Are your funds safe at your brokerage?

[PipCop]

Do you have a Forex account with a brokerage? How safe are your funds? You may want to review this and follow the links in this article.


From http://forums.babypips.com/rate-my-b...html#post67470

Big news people. The national futures association is going to shut down any firm that does not have at least $5 million in capital if the proposed capital requirement rule passes. This could get ugly folks. Is your firm big enough to make the cut? Most firms are poorly capitalized.
http://www.cftc.gov/files/tm/fcm/tmfcmdata0704.pdf
The rule should be decided in August. Make sure your funds are safe.

[Ken Long]

This ruling doesnt concern me as much as some of the shenanigans that seem to go on at some of these Forex brokerages. Living in the US I have easy access to plenty of well capitalized Forex brokers. I see no need to stray from the top of the pack.

However, I am concerned about holding large amounts of capital in any account, Especialy if running EA's or short term day trading. All of these Forex brokers seem to have devious tricks to take your money away from you. Lost connections, phantom trades, ignoring your stops and targets, this all seems unique to the Forex market.

I dont think I could be comfortable putting any substantial amount of money in a MT4 account, especialy one that has EA's attached to it. A manual account, even if its MT4 is a bit different. However the reliability and safety of the MT4 platform does concern me.

Ken

[Stormin_Norman]

make sure u know your broker 's worth:

http://www.brokerontop.com/

[PipCop]

Wow, great link - thanks!