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Cyprus Regulated Brokers Warning - ironFX

dianajs
Mar 27 2016 at 11:29
823 posts
mlawson71 posted:
I don't think that CySEC necessarily deliberately tolerates scammers and shady brokers, at least not today. They suspended the license of Pegase Capitals only two weeks ago (https://smnweekly.com/2016/03/07/cyprus-cysec-suspends-forex-broker-pegase-capitals-cif-licence/), so it's possible they've learned their lesson. That said, with their track record, even if they've learned their lesson, it's probably better to put your trust in a regulator like the FCA, at least until they - CySEC - consistently show that they don't doperate that sort of thing.


Frankly, after such a failure to do its job, it would take a lot of time for me to trust such a regulator again. It's not impossible, but it would definitely be very difficult.

Gornix
Apr 01 2016 at 07:12
10 posts
Don't know about all CySEC regulated brokers, but ironfx is really too suspicious. I was going to deposit with them once, thanks to another trader who discouraged me from that

Diogo (Clogo)
Apr 09 2016 at 10:37
7 posts
Gornix posted:
Don't know about all CySEC regulated brokers, but ironfx is really too suspicious. I was going to deposit with them once, thanks to another trader who discouraged me from that


I traded with them for short time and conditions net those claimed in their website. I traded away my small account so no wonder that conditions were good :) About theme of this thread, thanks, gives something worthy to think about.

Now or never, all or nothing
mlawson71
Apr 12 2016 at 09:33
1487 posts
patrickx posted:
mlawson71 posted:
I don't think that CySEC necessarily deliberately tolerates scammers and shady brokers, at least not today. They suspended the license of Pegase Capitals only two weeks ago (https://smnweekly.com/2016/03/07/cyprus-cysec-suspends-forex-broker-pegase-capitals-cif-licence/), so it's possible they've learned their lesson. That said, with their track record, even if they've learned their lesson, it's probably better to put your trust in a regulator like the FCA, at least until they - CySEC - consistently show that they don't doperate that sort of thing.


Yes, I agree, good sign. But still, it will take CySec some time to return back the reputation among traders I'm afraid.


True. The problem is that once lost, trader trust (or anyone's trust, really) is really hard to earn back, especially when money is involved.

KATSUO KEI (KATSUO)
Apr 16 2016 at 18:30
84 posts
HalleyFX
Apr 16 2016 at 22:41
83 posts
their account managers in London get paid around 25k a year....... enough said about this crap broker!

Dave008
Apr 19 2016 at 06:04
4 posts
I would never trade with Cyprus regulated broker. Go for FCA or ASIC regulation

Money never sleep
Lamirt
Apr 19 2016 at 06:30
11 posts
I thought that CySEC was a reputable regulation, how could such outcome with IronFX take place if so?..

marck
Apr 19 2016 at 07:53
40 posts
Dave008 posted:
I would never trade with Cyprus regulated broker. Go for FCA or ASIC regulation


100% agree with you. Look at this link, i'm one of the people that posted against Iron fx ending in a guilty verdict.

https://www.forexpeacearmy.com/public/review/www.ironfx.com

Safa trading to all

mlawson71
Apr 19 2016 at 09:13
1487 posts
Ha, speaking of CySEC trying to regain people's trust in them: just last week they decided to toughen up their requirements about the binary options brokers they regulate, and the very same day they announced that the ombudsman of France’s financial regulator AMF released a report on the increasing number of complaints against Cyprus-regulated forex and binary options brokers (https://smnweekly.com/2016/04/14/cysec-tightens-rules-for-binary-options-brokers-while-france-reports-complaints-from-cyprus-regulated-brokers/). Were they trying to do damage control or was it pure coincidence?

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