Is your money safe with your broker? - Page 12
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Thread: Is your money safe with your broker?

  1. #111
    Well I am trading since a long time with my broker and I feel that my broker is a good one and my money is place there. The issue that is important is to make sure we are getting our money in the end and we dont have any problem when we try to withdraw money.

  2. #112
    Quote Originally Posted by ;
    I think that the extremely important issue is to make sure that the broker uses regulated and reliable liquidity suppliers.
    Thanks for explayning

  3. #113
    Quote Originally Posted by ;
    Does not work that way Kalas.
    That is similar to any other regular business that buy something with a loan. Brokers lend you a lot along with your own deposit because they also
    hold inside their Banks that which you purchased.

    In character, after you buy a currency, whoever buys it from you pays your own profit.
    Example: along with your $100 you can buy around $10 000 value of currency. Suppose you buy 2000 dollars (market eur/usd 0.02 lot) if the price was
    1,3120 you currently own $2000 dollars and also owe the broker 1524,39 euros. ... so, your 2000 buy (the broker has...
    Due

  4. #114
    Quote Originally Posted by ;
    I believe the extremely important issue is to guarantee the broker uses regulated and trustworthy liquidity suppliers.
    I concur with you. . .regulated liq.providers and segregated accounts...

  5. #115
    In the united states, consult your bank when you've got a massive capital to begin with. As an Example, http://www.jpmorgan.com/pages/jpmorgan/au/tss/ts/fx

    http://www.jpmorgan.com/cm/ContentSe...=1159381426012

  6. #116
    Quote Originally Posted by ;
    quote Actually no. ASIC are very good at surveillance of Australian monetary businesses. If there has been a company to do something criminal in Australia, the law is very strict in the segregation of funds from company money as well as the managing of client money. Companies are required to get insurance. If an broker goes down, you are more likely not to to receive 100% of your funds because of you because the law states that is the case. You may assert that it is not the same as in Switzerland or UK, however the chances...
    I represent investors who opened accounts, which collectively amounted to a US$4m, with a FX broker. The broker's license was revoked by ASIC following repeated failures to lodge audited financial statements. The assets of the broker (what was left) were just frozen mid this past year by ASIC following the manager supporting the operation had run off overseas with nearly all of the funds, leaving the investors high and dry. Broker company could be liquidated impending outcome of court proceedings. Investors that are doubtful will see much of their funds returned. Recovery activities are possible, but that path is fraught with small guarantee of results that are positive and issues. . .so, do I believe ASIC as being good at surveillance of businesses that are Australian? In a word, no.

    As for insurance, my perception is that licensees in Australia only will need to attain PI insurance, which can be limited as a consumer protection mechanism. It's designed to defend the insured (ie the Licensee) rather than the consumers directly.

  7. #117
    Icmarkets pepperstone Supply Professional Indemnity Insurance with Lloyds of London . Number is 50,000$.

    Is this insurance the equivalent of fca's payment scheme if a broker becomes insolvent?

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