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  • Nick
    started a topic Mt Cook Financial - Archived Thread

    Mt Cook Financial - Archived Thread

    I'm pleased to confirm that we have partnered with Mt Cook Financial and they are now available to join under the VIP program.

    So who's Mt Cook Financial?

    They are actually a new brokerage started by a group of friends of ours who we've been doing business with for the past few years. I personally trust them more than any broker I've ever worked with (there have been a lot!). So much so that we've shifted across approximately $50k+ of our own money from our other brokerage accounts to be traded with them.

    Click here to visit the Mt Cook Finanical website

    The directors motivation and goals stem from their comprehensive and professional backgrounds as large Introducing Brokers and Money Managers. Security, razor tight spreads and deep liquidity providers are a given. Ultimately though, this brokerage was formed because of a clear understanding and objective in mind; to facilitate traders with a truly transparent and flexible environment.

    They don't advertise or target retail traders. Their minimum account size is also whopping $25,000!

    Clients of ForexSignals.com can open accounts from $20,000 with a reduced commission rate of $6.50 per lot for VIP clients. (we can negotiate a lower rate for self traded clients)

    They are regulated in South Africa with client deposits are held at the Commonwealth Bank (Australia) or DBS bank (Singapore).

    If you would like to find out more please email our account manager directly:

    Eric - info@mtcookfinancial.com

    The only downside is that they only accept deposits via wire transfer. However this minor hassle far outweighs the benefits in my opinion. It's also a little hard to fund $25k via Mastercard

  • Charvibela
    replied
    There are here more fake and real Forex Trading website's. I have found one blog to show review of FreshForex website is scam.Do not trade with Fresh Forex! They will eventually scam you! They will act prompt and patience at first, but when they secured your money and they have them on their hands, they will spin you off.

    Leave a comment:


  • MT.COOK
    replied
    Hi Meerkat. We did indeed reduce the minimum to $5k however we don't yet have the cc funding in place. The only option currently for deposit/withdrawal is via bank wire.

    Best Regards,
    Gavin

    Leave a comment:


  • Meerkat
    replied
    Hi Gavin,

    I see on your website you dropped the minimum down to $5000.
    Did you open up the credit card option yet?

    Leave a comment:


  • MT.COOK
    replied
    Hi Sherif,

    Regarding your questions, we certainly understand the value/appeal of a compensation scheme that protects a trader's invested capital. We do not have any sort of external deposit guarantees in place at Mt.Cook however we do operate with very simple but effective risk management.

    First of all, client funds are completely segregated.

    Second, we never act as counter-party to our clients' trades so we don't take on risk in this manner; we're neutral to our clients performance and earn our revenue exclusively through volume.

    Third, we operate with very minimal overhead; we don't spend any money on traditional marketing, we don't have a fancy address, we don't have debt, we are not "flashy" by any means. We have grown to a healthy size strictly through our relationships. And with low expenses, it's not a far stretch to get into profit each month.

    Fourth, we attract professional traders as opposed to "gamblers". The biggest risk for a true STP broker are clients with access to excessive amounts of leverage who then use the entire amount available to them to place huge "bets" on the market. In the event of dramatic news or a black swan event, their margin could easily be wiped out and force their account into a deficit position.

    The likelihood of a broker successfully getting a client to cover a negative balance is very slim; most of the times the broker has to eat that loss. Obviously the SNB event in Jan. 2015 is still fresh in many of our minds and this scenario represented a death blow for many brokers. Clients with 400:1 leverage were holding max orders long EURCHF and then the floor fell out. These are not the kind of clients flocking to Mt.Cook with our 100:1 leverage and a $20k minimum. In fact, our client base as a whole rarely exceeds 10:1.

    We will of course grant exceptions for things like leverage on a one-off basis but we first want to ensure that the client is not taking excessive risk in their method of trading.

    2) Again our choice of deposit/withdrawal method was really intended to cater to a certain niche of the market. Clients depositing $20k+ typically don't use credit card or payment processors so originally, we didn't feel the need to make these options available. As our relationship with Nick has grown stronger however and we begin to work closer with this community of traders, we understand that we're going to need to make a few changes in order to accommodate their needs; this includes lower minimums and additional funding options.

    We have heard similar issues from prospective clients in other countries where sending a wire is prohibited. So hopefully we won't have to wait much longer for an alternate option to come into play.

    Best Regards,
    Gavin

    Leave a comment:


  • Sherif
    replied
    Originally posted by MT.COOK View Post
    Hello Sherif,

    Currently we only accept deposits by bank wire so all withdrawals will be paid back to your bank account. Within the next few weeks we plan on adding a payment processor which will enable funding by credit card.

    Even if you fund via payment processor, you will still be able to withdraw to your bank account.

    We will keep this forum posted on any developments with funding options.

    Best Regards,
    Gavin
    Dear gavin .. pls keep me updated .. i am interested in making business with ... as i am also willing to join mamms on managed forex hub beside goldstar. ..
    My 2 main problems :
    1. What r the guarantees for my money ?? If u go bankrupt. . What does south African regulations say ?
    2. Surprised that u dont accept credit card funding if u really have big business size or even plan to have ... in my country .. egypt ... external bank transfers to anyone in usd is quiet difficult and will probably be rejected if its for forex brokers also .. so there is no other funding means other than credit card or debit card ...


    Sent from my SM-G900H using Tapatalk

    Leave a comment:


  • MT.COOK
    replied
    Hello Sherif,

    Currently we only accept deposits by bank wire so all withdrawals will be paid back to your bank account. Within the next few weeks we plan on adding a payment processor which will enable funding by credit card.

    Even if you fund via payment processor, you will still be able to withdraw to your bank account.

    We will keep this forum posted on any developments with funding options.

    Best Regards,
    Gavin

    Leave a comment:


  • Sherif
    replied
    Originally posted by MT.COOK View Post
    Hello Smekjko, You want to utilize the Symbols with the "Pro" suffix after it. That will guarantee you that you get our best spreads there.
    Please let us know if you have any other questions? You can also email us at info@mtcookfinancial.com, we will be more than happy to answer
    any of your questions.

    Sincerely
    Scott
    If i fund a new account by credit card ...
    Lets say after 3 or 4 months .. am i able to withdraw all my money to a bank account .. or i have to return it back to the same funding credit card ... as this will be a very big issue for me ..
    Returning the money to my credit card will mean it will be automatically transfered into local currency and must be used in purchases only and cant be wothdrawn in cash .. so its a big set back for me ..
    Or after a certian period i have the luxury or withdrawing money to my bank account directly instead ...
    Pls give me a reply asap .. thanks

    Sent from my SM-G900H using Tapatalk

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Hello,

    How much is commission for self traded clients "Clients of ForexSignals.com can open accounts from $20,000 with a reduced commission rate of $6.50 per lot for VIP clients. (we can negotiate a lower rate for self traded clients) "?

    Br

    Leave a comment:


  • MT.COOK
    replied
    Originally posted by smejko View Post
    Hello,

    What is difference between EURUSD and EURUSDpro. MT.COOK has both. Do i need to set up any special parameter in control panel?

    BR
    Hello Smekjko, You want to utilize the Symbols with the "Pro" suffix after it. That will guarantee you that you get our best spreads there.
    Please let us know if you have any other questions? You can also email us at info@mtcookfinancial.com, we will be more than happy to answer
    any of your questions.

    Sincerely
    Scott

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Hello,

    What is difference between EURUSD and EURUSDpro. MT.COOK has both. Do i need to set up any special parameter in control panel?

    BR

    Leave a comment:


  • Zoli71
    replied
    Is possible to set 1:300 leverage also for VIP accounts? It would be really better. Anyway, Alpari pro account had 1:200 as well. But I feel more comfortable with 1:300.

    Leave a comment:


  • Isochronous
    replied
    Originally posted by Nick View Post
    I have confirmed they will offer 200:1 leverage on accounts below $200k. All you need to do is ask when setting up your account.
    Thanks for confirming Nick! Makes them much more attractive.

    Leave a comment:


  • Nick
    replied
    I have confirmed they will offer 200:1 leverage on accounts below $200k. All you need to do is ask when setting up your account.

    Leave a comment:


  • Nick
    replied
    Originally posted by Big River Man View Post
    Nick did you have to wire monies to SA or just deposit/Bpay into CBA in Australia? Were there any fees associated with the transfer (from Australian bank accounts).

    Do you think you can speak to them about making the leverage 1:200 for VIP members? It may give some more breathing room. IC and Axi obviously offering 1:500 and 1:400 respectively.
    Yes, the money is kept inside Australia at CBA and can be sent easily via internet banking.

    I'm finding out for you on leverage.

    Leave a comment:

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