First one bites the dust

John3344 · Post by **John3344** » Fri Jan 16, 2015 1:24 pm

Jemook,

As the dusk settles from the SNB fallout, please consider finding a way that traders who are U.S. citizens may trade with Global Prime. Your integrity is superlative! I for one would love to do business with a broker who has the interest of their clients at heart.

I love my country but I must apologize for our overcautious and sometimes misdirected governance.

Please consider the U.S. We could use some love!

John :youknow:

Post by **rocketman99** » Fri Jan 16, 2015 8:50 pm

John3344 » Fri Jan 16, 2015 2:24 pm wrote:Jemook,

As the dusk settles from the SNB fallout, please consider finding a way that traders who are U.S. citizens may trade with Global Prime. Your integrity is superlative! I for one would love to do business with a broker who has the interest of their clients at heart.

I love my country but I must apologize for our overcautious and sometimes misdirected governance.

Please consider the U.S. We could use some love!

John :youknow:

Sorry to sound harsh but as a non-US citizen I absolutely do not want GP to accept US citizens and thus be subject to US regulations. If FIFO and no hedging are enforced on me I will move brokers.

I suggest you lobby your government and regulators to fix your broken retail forex market first.

John3344 · Post by **John3344** » Sat Jan 17, 2015 1:48 am

I have a question for the SHF community regarding SL levels when CHF broke loose.

If you were long one of the CHF pairs, like EURCHF for example, when the pair took a nose dive did your broker honor your SL?

I was not in a CHF pair at the time, but let's say for example I was long and had a SL of 100 pips as the downward spike was occurring. Would I be out of the trade when my 100 pip SL was hit or would price blow through the SL without closing the trade and finally ending with a margin call and then a blown account?

I typically trade with SL less than 100 pips. While the practice has it's disadvantages, would it offer protection during a move such as the CHF spike?

I realize we cannot predict what will happen in future disasters such as this, but how did SHF traders long the EURCHF with fairly tight stop loss orders fair when the EURCHF went down?

Were you stopped out or did it blow your account?

John

AnotherBrian · Post by **AnotherBrian** » Sat Jan 17, 2015 5:23 am

rocketman99 » Fri Jan 16, 2015 3:50 pm wrote:
John3344 » Fri Jan 16, 2015 2:24 pm wrote:Jemook,

As the dusk settles from the SNB fallout, please consider finding a way that traders who are U.S. citizens may trade with Global Prime. Your integrity is superlative! I for one would love to do business with a broker who has the interest of their clients at heart.

I love my country but I must apologize for our overcautious and sometimes misdirected governance.

Please consider the U.S. We could use some love!

John :youknow:
Sorry to sound harsh but as a non-US citizen I absolutely do not want GP to accept US citizens and thus be subject to US regulations. If FIFO and no hedging are enforced on me I will move brokers.

I suggest you lobby your government and regulators to fix your broken retail forex market first.

rocketman99 - I second that thought. I made the mistake of using a US broker, I have a PILE of cash stuck in bankruptcy court (PFG) and the 'regulators' don't want to take responsibility. It's a shit fight now. It even causes me pain to trade a US exchange and send any money south of the border (Canadian here). I do have a Canadian account (1:50 is max leverage here) and protected by CIPF! ...and an account with GP for higher leverage. So I also prefer that GP keeps FIFO out of the ruleset.

ariel · Post by **ariel** » Sat Jan 17, 2015 4:53 pm

WackyRacer » Fri Jan 16, 2015 6:34 am wrote:Yes Alpari UK seems to have gone under - at least for now

This morning at about 9am UK time my 4 open trades all closed and I got Trading Disabled when I tried to Open a pending. Only I micro account and I wasn't affected by CHF.

The message on their web site:

"The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity. This has resulted in the majority of clients sustaining losses which has exceeded their account equity. Where a client cannot cover this loss, it is passed on to us. This has forced Alpari (UK) Limited to confirm today, 16/01/15, that it has entered into insolvency. Retail client funds continue to be segregated in accordance with FCA rules"

Looks like I need a new broker.

B Rgds

WR

i had Alpari UK, and HGB survave with my. i have 8000 us$ in fscs. how many time to receive this money??

AnGri · Post by **AnGri** » Mon Jan 19, 2015 9:58 am

ariel » Sat Jan 17, 2015 4:53 pm wrote:
i had Alpari UK, and HGB survave with my. i have 8000 us$ in fscs. how many time to receive this money??

I was with Alpari UK too.

I have not received any official statement or announcement from them via their client services / email yet.

And on friday evening they even closed an open long position i had in USDCAD since ages

This trade was deep in the red and had accumulated a big negative swap.

But i was confident to be able to dig out of this hole again, because USDCAD had turned in my favor again.

Imagine how i felt seeing that Alpari closed my trade, forcing me to realize a big loss,
just when the tide was turning for me

And they did not even close it on the days high ...

Did they have the right to close my open trade the way they did?

What if their business survives somehow? Will they reinstate the trade?
Or can i perhaps get a compensation for the loss they forced me to take?
And who will compensate me for not being able to trade for who knows how long because my funds are frozen?

WackyRacer · Post by **WackyRacer** » Mon Jan 19, 2015 10:01 am

From the company website:

"For the avoidance of any doubt and notwithstanding previous announcements by the company, Alpari (UK) Limited has not entered a formal insolvency process. The board of directors are urgently considering all options including a sale and are liaising closely with the FCA. We hope to make a further announcement shortly."

So I guess we just have to wait for an announcement. Wouldn't surprise me if after a few weeks they are back on-line albeit under a new name,

BR

Wackyracer