Which are the forex brokers in Singapore which are safe and unsafe after the Swiss fallout?

klarklar

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Many forex brokers lost big money thanks to the Swiss central bank action to remove the peg. Who are the safe and unsafe ones in Singapore today? Will be very important to know now.
 

borderlands2

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Many forex brokers lost big money thanks to the Swiss central bank action to remove the peg. Who are the safe and unsafe ones in Singapore today? Will be very important to know now.

Interesting.
I had thought the brokers are just middlemen to facilitate forex. Earning thru differencing the pips.

Just wondering the reason for them to fail.

Do u mean they might have bet on the currencies themselves?
 

leecc73

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Many forex brokers lost big money thanks to the Swiss central bank action to remove the peg. Who are the safe and unsafe ones in Singapore today? Will be very important to know now.


Can the investor get back their money after the broker cease trading?
 

PostCountWarrior[+1]

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I use CMC. I doubt they will go down. In an extreme case of FXCM, they needed 300m bailout, and CMC had like 130m pounds of reserves. so they shld be fine.

But u can nv be too sure. MF global said they were fine before they went bankrupt. so did bear sterns. if u have idle funds there not doing anything, perhaps it may be a good idea to take them out.
 

wts2013

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did u receive any email from the brokers, I received but will not reveal, quote below:

"a number of retail brokerages have announced that they are experiencing acute financial pressure as a result."

Better keep a close watch, get your money back if idle.
 
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leecc73

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I use CMC. I doubt they will go down. In an extreme case of FXCM, they needed 300m bailout, and CMC had like 130m pounds of reserves. so they shld be fine.

But u can nv be too sure. MF global said they were fine before they went bankrupt. so did bear sterns. if u have idle funds there not doing anything, perhaps it may be a good idea to take them out.

I check on the excelmarkets which went broke, their website stated all investors fund kept at segregated account, like most brokers. If those ppl never burnt, are the safe to withdraw the money out?
 

civicguy

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Jin smart lo.... fast and smart marketing :)

2kWdIyT.jpg
 

levinakit

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Saxo clients in Singapore

Hi All,

Is there any Saxo clients in Singapore that have been negatively impacted by their CHF re-pricing.

Some of us are coming together to combine our efforts. If so, please email to saxosgchf @ gmail.com
 

PostCountWarrior[+1]

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Hi All,

Is there any Saxo clients in Singapore that have been negatively impacted by their CHF re-pricing.

Some of us are coming together to combine our efforts. If so, please email to saxosgchf @ gmail.com
don't think it will work. Even goldman, Deutsche and Citi and barclays lost like 100m to 150m each. there was simply nobody showing prices then, so you cannot get out of your stop loss price. It was like a classic gap down in stocks when market open because of bad news, but this time in terms of fx. but would be interested if you got anything.

pcw +1
 

xtraderfp

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the truth is, with such black swan events like the Franc crisis appearing out of nowhere, i would say all forex brokers are in risky situations right now.

Just imagine even a publicly listed company in the US, FXCM, is possibly going to go out of business due to their lack of capital requirements. Did you see their stock price plunge? They are considered a very very large forex broker in the US. So even market makers situated in Singapore like CMC, IG, GFT, and Saxo have their own risks. Many brokers take the other side of your trade, and do not employ strict hedging rules to maintain their risks.

My suggestion? Diversify into different brokers, or if you have adequate capital (at least 50k), try out currency futures with a futures broker.
 
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