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Thread: Safe Broker...

  1. #1
    An
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    I am looking for a SAFE Foreign Exchange broker that can actually give me some type of safety on my funds. From what I have read a NDD broker would be the best as much as spreads of course, but which one of those is the safest? I have looked at companies such as oanda and interbankfx, and even DBFX and can't tell which is the safest bet. I mean when you're dealing with large sums and don't have any need for them to go out of business. I guess the safest place may be DBFX although their spreads type of suck. I have developed a great egy for trading and just want to place it into movement... Thanks men.

  2. #2
    I believe FXCM provides bonded accounts.

    Quote Originally Posted by ;
    I am searching for a SAFE forex broker which can give me some type of security in my own funds. From what I have read a NDD broker would be the best as much as spreads of course, but which among these is the safest? I have looked at companies like oanda and interbankfx, and even DBFX and can't tell which is the safest bet. I mean when you are dealing with large amounts and don't have any need for them to really go out of business. I guess the safest place may be DBFX although their spreads kind of suck. I have developed a fantastic egy for trading and only need to place it into movement... Thanks guys.

  3. #3
    1 possibility is to divide your funds to many unique brokers that you discover the safest if you have a large amount to deposit.



    Frank



    Quote Originally Posted by ;
    I am searching for a SAFE forex broker that can give me some kind of safety on my funds. From what I have read a NDD broker would be the best as much as spreads of course, but which one of those is the safest? I've looked at companies such as oanda and interbankfx, as well as DBFX and can't tell which one is the safest bet. I mean when you're managing large amounts and have no need for them to go out of business. I figure the safest place could be DBFX although their spreads kind of suck. I've developed a fantastic egy for trading and only want to put it into movement... Because men.

  4. #4
    You might choose to appear at future brokers rather than strictly forex. Brokers like Interactive Brokers and MBTrading are a bit more regulated than forex brokers, so I can only presume your funds would be a little safer. Nevertheless, this might be a risky assumption on my part.

  5. #5
    You may choose to check at future brokers rather than strictly FX. Brokers like Interactive Brokers and MBTrading are a tad more regulated than FX brokers, thus I can only presume your capital will be a little safer. This could be a risky assumption on my part.

    Actually you are right on.
    Reference REFCO debacle.
    Futures accounts received all their money back , almost immediatly.
    FX, still waiting and for what percentage, who knows.

  6. #6
    My priorities will be :

    1) an insurance scheme (FSA provides one 50K GBP per account === it's not huge, but it is a thing)

    2) a customer fund account at a fantastic bank *segregated* from broker working funds.

    #1 is best. #2 is pretty great.

    Unfortunately, there is no FX broker in the US which provides you some type of protection on your funds similar to this. So you are left with trading offshore.

    Hope that helps.

  7. #7
    Http://masnet.mas.gov.sg/fin/findir/...?OpenView#top1
    Institution Name:
    CITIGROUP GLOBAL MARKETS SINGAPORE PTE. LTD..
    CITY INDEX ASIA PTE. LTD..
    CMC MARKETS SINGAPORE PTE LTD
    CUSTOM HOUSE CURRENCY EXCHANGE (SINGAPORE) PTE. LIMITED
    DBS VICKERS SECURITIES (SINGAPORE) PTE LTD
    GFT GLOBAL MARKETS ASIA PTE LTD
    GOLDMAN SACHS (SINGAPORE) PTE.
    G.K. GOH FINANCIAL SERVICES (S) PTE. LTD..
    IG ASIA PTE LTD
    KIM ENG SECURITIES PTE. LTD..
    MF GLOBAL SINGAPORE PTE. LIMITED
    MORGAN STANLEY ASIA (SINGAPORE) PTE.
    OANDA Asia Pacific Pte. Ltd..
    OCBC SECURITIES PRIVATE LIMITED
    ONG FIRST TRADITION PTE LTD
    PHILLIP FUTURES PTE LTD
    SAXO CAPITAL MARKETS PTE. LTD..
    TRAVELEX GLOBAL FINANCIAL SERVICES (SINGAPORE) PTE. LTD..
    UOB BULLION AND FUTURES LIMITED

    For individuals in Singapore, these would be the forex companies regulated by MAS and holding a Capital Markets Services License. According to Securities and Futures Act(SFA) they need to set up trust account and keep customer deposits assessed from operating expenses or obligations.

  8. #8
    [quote=tx_sandman;4153040]My priorities would be :

    1) an insurance egy (FSA provides you 50K GBP per account === it is not huge, but it is something)


    This is what I thought but when I checked with all the FSCS

    The response I got supposed (for me) at least Though a UK company may be dealt with under FSA insurance... BUT is your PRODUCT covered?

    She's an email from Mr. Gary.Robinson of FSCS uk

    ....

    Thank you for your E mail of 16 August 2010 about protection for investments involving FOREX companies under the Financial Services Compensation Scheme (FSCS).

    You should seek clarifiion from the appropriate provider, whose obligation it is to determine and clarify what type of product it's your are purchasing and how it would be protected from the FSCS for a outcome.

    I hope this is helpful. However, if you have any further questions please contact us again or telephone our helpline on 020 7892 7300 or freephone 0800 6781100.

    Yours sincerely



    Gary Robinson
    Senior Claims Officer




    Overall I'd say Client money security with FX brokers is a large problem ( the brokers will say it is not but it's. . Search REFCO in US, Sonray in Australia)
    FSA:

    CitiFX (Citi bank) asserts they swipe the customers funds into Citbank thus protected by FDIC...

    Singapore might be a fantastic loion because MAS of Singapore and Sing Govt in very strict...

    Client Seg accounts does not actually protect client money. .

    What's critical is How protected is your customer money in the event of broker going out of business... for whatever reason.

  9. #9
    Maybe another way to trade some FX pairs with some sort of protection of client moeny is
    to trade Currency ETF Such as FXA etc with a Routine US registered and insured broker...
    http://www.currencyshares.com/
    There are ETOs on these shares

    Obviously trading ETF means leverage of Just 1:1:slight_frown:

  10. #10
    I would worry about NOT losing the money (over time) through ones own bad/poor trading abilities. As soon as your account size obtained to specific amounts that you really need protection, you will find other companies providing such services that are different egory from the favorite retail FX brokers.

    Http://www.cfhmarkets.com/About_Us/
    Protection of Client Funds
    Segregated clients trust accounts with top tier banks ensuring full client money protection.
    CFH Markets was founded in April of 2008 and authorized under the FSA on 8th September 2008 with UK Financial Services Authority number: 481853.

    Accounts with CFH Markets are kept completely segregated with HSBC or Barclays Bank Plc in client trust accounts in accore with the UK Financial Services Authority client money rules. The UK Financial Services Authority, one of the world's most respected financial regulatory bodies, regulates CFH Markets. Thus, in the improbable event of default, client funds held in segregated accounts are shielded, and cannot be used to gain other creditors.

    All eligible retail clients on-boarded via spouses of CFH Markets can be obtained a full guarantee on the protection of their funds by around #50,000 by Financial Services Compensation Scheme. CFH Markets doesn't aim retail clients right.

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