hmmmm I don't see it on their site. I'd call them and confirm. Looks like they use MT4 which is typical of smaller guys so if I had to bet one way, I'd say they probably don't have segregated funds. Do you do automated stuff with MT4?
yes I have 3 systems that I use. sad to say but if fxcm does indeed get mt4 then they'll be the best option as far as funds safety goes since they offer the UK segregated accounts. I can't believe I just wrote that lol although their execution is a whole different story...
A few friends of mine use them but are using Strategy Runner which runs on their Currenex feed. And you can use MT4 with it. Supposedly they're gonna have MT4 without having to go the SR route but right now you can get it with them if you're willing to jump through a few hoops.
The way I understand it, it uses the old PropFX (Currenex) feed but you're using Strategy Runner as the front end. If you're pushing through serious volume they'll take pips off too depending on how much you're actually trading.
Closure for RefcoFX At last the customers of RefcoFX are getting their money back. Reports coming in over the wires indicate that customers are getting back roughly 40 cents on the dollar of their original investment. While that's still a very heavy loss to take at least the customers are getting something after two years of watching creditors loot their accounts. Phil Bennett and the rest of the board at Refco should know that there are some rather toasty seats in hell waiting for them upon their arrival. The end of the RefcoFX nightmare brings with it a clear lesson to always trade with a regulated firm. If a firm isn't licensed, then stay away from it. Far, far away from it. And also be sure the firm you are trading with is well capitalized. The case of Nations, which was an undercapitalized broker on the dead pool is further evidence of that. And sadly enough, now Nations begins the journey that RefcoFX just ended.
Swiss Fraud Alert Well, Tradex Swiss AG isn't the only Swiss Broker out there swindling customers of their money. The CFTC just busted another Swiss firm by the name of INH-Interholding SA and its principal Joerg Heierle. The Story is below. As a reminder the following Swiss firms ARE NOT REGULATED and should be avoided: Unregulated Swiss Brokers WestCapFX ACM MIG DukasCopy GFX Group (Forex.CH) Crown Forex Florida Federal Court Issues Order Freezing Assets of Miami Beach Resident Joerg Heierle and Swiss Corporation INH-Interholding SA CFTC Charges Heierle and INH with Fraudulent Solicitation of at Least $4.4 Million to Trade Commodity Futures and Options and Concealment of Trading Losses Washington, DC â The U.S. Commodity Futures Trading Commission (CFTC) announced today that a federal court in Miami entered an order freezing assets under the control of, and prohibiting the destruction of documents by, defendants Joerg Heierle, of Miami Beach, Florida, and INH-Interholding SA (INH), of Switzerland and Miami Beach, Florida. The order arises out a complaint filed by the CFTC on September 12, 2007, in the United States District Court for the Southern District of Florida, charging defendants with fraudulently soliciting at least $4.4 million in a commodity futures and options pool fraud scheme. The complaint also charges Heierle and INH with concealing trading losses by issuing false statements to pool participants regarding the profitability of their INH investments. The CFTC also names Futures Trading Academy, Inc., of Bay Harbour, Florida, as a relief defendant due to its alleged receipt of pool participantsâ funds. According to the complaint, Heierle disappeared in April 2007, and pool participants have not been able to access their funds since that time. The CFTC complaint specifically alleges that, since at least October 2001 through April 2007, Heierle and INH solicited pool participants located throughout the United States and abroad to invest in an INH commodity futures and options pool that Heierle would operate and manage on their behalf. In their solicitations, defendants falsely represented that the INH commodity pools were historically profitable and that Heierle was a successful trader. For example, the INH website (www.interholding.net) claimed that the three INH pools realized returns of 12.1 percent, 17.3 percent and 30.2 percent in 2005. However, as alleged, there are no trading accounts in the name of INH, and the known trading accounts controlled by Heierle sustained losses during that time period totaling $80,000. Moreover, during the relevant time period, the known trading accounts controlled by Heierle allegedly sustained overall net trading losses of approximately $1,000,000. The complaint also alleges that defendants issued false account statements to pool participants reflecting that defendants were profitably trading on their behalf. For example, for the period between July 2006 and April 2007, despite having sustained net trading losses of approximately $1.2 million, pool participantsâ account summaries reflected returns of up to 10 percent.
Are you blind? RefcoFX was fully regulated. The futures side got all their $ back, the FX customers aren't segregated accounts. The only viable segregated accounts option that US customers have for FX accounts is FXCM UK. Not a very good option for trading though. Sigh.
My friend you are confusing Refco Capital Markets with Refco Futures LLC. Refco Capital Markets was the unregulated offshore entity. They owned RefcoFX. RefcoFX was never registered with the NFA and was completely unregulated. But Refco Futures LLC was regulated by the NFA and a long standing member. That is why the NFA and CFTC took extra special care of them. Had RefcoFX been regulated and a member of the NFA it would have been a completely different story.
Seriously? I apologize then. But how would that have made much difference? The FX customers were (and are) still unsecured creditors (unless the account is segregated such as with FXCM UK). My apologies though - I assumed that the FX side was also regulated.