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Alpari.co.uk Discussion

  • #5,321
  • Mar 18, 2015 10:44am Mar 18, 2015 10:44am
Thanks paramax. Actually Vantage told me that they insured the whole book of client's money with Lloyd but it does not tell me anything regarding how much I am personally insured for.

Will check ActivTrades out.
  • #5,322
  • Mar 18, 2015 11:05am Mar 18, 2015 11:05am
Quoting tayette
{quote} welcome back tim isoara from tuvalu
Thank You. But I don't come back, I will remain with trading, it's better
  • #5,323
  • Mar 18, 2015 11:09am Mar 18, 2015 11:09am
Quoting Tim_isoara
{quote} Thank You. But I don't come back, I will remain with trading, it's better
Per aspera ad astra
  • #5,324
  • Mar 18, 2015 11:45am Mar 18, 2015 11:45am
Quoting aa1
Thanks paramax. Actually Vantage told me that they insured the whole book of client's money with Lloyd but it does not tell me anything regarding how much I am personally insured for. Will check ActivTrades out.
Ask them to show you the insurance policy. ActivTrade has theirs available in their own site.

Or just change to Vantagefx.co.uk, same company but they have a UK branch and it is protected by the FSCS.
  • #5,325
  • Mar 18, 2015 1:23pm Mar 18, 2015 1:23pm
Here the article about the subsidiary
http://forexmagnates.com/breaking-al...ed-subsidiary/
  • #5,326
  • Mar 18, 2015 1:25pm Mar 18, 2015 1:25pm
Here the article about the subsidiary
http://forexmagnates.com/breaking-al...ed-subsidiary/
  • #5,327
  • Mar 18, 2015 1:54pm Mar 18, 2015 1:54pm
Alpari (UK) Limited (in special administration) (“the Company”) Update on Currencies in the Special Administration - 18 March 2015 This update is in addition to previous information Client Money Due to recent speculation in the press, in particular from the Forex Magnates website, the Joint Special Administrators would like to clarify the position regarding the currencies used in the Special Administration. Please note that the Client Money Pool (“CMP”) is to be held and distributed in US Dollars only. All clients who have a claim will therefore be paid any distributions in US Dollars by the Joint Special Administrators. Since the designation of the Client Money Pool is US dollars, all Clients' account balances which were not held in US dollars are required by law to be converted into US dollars at the spot rate prevailing at the time of the appointment of the Joint Special Administrators, which is 2.45 pm, GMT, on 19 January 2015. House Estate Please note that those that do not have a claim against the CMP are unsecured creditors against the House Estate of the Company. The House Estate is held in Pounds Sterling; therefore all claims against the House Estate will be converted to and distributed in Pounds Sterling. Debtor Balances Please note that client debtor balances are also converted to, Pounds Sterling, and any requests for payment from clients with a negative balance on their account will therefore be made in Pounds Sterling. This is due to the fact that monies recovered relating to debtor balances are realised in the House Estate, which is held in Pounds Sterling as outlined above.
myfxbook: neoxis
  • #5,328
  • Mar 18, 2015 2:52pm Mar 18, 2015 2:52pm
Quoting papamax
{quote} Ask them to show you the insurance policy. ActivTrade has theirs available in their own site. Or just change to Vantagefx.co.uk, same company but they have a UK branch and it is protected by the FSCS.
Thanks again. I will probably start some demo trading with ActiveTrades right away to see how it works for me and then will switch altogether in a month or two if I like them. If not, I will look for someone in Switzerland as you've said they are covering up to 100,000 CHF. Can I read about that coverage somewhere? What broker would you recommend there?

With Swiss having an account for me and for my wife will cover us for some time. ActiveTrades with their coverage of 730,000 USD is for sure preferable, I did not know about them so it is a good thing that I came here, asked and you answered.

As I am Canadian from Alberta, the choice is relatively limited because Alberta introduced its own stupid restrictions, so I thought Australia is the next best choice.
  • #5,329
  • Mar 18, 2015 7:28pm Mar 18, 2015 7:28pm
Quoting neoxis
{quote} in 24 hours in think you will receive. I received after 5 min.
More than 48 hours, and I do not receive any confirmation. Is that Normal?
  • #5,330
  • Mar 18, 2015 7:42pm Mar 18, 2015 7:42pm
Quote
In a recently released KPMG statement, the first tranche of clients with negative balances is being notified following the latest developments in the ongoing mediation with Alpari UK. This tranche will cover all clients with negative balances for whom the Joint Special Administrators, consisting of Samantha Bewick, Richard Heis, and Mark Firmin have verified the available contact information.


However, this excludes clients that had open CHF trades after 9:00 GMT on Thursday 15 January 2015. At this juncture, clients falling[/highlight]...


Well, now i know more. A simply email from KPMG with the same clear word would do the same.


But nope mail..


Thanks for nothing..
How to opt out annoying user signatures ??
  • #5,331
  • Edited 9:10pm Mar 18, 2015 8:19pm | Edited 9:10pm
hi all,

yeay i got the access to portal, but the claim nominal is far from my deposit. smaller than my deposit.. mai i complaint? or just given?

and it's an update from KPMG on 17 March 2015
Quote
Account validation
We are now in a position to contact the first tranche of clients with negative balances. This tranche
should cover all clients with negative balances for whom the Joint Special Administrators have
verified the available contact information but excludes clients that had open CHF trades after 09.00
GMT on Thursday 15 January 2015. The validation work in respect of the remaining clients is ongoing
and we will provide a further update as soon as we are able.
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.
Account consolidation
Where clients held more than one account with the Company all such accounts have been
consolidated to arrive at a single net balance per individual. Clients should therefore only receive a
demand for one amount which will reflect the final aggregated balance of all accounts they held with
the Company.
Currency conversion
All account balances have been converted to GBP at the official exchange rate, which is the mean of
the buying and selling spot rates prevailing in the London market as published at the close of
business on 19 January 2015.
Whilst we are requesting settlement in GBP, if this presents difficulties for you please speak to CCI
Legal to discuss arrangements for paying in other currencies.
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.


it's mean that account with negative balance will berefund all deposit?

so what next to do? i still didn't confirm my clain in portal. wait until all clear.



regards
  • #5,332
  • Mar 19, 2015 1:20am Mar 19, 2015 1:20am
Quoting hatim1969
{quote} More than 48 hours, and I do not receive any confirmation. Is that Normal?
me too 48 hours and didnot recieve confirmation email from fscs i don't know how long we can wait??
  • #5,333
  • Mar 19, 2015 1:47am Mar 19, 2015 1:47am
Yes that is normal: if you read the info on the KPMG site it says that they pass on the claims to the FSCS on a weekly basis. Then FSCS has to go through their verification process so I guess it could be a week or two at best before any confirmation arrives
  • #5,334
  • Mar 19, 2015 2:32am Mar 19, 2015 2:32am
Quoting emanco
Still no mail for me.
no mail for me either..
im affraid to be forgotten... i havent contacted anyone i live in lebanon and just waiting in line
  • #5,335
  • Mar 19, 2015 4:04am Mar 19, 2015 4:04am
Quoting memo_zezo
{quote} me too 48 hours and didnot recieve confirmation email from fscs i don't know how long we can wait??
You receive confirm about your agreed claim from KPMG not FSCS is just an automatic reply when you finish the process.


FSCS will contact us next time.
myfxbook: neoxis
  • #5,336
  • Mar 19, 2015 4:21am Mar 19, 2015 4:21am
why? someone of you already received confirmation by FSCS?
myfxbook: neoxis
  • #5,337
  • Mar 19, 2015 4:51am Mar 19, 2015 4:51am
Quoting neoxis
why? someone of you already received confirmation by FSCS?
no, I was among first (Mar, 05.) to claim through FSCS still no reply except mail confirmation.
Forex can only be understood backwards, but it must be traded forwards.
  • #5,338
  • Mar 19, 2015 4:59am Mar 19, 2015 4:59am
Quoting widyantoro
hi all, yeay i got the access to portal, but the claim nominal is far from my deposit. smaller than my deposit.. mai i complaint? or just given? and it's an update from KPMG on 17 March 2015 {quote} it's mean that account with negative balance will berefund all deposit? so what next to do? i still didn't confirm my clain in portal. wait until all clear. regards
Explain better, so that we all understand what you are saying...
Deposit is what you sent to Alpari (via transfer or other method);
Balance is what you had left on the account, after all the closed trades you have made;
Equity is the real value of the account at every moment, meaning it's the balance plus the positive open trades, and minus the negative open trades.

The claim value is smaller than which?
Assuming they validate the positive and negative trades that were open, it should be a value close to the equity you had when the trades were closed;
If they erased the open trades (not logic, because they are chasing negative accounts, so they have counted negative trades), it should be a value close to the balance you had when the trades were closed.
  • #5,339
  • Mar 19, 2015 5:02am Mar 19, 2015 5:02am
Quoting neoxis
{quote} You receive confirm about your agreed claim from KPMG not FSCS is just an automatic reply when you finish the process. FSCS will contact us next time.
Exactly, that's what I've got.
FSCS hasn't contacted me yet - as I said before, I expect it to take some weeks before they start doing it.
  • #5,340
  • Mar 19, 2015 9:21am Mar 19, 2015 9:21am
When I agreed my balance and assigned to FSCS, I also sent copies of some documents, in order to correct my name (things like my first name that was at the surname's place, and wrong order);
Well, I just received the following e-mail from kpmg:
Quote
Dear Sir / Madam

Alpari (UK) Limited (in special administration) (“the Company”)

Thank you for agreeing your claim in the Claims Portal and providing the necessary documentation to evidence a change to your name and/or address from those held on the Company’s records. At present we are experiencing a large number of requests and, therefore, it is taking longer than anticipated to respond to clients confirming that the documentation supplied is sufficient. We are working through this as quickly as possible and will send you an email in due course confirming whether the documents have been accepted or if any further action is required by you.

Yours faithfully
for Alpari (UK) Limited

Scott Rubin

For the Joint Special Administrators

So it's obvious that all the process is kind of slow/delayed... I suppose that only when all these issues will be cleared, they will forward the case to KPMG.
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