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Author Topic: Forex Manager DBA  (Read 27455 times)

Offline gabjib

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Re: Forex Manager DBA
« Reply #120 on: May 19, 2019, 09:38:15 AM »
if brokers are gonna scam you, they are gonna scam you. Whether they are in an island or asic regulated. Look at halifax, with all that regulation went into liquidity
and people dont know if they will ever get their money.

some brokers in the islands have been great for over a decade, so depending on just regulation is not smart as you can still be burnt quite easily.

Online petersurrey

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Re: Forex Manager DBA
« Reply #121 on: May 19, 2019, 09:45:56 AM »
Agreed they are VERY professional, but all of the risk is with the investor...FXPIG delayed my withdrawal by a few weeks due to their own bank switching issues ( now resolved), which was pretty scary at the time and all of the chasing etc was done by me, including tracking down the management on LinkedIn  - yes they may be 'regulated' but it means nothing if outside the UK (assuming UK resident).

Offline gabjib

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Re: Forex Manager DBA
« Reply #122 on: May 19, 2019, 10:02:29 AM »
yes, i know when fxpig had their banking issues, they have since changed banks, they do everything that shows they wanna be up there including their spreads feeds, etc....with that kind of effort, i can only give them the benefit of a doubt.

Offline ahtiong

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Re: Forex Manager DBA
« Reply #123 on: May 19, 2019, 10:41:21 AM »
So far, I had no withdrawal issues for fxpig. Out of those exotic island brokers, I feel that fxpig still can be trusted.

Their support is good. Anyway, they had settled your funds so i think is due to bank switching.

Plus Kevin is busy with his new crypto business.

Offline gabjib

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Re: Forex Manager DBA
« Reply #124 on: May 19, 2019, 07:00:07 PM »
Yes, right now, i can only work with fxpig, icmarkets and any FCA (no ASIC) fca only regulated broker. Only reason im saying this is because FCA has a protection for up to 50K pounds, and if there is any body i can trust to follow up on their word, it is fca. It is still a risk at the end of the day, but this is the best there is, at least to me.


Offline ahtiong

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Re: Forex Manager DBA
« Reply #125 on: May 20, 2019, 07:56:15 AM »
Fxpig regulation got 20k compensation. Asic do not have compensation. Fca brokers need to proof high net worth before you can have high leverage products.

Some brokers do give compensation but they never state they can pay you immediately. They can pay you back 10, 20 or even 50 years back. I had bad debts and this happen to me and they say can pay back but is like 30 years later which I already give it up.

Offline oportunis

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Re: Forex Manager DBA
« Reply #126 on: May 20, 2019, 08:29:08 AM »
This is strange, every broker that goes to insolvency court solves this in 1-5 years. Some faster, but it's up to the court to decide who gets what. Last big insolvency of a broker was Alpari after CHF black swan event and they solved this in 1-2 years. Plus if you are waiting for 30+ years you should ask for interests, in my country, it's 8% p.a. if they don't pay in time... Force this on them and you will get money back if they have it...

Offline gabjib

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Re: Forex Manager DBA
« Reply #127 on: May 20, 2019, 10:56:55 AM »
fxpig used to have a 20k compensation but they do not currently, and factually speaking, it bothers me. i think the 10-20-30 year thing is a stretch, i agree it gets solved
in 1-3 yrs mostly, if you are not paid in this time, you will prob never get paid.

Also, 8% per annum is supernaturally awesome for a bank.

Offline gabjib

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Re: Forex Manager DBA
« Reply #128 on: May 21, 2019, 05:18:38 AM »
I thought this was gonna be a useful conversation for other users on this forum based on past broker comment. I had a convo with fxpig and it went this way.

me- Hi

so i've been thinking, ever since you left financial commission.org i.e the guarantee of a 20k settlement is gone in case of liquidity or unforeseen issues.

I want to know what measures in place you have or might have in the nearest future to make investors feel more comfortable. You guys are really good brokers and i feel you want the best for customers, but i can't help but tell you i felt way more comfortable when you had the 20k settlement from financialcommission

let me know

fxpig-Hello Gabriel,

Welcome to FXPIG.

Thank you for your kind words.

FXPIG does take pride in its transparency and 8 years in business with zero to none disputes.

As you might alread know. As FXPIG is a pure 100% STP broker, we process all clients fund to our liquidity providers (which are highly regulated EU, AU finance institutions) for margin reasons.
We do not use the clients funds for company expenses.
Thus, even if something happens to FXPIG, ( which wont, as we have been on the market for 8 years now, we are profitable, and we run a NO - risk model) the clients funds are not in any danger at any time.
If you have any other question, please let us know.

Best regards

me-ok, this is an amazing response. However, what would be the recovery process if that were to happen, im asking because i wanna
cross my t's and dot my i's.

thanks

fxpig-Hello Gabriel,

Well, actually nothing should happen.  As the clients funds are all processed to the way larger liquidity providers and client funds are not used for company expenses, this is in essense a no-risk model.

As pure STP broker which does not mark up any spread, our only reveneu comes from the commission we charge.  So here off course the worst thing that could ever happen is having an unsatisfied client base that decides not to trade with us any longer.
The only thing that FXPIG can do is to keep its client base growing and satisfied with the service in a regulated environment.
On your question: " what would be the recovery process if that were to happen" ,  do you mean any individual dispute? or do you mean any outside of the norm situation on a larger level?

Cheers

me-when i say recovery process, i mean if for some reason fxpig is liquidated, how do clients get their existing funds?

lemme know

tnx

fxpig-Hello Gabriel,

in such example,the clients money would be still ok, as we do not hold the funds st our bank account but at the  LPs.

You would get the money prior to liquidation , or even if not, after the liquidation the  LP can/will payout the client's funds.

Cheers

me-ok, do you mind if i post our conversation on a public forum so others can see this response. Im a fan of fxpig, so i intend to do my best to make others that wanna
put some money in here to feel comfortable too. let me know, thanks.

fxpig-Hello Gabriel,


no issue at all, as you know 100% transparency is our attribute.

Cheers


END OF CONVO

make do with these guys, but i like and trust fxpig and i intend to keep using them along with icmarkets, there is always a risk though.

Offline ahtiong

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Re: Forex Manager DBA
« Reply #129 on: May 21, 2019, 07:17:02 AM »
Icm is asic which does not have compensation at all. Icm is good tough but recently, they already started rejecting profit orders.

FXPIG is excellent broker but wire fees is very expensive and funds arrival also sonetimes can be long.

Offline oportunis

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Re: Forex Manager DBA
« Reply #130 on: May 21, 2019, 08:02:17 AM »
Don't be naive, the only broker that is safe to trade is the one that offers a custodian account.

@gabjib can you please ask what happens If you are in a segregated pool of accounts and there is a black swan event like we had in CHF on 15th of January 2015 and most clients go into debt, not that they lose only their margin but they go into debt. I would like to see the reply :)

Alpari, FXCM went bust after this. The segregated pool is not made of individual accounts but it's one account on the company/broker name and if funds there go into debt those funds are frozen by LP and even if you weren't trading and had no loss your account will be frozen due to this reason. So if the broker doesn't have enough capital to cover the debt they will go after clients and clients, which in 95% case don't know about this, will try to avoid paying. We saw plenty of brokers go under after this event, so don't think segregated account means safety...

Online taru

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Re: Forex Manager DBA
« Reply #131 on: May 21, 2019, 08:20:57 AM »
Don't be naive, the only broker that is safe to trade is the one that offers a custodian account.

@gabjib can you please ask what happens If you are in a segregated pool of accounts and there is a black swan event like we had in CHF on 15th of January 2015 and most clients go into debt, not that they lose only their margin but they go into debt. I would like to see the reply :)

Alpari, FXCM went bust after this. The segregated pool is not made of individual accounts but it's one account on the company/broker name and if funds there go into debt those funds are frozen by LP and even if you weren't trading and had no loss your account will be frozen due to this reason. So if the broker doesn't have enough capital to cover the debt they will go after clients and clients, which in 95% case don't know about this, will try to avoid paying. We saw plenty of brokers go under after this event, so don't think segregated account means safety...

Exactly. You took the words out of my mouth. In the case of SNB fiasco of 15 Jan 2015, all clients of Alpari UK and many other brokers suddenly found themselves owing money despite the fact that many had no positions on EURCHF.

Offline gabjib

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Re: Forex Manager DBA
« Reply #132 on: May 21, 2019, 10:00:41 AM »
well looked like fxpig was open then and survived it, so you are gonna have to ask them or email them.

Offline oportunis

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Re: Forex Manager DBA
« Reply #133 on: May 21, 2019, 10:23:02 AM »
I don't have an account with them and it's in your interest to know this. FxPig was little in 2015 so you can't compare them with FXCM which was traded on S&P500 and Alpari was something like IC Market is today.

Just don't be blind about the safety of segregated accounts.

Offline gabjib

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Re: Forex Manager DBA
« Reply #134 on: May 21, 2019, 10:24:19 AM »
ok good to know

 

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