The Safest forex Broker?

metaron

metaron

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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?
 
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.
 
ben2k9 said:
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.
Click to expand...

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 FDIC’s 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:eek:
 
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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.(y)
 
Saxobank, think I'll pass on that company thanks.

As for finding a 'safe' broker my problems been solved as I no longer trade forex as i've found it to be a complete political guessing game profited from by central banks(i.e the families that own them) and corrupt goverment bureacrats who let comments 'slip' over the weekend to no doubt fatten their wallet.

Far, far far too news sensitive for my liking. I have just recommended forex trading to someone I really dislike. Says it all.

Not saying it's impossible to trade as I did make money scalping forex but I found it far too demanding on a day to day basis.

Regards

M
 
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metaron said:
Saxobank, think I'll pass on that company thanks.

As for finding a 'safe' broker my problems been solved as I no longer trade forex as i've found it to be a complete political guessing game profited from by central banks(i.e the families that own them) and corrupt goverment bureacrats who let comments 'slip' over the weekend to no doubt fatten their wallet.

Far, far far too news sensitive for my liking. I have just recommended forex trading to someone I really dislike. Says it all.

Not saying it's impossible to trade as I did make money scalping forex but I found it far too demanding on a day to day basis.

Regards

M
Click to expand...

If you change your mind, try Dukascopy's custodian bank account solution (if you have US$ 250 000 or more). Your money rests in your bank account, while you can still go on trading, profit & loss are settled between your bank & Dukascopy at the end of the day. You can choose one of the reputable Swiss banks (UBS, etc.). Quite safe, huh? :)
 
savastekin said:
If you change your mind, try Dukascopy's custodian bank account solution (if you have US$ 250 000 or more). Your money rests in your bank account, while you can still go on trading, profit & loss are settled between your bank & Dukascopy at the end of the day. You can choose one of the reputable Swiss banks (UBS, etc.). Quite safe, huh? :)
Click to expand...

Personally I wouldn't leave that amount of money in ANY UK bank account at present. The fundamentals of the US and UK economies are shockingly bad(bad as in the sort of finances that destroy empires) and until dow theory confirms a new bull market I'm 95% sure that we are just in a bear market rally and new lows are yet to come.

The US stress tests results were doctored IMO to lure investors back into financials/equities and any new shocks could WILL send more major financial institutions to collapse. The bailouts have simply made the situation worse. Just remember the US is printing its own money to pay its own debt!!!

Engineered chaos by the money men so they can buy cheap at the bottom and sell back to joe public at the top of the next bull move.

Lucky Buggers!!
 
Yes (Spreads) ... Right

I totally agree with you because spreads is the most important issue to consider in my opinion and finding the right broker offering the lowest spread can be a grueling task but you can reach it.
 
metaron said:
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?
Click to expand...

hey
you could rather stick to your current broker instead of looking around, but some would want to diversify the funds with couple or more brokers.

I have been using Easy Forex and have no issues with the interface, spreads or customer service.
 
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