Oanda does not insure funds in the event of insolvency
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Thread: Oanda does not insure funds in the event of insolvency

  1. #1
    Hi all,

    I only read this on the Oanda site that I found worrying:

    Your Margin Account with OANDA is not covered under any federal or state insurance program, or by any other entity. In the event OANDA should become insolvent or file for protection under the bankruptcy legislation, it's possible that you'd eliminate the whole amount in your Margin Account.

    Does anyone know of brokers similar to Oanda (ie that comes with an online platform) but in which there is insurance?

    Thanks.

  2. #2
    Oanda care of accepting your cash only and there compact account is only a trap I deposted little amount they sent me a message stating weried things about trading and that I must exchange with of my electricity and I am not welcomed to deposit again unless I provide them with my earnings nations .they dont care about you exactly what they care about is your money only and they take it by many ways stop loss searching ,plateform disconnection when you're in profit and green and many other ways high interset and now they would like you to exchange large or you aren't welcomed oanda became quite greedy and dont guie any one to exchange together out of my 10 years experiance in market they're a ture poor bucket shop how will write such a statment unless they really wish to show you that your cash is lost once you deposit it with us even hiyp dont write this or e currenices issuers they're really so maen and bad and dont information any one to eliminate money with them
    have a nic day

  3. #3
    You're not likely to find insurance in the Currency Market market. In the US it is possible to exchange with CitiFX Guru, which used to claim to offer FDIC insurance for funds on your retail Currency Market account NOT being used for margin-trading. Although recently they've removed all mention of FDIC security and added a clause within their own risk disclosure, Retail Currency Market transactions are not insured by the Federal Deposit Insurance Corporation. Apart from Citi in the US, you're ”SOL” -- that the NFA has no documentation or procedures on returning client funds back to clients in the case of a bankruptcy (See PFG Greatest...)

    In case you're a citizen of the united kingdom and are trading using an FCA-registered brokerage, you're eligible to received 100 percent of the first 30k pounds you have deposited, 90% of the next 20k pounds to a maximum of 50k pounds IF your brokerage goes bankrupt.

    ASIC in Australia will return all client funds held in bank accounts should a brokerage go bankrupt or be shut down by a regulatory body. Odds are if your brokerage is doing something dishonest to start with, your funds aren't likely to be in a segregated bank account.

  4. #4
    Thanks,

    Oanda is a FCA registered brokerage it states on their site which is good.

  5. #5
    Quote Originally Posted by ;
    Hi, I just read this on the Oanda site which I found stressing: Your Margin Account using OANDA is not insured under any federal or state insurance plan, or by another entity. In case OANDA should be busted or file for protection under the bankruptcy laws, it's possible that you would eliminate the entire amount in your Margin Account. Does anyone know of brokers very similar to Oanda (ie which comes with an online platform) but where there's insurance? Thanks.
    It's my understanding that Oanda holds your customer account with third party banks, therefore in case of an insolvency those funds will not be considered Oanda assets. Your margin account is the money which secures your open transactions using Oanda - this money is considered Oanda's which is the reason it is not protected.

  6. #6
    1 Attachment(s) if somebody in the xyz forex broker screws around and loses my money, for what reason, then I can lose my money. .

    If somebody at citifxpro screws loses my money, which will not happen anyways, citibank would make things right.

    If citibank goes bankrupt, everybody is bankrupt.

    happy trading,

    zero/.

  7. #7
    Quote Originally Posted by ;
    if someone at xyz forex broker screws loses my money, for what ever reason, then I will lose my money. . If someone at citifxpro screws round and loses my money, which will never happen, citibank would make things right. If citibank goes everybody is. Joyful trading. image
    Citibank just about went broke twice.

    The banking world is fickle . . Seen many a good (household) name go under

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