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Thread: Safe Broker...

  1. #21
    Quote Originally Posted by ;
    does this not mean anything to you?

    [color=#1f497d][font=quot][colour=crimson]as place...
    cease trading with otc brokers if you are so scared. Trade futures direct with a bank. You're a slur on this forum with your continuous, nonsensical whining.

  2. #22
    In my view, in this day and age only having a controlled broker I snot enough. We've got all seen many controlled brokers going down and more often than not customers incur losses or have to wait for years until they get their cash back if they ever will.

    I myself have been a victim of 2 such incidents. Therefore, how do we classes a safe broker. For starters, I never exchange with a market maker, so that takes away about 90% of those brokers from my listing. The reason why I make this decision is because the work of market making is a risky business model, however big a broker might be if the market turns against the broker . . .they either go under or the will screw around with customer trades. I am certain that we all recall REFCO..the broking giant that went under and the smaller ones like CrownFX and TradeX. So I had decided to stay away from market makers due to this reason and of course other reason as transparency and fair play in gambling.

    Second. I look for brokers that provide either Trust accounts or independently administered clients accounts, so they appoint a 3rd party non related fund adminior who administer the customer account and retains the sharks away ( the sharks are generally within the brokerage firm). Only having segregated accounts isn't enough as segregated accounts continue to be available to the direction of the brokerage firm.

    So people here's my 2 cents worth and hope you guys find a fantastic home for your own trading activities. Just to name a couple and wanna worry I am not connected with any of them but since many had been asking so I will list a few that I use.

    1) FXPRIMUS - all customer funds are tracked by individual 3rd party worldwide fund adminior and as well offers TRUST accounts for all account sizes from as low as aUSD50 one time fee to start a TRUST account. Even accounts as low as usd250 in deposit can enjoy the trust benefits.

    Two) Dukascopy- offers Trust accounts. Minimum funds to trust accounts use to be USD250,000 but do not see it encouraged anymore. You could write in ask them around. Although they might say that each of the funds are stored in custodian accounts, please still ask for trust account because recall, maintaining in custodian accounts is exactly like maintaining it in segregated account, so security remains a concern. So firmly ask for TRUST accounts.

    3)MFglobal- they provide trust account as well but again I do not see it being promoted anymore, you might write in and ask them.

    So men, look beyond regulatory bodies and what authority they fall beneath. . .more importantly, recall your cash is only safe if there is a TRUST or a 3rd party trusted secretary. Don't let your profits become wiped out just because your funds were not safe and the broker went beneath and recall huge names do not mean anything nowadays, we've got all noticed Bear strens, lehman along with the likes going under. . .market making is a risky business so since we could never truly tell if a broker is really STP all trades or market making, it's our obligation to demand for security in the manner in which our funds are managed. . .otherwise the profits you make is nothing but only online chips because the physical cash in the customer bank account might not match to what's from the platform

    cheers!!

  3. #23
    Quote Originally Posted by ;
    You Place Safe and Broker in the Exact Same sentence.
    Your grammar teacher could have you expelled for that.
    Now that's funny!!!!

  4. #24
    Just don't burn ur cash w CMC Sg. I am aware of one underhand method they used to hunt ur stop loss.

  5. #25
    Quote Originally Posted by ;
    You put Safe and Broker in the same sentence.
    Your grammar teacher could have you expelled for that.
    I am beginning to get frightened following Refco FX bankruptcy , crown Foreign Exchange bankruptcy , commerce X , along with Lehman Brothers collapse .

  6. #26
    AISC regulations in Australia require cash to be deposited into a 3rd party trust account.

    Not sure of the fine print though?

  7. #27
    2 posters here recommended mf global, this should be a big wake up call

  8. #28
    If you guys know how to make money in this business(otherwise it doesnt make any sense to think about it) and you're concerned about the safety of your own funds, the sole real place to go is Switzerland. It can be a nuisance to start an account there as it might take as many as two weeks to get it opened but thats the price to cover.

  9. #29
    Quote Originally Posted by ;
    2 posters here advoed mf worldwide, this ought to be a major wake up call
    phew!!! I think I will never feel safe using any broker regardless the name is. . .you need to beat the game and the house ....talk about damaging odds.

  10. #30
    Quote Originally Posted by ;
    In my opinion, in this day and age just having a regulated broker I snot enough. We have all seen many regulated brokers going down and more often than not customers incur losses or need to wait for years before they receive their money back if they ever will.

    I myself have been a victim of 2 such incidents. So how do we classes a safe broker. For starters, I never exchange using a market maker, so that takes out about 90 percent of the brokers out of my list. The reason I make this choice is because the business of market making is a risky business model,...
    Duka is likely not the worst of all ...

    And ... as SirMcPip mentioned previously ... Confoederatio Helvetica nevertheless has lots of titles and addresses of fund services Which Are a little bit more dependable ... despite even They've seen better times as well there ...

    It's always better to be with the good old reputated ones ... rather than using these new titles and no-names online services with no deeper historical background ...

    The Bigger Banks are not only worried about FOREX just and therefore they've a much better and more serious management departments as well ...

    Only go together with the great names ... rather than with those with these blinky ad banners ...

    Swiss Confederation and Swiss Finance Services often do have better and more serious solutions to the frankly and deeply involved traders in FX-Trading concerns ...




    ;-|

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