Security of Funds
MCI realises that in today’s economic climate one of the foremost concerns is keeping your funds secure at all times. Whilst this is a simple statement to make we feel that it is necessary to explain how we do this.
Funding into your MCI account could not be easier. You access your Client area choose the payment gateway/method of choice and fund your account. So how are your funds secure?
When depositing, we only use reputable payment gateway providers from around the globe. This ensures that even when you are not funding directly to an MCI bank account, that your funds are still being held by a reputable institution under the name of MCI. These institutions range from Neteller; MoneyBookers to more traditional banking institutions.
2. So I have sent funds so what happens now?
When you send funds to MCI to facilitate your trading activity, these funds are sent to specific accounts designated as ‘Client Accounts’. These Client accounts hold all the pooled funds of our Clients and are held separate to those funds held by the Company. This is why it is imperative that you send funds only to those accounts you can see on the ‘Deposit’ pages of the MCIconnect area.
In the unlikely event that you have funded an account that is designated a ‘Company’ account, there is no need to worry as our systems will pick this up and have the funds sent to the correct account.
3. Does this mean that the funds are segregated?
Yes it does. Segregated accounts are set-up in order to ensure that there is clear and complete separation of Client funds from those of the Company. This means that in the unlikely event that MCI is no longer able to offer its services to its Clients, Client funds will be returned to them as they have been correctly accounted for prior to any trading activities being terminated.
4. So will Clients get their money back if MCI goes into liquidation?
In the event that MCI is forced into liquidation, all funds designated as Client funds and held in the Client Accounts will be returned to the Clients as per the funds held on their behalf by MCI minus any costs associated with administration and distribution of these funds.
5. What happens if the bank or payment gateway goes into liquidation?
As we highlight above we choose our payment gateways carefully and only work with those that have been operating in the marketplace for several years and have solid reputations. Furthermore, we spread any default risk by holding several accounts across different organizations and countries thereby diversifying any risk not only at the organizational level but also at the country level.