You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
FXCM Is Buying RefcoFX - Deal is Done - Funds are safe
- Thread starter Trader/God
- Start date
Quote from ImamicPH:
So the money that's in my account? Will they send it as a check? or are they transferring it to FXCM?
After all the secured creditors are paid then the remaining amount - if any - will be divided among the unsecured creditors. RefcoFX account holders are classified as Unsecured Nonpriority Creditors.
My guess we will get 0%.
Quote from forex-forex:
After all the secured creditors are paid then the remaining amount - if any - will be divided among the unsecured creditors. RefcoFX account holders are classified as Unsecured Nonpriority Creditors.
My guess we will get 0%.
Wow. I guess I'm getting what I deserve. I made so much fun of Jim Rogers when it happened.
Chalk it up as a major loss.
your right. we might get 10%.
but it is not over yet. We have a lawyer and a legal fund. Please join and contribute if you are customer of refcofx.
What they have done is tantamount to property theft.
http://www.refcofxaccountholders.com/
but it is not over yet. We have a lawyer and a legal fund. Please join and contribute if you are customer of refcofx.
What they have done is tantamount to property theft.
http://www.refcofxaccountholders.com/
I went through this same thing with a futures broker that went south. After two years, I received 60% back. As a result, I prefer to use firms who clear only with the most financially sound firms (Goldy, ML, etc).
As for forex, I only do it through IB, which is very solid financially.
Also, don't be fooled by brokers that tell you that you are protected because you have a segregated account. This means absolutely nothing if the firm crashes.
Jay
As for forex, I only do it through IB, which is very solid financially.
Also, don't be fooled by brokers that tell you that you are protected because you have a segregated account. This means absolutely nothing if the firm crashes.
Jay
Quote from Jayford:
I went through this same thing with a futures broker that went south. After two years, I received 60% back. As a result, I prefer to use firms who clear only with the most financially sound firms (Goldy, ML, etc).
As for forex, I only do it through IB, which is very solid financially.
Also, don't be fooled by brokers that tell you that you are protected because you have a segregated account. This means absolutely nothing if the firm crashes.
Jay
Hi Jay or anyone else knowledgable,
Could you please elaborate on segregated means nothing if the firm crashes. I thought it gave protection to whereby your money could only be used for your trading? Not against other customers or against bankruptcy. I currently clear through Dorman which has been around forever so I feel pretty good. If this is true, maybe I will reconsider IB and stop gripping about their 50% margin requirement for futures trading.
Quote from Jayford:
I went through this same thing with a futures broker that went south. After two years, I received 60% back. As a result, I prefer to use firms who clear only with the most financially sound firms (Goldy, ML, etc).
As for forex, I only do it through IB, which is very solid financially.
Also, don't be fooled by brokers that tell you that you are protected because you have a segregated account. This means absolutely nothing if the firm crashes.
Jay
When Refco crashed all the futures traders got their money back within a couple months, unlike the fx customers. Why don't you tell us what broker went under with your account so we can verify what you are saying.
Going through an IB is the worst thing you could do. They dont insure your money at all. I dont know what this looney tune is talking about. If he knew what an IB was he would change his tune