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.
The beginner's guide to FX trading