I am currently with IC Markets who are Australian based and therefore do not offer any investor protection should they ‘go bust’. As my account approaches 6 figures I worry that if they were to fail I would lose my entire account. What is the likelihood of a broker like IC Markets failing and is it worth changing to a UK based broker where the FCA offer investor protection? IC Markets have been great for me and I benefit from the high leverage they offer as opposed to the lower leveraged UK based brokers.
Thanks in advance!
UK-regulated brokers will only offer deposit protection up to I think £85k so 100% protection would demand several accounts with different firms. Check the FCA website for up to date limits.
At the least, spread your money out.
Why keep 6 figures in there if you are afraid?
To allow my account to grow quicker. That being said I’m going to look to start spreading out my money more to mitigate the risk.
You should split your money in three and diversify quickly. IC market is not safe enough to be cool. That is what I would do. Good luck
I have three accounts with three separate brokers. Octa, Forexchief and Peperstone. Good brokers with good trading conditions. You should not trust only one broker.
Hi, So I’m new to trading and want to find a reliable and trustworthy trader to do business with. Any suggestions on who is good to be with? I see those 3 you have there but are there others?
Thank you, I appreciate it
Keep coinexx in your list too, they are pretty good and one of the most trusted brokers here.
Sorry for the late reply. Yes, there are others, but I am pretty sure you will find what you are looking for within those three lists.
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