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.
Do a search for MF Global and you will find many existing threads on it, with many people stating their experience and how they were effected.
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