RefcoFX Canada Funds Are Now Frozen

Quote from Gcapman:

Do you know if non-UK residents are eligible as well or just for UK citizens?

Thanks - this link was very helpful!!!
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I think it is for all not only UK citizens , if u use FXCM u can move your account to FXCM UK and according to their T&C 19.3 you can request to keep all your funds inside UK only . I say this because they have the right to hold client money outside UK even you open your account with FXCM UK , and if they do so your funds will not get the same protection as if it is held in the UK . Also dont forget that this protection is up to 48000 pounds only for every account , not like Canada the protection their is up to 1 M $ .

http://www.fxcm.co.uk/docs_pdfs/FXCM_LTD_Terms_of_Business.pdf
 
if your looking for fund protection then go with DBFX.COM there protection is 1 billion euro per customer :eek:
 
Its EU-wide regulation (investor compensation schemes directive) that every investment service organisation (i.e. broker) must be part of a customer compensation scheme to protect against bankruptcy - like in the UK. This protection is only applicable for customers classified as retail clients (as opposed to professional client and eligible counterparty classification).
 
Quote from Gcapman:

Too bad there is nothing similar for US nor UK FX Brokers...

As far as I know that only broker that has any type of bankruptcy-insurance is Deutsche Bank...

My broker is FXCM and I know that they have tons of capital but I still sometimes think that the broker might go under...
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If you want retail insurance protection in the US, your only alternatives are IB, which sweeps all cash balances into the part of their Universal account covered by SIPC, or Citifx, which attaches FDIC account protection. (As far as I know, there are no others)
 
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