City Index

Noddy56

Newbie
1 0
I was considering opening an account with with this firm then I read about Enforceable Undertakings to ASIC the Australian regulator {http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/027713109.pdf/$file/027713109.pdf}. I also read they have had issues in London in the past. Are they safe to invest your funds?, when there seems to be issues as to how they manage client funds.
 

pboyles

Legendary member
8,072 1,303
I was considering opening an account with with this firm then I read about Enforceable Undertakings to ASIC the Australian regulator {http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/027713109.pdf/$file/027713109.pdf}. I also read they have had issues in London in the past. Are they safe to invest your funds?, when there seems to be issues as to how they manage client funds.

A few of these companies have gone bust in the past year or two. In some cases they were gambling with client funds as didn't keep them segregated as required. People were compensated up to a certain amount but it took time.

You are highly unlikely to ever make any money trading with companies like this so why risk it?
 

TheLastBear

Active member
125 2
I was considering opening an account with with this firm then I read about Enforceable Undertakings to ASIC the Australian regulator {http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/027713109.pdf/$file/027713109.pdf}. I also read they have had issues in London in the past. Are they safe to invest your funds?, when there seems to be issues as to how they manage client funds.

I have never heard anything bad about them myself, but that does not mean anything. Their Australian unit seems to have had issues in the past, I am not sure about their European business. I do remember them from ads they ran on Bloomberg TV.

I guess in the end you need to be the judge about their safety and if you feel comfortable to deposit your funds with them. Everything you will read by others is essentially worthless. I would recommend that no matter where you decide to deposit, make a small deposit and test them live.
 

westonweston

Junior member
11 0
dont do it !

A few of these companies have gone bust in the past year or two. In some cases they were gambling with client funds as didn't keep them segregated as required. People were compensated up to a certain amount but it took time.

You are highly unlikely to ever make any money trading with companies like this so why risk it?
they will take you to the cleaner !

they make you win at first a bit, then they change against you, when you close a deal they crash the price , and soon after it goes back up !

THEIR DAY ITS NUMBERED .!
 

Samira Bhagvat

Active member
148 2
Never triad them yet but I found mix reviews about this company, If you want to try them then go with small deposit and check them out.
 

Hate2Lose

Active member
155 3
I was considering opening an account with with this firm then I read about Enforceable Undertakings to ASIC the Australian regulator {http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/027713109.pdf/$file/027713109.pdf}. I also read they have had issues in London in the past. Are they safe to invest your funds?, when there seems to be issues as to how they manage client funds.

I think this is actually a good thing.

You know the regulators are keeping an eye on them. Almost every financial institution has been subject to some kind of action from a regulator post 2007 – you’d be hard pressed to find a high street bank who hasn’t! Barclays, RBS, HSBC, Lloyds, not once but on multiple occasions.

Surely it’s wiser to avoid those ‘flying beneath the radar’.
 

punjabi

Junior member
13 4
I would not recommend them. I've used them for a while to trade options, and they've screwed me over. Here are two examples. Firstly, they may quote a price of say 16-20 for an option. When I try to sell, their price immediately goes to 15-20, and if I back out, the price then reverts back to 16-20. I have re-created this scenario many times with their prices. Secondly, last year, I was sitting on some massive losses on a few trades, and I was not allowed to close them online but had the "phone only" message against the trade, so that the dealer could quote me whatever rip-off price they felt like because they knew I had no choice but to close the trade pretty soon. However, if I wanted to open exactly the same trade, I could do it online! I've since moved all my money over to IG. Hope that helps.
 

itspossible

Senior member
2,796 569
thumbs_down_gladiator.gif
^^^obvious ig rep is obvious^^^^
joined 2010-2nd post and necros a dead thread
 
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