Thread: Is your money safe with your broker?

Originally Posted by ;

I exchanged few months back and my money is safe by my broker, hotforex.

The broker belonged to FSC and it is a trustful broker. I have researched before invest my money. I also have withdrawn powerful 3 times.

Yes, the Financial Services Commission of Mauritius is a tough ruler. You will be safe.

Originally Posted by ;

I dare not deposit much as I am not confident with my lack of experience. My max is2k (not I have a lot of money).

However, the one thing which I considered before I began with my current broker is their trust account where my fund is totally off their balance sheet. You may have a look at whether your broker provide trust account (that means your fund are 100% secure within your confidence even if they go bankrupt or shut down). You need to pay a minute installation fee of $50 though.

And in addition to that, make sure that your broker is controlled. Do proper research...

Hi ZexyLady, Can you share that your broker is that offers a trust account with a $50 setup fee? Is your broker loed and that are they controlled by?

Thanks and I am looking forward to hearing from you.

Originally Posted by ;

Thanks for your response fugly, now assume you're trading such as via a US or UK broker but you're not a US or UK citizen nor living in the united states or UK, I guess that you would you need to guarantee your deposit with that broker via a US or UK insurer respectively and if so, what insurance companies in the united states or UK will be ideal for that purpose and can such an insurance be take out online?

The so-called protection offered by the Securities Investor Protection Corporation (SIPC) in the united states is practically useless since it...

Recovering customers funds is insignificant when it comes to the FSCS compensation within the limitations, I believe other FSA members will share to cover the FSCS reimbursement and I believe it includes off-shore clients too .

Originally Posted by ;

Recovering clients capital is irrelevant when it comes to the FSCS compensation within the limits, I believe other FSA members will share to cover the FSCS compensation and believe that it includes off-shore clients too .

Do you mean that there's not any need to recover clients' capital since the funds will be readily available so there will be a minimal waiting period.

Originally Posted by ;

Do you mean that there is no need to recoup clients' funds because the funds will be readily available so there will be a minimal waiting period.

I meant if they didnt regain clients funds you can ask for the FSCS's compensation , here's some good Qs about MF global :

http://www.fscs.org.uk/what-we-cover...bal/index.html

assess Qs 5 , 12 , 13 , 14

Yes, absolutely, I am trading in DCFX Broker, I love their fastness the most. The spread is great ( 1.5-2 pips in the event of EURUSD).

Originally Posted by ;

Yes, the Financial Services Commission of Mauritius is a tough regulator. You'll be safe.

So are you currently trading with hotforex or any broker hurried to FSC, Maxx?

Originally Posted by ;

So are you currently trading with hotforex or some other broker belonged to FSC, Maxx?

I was being sarcastic - I would never trade with a broker regulated in Mauritius or some similar offshore jurisdiction. For me personally I would just open an account using an EU, US, Swiss or Australian regulated broker - or something comparable

I am not sure whether it actually matter where controlled broker. It does not matter for me with whom they are 16, if they actually pay money.

Reputable brokers its secure, with some its not. .