The Safest forex Broker?

[Jason Rogers]

Another thing to consider is the regulatory authority that overseas the entity you are trading through. Not all regulators are created equal you will find. In the UK, financial regulations provide for fully segregated accounts.

 

[danial]

If segregated accounts is the same in UK as all other well regulated countries (USA - CH 4 eg) then that is not fully correct. I found out that what it actually means is that the broker has a client account that requires it to be separate from their "running" account, ALL clients money is deposited en masse into this one account which is in the name of...the broker. If it were a real segregated account then you would be eligable to get a bank card to it, because it should be in your name. What is important is up to what amount is your account insured to? With UK and Switzerland it works out, if I remember correctly, to about the same amount. UK is up to £80,000 and Switzerland and the USA $/CHF 100,000. In all cases it is PER account and not per person.

Spreads is important but most top brokers are so close that the difference lies more with the execution quality and number of liquidity providers they have, the more the better. I am Very happy with ACM who seem to have a good balance of both.

 

[Jason Rogers]

If segregated accounts is the same in UK as all other well regulated countries (USA - CH 4 eg) then that is not fully correct. I found out that what it actually means is that the broker has a client account that requires it to be separate from their "running" account, ALL clients money is deposited en masse into this one account which is in the name of...the broker. If it were a real segregated account then you would be eligable to get a bank card to it, because it should be in your name. .

A segregated forex account in the UK wouldn't work the same as an account with a US broker. If your FSA regulated broker segregates client deposits and maintains funds in accounts earmarked for the benefit of customers, then in the event of bankruptcy, such funds may not be used to benefit other creditors, but to ensure customers receive back their deposits. This is not the case in the US for forex dealer members.

The crown forex bankruptcy should be an interesting test case for Swiss brokers.

 

[Hittfeld]

With UK and Switzerland it works out, if I remember correctly, to about the same amount. UK is up to £80,000 and Switzerland and the USA $/CHF 100,000. .

Huh??? As far as I know, its up to a swiss broker to get insurance coverage (but find out, if they paid the fees), only for brokers with bank status coverage is granted by government.

Regards

Hittfeld

 

[trs1]

Hi Folks,

I currently have an account at Oanda but am going to start trading some family money now so obviously I wish to have the most trustworthy and financially sound broker available so my money will not dissapear if a company liquidates. I thought about a swiss FX broker because of the new regulation maybe.

Any suggestions or am I better off just sticking to Oanda?

a lot of this will depend on what sort of amounts you are looking to put into your account !

 

[danial]

Correct

Huh??? As far as I know, its up to a swiss broker to get insurance coverage (but find out, if they paid the fees), only for brokers with bank status coverage is granted by government.

Regards

Hittfeld

Yes Hittfeld, that is correct. Be aware that the major FX brokers in Switzerland, Dukas, MIG and of course ACM have all had their applications for the banking license accepted and approved by FINMA, if all goes ahead as explained to us clients, these should be handed out near the end of this year, ergo clients accounts will be protected to the amount mentioned before.

 

[Jason Rogers]

have all had their applications for the banking license accepted and approved by FINMA, if all goes ahead as explained to us clients, these should be handed out near the end of this year, ergo clients accounts will be protected to the amount mentioned before.

I've heard of the swiss brokers applying, but haven't heard of them being approved. Have there been press releases about it?

 

[danial]

Sorry Jason, what i mean is that the applications were good enough to be accepted before the deadline. To be honest, I don't see MIG having problems, nor my broker ACM neither, that I base on the service they have given me as well as their platform. If they have signed up to offer MT4 soon, they must obviously be 100% confident in receiving that license. Dukas should be ok but I have heard the odd rumor regarding them, some questions are apparently being raised regarding the way their net capital is made up, or something (I read in another forum)but I would imagine it would go through.

 

[Jason Rogers]

Sorry Jason, what i mean is that the applications were good enough to be accepted before the deadline. To be honest, I don't see MIG having problems, nor my broker ACM neither, that I base on the service they have given me as well as their platform. If they have signed up to offer MT4 soon, they must obviously be 100% confident in receiving that license. Dukas should be ok but I have heard the odd rumor regarding them, some questions are apparently being raised regarding the way their net capital is made up, or something (I read in another forum)but I would imagine it would go through.

No problem. Was just curious

 

[danial]

Anyone yet tried the Dukas Fapturbo swiss edition, or the ACM MT4 yet?

We had all heard the Fap/Dukas hype as well as the MT traders out there talk about the arrival of these two. So now let's see if there are any initial rections yet.

 

[metaron]

Thanks for the posts guys.

FYI I do not touch Forex anymore as I found it impossible to make money from.

A WARNING TO PEOPLE WITH U.S BROKERS!!!

FDIC IS IN NEED OF A BAIL-OUT!!! IF YOUR BROKER IS FDIC INSURED THAT NOW MEANS AS MUCH AS USED TOILET PAPER!​

I would just like to say that how can you trust this now bull market (according to dow theory) rally when the bail out bill gave $23 trillion of taxpayers money(source: zerohedge) to wall street and wall street have driven the prices up presumably with this money. It gives a whole new meaning to the fox guarding the hen house.

At the mo I've got all my money out of the 2 U.S brokers I use as I believe this rally is going to end badly (as is the case with most parabolic moves).

Simply put the war bells are ringing for Iran and(imo) an attack is imminent within a month(could be a pos for markets long term but at this oversold condition I think it can only create downward pressure in the short term), coupled with a highly likely 'No' vote for the Irish with the lisbon treaty which markets won't react well to this as it will cause uncertainty to the future structure of the EU.

IS THIS ENOUGH TO SET OFF A MELTDOWN AGAIN WITH SOME ECONOMISTS STATING THINGS ARE NOW WORSE THAN PRE-LEHMAN? Stiglitz Says Bank Problems Bigger Than Pre-Lehman (Update1) - Bloomberg.com

Please be careful with your money at your brokers.

Best regards

M.

 

[Mikhail Tegin]

If I may, I'd like to draw your attention to LiteForex broker, which is one of the most respective foriegn brokers.
More information you can obtain on the web site and by asking questions

 

[metaron]

Thanks but no thanks, I'm now very happily trading stocks.

With regards to my previous thread - I just seen this at zerohege: "Moonraker Fund Management Claims Banks Using Bailout Money To Ramp Markets".

Moonraker Fund Management Claims Banks Using Bailout Money To Ramp Markets | zero hedge

 

[rathcoole_exile]

Hi Folks,

I currently have an account at Oanda but am going to start trading some family money now so obviously I wish to have the most trustworthy and financially sound broker available so my money will not dissapear if a company liquidates. I thought about a swiss FX broker because of the new regulation maybe.

Any suggestions or am I better off just sticking to Oanda?

if you have to ask the question - you already know the answer

forex is a mugs game for w@nk@s.
if you want to trade currencies, trade currency futures through legit brokers

 

[metaron]

if you want to trade currencies, trade currency futures through legit brokers

I would add one caveat to that: trade currency futures BUT place stops out of hours in the cash market. So you would still need a cash market FX broker.

 

[Mikhail Tegin]

metaron, by all means you're right. Currency futures is a very good instrument, but there is less risk, it comes out of the definition of a currency futures...
You must not forget to put stop-loss and take-profit when online trading

 

[TradeProvider]

Hello,

If you want a safe broker (FSA regulated) who keeps money in a strict segregated account, with excellent liquidity (14 Tier 1 banks/funds) and a suite of platforms (Currenex, MT4, First Derivative, Integral, etc) then contact Capital Markets Services on:
[email protected]

Cheers Ben

Ben your a dude, now that sounds good! I really do think insurance is a must for any money nowadays, I've read up on Refco they had a healthy balance sheet at the time they got busted which could also mean any supposedely 'healthy' forex broker could do the same any day.

Just looked on their site and it says:

"Citibank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through Dec 31, 2009, all Citibank U.S. non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Accordingly, US dollar margin deposits maintained with Citibank NA in connection with CitiFX Pro transactions are fully insured; Non-US Dollar amounts (EUR, GBP, JPY and HKD) are held outside the US and are not FDIC insured."

So can you choose your base currency when opening the account(i.e if I pay them in pounds will they give me a base account in dollars)? And would you know if this insurance applies to UK residents?

Do they allow scalping and whats their spreads like?

I don't want to know much I know

 

[kevinturnbull]

Hi Folks,

I currently have an account at Oanda but am going to start trading some family money now so obviously I wish to have the most trustworthy and financially sound broker available so my money will not dissapear if a company liquidates. I thought about a swiss FX broker because of the new regulation maybe.

Any suggestions or am I better off just sticking to Oanda?

have a look the broker regulatory body, and the compensation schema which is very important when broker goes bankrupt....

 

[Jeff - Axiory]

Hi everyone,

Just out of interest, what would you like to see from a broker in order for you to feel 100% confident with your funds?

Regards,

Jeff

 

[NVP]

his nuts in an electronic vice permanently linked to a button in my trading room

N