I am planning to open a futures account and currently shopping brokers. I was told that unlike stock account, which are insured by SIPC up to 500k if brokers goes chapter 11, futures accounts are segregated, and always safe.
However in the MF Global case, they illegally used client funds to do their own transactions, so I am wondering if anyone has experienced that, and got their money back?

I think maybe it is necessary to find a broker that only processes orders and never do trading on its own.

All brokers will still trade through a FCM such as MF Global. And what was missing was part of excess margin which was not held by the central clearing.

I think this thread duplicates another thread here. I suggest you read those and close this thread and continue the conversation here . mf-global-situation