Day Trading & Forex Forum

JillyB

Was just going the motions of opening an account with Alpari UK - now that FXCM have finally transferred the funds back to my account - however I noticed the following clauses that you are meant to agree to and I'm not sure if this is standard practice or not, but the last clause in particular has me worried. In other words what they're saying is that client money is not ring-fenced. Is this standard practice with brokers?

"I consent to transfer or otherwise pass full title to, and ownership of, Non-segregated Funds (as defined in clause 6.2 of the Customer Agreement) to the Company for the purpose of securing or otherwise covering my present or future, actual or contingent or prospective obligations. I agree that I will no longer have a proprietary claim over this money until an equivalent transfer is made back to me if the provision of collateral by me is no longer necessary.

I consent that Non-segregated funds do not constitute and shall not at any time be deemed to constitute client money for purposes of the FSA Rules and agree that the Company can deal with this money in its own right and in the event of the Company’s insolvency I will rank as a general creditor of the Company."

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Jill

"The first step to getting the things you want out of life is this: Decide what you want"

oiltanker

eek?

Magos

I got Alpari to respont to your above question:

Hope this helps

The first 5,000 USD is segregated into a specially created client account which is kept separate from Alpari (UK) company funds. These client funds will be fully segregated and WILL NOT be used to pay back creditors in the event of bankruptcy. We would like all clients to note that we would segregate 100% of client funds but due to the nature of the Forex market this is impossible because we must deposit funding with our prime broker to hedge client trades.

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Stops are 4 buses

fairwind

I have been researching Alpari UK and other Brokers as my new broker.

Re: "due to the nature of the Forex market this is impossible because we must deposit funding with our prime broker to hedge client trades."

Who exactly is their prime broker ??

Also, can anyone tell me who they deposit our trading funds with?

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Good trading to all................

TheOne??

About.FX

Great customer support and trades got filled very fast.

Magos

Prime broker is: Deutsche Bank
deposit trading funds: Barclays

hope the above help

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Stops are 4 buses

pipscity

i use alpari too at least for a year now....

But but i think one should not settle down with a particular broker, they could be funny sometimes so a also needed another broker to use with alpari

jamespp83

So are you guys still using Alpari as I was about to open an account with them but read many negative reviews. I want to automate my trades so thought the MT4 platform with them will be ok unless you have other suggestions? (I pref dont want to open an account with a US company as it looks like they are about to change leverage to 10:1)
Are there any new problems with Alpari I should know about?