Not regulated
You sure about that 'correct answer'?
If your FX broker goes under, you'll have to wait until bankruptcy settlement!
- Thread starter crgarcia
- Start date
Not regulated
You sure about that 'correct answer'?
Provide a link to any ET posts before October 2005 with concerns about the safety of funds at FX brokers. Safety of funds was a non topic on ET before RefcoFX went bankrupt.
Oh, on ET, right.
Meantime in the real world......
ET is the most active trading site, and does represent the "real" word. When RefcoFX went bankrupt there was a wealth of information about RefcoFX on ET. More information on ET than anywhere else.
What sources for information on FX brokers do you prefer?
It's a bit late once it's gone bankrupt, the idea is to make sure capital is protected before giving it to what was an apparently unregulated broker, where it turns out clients were treated as regular creditors when it went bust!
Are you saying ET members are less diligent than the rest of the more astute investing community?
In the post RefcoFX world that is common knowledge.
You are the one that made the comment that ET isn't the real world. I stated that ET is the place to go for information on trading. What trading sources do you prefer since ET isn't the "real" world?
I get the feeling that crgarcia baited you guys on this one.
We must be talking about different 'real worlds'!
You seem to be saying in your real world it's quite normal for people to have accounts with unregulated brokers and that they don't give any consideration to minor unimportant details like protection of capital until a broker goes bankrupt.
I think that might be your own little world, I'm not sure it's a true representation of the average ET member, from what I've seen there are some experienced people here. Granted there will always be the clueless element but they're everywhere.
Well it was hardly a secret before Refco, they weren't the first business to ever go broke! Safety of funds must be about one of the first considerations when handing over large wads of cash, it's not really that complicated is it, or such a minor detail that it could be overlooked by mistake.
It seems you're in your own little world there forex-forex
Back to the OP's post and topic title I do agree that you will end up waiting a few years to get your money back. But RefcoFX has made people more aware.