What is FSA(uk), CySec etc. worth?
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Hi All,
Did anyone here use the Investor compensation funds of FSA or CySec already?
Before selecting a Broker I look for it´s regulation.
Before choosing a regulated Broker I check if the authority offers an Investor compensation funds.
But - how fast and how smooth will the process be to get compensation from these authorities?
Since PFG-Best in USA became bankrupt nobody can tell me that our favourite Broker, even if its located in the UK, can´t fail. So, as long as we don´t want to lose our whole deposit it makes sense to think about the regulators as well. I never had a bankrupt Broker, but my Experience with the regulators is, that for any question you have you get Option 1: A one sentence answer with unclear information Option 2: Two pages of Law-style-text no private person can understand.
For example for my simple question "Is only the balance covered by the investor compensation funds or also the open profit and loss?" I got no clear answer. Not from CySec, not from FSA.
So - anybody here with experience on really serious cases?
Thanks!