I read new regulatory reporting requirements are coming out like no more paper statements only electronic and more, i bet there will be more of those firms going to get a shake down ...
Yeah, but it took an egomaniac like Corzine to bring them down. The guys at RCG don't seem to fit that bill. As a customer, I like that they are actually trying to be more pro-actively transparent about where customer money is. Still, the entire episode has me reconsidering just how much cash I leave in my account beyond my likely trading needs. Since I hold overnight on occasion, it needs to be enough to cover overnight margin, but beyond that, I'm dubious for the moment.
It seems that several people recommends Interactive Brokers. Can anyone tell if there is any major difference using their US or UK division for forex. I am based in North Europe so use of UK seems more logical.
there is no difference between their us and uk branch regarding forex afaik, daytraders seem largely satisfied but holding overnight brings insane cost of carry - check properly how IB treats forex transactions
long threads like this and similar ones on other boards show the need for trustworthy rankings of FCMs / brokers. Who is offering such rankings ? 1. Atlas - MKC Global Investments who else ?
Safest futures account setup is outside of the US ABN Amro dutch side follows the more stringent european rules. All funds are held in named accounts and none of this segregated bull shit. Your cash balances are insured by ECB their FDIC equivalent. ABN is one of the top 3 clearing firms in the world, 13th largest bank in the world. If they go bust we have much larger problems. They are surprisingly aggressive with their rates and a nice relationship to have.