"Bulgaria may be in the EU but it clearly isn't the EU" - Yet again you bring up arguments from some Wikipedia article. Let me repeat myself one more time. EU licensed brokers are regulated by ESMA and all clients funds fall under its investors protection program. Judging by what you say, all brokers regulated by ESMA are not trustworthy. I really consider it pointless to continue having a discussion with you as I'm sure you are going to bring up the same argument over and over again. Give me some hard evidence against the broker and we'll talk. Other than that, I cannot accept those generic opinions that "US is the best." Cheers!
ESMA imposes financial sector regulatory requirements across the EU and different member states interpret, apply and enforce these with local discretion and local differences. In addition, each member state has its own generic consumer protection legislation and contractual legislation, again, applied differently across the EU. I cannot imagine its easy for a foreign national in another country to get a Bulgarian regulator to take someone to court for you. Nor to sue a Bulgarian company through the Sofia courts. Or maybe I'm naive and its ever so easy...... But you could help your case by pasting up some Alaric T&C clarifying the client protection measures they apply. I've no hard evidence against them so I can't argue with what you post. By the way I'm not in the US and don't trade with a US broker.
Alright mate. I can give my closing statement by saying that me and my trading floor have been working with them for over 2 years now and haven't encountered any difficulties or any signs that would make us worry. They give us significantly better conditions (margin, commissions, routes, withdrawals, etc. etc.) than majority of US brokers and so far I had no reasons to doubt their credibility. You do your thing and I do my thing Cheers and good luck!
Bulgaria,Romania,Bahamas same thing,when you send your money to places like these be prepared to never see it again.
Ok, except that my firm withdrew much more than we initially sent in but whatever you say mate. There are millions like you who pull statements like that out of thin air without having any hard proof. And I see you are a quiet brilliant man/woman that you compare Bahamas to an EU country. Anyways, if you're happy with your broker, you do your thing and I do my thing. There's no need to talk smack about something that you are unaware of. Cheers!
I asked them how my money is protected and all they say is they have counter party insurance! Compaing apples to apples with FCA UK or SIPC USA I cant see any such protection Yes the client money pool is kept in Banks and that money is protected by some sort of Bulgarian govt as Bank deposit but my question is What if the broker goes belly up before the money is sent to banks! To consider such a broker from such a small country clarification is needed
What you're looking for is more from them about which bank they deposit your money into - banks have been known to fail. Then, once you are trading, do they hold your deposited funds plus your profits gained in a segregated account which is separate from their operational capital? If not, not only could the firm use your money to pay their own bills, but their creditors potentially have a call on it also. As for the counter-party insurance, is there a maximum limit for which you would be eligible to claim and what about some details of the scheme and how its run.
They keep saying " Funds are protected by BDIF (Bulgarian Deposit Insurance Fund) as they are kept at DSK Bank. This to me means money is protected once the money is properly kept in to the Bank from the broker! but this does not mean we are protected against broker failure! neither is there any US type SIPC coverage!
Alaric trader is going Bankrupt soon. Lot of issues with there funding. Providing leverage is way too tough for them. The sole reason why a day trader open an account with a prop firm. Leverage and commission. They have now all of sudden started asking for higher commission like a broker and provide leverage like a broker (4:1 intraday). 2:1 overnight. I give it a few months top. Get out people (when you can).
lol, um, they provide it "like a broker" maybe because they are one? can you give us more insight on what makes you think so and why you are so upset?