If you are in Canada your RefcoFx account might not be a Canadian account. I inquired about my RefcoFx acount and even though I'm from Canada my account was set up as an American account and funds are frozen.
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RefcoFX Canadian accounts
- Thread starter uninvited_guest
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RefcoFX Associates LLC is formally operating under Chapter 11 bankruptcy protection at present time.
At this time, the information we have is that there are numerous potential purchasers who are interested in buying the futures division and other entities of the Refco Group. We anticipate that the proceeds will help expedite the repayment of customer funds to RefcoFX Associates LLC and that any freeze of their funds/accounts is temporary. The Refco board has expressed interest in selling divisions to buy out firms, and we expect arrangements to be made in a fairly short period of time. The Refco board of directors, as well as attorneys and regulators, are working diligently in consummating a deal, and we believe that new ownership will restore clients and business activity back to normal. As per news releases, it appears that an agreement with bidders is imminent.
The Refco Group has still instructed us to delay payments out of ALL Refco accounts UNTIL they sort out banking and internal matters. RefcoFX Canada and Refco Forex Ltd in Hong Kong are the ONLY exceptions. The process we are now involved in on behalf of our customers could potentially last weeks to months, not hours or days. At this time this is all the information that we have. As we recieve more information from the REFCO Group we will make it available on the site.
For questions not relating to the above please email sales@refcofx.com[/email] or use the following form.
Xenia what you posted isn't new and doesn't help Canadian account holders who had there accounts set up as an American account, like mine was.
Even though I filled out the extra paper work and faxed it in RefcoFX set my account up as an American account instead of a Canadian account. I wonder how many other Canadian account holders got shafted like this?
Even though I filled out the extra paper work and faxed it in RefcoFX set my account up as an American account instead of a Canadian account. I wonder how many other Canadian account holders got shafted like this?
Traders not located in BC most likely got sent to the US branch for opening to avoid the regulatory hassles of opening a Canadian account. The authorities there can say, "you're too old/dumb/poor so you aren't allowed to trade," and you won't be permitted to open the account. But, in the US as long as traders are advised that the trading FX is inappropriate they will still be allowed to open accounts if they insist on it.
Trader/God
Trader/God