Insuring broker account funds oneself: Possible ?

[BSD]

I know that IB insure funds up to 30 mill and also have very many other good and great things going for them, but what speaks against them, at least for me, is an incredibly clunky platform, bad charting with lots of mistakes and freezes that would necessitate a third party add-on, no proper money management position sizing calculator, and some other isssues.

I'll probably go with them, but not if there is a far easier and fully viable alternative.

Here's the idea:

Does anybody know if it is possible to insure your funds that you're sending out to your broker who does not offer account insurance, does anyone know if it is possible to insure those funds yourself against bankruptcy and fraud etc via some insurance firm, or via buying bonds and holding them as a deposit in some way ?

This is kind of out of the box I fully realize, but I would appreciate any and all creative ideas, or ideas based on experience, very much.

Thanks !

 

[grantx]

BSD,

One possibility - and it is only a guess - is to buy government bonds, not bearer bonds (you'll need your name on them if possible)and deposit these as collateral in lieu of cash. If the broker goes down, he won't be able to liquidate your assets without your knowing.

Grant.

 

[BSD]

Grant, thanks, great idea that, I've just sent an email to Oanda to ask them what they think.

Have a nice weekend

 

[grantx]

Markus,

My pleasure.

You also have a good weekend, mate (don't crash your wife's Ferrari).

Grant.

 

[grantx]

Markus,

Generally speaking, as a US non-resident you are not covered by the same protection in the case of a broker going down, ie more than likely you'll get nothing.

Rather than going through a broker (US or otherwise) why not consider a European bank - certainly far safer.

Grant.

 

[BSD]

No Ferraris in the stable mate

Markus,

Generally speaking, as a US non-resident you are not covered by the same protection in the case of a broker going down, ie more than likely you'll get nothing.

Does that include Interactivebrokers.com ?



Grant, do you have any big European banks with good trading platforms where you can trade FX ?

ABN AMRO marketindex looked good initially, they have OANDAS platform, BUT it's CFD's, ie it's not market prices but ABN's interpretation, and the prices accordingly look somewhat really suspicious...

What do you think ?

Have you had a look at this or heard anything good or bad ?

dbFX Online Foreign Exchange Currency Trading from Deutsche Bank.

 

[BSD]

Just caught your PM, thanks mate

 

[grantx]

Markus,

In the scheme of things, I don't think you'll go far wrong with DB.

Re Interactive, I don't know. I'm sure they have a UK/FSA entity - check it out. However, they're reputaion leaves a lot to be desired. I'd look at DB and the demo.

Good Trading,

Grant.

 

[BSD]

Thanks again Grant, appreciate it

Good trading you too !