Hey guys , Just speaking to options express about an acct and thought it worth mentioning cause of all this mf crap .
Did u know that u don't have to lodge money in a segregated acct ? with some future brokers ? bit like how we operate in australia with share trading accts . Individuals are or should be given the option of setting up their own bank acct which is seperate from everyone else .
Can only guess the reason most brokers use a segregated acct is cause it pools the cash so the broker can claim the interest on it . It is our money for our use not theirs .
I have made mention that go markets also do this but I also note they are not an approved share or futures broker so there is some risk dealing with them like all other cfd providers . ASIC is just so lame so buyers beware .
I reckon we as a collective community need to start lobbying asic to make this change on all cfd accts as it is the only way to stop this freakin stupid segregated acct crap .
Is there anyone here who is good at letter writing that would help me with starting to get the ball rolling in Australia ? I'm thinking it needs to happen for futures, cfd's and forex ?
