The Safest forex Broker?

This is a discussion on The Safest forex Broker? within the Forex Brokers forums, part of the Commercial category; Hi Folks, I currently have an account at Oanda but am going to start trading some family money now so ...

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Old Mar 1, 2009, 4:51pm   #1
 
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The Safest forex Broker?

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?
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Old Mar 1, 2009, 5:04pm   #2
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i just know BIG money usually trading over Currenex.
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Old Mar 10, 2009, 6:35am   #3
 
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try this. avs carter.

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Old Mar 10, 2009, 6:59am   #4
 
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hello all..
i am Itroduction Broker from prime4x and masterforex, if you want to trading with them..pleas contact me at www.prime4xstar.com
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Old Mar 10, 2009, 7:16am   #5
 
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Originally Posted by demakeiza View Post
hello all..
i am Itroduction Broker from prime4x and masterforex, if you want to trading with them..pleas contact me at www.prime4xstar.com
hi ,can you be an introducing broker to other good firms as well ?
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Old Mar 10, 2009, 7:18am   #6
 
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hi,do you use msn messenger for chat ?
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Old Mar 16, 2009, 12:56am   #7
 
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I don't have any experience with other FX brokers, but I've been using Citigroup's new CitiFXpro platform, and they recently launched FDIC insurance coverage for cash balances. My understanding is that they're currently the only FX broker that has this. Citi itself has one of if not the biggest footprint in the FX markets so I feel comfortable with their platform. In this environment FDIC coverage is key.
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Thanks! The following members like this post: metaron
Old Mar 16, 2009, 11:43am   #8
 
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Originally Posted by ben2k9 View Post
I don't have any experience with other FX brokers, but I've been using Citigroup's new CitiFXpro platform, and they recently launched FDIC insurance coverage for cash balances. My understanding is that they're currently the only FX broker that has this. Citi itself has one of if not the biggest footprint in the FX markets so I feel comfortable with their platform. In this environment FDIC coverage is key.
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 FDICís 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

Last edited by metaron; Mar 16, 2009 at 4:36pm.
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Old Mar 25, 2009, 12:19pm   #9
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well I think all the brokers are good and safe you just need to select one of them but if you are a beginner I suggest to go with some demo accounts of different brokers to have some experience and compare their features and services.
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Old Apr 8, 2009, 10:11am   #10
 
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demo account means nothing about safety.
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