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Futex (UK futures broker) halts trading
Started: by Keab Views / Replies:6,019 / 48
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Futex (UK futures broker) halts trading

  #1 (permalink)
Keab
London UK
 
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Futex (UK futures broker) halts trading

Profit & Loss | News: Buy Side: Injunction Halts Trading at Futex

The UK is a bit weird, it's very hard to trade futures here as there aren't too many brokers. Looks like there's one less now.
Have been trying to find out more info, it appears that a trader there tried to take money out and was unable to, hence the injunction. This is not verified however.

Makes me despair to be honest. How the f**k are you supposed to trade, do your due diligence, find a decent broker (which Futex are supposed to be), and then they have problems that you have no idea about.
And yes, accts are supposed to be segregated. But are they really? Who knows? How are you supposed to tell this other than asking them and then they say "yes."

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  #3 (permalink)
Market Wizard
Boca Raton
 
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bootsyjam View Post

Makes me despair to be honest. How the f**k are you supposed to trade, do your due diligence, find a decent broker (which Futex are supposed to be), and then they have problems that you have no idea about.
And yes, accts are supposed to be segregated. But are they really? Who knows? How are you supposed to tell this other than asking them and then they say "yes."

Are they a broker or a prop firm? To me it seems that Futex is a prop firm.

Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #4 (permalink)
Keab
London UK
 
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Apologies, I got over excited.
Yes they're a prop firm and clear through Marex here in the UK. You can also open a self funded acct with them and trade through them using their clearing services and leverage. I was very close to doing that myself. I know someone who works there and have done some trading courses with them and am very surprised. They have real traders, trading real money and size and they know what they're doing.

Problem is you don't know what the managers are up to do you?

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  #5 (permalink)
Market Wizard
Boca Raton
 
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bootsyjam View Post
Apologies, I got over excited.
Yes they're a prop firm and clear through Marex here in the UK. You can also open a self funded acct with them and trade through them using their clearing services and leverage. I was very close to doing that myself. I know someone who works there and have done some trading courses with them and am very surprised. They have real traders, trading real money and size and they know what they're doing.

Problem is you don't know what the managers are up to do you?

No worries. I don't like to jump to any conclusions, until there is concrete evidence there was foul play.
Further, I am not sure how managers tie in when it comes to all this. We do not have a relationship with Murex so I dont know much about them, but you can explore going to them directly(?)

I have a number of relationships with clearers in Europe and if you PM me, I can give you introduce you to a few of my contacts we do business with.

Thank you,
Matt Z
Optimus Futures
Optimus FX
There is a substantial risk of loss in futures and Forex trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #6 (permalink)
Keab
London UK
 
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mattz View Post
No worries. I don't like to jump to any conclusions, until there is concrete evidence there was foul play.
Further, I am not sure how managers tie in when it comes to all this. We do not have a relationship with Murex so I dont know much about them, but you can explore going to them directly(?)

I have a number of relationships with clearers in Europe and if you PM me, I can give you introduce you to a few of my contacts we do business with.

Thank you,
Matt Z
Optimus Futures
Optimus FX
There is a substantial risk of loss in futures and Forex trading. Past performance is not indicative of future results.

Indeed, who knows what has happened, but a trader who works there taking out an injunction does look rather worrying doesn't it. Will wait and see.
Thanks very much for your offer, will PM you now

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  #7 (permalink)
Keab
London UK
 
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More details in the SUnday Times Firm where ?Flash Crash trader? first worked fails | | The Times & The Sunday Times
Can't say I know the name of the trader. Wow. Just....wow. So who was losing the money, or was it being skimmed off the top?

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  #8 (permalink)
Elite Member
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Wishful thinking, business as usual here. I can still sign in (see
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  #9 (permalink)
Keab
London UK
 
Futures Experience: Intermediate
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Yeah the training business is separate from the trading business.
Makes you wonder about the training, clearly works well...

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  #10 (permalink)
Market Wizard
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bootsyjam View Post
Yeah the training business is separate from the trading business.
Makes you wonder about the training, clearly works well...

One of Futex's directors defined FutexLive as a a subsidiary arm of Futex. If that's the case I don't think they're separate.

Relevant post: https://futures.io/vendors-product-reviews/38861-futex-price-ladder-training.html#post576958

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