Forex trading - broker

[rcanfiel]

One question

As a futures trader, my funds are segregated, so a broker cannot either misuse my funds nor will they be part of the "holdings" if the broker goes bankrupt (which is somewhat possible with small brokers/IBs). Think, REFCO. Only the Futures customers fared OK...

What protections are there with forex brokers & industry?

 

[auslanco]

Quote from rcanfiel:

[What protections are there with forex brokers & industry? [/B]

Well ... Thats the million dollar question. In forex you have no protection whats so ever. Your best bet would be with a Canadian broker. In canada ... there's some sort of a insuarance gurantee upto 1million dollars for forex accounts in case if the broker files for bankruptcy.

The next best solution is to find a broker regulated by FSA(UK) or ASIC(Australia) since those two regulatory body's have very strict guidelines on financial reportings etc etc on brokerage firms.


Or may be a forex broker regulated by the two biggest brothels in the world (CFTC & NFA) and keep your fingers crossed

 

[DavidDA]

the best protection is to work with bank which provides retail forex services. So you will be protected as all bank clients

I can suggest just this one http://www.dbfx.com/

 

[Surdo]

Quote from DavidDA:

the best protection is to work with bank which provides retail forex services. So you will be protected as all bank clients

I can suggest just this one http://www . dbfx.com/

Did you happen to notice it is exactly the same platform as FXCM?
I strongly doubt you are treated as a "client" of a bank bro, as a retail fx customer.

el surdo

 

[DavidDA]

as I remember it is ActForex - http://www.actforex.com/

good platform. reliable bank... why not to use???


btw, do you know if they used is as Dealers or ENC Broker?
I have doubt, as seams they have fixed spread

 

[auslanco]

Quote from DavidDA:

as I remember it is ActForex - http://www.actforex.com/

good platform. reliable bank... why not to use???

Act Forex :eek: hope they have $500 in their account to build a decent website.

DBFX has outsourced their retail forex arm to FXCM. This is a very popular secret.

 

[Surdo]

Quote from auslanco:
DBFX has outsourced their retail forex arm to FXCM. This is a very popular secret.

Shhhhhhhh>>>>>don't tell anybody!

 

[auslanco]

lol.. ..

 

[forex162]

Quote from rcanfiel:

One question

As a futures trader, my funds are segregated, so a broker cannot either misuse my funds nor will they be part of the "holdings" if the broker goes bankrupt (which is somewhat possible with small brokers/IBs). Think, REFCO. Only the Futures customers fared OK...

What protections are there with forex brokers & industry?

A significant point to note: RefcoFX was not NFA regulated, though the RefcoFX Canada clients got protected by the domestic government as someone mentions above.