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Alpari.co.uk Discussion

  • #5,301
  • Mar 18, 2015 6:52am Mar 18, 2015 6:52am
Update for clients with negative balances - 17 March 2015
CCI Legal Services Limited (“CCI Legal”) The Joint Special Administrators have appointed CCI Legal to assist them in recovery of the debts due from clients with negative balances. Please accept this notice as confirmation that CCI Legal are formally authorised to act on behalf of the Company and the Joint Special Administrators and to accept payments due to the Company. CCI Legal will contact clients directly. You should raise any questions or queries with them in the first instance and they will liaise with the Company and the Joint Special Administrators as appropriate.


Although this is just standard procedure and they are even offering discounts which is stated as follows:
"Prompt settlement discounts The Joint Special Administrators will be allowing prompt settlement discounts to clients who make arrangements to settle their account balances promptly. Full details will be provided by CCI Legal once they are in a position to contact clients. To benefit from these concessions it is important that you deal with any demand you might receive promptly."


My view don't pay,challenge through fca,financial ombudsman .
  • #5,302
  • Mar 18, 2015 6:56am Mar 18, 2015 6:56am
Could everyone with chf trades that were closed in profit/loss,please confirm as and when you
receive any updates regarding your balance i.e. have they changed the closing prices etc.Thanks.
  • #5,303
  • Mar 18, 2015 7:13am Mar 18, 2015 7:13am
btw alpari will (re)open in Malta sometime this year
  • #5,304
  • Mar 18, 2015 7:15am Mar 18, 2015 7:15am
Quoting KGP
btw alpari will (re)open in Malta sometime this year
Seriously?!
myfxbook: neoxis
  • #5,305
  • Mar 18, 2015 7:22am Mar 18, 2015 7:22am
Quoting neoxis
{quote} Seriously?!
i;ve known it for a while now... they couldnt just run out of their european area operations just like that and it makes sense (btw cyprus is not still off the books...)
  • #5,306
  • Mar 18, 2015 7:29am Mar 18, 2015 7:29am
Quoting KGP
{quote} i;ve known it for a while now... they couldnt just run out of their european area operations just like that and it makes sense (btw cyprus is not still off the books...)
Where do I open an account? Do you have a link? Can't wait to do it again...
  • #5,307
  • Mar 18, 2015 7:32am Mar 18, 2015 7:32am
Quoting papamax
{quote} Where do I open an account? Do you have a link? Can't wait to do it again...
myfxbook: neoxis
  • #5,308
  • Mar 18, 2015 7:37am Mar 18, 2015 7:37am
Quoting TerryTibbs
{quote} {quote} {quote} {quote} {quote} {quote} So guys....in the end was i right or was i right? I know people with negative accounts are indeed being chased but i have not read all the messages. Has anyone who benefited from the CHF floor removal get their winnings on that trade???
You must eat your hat.You promised.
  • #5,309
  • Mar 18, 2015 8:17am Mar 18, 2015 8:17am
Quoting Tim_isoara
{quote} You must eat your hat.You promised.
Yes he still didn't eat his hat.Very disappointing.
  • #5,310
  • Mar 18, 2015 8:40am Mar 18, 2015 8:40am
Quoting Tim_isoara
{quote} You must eat your hat.You promised.
We missed you here Tim, were you spending your millions in some pacific island? Glad to see you back!
  • #5,311
  • Mar 18, 2015 8:42am Mar 18, 2015 8:42am
Quoting KGP
{quote} i;ve known it for a while now... they couldnt just run out of their european area operations just like that and it makes sense (btw cyprus is not still off the books...)
Please tell us more and if possible quote your source. Thank you
  • #5,312
  • Mar 18, 2015 8:43am Mar 18, 2015 8:43am
Quoting Tim_isoara
{quote} You must eat your hat.You promised.
welcome back tim isoara from tuvalu
Per aspera ad astra
  • #5,313
  • Mar 18, 2015 8:53am Mar 18, 2015 8:53am
Quoting missluna1982
{quote} i had trades open on the 15/16th. but not on the swissie. kpmg sent me claims portal invitation email on friday and i have it all agreed already so just waiting for fscs payout...
Mine was a CHF trade, and I have no e-mail yet
  • #5,314
  • Mar 18, 2015 9:06am Mar 18, 2015 9:06am
if we claim FCA, in which currency do we get paid, Dollar or Pound ?
  • #5,315
  • Mar 18, 2015 9:13am Mar 18, 2015 9:13am
Quoting forexTN14
if we claim FCA, in which currency do we get paid, Dollar or Pound ?
Probably in GBP.
myfxbook: neoxis
  • #5,316
  • Mar 18, 2015 9:41am Mar 18, 2015 9:41am
sorry it is a bit irrelevant or maybe it isn't.

anyway, i had a small amount left with alpari - leftovers or my account with them. it is nothing to worry about but i am glad i am a part of a process now and can see how it develops.

my main trading account is with Vantage in Australia for a couple of years now and I am quite happy with them. after alpari situation though, I am trying to find the answer of an ultimate protection for traders and cannot get this answer anywhere.

here is a piece of my correspondence with alpari, which you probably all seen:

Q. Can I make a claim to the Financial Services Compensation Scheme (FSCS) for amounts owed to me by Alpari (UK) Limited?

A. The FSCS is the compensation fund for retail customers of authorized financial services firms. It protects private individuals and small businesses if an authorized firm becomes insolvent and cannot return money or investments to its customers. For eligible claims, the FSCS can pay up to GBP 50,000 in compensation per person. If claims are paid by the FSCS, the FSCS will then assume those client claims against Alpari (UK) Limited.

I think we all need to know that number before crap happens. so i contacted Vantage, few other australian brokers and no one seems to know that number for australia. all australian brokers are under ASIC so I contacted ASIC directly - they did not say anything either.

So, anyone has an account with australian brokers here? what is the analog of FSCS in australia and what is that magic number which nobody knows, seems to?
  • #5,317
  • Mar 18, 2015 9:54am Mar 18, 2015 9:54am
Quoting aa1
sorry it is a bit irrelevant or maybe it isn't. anyway, i had a small amount left with alpari - leftovers or my account with them. it is nothing to worry about but i am glad i am a part of a process now and can see how it develops. my main trading account is with Vantage in Australia for a couple of years now and I am quite happy with them. after alpari situation though, I am trying to find the answer of an ultimate protection for traders and cannot get this answer anywhere. here is a piece of my correspondence with alpari, which you probably all...
Australia DOES NOT have a financial compensation scheme in place like the UK... So if shit happens and the broker goes under you have no one to cover for you.

As far as I know these are the countries with compensation schemes if the broker is regulated:

Switizerland - 100.000,00 CHF (if i am not mistaken)
UK - 50.000,00
Malta - 20.000,00 EUR
Cyprus - 20.000,00 EUR
Also any european country has a minimum cover of 20.000,00EUR.. this is European Commission Compensation Scheme.. http://europa.eu/rapid/press-release....htm?locale=en


And then you have companies that insure your money with third party insurance company like ActivTrade, they are covered up to 50000 by the FSCS and insure any amount between 50.000,00 and 500.000,00 with Lloyds of London.. So essentially a trader is protected up to 500k
  • #5,318
  • Mar 18, 2015 9:57am Mar 18, 2015 9:57am
Quoting MissV
{quote} Please tell us more and if possible quote your source. Thank you
cant name my source... but i mentioned it here today because someone that i had told him about what i heard he told me that he read it somewhere today (and also that he lost the bet ;-) )

Quoting papamax
{quote} Where do I open an account? Do you have a link? Can't wait to do it again...
funny or not i am seriously going to consider opening an account with them especially if they are going to base their operations in cyprus (although the chances are they are going to malta instead...)

but considering doesnt mean i am going with them (just to be clear)

cyprus has the same (more or less) legal framework with the UK and also has a protection scheme (although its if i remember correct at eur20k)


when i originally opted for alpari in the first place i did it because it was one of the few UK protected brokers as FSCS protection was one of my top priorities (and generally i am a risk averse person)...

you can be amazed how many brokers "seem" to operate from UK but actually are protected and run their operations from other jurisdiction.
  • #5,319
  • Mar 18, 2015 10:06am Mar 18, 2015 10:06am
Quoting papamax
{quote} Australia DOES NOT have a financial compensation scheme in place like the UK... So if shit happens and the broker goes under you have no one to cover for you. As far as I know these are the countries with compensation schemes if the broker is regulated: Switizerland - 100.000,00 CHF (if i am not mistaken) UK - 50.000,00 Malta - 20.000,00 EUR Cyprus - 20.000,00 EUR Also any european country has a minimum cover of 20.000,00EUR.. this is European Commission Compensation Scheme.. http://europa.eu/rapid/press-release....htm?locale=en...
about ActivTrades...yes this is correct.
I am with them now, since alpari went down.
Per aspera ad astra
  • #5,320
  • Mar 18, 2015 10:11am Mar 18, 2015 10:11am
Quoting papamax
{quote} We missed you here Tim, were you spending your millions in some pacific island? Glad to see you back!
Don't lie. It's a little over one billion.
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