I received a missive from Interactive Brokers the other day assuring that funds were 100%
safe. I wouldn't know about some of the buckets out there.
At the moment nowhere seems particularly safe apart from down my Y-Fronts.
I've never been that confident in companies promising guarantees.
My Uncle Harry always used to say, "If you want a guarantee, buy a toaster."
My Uncle Harry always used to say, "If you want a guarantee, buy a toaster."
I,m guessing the £/$50,000 rule would apply to trading/betting accounts also?
No. The £50K guarantee is only for personnel BANK deposits.
If your broker goes bust and the administrators are brought in, things like weather your account is segregated or not and weather you allowed your broker to lend out you assets comes into question. It's a very complicated procedure and takes a long time, years in some cases, to be resolved - there's no hard and fast rules.
As a recent example, here's a link to a website of an action group set up by former clients of Global Trader Europe that went bust on 15th Feb 2008. It's quite sad because if you read the forums it looks like they'll be getting nothing at all.
Global Trader Europe Client Discussion Site : HomePage
Global Trader Europe clients 'set to lose £20m' - Telegraph
So be careful who you trade with......
I'm keeping all my cash in a big metal box inside my DIY, underground, secret location nuclear fallout shelter :!:
Cheers.
I guess this is a lesson the. Keep the minimum amount needed in a trading account, necessary to cover your margin levels etc. Put the rest in a govt. backed bank account perhaps.
Haha, lovely mate![]()
£££ who'll accept it anyway. I'm lead to believe the USA is leading us all to hyperinflation, this $700,000,000,000 isn't amounting to much on the markets, so they'll have to pump more in, amounting to even less. And whether you've $$$ in trading accounts, banks or under the bed it'll be worth less each moment it isn't exchanged. Gold, physical gold is a hedge: Why you should buy some physical gold - MoneyWeek
Risk at your own peril.