Investor Protection and Safe Brokers

Broker Discussion Forex Brokers
1

Hi,

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!

2

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.

3

Why keep 6 figures in there if you are afraid?

4

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.

7

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

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8

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.

9

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

10

Keep coinexx in your list too, they are pretty good and one of the most trusted brokers here.

1 Like
11

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.

1 Like
12

Well, I am not in the same condition as you, but I do assume that some Australian broker should also offer some protection to you anyway with all that matters, correct ? So I do hope it will work wonders if needed. Problem is to get refund if you are not.

13

Thank you, I appreciate this info. Just excited to get started.

14

Thank you and I appreciate it, ready to get after it!

15

I would highly recommend you to diversify your money which will eliminate the risk.