For our managed forex account / investment service, it is important to understand that the funds on deposit remain in your name, you are not depositing funds directly with Provisave, and the funds are being held under your chosen entities name (usually your personal name) at selected brokers. You then give us permission to trade these funds on your behalf, through a Limited Power of Attorney (LPOA) that may be revocated at your discretion. Provisave do not have the ability to access or transfer your funds without your consent.
Safety of funds at IC Markets
As per IC Markets:
International Capital Markets Pty Ltd (IC Markets) is authorised and regulated by the Australian Securities and Investments Commission (ASIC), licence number 335692.
ASIC has in place capital adequacy requirements and requires licence holders have in place internal risk management and staff training procedures. External audits supplement IC Markets operational and accounting processes and ensure regulatory compliance.
ASIC is the financial services regulator in Australia responsible for ensuring that financial markets in Australia are fair and transparent, supported by confident and informed investors and consumers. ASIC is an independent Commonwealth Government body established under the Australian Securities and Investments Commission Act (ASIC Act), carrying out most of its work under the Corporations Act.
Segregation of Client Funds
When funding your trading account client funds are held in client segregated trust accounts at Australian Banks, National Australia Bank (NAB) and Westpac Banking Corporation (Westpac). IC Markets complies with the Australian Client Money Handling Rules and employs strict policies and procedures regarding the maintenance and operation of these accounts.
IC Markets holds client money separately to company funds and does not use these funds for any purpose other than to maintain margin needed to cover positions opened by clients. Our product disclosure statement outlines our client money handling policies.
Professional Indemnity Insurance is maintained with Lloyd’s of London.
IC Markets banks with the National Australia Bank (NAB) and Westpac Banking Corporation (Westpac), both top-tier Australian Banks.
IC Markets is a member of the Financial Ombudsman Service (FOS). FOS is an approved Australian external dispute resolution scheme that fairly and independently resolves disputes between consumers and member financial services providers.
IC Markets has in place an external Independent Auditor to ensure compliance with our regulatory obligations and operational processes.
In accordance with the Australian Anti-Money Laundering and Counter Terrorism Financial Act 2006 IC Markets has in place a policies and procedures to ensure compliance with the law. These polices and procedures are designed to prevent money laundering activities occurring. Our Anti-Money laundering policy outlines the documents that you must provide us before opening an account.
International Capital Markets hold an Australian financial services licence (AFSL) No. 335692 and is Authorised to carry on a financial services business in Australia, limited to the financial services covered by our AFSL.
Safety of funds at Tallinex
As per Tallinex:
All client funds deposited with Tallinex are completely segregated in “off balance sheet” accounts according to strictly-followed policies and procedures.
Tallinex Limited co-operates solely with reputable, regulated, world-leading, international banking institutions.
To enhance the safety and security of funds, Tallinex distributes client assets between multiple regulated banking institutions – as shown below:
Safety of funds at HotForex
As per HotForex:
Here at HotForex we understand that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds. We have therefore taken extraordinary measures in order to ensure a very high level of fund safety.
These measures are usually enjoyed by institutional traders but we are happy to offer them to our retail clients. We strongly believe that our efforts will have a direct, positive impact on them and their account profitability since higher focus translates to higher profitability in the world of financial trading.
Client funds security has been a part of our philosophy alongside unmatched trading conditions and customer support. With global recognition for excellence, solid reputation and multi-award winning services, our clients are assured that their funds are held with security, clarity and integrity.
Accounts with Top Tier Banks
HF Markets (SV) Ltd. took the decision to only use global banks of Investment Grade standing. The strength and global standing of the HotForex brand enables the Company to provide banking through the top tier banks.
Segregation of Funds
Client funds are received in the company’s fiduciary segregated client bank accounts. These funds are off balance sheet and cannot be used to pay back creditors in the unlikely event of default of the Company. Therefore Company Funds are segregated from Client Funds.
The Company continually identifies, assesses, monitors and controls each type of risk associated with its operations. This means assessing on a continuous basis the effectiveness of the policies, arrangements and procedures in place which allow the company to easily be able to cover its financial needs and capital requirement at any time.