Forex Blog

Today, I’ve been contacted by Neuimex representative and he told me that the company which is under bankruptcy process Neuimex Asset Management AG (Switzerland) and the Forex broker company Neuimex Direct Dealing (NDD) S.A. (British Virgin Islands) are completely different companies. Thus, Neuimex broker continues its operation as normal and doesn’t have any bankruptcy problems. So, you can disregard my recent post about it. Here is exactly what Neuimex representative said:

Dear Blogwriter,

we have to tell you that your message is absolutely misunderstanding and wrong in facts.

http://www.earnforex.com/blog/labels/neuimex.html

The bankruptcy case affects only the following company:

Neuimex Asset Management AG, Switzerland . There is a lot of discussion in financial locations in Switzerland about these “facts” and the whole story will be a case for a basic lawsuit. And regarding the news from Neuimex AG: only the lawyer from SFBC Mr. Spaniol is responsible for any publications. Neuimex management is by law not allowed to send any message or publish any message to customers. There is nothing to add. Anyone can ask the lawyer there for details.

But different from this there is another company:

Neuimex Direct Dealing (NDD) S.A. registered on British Virgin Islands. NDD has no business connection with Neuimex Asset Management AG - the name is leased from AG for some time as they use the same platform. Neuimex Direct Dealing is a Forex Broker and is working fine and no problems occur. Accounts start from 300USD and mini and standard accounts are available. NDD is offshore registered as written and published on their website.

Some words to regulations: Many if not most of the Forex Brokers are registered offshore. But a lot of them make a secret out of this fact. Here is some explanation http://en.wikipedia.org/wiki/Offshore and details http://en.wikipedia.org/wiki/Offshore_Financial_Centre#List_of_main_offshore_financial_centres .

So before talking about offshore, regulations and more - information is the key. And carefully read websites. Offshore does not mean illegal - it means beeing part of more than 50% of the business of this world.

Once again, sorry for any inconvenience caused. That just shows how really different naming helps in business.

Update: Altered the original Neuimex message to me, removing some of the profane language and mentioning of the competitors.

Neuimex Forex broker, which offered Metatrader 4 trading with e-gold support since 2005 is now bankrupt and is in process of liquidation. The process began in March this year, but many of its clients are still unaware of this because of a lack of any news from Neuimex.

The Swiss Federal Banking Commission (SFBC) opened bankruptcy proceedings against Neuimex Asset Management AG with effect as of March 30, 2007, 8:00 a.m. The opening of bankruptcy proceedings together with the call to creditors were published on the webpage of the SFBC (see http://www.ebk.admin.ch/e/) on April 10, 2007 and will be published in the Swiss Official Gazette of Commerce on April 18, 2007.

This is a very worrying news for the Forex traders and it once again warns anyone of problems connected with using brokers without a proper historical background or regulation.