Old_Bob
Active member
- Messages
- 174
- Likes
- 1
Being invloved in the market for a couple of years,i didn't hear about a forex broker that went bust.
Anyway, before dealing with a broker check that the firm is regulated by NFA or CFTC
FXCM and Oanda are well known brokers.
For more details on other brokers check fxstreet
http://fxstreet.com/nou/brokers/senseframestaula.asp
Anyway, before dealing with a broker check that the firm is regulated by NFA or CFTC
FXCM and Oanda are well known brokers.
For more details on other brokers check fxstreet
http://fxstreet.com/nou/brokers/senseframestaula.asp
tonyjai said:
I was with one that went bust around 1979. Mitton, Butler & Priest, I think they were called. I had traded options open which the new broker took over for me and when I told him that I, also, had money in the account, he transferred the funds over as well, with one phone call.
That gives me confidence that there is some system which seems to protect us when necessary. I wasn't living in the UK then, either, and was very relieved. I must say that I prefer London to some of the offshore places.
As far as nominee accounts are concerned, these are registered with a separate company, I believe, which do not deal in shares as the broker does. However, this is just a rough answer and I am sure that better ones will come up.
Split
"customers lost all their money with sportingotions"
I assume they were not regulated by the FSA but rather by the UK gaming bodies. IG's binary spread bet business is also not regulated by the FSA because it's a fixed odds business whereas their other spread bet products are covered by FSA regulation. I'm happier with FSA regulation as I think it has greater depth. Having said that the Gaming regulation/laws have just had an overhaul so I don't know how they now compare to FSA regulation.
I assume they were not regulated by the FSA but rather by the UK gaming bodies. IG's binary spread bet business is also not regulated by the FSA because it's a fixed odds business whereas their other spread bet products are covered by FSA regulation. I'm happier with FSA regulation as I think it has greater depth. Having said that the Gaming regulation/laws have just had an overhaul so I don't know how they now compare to FSA regulation.
They are indeed, Bob; but one of them has had a lot of "dealings" with the regulator and a prosecution or two as well, and reading other internet forums certainly prompts one to believe that they're losing quite a lot of customers at the moment (although they seem very anxious to try to deny that at every possible opportunity). No great problems with Oanda, though, as far as I'm aware.Old_Bob said:
Something i dont like about the FSA is.
I cant figure out why they allow the forex,cfd brokers etc to keep they funds in non-segregated account.
the following part was taken for the IG's terms and conditions,
16. Client Money
(1) Any money received from you will be held by us in a non-segregated account unless otherwise specified or required by the FSA Client Money Rules.
I cant figure out why they allow the forex,cfd brokers etc to keep they funds in non-segregated account.
the following part was taken for the IG's terms and conditions,
16. Client Money
(1) Any money received from you will be held by us in a non-segregated account unless otherwise specified or required by the FSA Client Money Rules.
