cyprus regulations are a joke....the only safe brokers are the few ones who keep the money in bank accounts of your own country. There are some exceptions, like Dukascopy which keeps the money in Switzerland but I would not risk
EA useless when trading with prop firms
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Are you posting from 2011? Cyprus regulation hasn't been a joke for quite a few years already. They are complying with ESMA and MiFID II. There is little difference in terms of reliability and funds safety between different EU regulators nowadays.
there are some so called "brokers" based in cyprus, currently advertised on big websites like "fxstreet", which are a legalized scam (the reviews are there to read...). Many naives deposit money and don't see them anymore... The so called authority is worth like a banana republic and the websites don't care as long as they earn from them...might work only as bank for some rich Russians
Dear Enivid,
don't take it personally: I'm not saying that they are all fraudsters, and therefore all the ones on the homepage of Earnforex are bad.
It's a relatively new market, offering OTC products, they are not banks (which usually offer only listed products) they were born like mushrooms in the last 15-20 years, and are forbidden in many respected countries.
The facts are the amount of negative reviews. One of them has even made hundreds of millions, and is still there "regulated" by the "authority" like it was nothing...
Would you deposit even the minimum amount to trade (5000 €) without checking the reviews, given the bad name they have ?
don't take it personally: I'm not saying that they are all fraudsters, and therefore all the ones on the homepage of Earnforex are bad.
It's a relatively new market, offering OTC products, they are not banks (which usually offer only listed products) they were born like mushrooms in the last 15-20 years, and are forbidden in many respected countries.
The facts are the amount of negative reviews. One of them has even made hundreds of millions, and is still there "regulated" by the "authority" like it was nothing...
Would you deposit even the minimum amount to trade (5000 €) without checking the reviews, given the bad name they have ?
But we aren't talking about countries that forbid OTC trading. We are talking about the fact that CySEC regulation nowadays isn't much different from that of the French AMF or Britsh FCA. And yes, 15 years ago, I would have agreed with your initial statement.
Even though negative reviews can be a sign of scam, they aren't necessarily that. They can be a sign of bad service, unmet expectations, bad trading, and so on.
Spill it. The community deserves to know who that is.
I'd definitely check the reviews. However, I wouldn't base my choice solely on reviews - the same as I wouldn't base my choice solely on the broker's regulatory institution.
this is from 2016, not 15 years ago:
Apparently they are still doing the same things, as you can read in many reviews and forums, despite all the court cases:
https://www.forexpeacearmy.com/community/tags/ironfx/
You'd be the first one to unknow that. The owner was a close friend of the president of the island.
Within a few minutes I found others with the same reputation ("bad service, unmet expectations" are not a scam)
I would not compare the french and english authorities with cyprus...
I am wise enough to avoid them. Many simple people are not.
There are honest brokers with cysec, or despite that, but personally I would avoid them unless they have a very good reputation and bank accounts within the country they operate in. You never know...
https://www.forexpeacearmy.com/community/tags/ironfx/
You'd be the first one to unknow that. The owner was a close friend of the president of the island.
Within a few minutes I found others with the same reputation ("bad service, unmet expectations" are not a scam)
I would not compare the french and english authorities with cyprus...
I am wise enough to avoid them. Many simple people are not.
There are honest brokers with cysec, or despite that, but personally I would avoid them unless they have a very good reputation and bank accounts within the country they operate in. You never know...
The video is just terrible. IronFX may be a scam, but claiming insider knowledge and invoking cliches doesn't prove it. It looks more like a work of an ex-Sun journalist than an ex-BBC reporter. It's bad journalism and poor investigation. I believe reading traders' reviews is much more informative than watching such videos.
However, after reading this, I have to concede that CySEC's still doing its job worse than its European counterparts.
