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Integrity of Forex Brokers

  • #1
  • First Post: Edited May 16, 2011 8:59am Aug 9, 2006 10:31am | Edited May 16, 2011 8:59am
Thanks guys and gals!

Joe
  • #2
  • Aug 9, 2006 11:30am Aug 9, 2006 11:30am
Ok, just got started on this site and you my 2nd post. Notice my Name? My friends grump because I refer FX as to playing Poker. When you play poker the best way to win is learn your opponents, how they think, play and their integrity; ie. bluff a lot. FX seems to be no different. So, I learn how the game is played and play accordingly. I always proceed with caution. Read around and check some of the posts here and there. You take this information and formulate what Broker you feel you can trust and that will treat you with respect.
  • #3
  • Aug 9, 2006 11:33am Aug 9, 2006 11:33am
Quoting ItLikePoker
Ok, just got started on this site and you my 2nd post. Notice my Name? My friends grump because I refer FX as to playing Poker. When you play poker the best way to win is learn your opponents, how they think, play and their integrity; ie. bluff a lot. FX seems to be no different. So, I learn how the game is played and play accordingly. I always proceed with caution. Read around and check some of the posts here and there. You take this information and formulate what Broker you feel you can trust and that will treat you with respect.
Hi there,
Are you going to count all your posts?
I agree with you, learn the game, learn the oponents, but i think you can not bluff, the market won't let you.
Try hard, think fast, die young
  • #4
  • Aug 9, 2006 11:41am Aug 9, 2006 11:41am
Quoting dof
Hi there,
Are you going to count all your posts?
I agree with you, learn the game, learn the oponents, but i think you can not bluff, the market won't let you.
Thanks for your observation, wondered how long before someone commented on my count, fast, will stop now.
True we can not bluff, but, my question; Can they? Slow feeds, abnormal spikes (which may be debatable), etc. If we feel this true then we learn to play accordingly to give us a better advantage, be as it may.
  • #5
  • Aug 9, 2006 12:11pm Aug 9, 2006 12:11pm
Just beware... I was w/ refcofx since last summer, and they declared bankruptcy in October of 2005. I'm awaiting the results of the bankruptcy court to find out if I'll get any money back. To think that the accounts weren't separate from their parent company's debt is, well, ridiculous to say the least.

Looking for a new broker site to use. I'm currently looking @ saxo bank, since it allows for trading of many more instruments, and it also has a guarantee fund for depositors and investors (http://www.saxobank.com/?id=960&Lan=EN&Au=2)... however, not sure if that covers folks outside of the EU.

I found this site to be somewhat useful as well: http://www.cftc.gov/enf/enfforex.htm

I'm very skeptical now of forex brokers in general. I would like to start trading again; however, if I can just lose my money to a firm's inability to manage itself, I'd prefer to go with something regulated by law (ie. SIPC).

Any advice regarding which brokerage firms to investigate would be appreciated.

-Andrew
  • #6
  • Aug 9, 2006 5:49pm Aug 9, 2006 5:49pm
Thanks pavman

I lost a couple of bucks to Refco too! I think a licensed broker is the only way to go - at least there's some pretense of legal recourse if there's a scam.


Quoting pavman
Just beware... I was w/ refcofx since last summer, and they declared bankruptcy in October of 2005. I'm awaiting the results of the bankruptcy court to find out if I'll get any money back. To think that the accounts weren't separate from their parent company's debt is, well, ridiculous to say the least.

Looking for a new broker site to use. I'm currently looking @ saxo bank, since it allows for trading of many more instruments, and it also has a guarantee fund for depositors and investors (http://www.saxobank.com/?id=960&Lan=EN&Au=2)... however, not sure if that covers folks outside of the EU.

I found this site to be somewhat useful as well: http://www.cftc.gov/enf/enfforex.htm

I'm very skeptical now of forex brokers in general. I would like to start trading again; however, if I can just lose my money to a firm's inability to manage itself, I'd prefer to go with something regulated by law (ie. SIPC).

Any advice regarding which brokerage firms to investigate would be appreciated.

-Andrew
  • #7
  • Aug 9, 2006 5:53pm Aug 9, 2006 5:53pm
Quoting ItLikePoker
Thanks for your observation, wondered how long before someone commented on my count, fast, will stop now.
True we can not bluff, but, my question; Can they? Slow feeds, abnormal spikes (which may be debatable), etc. If we feel this true then we learn to play accordingly to give us a better advantage, be as it may.
They can bluff, but we can leave the table. If it's a global conspiracy then we are doomed :
Try hard, think fast, die young
  • #8
  • Last Post: Aug 14, 2006 11:03am Aug 14, 2006 11:03am
I replied to an email from saxobank, inquiring into some of the concerns I had regarding forex and account security... below is the response I received. I did find out that they can only offer certain services to US residents (see #3 below); however, when the guy called me he did say they had plans to open a US office next year, so they hope to be able to offer other instruments once that opens (ie. stock trading, etc). That was the appeal for me, the ability to trade multiple instruments from one platform. He did say it was available to those who opened off-shore accounts; however, not sure what the legal/tax implications of this would be.

Dear Mr. <removed_for_privacy>,<!-- Sir/Madam -->

Thank you for the email. I am sorry to hear about your problems with Refco.

Please find answers to your questions below.

1. The Guarantee Fund (Danish) does cover all clients regardless of Nationality and Residence. Your money is held in a segregated account (in New York in your case). We have many clients from the US, so yes, it is no problem.

2. At this time we can only offer Forex and Forex-related products (Options, Forwards, and Spot Gold and Silver) to US residents.

3. We are a facilitator in Forex, getting our prices from 16 of the biggest liquidity providers in the world. Because of this, we offer the best liquidity in the world for Private Clients. We do not positions our selves against our clients, as it has no benefit to us. In all honesty, we make money ONLY when peole trade, as we have no other costs.

We are purely an investment bank, and do not have retail clients.

All of our trading for our clients is done through our award-winning platforms.

I willl try to call you today to discuss.


Yours Sincerely

Alexander Paul Weinrich
Associate - Private Clients Sales
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