ALPARI is gone - forever...

Is there anyone who withdrew at least his/her own funds (w/out profit, just deposit)?

So... 51 cents in the dollar interim distribution to be announced this month:

https://www.insolvency-kpmg.co.uk/Viewer/pdfViewer.aspx?sid=hodbsi5ugbyo1hf5vyxm0yzg&did=2d18ad54-2948-4420-9ce8-3e71d396b5a3

With FSCS compensation 'aligned' - don't know quite what that means.

Hi ther,

If I am not intrusive can I ask to the community if some one has taken the chance to get in with this ETX Capital..

Thks

alphafx posted:
I will never again go to Alpari or any company related to them or their name.
- No word regarding the old client-funds or insolvency
- Bonus: Do you really mind trading 150 lots a month ? That's ridiculous !
- I've still no information what's happening to my money ! Maybe I get only a part of the money on a pro-rata-basis. So maybe I have to sign that I will renounce to the rest or I have to wait for several months in uncertainty.
When they are mafia maybe we should get our money back the mafia-way...😇

But I had time to do some research regarding the forex-brokers. Most of them suck but some I think you may use:

- Active Trades
- Avatrade
- Darwinex
- Ducascopy
- FinFX
- Global Prime (my favorite)
- Interactive Brokers

What do you think ?

try asia o arab broker . i have try more than 50 broker . only 4 are russia broker .

Yea I got that insolvency email too. Alpari used to be the top broker back in the day.

History filled with big corporations. Some survive ,some do not. Examples found everywhere TWA, Enron, LloydsTSB & more. Alpari was a victim of what forex is all about. No set rules, no certainty of what happens next. 3 choices buy, sell or stay out.
KPMG, FSA,ETX will rumble on and realise this only people making money from this are KPMG while they hold the client fund. Poirates they be but unfortunately they hold the musket.
About time FSA made it time limited and fined KPMG for dragging their heels.
A set time for seeking buyers and a set time for paying out all monies. 100 days Max is fair.

i got lots of emails from Alpari and KPMG last night so check your emails guys . apparently u need to log in again and confirm some details again .

jimrob posted:
So... 51 cents in the dollar interim distribution to be announced this month:

https://www.insolvency-kpmg.co.uk/Viewer/pdfViewer.aspx?sid=hodbsi5ugbyo1hf5vyxm0yzg&did=2d18ad54-2948-4420-9ce8-3e71d396b5a3

With FSCS compensation 'aligned' - don't know quite what that means.

Does anyone know if FSCS 'top up' the funds that are left from the estate of bankrupcy meaning that if there is 51 cents on the dollar left, will you as a client receice all funds back (51 % from Alpari and 49 % from FSCS) or how does it work?

I also wonder, does KMPG in this case have their cut before the clients hav theirs. I mean, will the funds for the clients decrease the longer KMPG work with the case?

Thanks!!

As I understand, if you assign your claim to the client money pool to the FSCS, they will pay out all of your claim (capped at £50k) relatively quickly. If your claim is more than £50k, you'll get £50k and then the FSCS will pay out more in the future if/when they receive more.

If you don't assign your claim, you receive whatever the JSAs payout as and when they do, initially indicated as 51% interim payment.

My claim is (a lot) less than £50k, so I have assigned mine in the hope of being paid out quicker.

Also as I understand it, KPMG have no claim on the client pooled monies as these were held separate from the company money for our protection (FCA rules). So, if you're a retail client their fees are not a concern. If you are a creditor or a professional client then yes, I think there is reason to be concerned!

If you look at the statements in the presentations they have published, KPMG seem to be estimating costs of £7-8m !

I use PIPINDEX capital markets now, and they are Ace...check them out online. Very good support and education.

@jimrob

Thanks.

So you mean that no matter what happens, client funds up to £50 k is allways guaranteed by FSCS? But still no funds have been paid back?

Then, I can see no reason why you would not go with that alternative? I mean why chose 52 % when you can have it all, and if it also takes longer....?

In theory, it suppose to be like this, but let us hope it is also the same in reality. Hell of a zalary!!

So to sum up, if you have funds at a UK regulated broker, and as long as you do not burn your funds youself, you will allways have your £50k safe?

VPTrader posted:
@jimrob
So to sum up, if you have funds at a UK regulated broker, and as long as you do not burn your funds youself, you will allways have your £50k safe?

As long as UK is solvent and willing to compensate, yes.

@alphafx

Thanks.

Any progress with Alpari yet? Any compensation been paid out?

51% of each clients total funds should be paid out by end of this month according to last communique from KPMG

@Sceadagenga

And then the rest, up to £50k will be paid out by FSCS?

@Sceadagenga
To benefit from FSCS you have to assign your claim to them, they will pay out up to £50k and then anything above that that they receive from the administrators they will also pass on. So, you are never any worse off, and you can get paid out 100% up to £50k, and quicker.

Yes, in my honest opinion it's a no-brainer, but that's just me.

*** NEWS ***

I got an email today saying that my claim has been confirmed as eligible for compensation under FSCS COMP rules and an electronic payment has been made to my bank account. 😀 Can't see it arriving yet, but the email was sent after normal banking hours.

jimrob posted:
@Sceadagenga
To benefit from FSCS you have to assign your claim to them, they will pay out up to £50k and then anything above that that they receive from the administrators they will also pass on. So, you are never any worse off, and you can get paid out 100% up to £50k, and quicker.

Yes, in my honest opinion it's a no-brainer, but that's just me.

*** NEWS ***

I got an email today saying that my claim has been confirmed as eligible for compensation under FSCS COMP rules and an electronic payment has been made to my bank account. 😀 Can't see it arriving yet, but the email was sent after normal banking hours.

I am an Australian resident . I wonder if I am eligible for compensation under FSCS .

@Tranle447

I don't know, but I can't see any exclusions based on residency in the rules:-

https://fshandbook.info/FS/html/FCA/COMP/4/2

The company is bankrupt Alpari?