Which Dealing Firm I Can Trust?

Quoting johnedoe

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This post is from the Oanda forums http://www2.oanda.com/cgi-bin/msgboa...519;p=9#000120

NorthFinance Alert

While I'm on the subject of unregulated foreign firms I think it important that traders be aware of a firm called NorthFinance, which is not in any way regulated. And judging by the embarrassing grammatical errors prominently displayed on their website I'm guessing this is one rinky dink operation: http://www.northfinance.com/eng/forex-broker/

quote:We have been trading on the foreign currency exchange market since 2001, going from strength to strength. North Finance is registered in Belize. Its operate within the financial market in accordance with The Memorandum of Association and Articles of Association, which was given to the company by Belize International Business Companies Act. Our success is attributed to the value we place in our customers and the trust they place in us in return. Foreign currency trading with us is simple, safe and open to every trader and investor. Opening an account is fast and ready to activate within ten minutes from any continent. Open a FOREX account with us today to enjoy the benefits so many have already experienced.

Northfinance is apparently registered in Belize and does its operations out of Cyprus? This bizarre choice of geographic jurisdictions alone should dissuade anyone from seriously considering opening an account with these guys. But if you need something more here are two statements from two government bodies from the two respective jurisdictions Northfinance calls home:

Statement One: From the International Financial Services Commission of Belize
http://www.ifsc.gov.bz/notices.html
International Financial Services Commission,
New Administration Building,
Belmopan,
Belize, C.A.
4 August 2006
WARNING NOTICE
NORTH FINANCE COMPANY LTD
It is notified for general information that NORTH FINANCE COMPANY LTD is not licensed by any competent authority in Belize to engage in foreign exchange transactions, or to engage in any other international financial services.
All persons are asked to take note and exercise caution.

GIAN C. GANDHI
DIRECTOR GENERAL
International Financial Services Commission

Statement Two: from SEC of Cyprus
http://www.naftemporiki.gr/news/story.asp?id=1405795
http://www.forexfactory.com/showpost...12&postcount=1 (Translation of Greek News Story)

With an announcement today, the SEC of Cyprus informed the investing public that North Finance Ltd:

-Has no License from the committee to provide investing services.
-Is not a bank registered in Cyprus, with a license from the Central Bank of Cyprus, permitting to provide investment or similar services.
-Is not established in Cyprus or provide services according to the Articles 24-30 of the law for Investment services companies."


When a government agency warns the trading public ?to take note and exercise caution? about a firm it has singled out for being unregulated the trading public should indeed "take note and exercise caution." And while you're at it you should probably double check your neighborhood to see if NorthFinance has opened a new branch office in a van down by the river (http://www.youtube.com/watch?v=IQVr6f6FL5Y) now that the firm has been called out in Belize, Cyprus and who knows where next...

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Quoting shrike

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A 2-post member starts a thread about which broker to choose, and several other <5 post member immediatly get involved. Im somewhat under the impression there are several broker marketing departments talking to themselfs in here

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Quoting shrike

Disliked

A 2-post member starts a thread about which broker to choose, and several other <5 post member immediatly get involved. Im somewhat under the impression there are several broker marketing departments talking to themselfs in here

Ignored