Swiss Franc Soars – Currency Brokers Hurt – Get Broker Advice
SNB Scraps the Francs Peg to the Euro
The Swiss National Bank (SNB) lifted the minimum exchange rate of CHF 1.20 per EUR and it hit Brokers hard, real hard. When the likes of Alpari UK are destroyed in a matter of minutes, and FXCM US are left scrambling, you know that this was an extreme event. I can say that after trading for 10 years I haven’t seen anything close for a long time. Around 7 years ago the Euro dropped hard against the USD and the event on my price charts was similar but the effects were not as harsh. That event 7 years ago was just the start of a drop that lasted for a couple of months. It will be interesting to see where this current event leads the markets and I look forward taking part in these next moves.
Swiss Franc Casualties are Global
The result of yesterdays move has impacted Brokers from New York to London and continued its destructive path all the way to New Zealand. As if trading wasn’t difficult enough, even successful traders will have lost their money on this one. When Brokers go bankrupt they take your account money with them, effectively they steal from you. The real question is why? How are these Brokers so irresponsible that they wouldn’t have the necessary risk management in place? These are heavily regulated firms also, you would think that regulators would also care about how a Broker is managing its risk, and protecting clients funds! Oh, no, that’s right, that would require them caring about the little guy. Got it.
Need a New Broker with MT4?
If you need any help finding a Broker who can handle these kind of events, without going bankrupt and stealing all of your money, then I will list my recommendations just below. I won’t just list any old Broker here on my website, I have either used, use, or vetted any company I chose to list. With the exception of Alpari UK who I did list for the UK Spread Betters looking for an MT4 Broker, all of the other Brokers that I had already listed here at EFX have survived and released reports about business as usual. Alpari was a big shock to everyone.
MT4 Brokers With Deep Liquidity
- IC Markets – STP/ECN style MT4 Trading
- Pepperstone – STP/ECN style MT4 Trading
- FinFX – STP/ECN style MT4 Trading
- FxPro – STP/ECN style MT4 Trading