If I have an account with a company that's front news like this, I will transfer my account no matter what they say. It's your money, take care of it. Don't be the last one out the door.
I should have posted email in original post. Here it is. __________________________________________ Dear Client, We have received several inquiries regarding the recent news surrounding Refco. In particular, clients have asked how the news about Refco affects FXCM. The answer is: the news has no effect on FXCM or its clients. FXCM is an independent company with a strong balance sheet and regulatory record. Information on both can be viewed at the CFTC website http://www.cftc.gov/files/tm/fcm/tmfcmdata0508.xls and NFA website http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FOREX+CAPITAL+MARKETS. Although Refco is a minority shareholder, FXCM is managed and controlled by the firm's original founders. Furthermore, Refco has never had access to FXCM's client or firm assets. * FXCM's net capital exceeds $61,000,000 and is completely independent and separate from Refco * FXCM's client funds are completely independent and non-accessible by Refco FXCM clients can make deposits, withdrawals, and trade as usual. For further information, please contact our knowledgeable staff 24 hours a day. Contact information can be found at http://www.fxcm.com/contact-fxcm.jsp. Best regards, Drew Niv CEO FXCM
Your original post mentioned an email from Refco. The only email you've posted so far is from FXCM. Am I missing something?
guys it's worse then this guys telling you.. Refco Unit Halts Withdrawals, Cash Isn't Sufficient (Update6) http://www.bloomberg.com/apps/news?...=top_world_news Refco freezes subsidiary's customer accounts!!!!!! http://www.usatoday.com/money/indus...-13-refco_x.htm I know refco own FXCM, and a couple others, watch it fallow traders, get out while you can thats if it's not to late.. More on this over at MoneyTec http://www.moneytec.com/forums/showthread.php?t=17255&page=1&pp=8 http://www.moneytec.com/forums/showthread.php?t=17253
My account is still active, I would assume that if they "Halt Withdrawals" they would also halt trading.
Refco doesn't own FXCM, they have an investment in them an several other brokers which won't affect the solvency of either of them. Kind of like if you owned shares of GM and you went broke, no effect whatsoever. Trader/God
Wrong. Refco does not own FXCM. Although Refco is a minority shareholder, FXCM is managed and controlled by the firm's original founders. Furthermore, Refco has never had access to FXCM's client or firm assets. FXCM's net capital exceeds $61,000,000 and is completely independent and separate from Refco. FXCM's client funds are completely independent and non-accessible by Refco. Get your facts straight before posting, please.