I havnt seen anyone commenting on MF Global here. They have just filed for bankruptcy but what is worse is that it appears they have been using their clients funds to trade contrary to all the rules. If I had money with them I’d be very worried. It seems $700 million of client funds cannot be located.
I dont think that is necessarily the case, all accounts appear to have been frozen. In any case you may be entitled to compensation from the FSA if you are in the UK. Likewise other countries may have compensation systems in place. Where are you located?
Nobody saw it coming because nobody was looking. That’s what happens with light touch regulation, they are supposed to all behave themselves, of course they are all just doing as much scamming as they think they can get away with. Occasionally they get caught like FXCM or Forex.com.
It’s unfortunate because if one retail broker is doing it, who’s to say the others aren’t doing the same (using customer’s money to trade)…and the retail brokers are how the average person can get into the game it seems.
Now to find another broker…hoping Oanda is a little more credible and that their leader isn’t another former bankrupt executive trying to make a comeback! :49:
As a Canadian you should be made whole. I’m not sure of the details though. When Refco Canada went under 5(?) years ago, my account was frozen for several months. Then MF Global Canada :17: took over my account and everything was OK. The American customers only got something like 10% of their funds and it took a year.
PS - I didn’t stick with MF Global Canada because they didn’t have mini accounts and MT4.
Thanks!..I just contacted them and they do accept BC residents, and they have MT4, and micro accounts!! Said they’d expedite my application… and that our funds are segregated and they don’t invest outside like MF (so they say )