Segregated Client Account needs for SVG broker

[George Kim]

Hello friends,

I have corporated SVG IBC for FOREX trading of CFD and option procducts, and it needs to open a segregated client account (i.e. safeguarding account) for hold client's funds.
It would be very thankful any options I can choice.

PS. I have been asked to open it by Migom Bank, but I have read bad reviews with them. 🙁

Thank you in advance.

 

[Neoben]

Migom is shady as **** they state they have a banking license in Dominica, good luck holding client funds there (even wonder if they even know what a safeguarding/ segregated account is). Have you tried ClearBank in the UK? They seem to be fairly open minded

 

[JohnLocke]

Neoben said:
Have you tried ClearBank in the UK? They seem to be fairly open minded
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Wouldn't that require the client to incorporate his business in the UK, just curious?

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[Neoben]

Tricky question/ comment due to Brexit but any EEA passport firm (as of today) can operate at banks within the EEA, not sure about ClearBanks policy on Brexit. Other EU options:
- Handels Bank Germany
- Fidor Bank Germany

 

[JohnLocke]

Neoben said:
- Fidor Bank Germany
Click to expand...

only for German companies otherwise you can only open personal accounts!

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[Neoben]

Admin said:
only for German companies otherwise you can only open personal accounts!
Click to expand...

I know a UK EMI operating a segregated account at Fidor, worth checking

 

[JohnLocke]

Neoben said:
I know a UK EMI operating a segregated account at Fidor, worth checking
Click to expand...

okay, sounds interesting. It may be because they have a license and may have a backed up business. If you write their support they tell you German company only.

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[Willblack]

Admin said:
okay, sounds interesting. It may be because they have a license and may have a backed up business. If you write their support they tell you German company only.
Click to expand...

I can confirm this, I've tried opening a business account with Fidor and got rejected due to that "policy".
You can be sure that they will consider you if it involves enough cash. (€5m+)
I was also interested in Migom, so any feedback would be appreciated.
Have you tried Globitex?

 

[Neoben]

For a segregated account the standard way via support won't work 99%, to achieve it is better to hire one of the top lawyers in the country (PWC, EY, BDO etc.) and request to connect to bank XYZ, no guarantee however, the way how banks would like to be introduced to potential business cases that are regulated/ high volume

 

[George Kim]

Because few banks I've tried, (Estre Bank, Euro pacific bank), they rejected because probably the nature of SVG country agianst their policy.

Neoben said:
For a segregated account the standard way via support won't work 99%, to achieve it is better to hire one of the top lawyers in the country (PWC, EY, BDO etc.) and request to connect to bank XYZ, no guarantee however, the way how banks would like to be introduced to potential business cases that are regulated/ high volume
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I will try to hire a lawyer; UK Clear Bank.

Alex115 said:
I was also interested in Migom, so any feedback would be appreciated
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While I was in progress to setup the SVG company, my consultant company suggested to open a bank account with Migom bank. Also I had googled several payment consultancy companies might support me to suggest where should I contact to open the bank. One of them, KuaPay (I believe they are consultancy), also told me Migom bank. Believe or not, they said Migom bank is able to help me to open a bank account for just operating/expenditure, and also client safeguarding account.
However, because I have read negative opinions in this forum, I haven't tried with them.

 

[Sols]

The #1 problem is you have a SVG company, which is not licensed to offer the products and services you describe.

http://svgfsa.com/forex-binary-options-cryptocurrency/
If you get a real license in a reputable jurisdiction, finding a Client Funds account goes from being nearly impossible to just being difficult.

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This is the probably the answer to your question.

 

[George Kim]

Sols said:
The #1 problem is you have a SVG company, which is not licensed to offer the products and services you describe.

http://svgfsa.com/forex-binary-options-cryptocurrency/
If you get a real license in a reputable jurisdiction, finding a Client Funds account goes from being nearly impossible to just being difficult.
Click to expand...

Yes, definitely you are right. Now also I'm working to get licenses from CySEC and FSC Mauritius jurisdictions.
Because a condition that CySEC requires a brokerage should open a client segregated account thus I am also looking for it adopts for the SVG for advertising under the jurisdiction. I may know there is no regulation that I have to open safeguarding account is obligated.
I barely believe banks are welcome for the SVG, but at least get any advises from you guys.