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travelingtrader

Registered: Feb 2005
Posts: 178

07-10-12 05:30 PM

What are the safest futures brokers? MF Global and PFGBest have me worried!

Besides selecting a safer broker, is there anything else a futures trader can do to keep their money safer?

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just21

Registered: Feb 2002
Posts: 3300

07-10-12 05:33 PM

With interactive brokers you can set, in account management, to sweep cash into the securities account that is sipc insured. The interactive brokers universal account is both a securities and futures account. For example you could be long a portfolio of boring dividend stocks and then use them as margin to trade futures or options on futures.

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emg

Registered: Feb 2010
Posts: 5294

07-10-12 05:38 PM

Quote from travelingtrader:

What are the safest futures brokers? MF Global and PFGBest have me worried!

Besides selecting a safer broker, is there anything else a futures trader can do to keep their money safer?

if u are a small trader, keep opening multiple accounts. If u are a big trader, u have the power and higher educated.

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ChkitOut

Registered: Dec 2005
Posts: 2927

07-10-12 05:50 PM

velocity seems legit.

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MBAGearhead

Registered: Jan 2007
Posts: 285

07-10-12 06:10 PM

Any broker can commit fraud. Regulators need to put better protections in place that actually work and protect our funds.

Velocity is near bottom here:
http://www.zerohedge.com/news/first...ow-pfg-who-next

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Options12

Registered: Sep 2011
Posts: 550

07-10-12 06:38 PM

Quote from just21:

With interactive brokers you can set, in account management, to sweep cash into the securities account that is sipc insured.

This statement is misleading.

Cash used to trade futures or forex is not SIPC protected even if it is swept from the commodities sub-account into the securities sub-account of your Universal account.

Confirm this with IB and with SIPC. You can reach SIPC via asksipc@sipc.org.

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