Oops, typo. I meant to say, "only 56% greater than the minimim required." (Of course they wouldn't be allowed to be in business if they had only "56% of required capital".)
It's never an issue until it is. I recall during the 1987 market crash... I had a 6-figure account at Refco. A couple of days after the crash, I called them and asked how they fared. They said, "looks like about $300K in uncollectible debits, but we've got $20 Million in excess capital to cover that so no biggie." I have no knowledge of anything bad about Ironbeam. I'd just rather have my money with somebody more substantial, that's all.
I agree with Scataphagos....not sure how Ironbeam can be called solid. I do not want to get into my experiences, but Ironbeam is just a new name for the old Farr Financial that had 23 CFTC Reparations Cases and now already has 3 more CFTC cases as Ironbeam. Same owner - same office - all they did is change their name. When the CFTC is involved it has to be serious. With so many CFTC cases, i have no idea how they are still allowed to be in business.
My friend trades with Cannon Trading for a long time, he says he pays a little higher but he likes his broker. So i guess cannon is not a bad choice.
I didn't have that knowledge, and it's good to know. I most definitely wouldn't want to have my money with them.
Actually not true. When a customer reports a firm to NFA/CFTC, it goes on the firms record regardless of the results. If you look up the 3 case codes for Ironbeam, each case didn't even go to arbitration, there were no findings.
Well, like is said...i do not want to get into my experiences. however here is list of all the 26 Ironbeam/Farr Financial CFTC cases with the CFTC phone number if any wants to take the next step to call. Newest ones from Ironbeam: Case # Details 15-R009 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 15-R004 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 11-R017 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. Farr Financial: Case # Details 12-R001 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 11-R017 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 10-R032 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 09-R045 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 09-R043 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 09-R020 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 08-R009 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 08-R008 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 07-R027 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 07-R014 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 07-R008 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 06-R037 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 05-R067 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 05-R008 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 04-R047 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 03-R080 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 02-R037 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 01-R094 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 01-R059 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 00-R083 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 00-R021 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 00-R018 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508. 99-R011 For more information, contact the Commodity Futures Trading Commission at (202) 418-5508.