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FxUnited bankrupt??
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togr

Biedrs kopš Feb 22, 2011  3469 ieraksti vontogr (togr) Dec 13 2016 at 08:16
trill12 posted:
togr posted:
Bohdan73 posted:
I hope people can get their money back in case of bankrupt of the broker...

Well it depends. It seems clients money were not separated on 3rd party bank account


Does that mean that, in a way, your money could be safe?


Nope it does mean company did not keep them separated and used them for its own purposes.

I like what I trade, I trade what I like
togr

Biedrs kopš Feb 22, 2011  3469 ieraksti vontogr (togr) Dec 13 2016 at 08:16
Actually NZ regulation sucks
In New Zealand, there are 3 well known institutions: FSPR, FSCL and FMA, but neither of them acts as a regulatory body for New Zealand Forex brokers.
<br>Although brokers are required to follow a simple registration procedure in order to provide financial services, it's fair to say that Forex trading in New Zealand so far is not fully supervised by any regulatory institution.

<p><b><a href='https://www.business.govt.nz/'>Financial Service Providers Register (FSPR)</a></b> - is a government business registry, where entities providing financial services are required to register. All NZ Forex brokers are registered with FSPR.

I like what I trade, I trade what I like
shirley_F

Biedrs kopš Nov 25, 2015  41 ieraksti Fredrick (shirley_F) Dec 13 2016 at 09:54
togr posted:
tradfred posted:
Bohdan73 posted:
I hope people can get their money back in case of bankrupt of the broker...


This is curious, the company operates in New Zealand, according to the news, but there is illegal pyramid scheme. How is this possible? This Ponzi company will have many problems really.

 
Currently my broker switch from NZ regulation to Vanuatu. They call it improvement. I did not trust them first but after reading some articles it seems NZ regulation is no longer good.


So you read positive things about the regulation in Vanuatu and you trust the regulator there, don't you?

aeronthomas

Biedrs kopš Dec 04, 2010  1551 ieraksti Ozzie Matt (aeronthomas) Dec 13 2016 at 10:37
yes NZ regulations sucks, either use Australian brokers or those regulated by the FCA UK.

togr

Biedrs kopš Feb 22, 2011  3469 ieraksti vontogr (togr) Dec 13 2016 at 11:22
shirley_F posted:
togr posted:
tradfred posted:
Bohdan73 posted:
I hope people can get their money back in case of bankrupt of the broker...


This is curious, the company operates in New Zealand, according to the news, but there is illegal pyramid scheme. How is this possible? This Ponzi company will have many problems really.

 
Currently my broker switch from NZ regulation to Vanuatu. They call it improvement. I did not trust them first but after reading some articles it seems NZ regulation is no longer good.


So you read positive things about the regulation in Vanuatu and you trust the regulator there, don't you?


Well I trust my broker - it has the best score on FPA as well.
And it is better to get it regulated on Vanuatu then nowhere. As they were just registered on NZ.

I like what I trade, I trade what I like
jackell78

Biedrs kopš Nov 03, 2015  45 ieraksti Jack (jackell78) Dec 13 2016 at 13:48
togr posted:
Well I trust my broker - it has the best score on FPA as well.
And it is better to get it regulated on Vanuatu then nowhere. As they were just registered on NZ.


I suppose you either also trust the regulation in Vanuatu more than regulation in the UK, US or Europe, or the regulation is a secondary factor for your selection of brokers. I completely agree that regulation is better than just registration, as regulation implies compliance with certain rules and code of conduct by the broker.

mitchel14

Biedrs kopš Jun 03, 2014  58 ieraksti mitchel14 Dec 14 2016 at 07:25
aeronthomas posted:
yes NZ regulations sucks, either use Australian brokers or those regulated by the FCA UK.


What a novelty neutral

togr

Biedrs kopš Feb 22, 2011  3469 ieraksti vontogr (togr) Dec 14 2016 at 07:58
mitchel14 posted:
aeronthomas posted:
yes NZ regulations sucks, either use Australian brokers or those regulated by the FCA UK.


What a novelty neutral


Honestly I did not know that.

I like what I trade, I trade what I like
aeronthomas

Biedrs kopš Dec 04, 2010  1551 ieraksti Ozzie Matt (aeronthomas) Dec 14 2016 at 08:14
There was another broker this year in NZ that also was found to be a Hungarian ponzi scheme. I used to work for an Australian AFSL license holder, as a financial planner, so know all the regulation stuff, plus brother works for ASIC. Tickmill has now got their FCA license and Varianse is another FCA regulated broker with good conditions I am hearing from other traders. I will be trying them out soon also.

togr

Biedrs kopš Feb 22, 2011  3469 ieraksti vontogr (togr) Dec 14 2016 at 10:55
aeronthomas posted:
There was another broker this year in NZ that also was found to be a Hungarian ponzi scheme. I used to work for an Australian AFSL license holder, as a financial planner, so know all the regulation stuff, plus brother works for ASIC. Tickmill has now got their FCA license and Varianse is another FCA regulated broker with good conditions I am hearing from other traders. I will be trying them out soon also.

Never heard of Varianse but I have very good experience with tickmill

I like what I trade, I trade what I like
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