I want to point out a few things in the video:
- Although what happened with IronFX is truly shocking and completely wrong, one can say it is a one off (Its not like every broker on the island refuses client withdrawals and IB payments, otherwise Cyprus would become another questionable jurisdiction)
- Certain points in the video seem biased and exaggerated, and the person documenting the video certainly could cite several sources and information better, and has failed to mention the better points of CySEC.
- Again what happened with IronFX tainted the reputation of Cyprus as a regulatory jurisdiction but its unfair to tar all CySEC brokers with the same brush. There are well over a hundred brokers here in Cyprus and some are even the first players in the forex market, so one bad apple should not spoil the basket.
I work at a broker on the island and you would not believe the reporting, anti money laundering chekcs, stress tests, capital adequacy tests that must be done in every day to day operations of a broker.
Some points are agreeable in the video and I feel for the investors, but remember not ALL brokers are like that.