Been made personally bankrupt - can I still trade?

fergusonp

Newbie
1 0
As the title suggests really, only trade very small amounts (<£1000pm capital), but want to continue to do so.

Use Plus500 at the minute, will they close my account if they search insolvency records? Or do they not look?
 

highbury fx

Well-known member
338 114
As the title suggests really, only trade very small amounts (<£1000pm capital), but want to continue to do so.

Use Plus500 at the minute, will they close my account if they search insolvency records? Or do they not look?

Hi

It won't be a problem unless you're asking your broker to provide you credit. If you're not then they won't care you've been bankrupt.
 

dianajs

Established member
533 8
Brokers generally don't care unless you actively owe them money. You losing your own money doesn't concern them.
 

progix

Well-known member
264 4
I guess none of the brokers are concerned about your current financial status, they do verify the traders' identity and allow them to start depositing and withdrawals.
 

dianajs

Established member
533 8
Brokers only care to verify your identity, they don't concern yourself with your financial state unless one is asking for credit, I assume.
 

Mirardana

Member
70 6
You've been properly explained - a broker is not a bank, there are very different laws and regulations. In fact, in a brokerage company you can dispose of your money as it is convenient for you, regardless of amounts and your personal status, as well as your financial problems. But in general, I will give you my personal little recommendation, in case your brokerage company will be interested in it - let it be a reason for you to think about whether you should continue such cooperation. I've read once that this way they reveal the financial potential of their clients and, depending on it, make you an offer. This does not always indicate some kind of fraud, but caution will not prevent you from doing so anyway. Would you agree??
 

sunnyday

Junior member
34 7
You've been properly explained - a broker is not a bank, there are very different laws and regulations. In fact, in a brokerage company you can dispose of your money as it is convenient for you, regardless of amounts and your personal status, as well as your financial problems. But in general, I will give you my personal little recommendation, in case your brokerage company will be interested in it - let it be a reason for you to think about whether you should continue such cooperation. I've read once that this way they reveal the financial potential of their clients and, depending on it, make you an offer. This does not always indicate some kind of fraud, but caution will not prevent you from doing so anyway. Would you agree??
In short this just explained properly.
 

LeslyTarqTow

Junior member
18 3
If you are terrible with money, if you fear it or if you have no respect for it, you should not even consider trading because you won't succeed.
 
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ConfusedInvestor

Junior member
31 4
As the title suggests really, only trade very small amounts (<£1000pm capital), but want to continue to do so.

Use Plus500 at the minute, will they close my account if they search insolvency records? Or do they not look?

Jeez, looks like what you did didn't work out for you....

my recommendation for continuing is to have a bankroll, as in, have a carefully separated amount/percentage of funds so that you can play this game and eat at the same time. Don't sacrifice immediate comforts for future money, a lot of people will tell you to do that but if you're having troubling providing for yourself then you won't be able to make rational decisions as easily.
 

Joseph99

Junior member
29 3
I personally know people who are terrible about money, and about trading - as a distribution. And strangely enough - they manage to earn! Perhaps this is of course a matter of luck, but the fact itself ..
Was about to say that it is a matter of luck then!
 
 
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