Are Ur Funds Safe...with Ur Brokers...? | Forex Factory

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Are Ur Funds Safe...with Ur Brokers...?

  • #1
  • First Post: Sep 5, 2006 8:38pm Sep 5, 2006 8:38pm
Hello frnds,

I am abt to open my Live trading account, I would like to know from all the traders who trade the Live Acc. specialy Big Lots and have like 50-100 thousands in their Live-Account.
1) How do u chk any broker, if ur Funds with them are safe ?
2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

If u can help me out would be appritiated.

kev.
  • #2
  • Sep 5, 2006 9:17pm Sep 5, 2006 9:17pm
Quoting kevfx
Hello frnds,

I am abt to open my Live trading account, I would like to know from all the traders who trade the Live Acc. specialy Big Lots and have like 50-100 thousands in their Live-Account.
1) How do u chk any broker, if ur Funds with them are safe ?
2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

If u can help me out would be appritiated.

kev.
One thing I have come to realize is that there is no sure thing in this life. That said, Oanda, I believe, keeps unused funds with Jp morgan chase NY. Those are pretty safe regardless of what happens to oanda.

best.
  • #3
  • Sep 5, 2006 9:42pm Sep 5, 2006 9:42pm
Quoting dunningduke
One thing I have come to realize is that there is no sure thing in this life. That said, Oanda, I believe, keeps unused funds with Jp morgan chase NY. Those are pretty safe regardless of what happens to oanda.

best.
Thanks for ur quick reply DD, even i know there is nothing 100% sure in life.
But there might be something tat brokers would be offering to their clients as a safety.

I mean ppl with $100,000 and more wouldnt look for safety of their funds b4 handing over their money to a company. It doesnt convince me... !

I would like more Opinions on this Matter... pls other traders Put ur words aswell.
Would be appriciated.. it wud be helpful for me and others who are just abt to open their Live accounts.

kev.
  • #4
  • Sep 6, 2006 6:20am Sep 6, 2006 6:20am
Frnds i can see there has been 80 views to this post... and only one unique reply.... which kind of makes me think
Is my question......not valid...? or
U all ppl just donīt care abt the Money-safety and the money u send to ur brokers.

I would like more replies from the ppl who trade live acc.

Here is my qestion again with my previous thread...

I am abt to open my Live trading account, I would like to know from all the traders who trade the Live Acc. specialy Big Lots and have like 5-100 thousands in their Live-Account.
1) How do u chk any broker, if ur Funds with them are safe ?
<SCRIPT><!--D(["mb","2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

If u can help me out would be appritiated.

kev.

One thing I have come to realize is that there is no sure thing in this life. That said, Oanda, I believe, keeps unused funds with Jp morgan chase NY. Those are pretty safe regardless of what happens to oanda.

best.
************
Would like more opinions.
http://www.forexfactory.com<wbr />/f...5059#post95059
Posted by: kevfx
On: Yesterday 23:42

One thing I have come to realize is that there is no sure thing in this life. That said, Oanda, I believe, keeps unused funds with Jp morgan chase NY. Those are pretty safe regardless of what happens to oanda.

best.

Thanks for ur quick reply DD, even i know there is nothing 100% sure in life.
But there might be something tat brokers would be offering to their clients as a safety.

I mean ppl with $100,000 and more wouldnt look for safety of their funds b4 handing over their money to a company. It doesnt convince me... !

I would like more Opinions on this Matter... pls other traders Put ur words aswell.
Would be appriciated.. it wud be helpful for me and others who are just abt to open their Live accounts.

kev.



Sincerely,

The Forex Factory Server

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Unsubscription information:

To unsubscribe from this thread, please visit this page:
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</div>",0]);//--></SCRIPT>2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

Pls put ur thoughts ....

kev.
  • #5
  • Sep 6, 2006 7:03am Sep 6, 2006 7:03am
i have been trading the amount you are referring to for several months with fxsol and feel very comfortable with my funds being there. hope this helps.
  • #6
  • Sep 6, 2006 7:47am Sep 6, 2006 7:47am
Quoting gnspdr33
i have been trading the amount you are referring to for several months with fxsol and feel very comfortable with my funds being there. hope this helps.
Thanks for ur reply gnspdr.

But did u chk with ur broker abt the fund-safety b4 opening an acc.
If yes... wat were the things they assured u .... would be helpful, if u can share.

kev.
  • #7
  • Sep 6, 2006 7:26pm Sep 6, 2006 7:26pm
Quoting kevfx
Hello frnds,

I am abt to open my Live trading account, I would like to know from all the traders who trade the Live Acc. specialy Big Lots and have like 50-100 thousands in their Live-Account.
1) How do u chk any broker, if ur Funds with them are safe ?
2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

If u can help me out would be appritiated.

kev.
Hi kev,

Even i would like to know the answers to ur questions
  • #8
  • Sep 6, 2006 7:50pm Sep 6, 2006 7:50pm
Quoting kevfx
Thanks for ur quick reply DD, even i know there is nothing 100% sure in life.
But there might be something tat brokers would be offering to their clients as a safety.

I mean ppl with $100,000 and more wouldnt look for safety of their funds b4 handing over their money to a company. It doesnt convince me... !

I would like more Opinions on this Matter... pls other traders Put ur words aswell.
Would be appriciated.. it wud be helpful for me and others who are just abt to open their Live accounts.

kev.
hi kev,

B4 opening an account to a specific broker, i for one has done some things prior to opening live account. These are the things i've done:

1. Check there contact page for valid telephone number, address and real company name.
2. Check there real company name to www.nfa.futures.org if they are registered.
3. Dig into google and look for the company name + scam in the search title.
4. Analyze their ratings in forums and searches and even if they're called scam doesn't mean that they really are. What matters are the comments on the user.

Forex market is a profitable market as well as the opposite way around.

Cheer!
  • #9
  • Sep 6, 2006 8:06pm Sep 6, 2006 8:06pm
I trade with FXSolutions. This is what they have to say about safety of funds, quoted right of their website.

"Safety of Funds
All client funds are deposited with a top-rated and secure financial institution, client funds are deposited with JPMorgan Chase Bank."
  • #10
  • Sep 6, 2006 9:23pm Sep 6, 2006 9:23pm
Thanks for ur tips armchang, i will ask the broker the questions u mentioned.

Hi Mountekitrader,

U said fxsolutions says, "Safety of Funds
All client funds are deposited with a top-rated and secure financial institution, client funds are deposited with JPMorgan Chase Bank."

Does tat means that if the company goes bankrupt ur funds are still safe and will be given back to u...?


for other traders:-

Where are other traders, we have now more than 195 views of this post... common friends leave ur post and help new traders.
Donīt just read this thread and leave without a post.

Ur Help and answers are realy appriciated.

Thanks,
kev.
  • #11
  • Sep 6, 2006 9:48pm Sep 6, 2006 9:48pm
This is one of 3 brokers, I use for larger account and I'm confident about my funds. You can also buy extra insurance to protect them.

TradeFreedom Securities Inc. introduces its accounts to Penson Financial Services Canada Inc., who acts as carrying broker. TradeFreedom Securities Inc.is a member of the Investment Dealers Association of Canada (IDA). Client accounts are held in Canada, cleared in Canada and are protected by the Canadian Investor Protection Fund (CIPF). A brochure describing the nature and limits of coverage is available upon request.

<!-- IN ADDITION TO CIPF COVERAGE, TRADEFREEDOM OFFERS $10,000,000 IN SUPPLEMENTARY INSURANCE. DETAILS AVAILABLE UPON REQUEST.

--> http://www.tradefreedom.com/images/e...inaddition.gif

Another good one is SAXO bank. When I planned to open an account with them, I was told my funds are protected and guaranteed up to 40k Euro.

Quoting kevfx
Hello frnds,

I am abt to open my Live trading account, I would like to know from all the traders who trade the Live Acc. specialy Big Lots and have like 50-100 thousands in their Live-Account.
1) How do u chk any broker, if ur Funds with them are safe ?
2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

If u can help me out would be appritiated.

kev.
  • #12
  • Sep 6, 2006 10:55pm Sep 6, 2006 10:55pm
Surely one of the safest things you can do is split your funds across multiple brokers.

but in regards to the actual question:

I think spacevision told me they could segregate the account after a certain size... but I know nothing of this metatrader swiss broker. Most metatrader brokers I asked could not have a seperate bank account. I think neuimex will segregate it if you are willing to pay some extra pips on the spread. I heard Oanda will do it for over $50,000... but my memory is not the best. So don't take my word for it. I think dukascopy does it also.

but really I don't know what this means... if your money is in a custodian account and the broker goes under then does that mean you can access your money right away? Wouldn't any open trades have to be resolved? How do they get resolved if your broker is bankrupt and not functioning any more? I guess the financial world has ways to deal with this and I'm probably just showing my ignorance of how things work. But I guess it is a good question to ask...
  • #13
  • Sep 7, 2006 8:07am Sep 7, 2006 8:07am
Quoting ycomp

but really I don't know what this means... if your money is in a custodian account and the broker goes under then does that mean you can access your money right away? Wouldn't any open trades have to be resolved? How do they get resolved if your broker is bankrupt and not functioning any more? I guess the financial world has ways to deal with this and

I'm probably just showing my ignorance of how things work. But I guess it is a good question to ask...
Hi Ycomp,

Thats y i opened this thread, bcoz not many traders understand wat the security of funds means for them... they are just attracted to the big flow of money in forex market and they want to be a part of it.
But the question which arises is how ur funds are safe with the brokers u r trading...?

I like that u r not shy enough to share ur ignorance, atleast u know now wat things u were unaware.
Bcoz Knowing wat u donīt know is the first step towards success.(hey hey well said... rite ! )

And i m sure there are many knowledgble traders around here...to share with us their thoughts on the doubts we have.

Also i want to thank Racezfx for the info u shared abt Timefreedom & Saxo bank.

kev.

Knowing What You Donīt Know, Is a 1st step towards Success - Anonymous (Me)
  • #14
  • Sep 7, 2006 9:26am Sep 7, 2006 9:26am
Quoting kevfx
Frnds i can see there has been 80 views to this post... and only one unique reply.... which kind of makes me think
Is my question......not valid...? or
U all ppl just donīt care abt the Money-safety and the money u send to ur brokers.

I would like more replies from the ppl who trade live acc.

Here is my qestion again with my previous thread...

I am abt to open my Live trading account, I would like to know from all the traders who trade the Live Acc. specialy Big Lots and have like 5-100 thousands in their Live-Account.
1) How do u chk any broker, if ur Funds with them are safe ?
<SCRIPT><!--D(["mb","2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

If u can help me out would be appritiated.

kev.

One thing I have come to realize is that there is no sure thing in this life. That said, Oanda, I believe, keeps unused funds with Jp morgan chase NY. Those are pretty safe regardless of what happens to oanda.

best.
************
Would like more opinions.
http://www.forexfactory.com<wbr />/f...5059#post95059
Posted by: kevfx
On: Yesterday 23:42

One thing I have come to realize is that there is no sure thing in this life. That said, Oanda, I believe, keeps unused funds with Jp morgan chase NY. Those are pretty safe regardless of what happens to oanda.

best.

Thanks for ur quick reply DD, even i know there is nothing 100% sure in life.
But there might be something tat brokers would be offering to their clients as a safety.

I mean ppl with $100,000 and more wouldnt look for safety of their funds b4 handing over their money to a company. It doesnt convince me... !

I would like more Opinions on this Matter... pls other traders Put ur words aswell.
Would be appriciated.. it wud be helpful for me and others who are just abt to open their Live accounts.

kev.



Sincerely,

The Forex Factory Server

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~<wbr />~~~~~~~
Unsubscription information:

To unsubscribe from this thread, please visit this page:
http://www.forexfactory.com<wbr />/f...adid\u003d7777
</div>",0]);//--></SCRIPT>2) Do u recommend any particular broker who Garrantties ur funds with them, as in case of Bankruptcy or any other thing...

I mean all the Live-Acc forex traders might have this question b4 they wanted to open a live account ... rite...?

Pls put ur thoughts ....

kev.
Do a check with Dukascopy. You can negotiate with them to have most of your funds in your local bank. You don't have to give them all your money. All you need is that your own bank to issue to Dukascopy a garantie of a fixed amount from you.

That is the best offer you can get in the Forex Market

Highway
  • #15
  • Sep 7, 2006 10:11am Sep 7, 2006 10:11am
I hate to be so vague, but this is to the best of my recollection.- scary

I had a conversation with a NFA guy at a money show. He said that there is no such thing as a segregated account in Forex. He said they can put your money in any bank they want but if you give your money to them for trading then It is subject to whatever they do with it and whatever happens to that broker. Your money is at risk.
I remember alot of this type of discussion around the Refco fiasco. The bottom line around that was your money was not safe and those who got it back were fortunate that Refco turned out to actually be liquid.
It has long been an argument of the Futures guys that your money is safer with them because they can legally offer true segregated accounts.
Now, with all that being said, I think this is applicable to the U.S. laws. Foreign countries may have more protective laws but who knows what it might entail to get help from them.
Profit is where readiness meets Opportunity
  • #16
  • Sep 7, 2006 11:03am Sep 7, 2006 11:03am
Hi for everyone .

As many people here said you can't be sure when you give your money for someone else . Every bank, brokerage firm , or financial institution can be subject of fraud and money laundering .You may have read about Evergreen ( a famous company in Australia ,NewZealand ,USA ... ) , and other banks were corruption and weak managing burn traders capitals .History holds lots of all these exemples .

Otherwise , there's 2 kinds of Forex participants :Traders who open an account in Hundreds up to 10.000 or 15 k of $ ,and look for everu $ to add to their accounts .And investors , who open huge accounts , over 50 K $ .

If you like to take my advice , open an account in the favor of a bank , a trusted bank in your country , and trade . Don't open huge accounts with firms and brokers .It will take sleep from your eyes .
I know banks will take fees and commisions . i don't know how much in your country ._ I'm trading in Lebanon ( it costs me 20 $ per trade ) , but i'm sure it's no more than 1 pip in my trade , and my money is safe .

If you r in new york , Bank of America ,is the best i think . _ it's not an advertisement boss .

good luck..
Lebtrader 1
  • #17
  • Sep 7, 2006 6:24pm Sep 7, 2006 6:24pm
Quoting FXopportunist
I hate to be so vague, but this is to the best of my recollection.- scary

I had a conversation with a NFA guy at a money show. He said that there is no such thing as a segregated account in Forex. He said they can put your money in any bank they want but if you give your money to them for trading then It is subject to whatever they do with it and whatever happens to that broker. Your money is at risk.

I remember alot of this type of discussion around the Refco fiasco. The bottom line around that was your money was not safe and those who got it back were fortunate that Refco turned out to actually be liquid.
It has long been an argument of the Futures guys that your money is safer with them because they can legally offer true segregated accounts.
Now, with all that being said, I think this is applicable to the U.S. laws. Foreign countries may have more protective laws but who knows what it might entail to get help from them.
Hey FxOppertunist,

After reading ur reply it realy concerns me More.

How a person Trading forex making his living doesnt care abt his funds-Safety with his broker.
Are all traders, So Stupid, to get attracted to the huge money flow of forex and open a account without considering the consequences of not having a fund-Safety. (Iīm not being rude...just trying to pinch out the traders to put their views.)

U urself said abt Refco case, even such a big company went Bankcrupt and was a member of NFA. Rite..?

Wat happend to the clients of Rafco forex co. did they get their money back or Just gone with the Wind...?

Actually i would like to hear more views, comments which are more sound...
so if u get some more info on it...dont delay to put it here to share with us.

Atleast ask ur broker abt this issuse and share with us wat he says.

Actualy i would like to c a post by all live traders Asking their brokers abt the fund-Safety thing and Post their Replies over here to share with us...would be a gr8 help for other traders...!
Donīt u agree with me guys.

Dont feel shy if u havent asked ur broker yet...ask them rite now while u r reading this post and put ur comments here rite after hanging the phone down. (Go ahead Give a call to ur broker.)
  • #18
  • Sep 7, 2006 6:35pm Sep 7, 2006 6:35pm
also another concern is whether you can withdraw your money. I am not going to name any brokers because I don't know for sure, but I read somewhere* about a certain metatrader broker that one guy was having problems withdrawing his $50,000.

* = on that site that likes to label brokers with "SCAM" ratings by users (I'm sorry, I think we are not allowed to link to that site... last time someone did the moderator removed the link)
  • #19
  • Edited 6:48pm Sep 7, 2006 6:40pm | Edited 6:48pm
Quoting lebtrader84
Hi for everyone .

If you like to take my advice , open an account in the favor of a bank , a trusted bank in your country , and trade . Don't open huge accounts with firms and brokers .It will take sleep from your eyes .
I know banks will take fees and commisions . i don't know how much in your country ._ I'm trading in Lebanon ( it costs me 20 $ per trade ) , but i'm sure it's no more than 1 pip in my trade , and my money is safe .

If you r in new york , Bank of America ,is the best i think . _ it's not an advertisement boss .

good luck..
Hi lebtrader,

Thanks for ur suggestion, i agree funds would be more safe with a bank of ur own country then with other broker who is in different country.


On this a question arises are All the Smart trader trading with a Bank in their own Country...?

Does anybody knows a Bank in Spain or UK... who provides ForexTrading? or Can all the banks provide Forextrading ?

Cheers.
  • #20
  • Sep 7, 2006 8:38pm Sep 7, 2006 8:38pm
Quoting kevfx
Hey FxOppertunist,

After reading ur reply it realy concerns me More.

How a person Trading forex making his living doesnt care abt his funds-Safety with his broker.
Are all traders, So Stupid, to get attracted to the huge money flow of forex and open a account without considering the consequences of not having a fund-Safety. (Iīm not being rude...just trying to pinch out the traders to put their views.)

U urself said abt Refco case, even such a big company went Bankcrupt and was a member of NFA. Rite..?

Wat happend to the clients of Rafco forex co. did they get their money back or Just gone with the Wind...?

Actually i would like to hear more views, comments which are more sound...
so if u get some more info on it...dont delay to put it here to share with us.

Atleast ask ur broker abt this issuse and share with us wat he says.

Actualy i would like to c a post by all live traders Asking their brokers abt the fund-Safety thing and Post their Replies over here to share with us...would be a gr8 help for other traders...!
Donīt u agree with me guys.

Dont feel shy if u havent asked ur broker yet...ask them rite now while u r reading this post and put ur comments here rite after hanging the phone down. (Go ahead Give a call to ur broker.)
Call your broker and ask him if your money is safe?????
Are you kidding?????
What is it you expect them to say????

Do a little reading and research man, come on.
You may discuss it here, but you sure aren't going to find the definitive answers here. You have to be responsible for who you choose to do business with. We have all made our decisions and in the end we own that decision.
Chill-Think
Profit is where readiness meets Opportunity
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