To use chat, please login.
Back to contacts

Cyprus Regulated Brokers Warning - ironFX

frank
RedRhino
Feb 22 2016 at 15:42
471 posts
https://vimeo.com/156281942

If regulations have a tie with brokerages, regulation has no purpose to protect the investor

Gavolt82
Feb 29 2016 at 07:40
12 posts
Unfortunately, this vid is unavailable

Zelinskyi (Zelinskyi)
Feb 29 2016 at 13:13
16 posts
I just found it on YouTube:

nickchar
Mar 01 2016 at 07:21
10 posts
Hello,

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.

frank
RedRhino
Mar 01 2016 at 11:10
471 posts
As Cypriot finance minister in 2013, Sarris was forced into a deal contingent on winding down a bank on an ELA lifeline. A second bank was forced to raid its clients deposits to recapitalize, a process known as a 'bail-in'.
- https://www.businessinsider.com/r-amid-fears-of-greek-controls-cyprus-shows-restrictions-are-bearable-2015-6

- https://www.rt.com/business/cyprus-bailout-withdrawal-banks-756/

The issue is beyond brokerages. Its the whole financial sector in Cyprus.

des12
Mar 02 2016 at 09:50
30 posts
I suggest any Australians to report this scam to https://www.scamwatch.gov.au The more people who put in a report the more likely that ASIC will also take a look as they are licensed in Australia also. It only takes a couple of minutes.

bladerunner
Mar 02 2016 at 20:16
25 posts
nickchar,

You comment is absolutely irrelevant, because the message of the video is not to taint any other broker in Cyprus, BUT if you can hope any kind of protection from the local authorities in case of problems. The IronFx case depicts very well what to expect. Cysec fined IronFx with 335.000 (!) money that goes to the Cyprus state and left investors in the exact same place, or in fact even worse because now IronFx has 335000 Eur less capital to return client's funds.

Regulation in Cyprus simply doesn't exist.

nickchar
Mar 03 2016 at 11:44
10 posts
@bladerunner ''Regulation in Cyprus simply doesn't exist.''

Now come on, you come forward with comments like that which are simply untrue and unsubstantiated. I would be very happy to pm you all the reporting standards and procedures a broker undertakes to the regulator, not to mention all the other regulatory bodies that are constantly liaising with CySEC to better streamline the regulatory aspects in trading, especially for the retail clients (Believe it or not higher protection is afforded to the retail client compared to the institutional one)

bladerunner
Mar 03 2016 at 11:47
25 posts
And what has all that meant to IronFx retail clients ? After more than one year of funds confiscated ? I'm interested in the result, not in the process.

bladerunner
Mar 03 2016 at 11:50
25 posts
By the way, what part of what I said is untrue and unsubstantiated ?? 😁

Please login to comment .