brokers in financial trouble

[rcanfiel]

Quote from FXCM Rep 1:


When opening a forex trading account with a firm registered with the FSA like FXCM UK, your funds are held in a segregated account and therefore your receive the same protection from that as you would when opening a futures trading account in the US.

Sincerely,

David Waring
Managing Director
FX Business Development
Forex Capital Markets LLC
32 Old Slip, 10th Floor
New York, NY 10005
Tel (212) 897-7660
Fax (212) 897-7669
Email: dwaring@fxcm.com

Could you restate this in terms of an American forex trader wishing to open a segregated account ?

Does your statement mean that an American forex trader could open with FXCM UK and have their funds segregated? Is this legal from the standpoint of US law, taxes, and trading rules?

 

[FXCM Rep 1]

Quote from rcanfiel:

Could you restate this in terms of an American forex trader wishing to open a segregated account ?

Does your statement mean that an American forex trader could open with FXCM UK and have their funds segregated? Is this legal from the standpoint of US law, taxes, and trading rules?

Yes when a trader residing anywhere in the world including the US opens an account with FXCM UK their funds are held in a segregated account.

While you should check with your attorney/tax adviser for specific situations in general it is legal for a US trader to open an account in the UK from a US law, tax, and trading rule standpoint.

Sincerely,

David Waring
Managing Director
FX Business Development
Forex Capital Markets LLC
32 Old Slip, 10th Floor
New York, NY 10005
Tel (212) 897-7660
Fax (212) 897-7669
Email: dwaring@fxcm.com

 

[ssss]

Lorenzo


What a bullshit!!

Open e cry and TransAct are not Forex brokers, future brokers only

Your money is in a segregate account
Even if they fail your money is 100% safe
They can't touch one buck!

and why TransAct has been discussed here?


1. Openecry offer FX some 1 years before

2. Deposit by CFTC products are not insured as by SEC through SIPC

3. Refco story