Forex broker nach snb
Then, you will be asked what type of currency you want to manage your account. In fact, these predictions were wide of the mark, with only a few brokers ultimately being forced under. Videos - Beginner Trading Videos. XM Group broker is a typical market maker. Forex News Top-Tier Sources.
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However, there are exceptions, especially when there are gaps but in the history of forex trading there has never been one in a makor currency to the extent seen after the SNB decision. This is why many traders are getting notices of negative account balances that exceed their account balances by several times. Are You Responsible for the Negative Balance? I wish I could wave a magic wand to make it go away. However, this is not the case as the broker is going to try and collect the balance from you.
I suggest reading the fine print of your customer agreement, which I am pretty sure says the broker has a right to collect on negative balances. How effective the broker will be in collecting depends on several factors, such as your personal financial situation, whether you choose to pay, settle or ignore, local laws in your jurisdiction and any reciprocal treaties with the affected broker, etc.
In any case, I suggest consulting an attorney and look out for class action laws suits as there is going to be all sorts of litigation as this gets sorted out. In this regard, we ask you to send us any information you have on this issue, what your lawyers have said, what you plan to do, what you are hearing from your brokers, etc.
In the meantime, we will be doing our own research and investigation into this issue as well. Jay Meisler, founder Global Traders Association jay tradersadvocate.
The message from the founder Click Here. Review our featured articles Click Here. Some traders leveraged by greater amounts found themselves with negative balances, owing their brokers five or even six figure sums far well in excess of their deposits, if they had been generous with the amount of true leverage they were allowing themselves.
Most traders were neither positively nor negatively personally affected, but most traders did take note and were influenced by the event in several ways. There is more demand now for brokers explicitly offering negative balance protection, i. There is a greater awareness of the risk of trading currencies that are the object of a stated peg to another currency by its central bank, as the CHF was pegged to the Euro by the SNB.
Forex in general is seen as more risky, as compared to stocks and commodities major Forex rates generally fluctuate by significantly smaller amounts.
There is less trust in the SNB in the aftermath of the SNB crisis as just a few days before abandoning the peg they publicly stated they had no intention of doing so. There is less trust in Forex brokers although it is also understood that most Forex brokers were quite blameless as it was actually their liquidity providers that pulled liquidity in most cases, and not the brokers themselves.
There is more fear of leverage, or at least a greater awareness of what using even moderately high leverage can do to a trading account when a sudden and unusually strong market event occurs. It will be obvious that most of the effects on Forex brokers are just the other side of the impact on traders already listed previously.
It was assumed within minutes of the SNB crisis hitting that there was going to be financial chaos in the brokerage arena, which would result in a sizeable number of Forex brokerages being forced into bankruptcy or takeover.
In fact, these predictions were wide of the mark, with only a few brokers ultimately being forced under. Traffic has gone two ways on the issue of offering customers negative balance protection.
Several brokers that previously offered it have removed it from their terms and conditions notably FXCM. However there are a few brokers that previously offered who decided to continue with it and are using it as marketing point to assuage traders of their worst fears. Of course, many brokers found themselves owed large negative balances by thousands of retail clients after the SNB crisis, and this debt was not much good on paper as the costs of pursuing the debts would probably have been greater than the total amount recouped.
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