DislikedHi all,
well ages ago I post message about how I was going to visit crown in swiss.. and well I'm back from my visit. Went to their office, met the directors, account staff etc...Ignored
- | Membership Revoked | Joined May 2008 | 121 Posts
And Crownforex Claim they Automated Execution
How Automated Execution While to Execute an order it takes between 3-16 Seconds !!
As i know NDD Execution don't take more than 1-2 Seconds.
Hehe i asked them where I could find there balance sheet or net assets, but they replied in a really rude way, something like you don`t have to know.
Then i sent further questions and got no reply yet!
Not good enough for me until now
Now, as you may or may not be aware, Swiss legal requirements are now demanding that all FX brokers working out of Switzerland obtain a banking license. Part of this license requirement is that the broker have a minimum net capital amount of CHF 20 million, the deadline is 1st April 2009. FYI, when I contacted Crown Forex as part of my DD 2 weeks ago and asked what their net capital amount was, they told me 20 mil. When I copy and pasted the Zefix information, which (still) states the amount to be CHF 4,521,500 and showed them, they said that they would be adding CHF 15 mil in January. Now of course there are all the payment problems that their clients are having, resulting with the intervention of the banking authorities.
Other bewares regarding Swiss brokers (by use of Zefix):
- Dukascopy have the CHF 20 million, but look closely and you will see that it is actually the nominative value of their trading platform technology (12 million shares at CHF 1,000). Should something happen to them, you will all get a piece of their platform!
- Master Forex are the dogiest of all! They state that they are registered in the Seychelles (nothing wrong with that) but that their HQ is in Zürich. They are owned by Beaverhead Financial. Enter Zefix...nothing, they do not appear. I then contacted Zürich's own registry of Commerce just in case and this was their reply:
"As they claim on their website that they are in Zürich, it is not normal that they are not registered with us. They claim that their office is not open to the public for "secrecy" reasons. We contacted the owners of the building to their postal address who confirmed that they do not know who this company is. Finally, their IP, masterforex.org resolves to 88.85.79.7, this number is located in Utrecht, Holland. perhaps there is a mistake on the website?"
As I live and work here, I want to stay with a Swiss broker (no capital gains tax 
). Due diligence helped me find the right Swiss broker in Geneva (ACM), hell they even invited me up to their office...pure transparent, no "secrecy" there.
- Joined Apr 2007 | Status: Member | 1,842 Posts
I want to stay with a Swiss broker (no capital gains tax
hell they even invited me up to their office...pure transparent, no "secrecy" there.
I'm not aware of an FX broker anywhere that withholds or reports capital gains tax.
Bernie Madoff gave his top clients tours of his trading office too...pure transparent, no "secrecy" there.
How true!! As did Ponzi for his Hanover Trust Bank of Boston no doubt! But seriously, on a personal note, ACM have been nothing but professional with me.
- | Joined May 2008 | Status: Member | 762 Posts
You are quite right, my friend...But a Swiss Bank is a hell of a sight better regulated than a US FX broker..
Personally having avoided, happily, being wiped out by US regulated hedge fund (Madoff), a US blue chip investment Bank (Leahmans) and a US regulated Fx broker (REfco) .. or a Global economic crash induced by failure at the most fundemental level of mass fraud in the US mortgage securitisation market .... I think a little humility from our American friends in their dismissal of the integrity any regulatory authority other than theirs might...
First, I was born and raised in Germany.
Also, those securities came through Ireland to the EU. Just because somebody offers you an investment doesn't mean you have to accept it. Take some responsibility! A drug dealer offers you crack and you take it?
As far as this being a U.S. only operation? 100% WRONG! Read about German banks. They had as little risk controls and as much leverage. The EU bankers were thinking with their sausages and not with their heads--plain and simple. As far as Spain, how many of you thought that your housing boom would never end?
I have spent a life-time dealing with Europeans who have a love/hate relationship with the U.S and it's culture. The past 50 years have been formed by U.S. policy and now when there is a slight sign of weakness the 'slaves" can't wait to jump all over the master and take over... the sign of a true coward. Remember the whole USD is doomed era of 2007? Only the US was going to suffer.
No offense intended.
- | Commercial Member | Joined Sep 2005 | 2,784 Posts
Because America think to be like God compared to other nations, it's a little ridiculous but also funny
but also funny