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Refco FX account withdrawl frozen!!!
- Thread starter inet
- Start date
Quote from Deptrai:
If Refco FX has filed for bankruptcy, then can they touch customer's funds? Does being regulated by the CFTC and NFA mean anything? If it does not, then this will have a lot of repercussions in retail forex.
Maybe they have already touched customer's funds. In this case, is it against law or rule?
Quote from Deptrai:
If Refco FX has filed for bankruptcy, then can they touch customer's funds? Does being regulated by the CFTC and NFA mean anything? If it does not, then this will have a lot of repercussions in retail forex.
FX futures are regulated by the CFTC. However, spot forex trading has no such oversight. I believe all trading done through refco FX was spot forex.
With spot forex there is no oversight, no required segregation of funds, and no insurance.
I have a RefcoFX account that has $700.00 in it and they won't let me withdraw my $700.00. BUT they will lend me 200x that amount to continue trading.
What BS.
What BS.
Quote from uninvited_guest:
I have a RefcoFX account that has $700.00 in it and they won't let me withdraw my $700.00. BUT they will lend me 200x that amount to continue trading.
What BS.
It's obvious that they let you trade. As most people lose money, Refco will have to pay back less money, because the losers will not have to be paid. And in the mean time they generate commissions.
It's clear now that putting your money with the big names doesn't give you more protection than putting it at a small broker.