Out of curiosity, I’m just wondering for those with really big accounts especially, do you feel comfortable with a big amount under the care of your broker? For example a broker gets hacked (among other things), is there any assurance that the broker will return the money if ever something happens?
I think it would be very hard for money to disappear with the regulations put into place, which is why it’s good to choose a regulated broker. And some brokers offer insurance accounts for those purposes like getting hacked. But with so many nosey hackers out there I guess theres always a risk
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Like what @JoshRSA wrote, if you pick a regulated broker, you should be okay. A good example is when FXCM exited the US market. All accounts were just transferred to Forex.com - so in that case, your money would still have been safe.
Depends wat the “something” is to an extent - but in simplistic terms - NO !
Lol, hell no. I remember some years ago, when the SNB abandoned the floor on the eurchf. Many brokers were wiped out. Some traders lost their money as a result. Only deposit enough to avoid a margin call.
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I think @CoinLady is referring to all the hacked Crypto exchanges.
It’s important to note that crypto exchanges are (almost universally) unregulated.
That’s where the differences with Forex brokers begin.
- A Regulated FX broker (especially the EU ones) will most likely have segregated client accounts - meaning that their funds and yours will be kept separately, thus ensuring you that the broker will not lose them. If they get hacked (highly unlikely) their own accounts may burn, but your funds will be safe.
- Most brokers have some kind of client insurances in place - for example - the CySEC ones is called ICF (Investor Compensation Fund) which covers a certain amount of funds for each trader. I’ve seen a maximum of 20k Euro insured.
So, if for some reason the broker loses you money, gets hacked, or declares bankruptcy - the ICF will cover your losses up to what the insurance was made for.
However, there is a loophole - if you’re registered as a “professional” trader instead of a retail client - the ICF will not cover you.
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Ouch! Not that I would be trading a whole lot, it’s just scary because it’s still hard earned money. 
Actually, it depends on your choice; I mean what kind of broker you are using actually.
Have you ever had an account with a broker that got hacked?
Luckily, no. At this point HitBTC had some issues but my account was not affected.
So, yeah.
Regulation is the must then market reputations! In addition, don’t go with the new Forex brokers.
Broker can help a forex trader to get connected with the forex market easily. A trader will require to work with a reliable and regulated broker if he wants full safety. Thereby, I personally think that working with a regulated and experienced broker will never disappoint a trader.
Your money is safe only when you have do some research on that broker. Never invest your money without doing some investigation about that platform. This is all about the money which have a huge importance in your life. So think well before taking any step.
Same. I stick to the more popular ones just to be safe. I use 3 atm and I feel like if I use more… it might be a little too crazy. How about you?
Have accounts at Bitstamp, Coinbase, Kraken, HitBtc and a few other but only keep currencies in the HitBTC one.
You are always welcome! I’m glad; have a good week.