traded - not a single trade ever.

Deposited 9900 euro on 14 Jan and another 9900 euro on 15 Jan early morning (before noon).
Both deposits via e banking (wire transfer) reached my account after 15 Jan. (1st=16 Jan, 2nd=20 Jan)
THUS on 15 Jan noon my balance was zero BUT on 20 Jan balance was 19800.

Unlucky? ---> YES.
The only client to wire money BEFORE 15 Jan noon and funds to reach account AFTER 15 Jan noon? ---> MAYBE YES
Emailed kpmg with all details and got just an automated response? ---> YES
Phoned KPMG and explained but KPMG employee could not pass info up the ladder? ---> YES
Next action? ---> Calm down and wait as you suggested ...

Very unfortunate situation for you... sorry to hear!

My guess is you haven't been contacted yet due to your balance being 0 on the 15th. If you had confirmation that your balance was 19800 on the 20th then I wouldn't worry much, your money is there! In any case I would try calling KPMG again, bother them a bit to see if they can give you some sort of confirmation but if you received confirmation of your balance on the 20th as you mentioned it is very likely safe

I would concur that your balance is safe

Yes, I have received a Daily confirmation showing that the 2nd deposit of 9900 reached my account on 20 Jan 2015.
The Daily Confirmation states that my balance on 20 Jan 2015 is 19800.

I think that the cut-off date of 15 Jan is ridiculous since they kept on receiving deposits after this date.

I will wait until Monday and then send an email to claim my balance together with my last Daily Confirmation.

Hi guys,

I’ve been looking at several companies to switch brokerages and I’ve come across so many companies that claim they're good such as:

FXCM
IG Index
CMC
ETX
Etoro
CWM FX
Iron FX
FX Pro.

They offer similar leverage from 100:1 and Low Spreads from 0.2 pips and provide platforms to trade on but I’m not sure which one would be the best or trusted.

Does there any one here know any info about the companies?

I’m a believer of finding as much background on companies before going with them if that make sense.

Looking forward to any response.
Thanks

google it better i have small experience my live accounts i had with them
fxcm(strong assets and professional company
oanda good company had no problem with them
and etoro is good

all must be USA division