In the wake of the 2008 market crash, a growing number of individual investors jumped into currency trading under the impression that it was a safer bet than stocks. On Thursday, investors learned just how wrong they were.
It must have seemed like a funny idea.Three years ago, online brokerage firm Interactive Brokers ran a commercial mocking the Occupy Wall Street movement. The animated commercial featured figures protesting the New York Stock Exchange “Occupy-style” with signs demanding lower commissions. The commercial’s tag line: “Interactive Brokers, Join the 1%.”
In an unfortunate twist of fate, it looks like a lot of Interactive Brokers’ clients have joined the poor house. On Friday, the online trading firm, which allows individuals to place bets on currency moves and other investments, announced that “several” of its clients’ accounts had been completely wiped out by the jump in the Swiss Franc on Thursday, creating huge losses for anyone betting against the currency.
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