S.E.C. of Cyprus Warning for North Finance Ltd (taken from article) | Forex Factory

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S.E.C. of Cyprus Warning for North Finance Ltd (taken from article)

  • #1
  • First Post: Sep 11, 2007 7:14am Sep 11, 2007 7:14am
Hello everyone,

I have just come across an article at an online Greek portal, regarding -as the article informs-, a warning from the SEC of Cyprus for North Finance Ltd.

I thought it would be useful to post it here, in case some of you might be interested.

The article was published on Fri. August 31, and the link is

http://www.naftemporiki.gr/news/story.asp?id=1405795

This is a translation (mine) in English.

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

-Has no License from the commitee to provide investing services.

-Is not a bank registered in Cyprus, with a licence 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."

I hope some of you will find it useful.

Cheers,

Leo
  • #2
  • Sep 11, 2007 7:51am Sep 11, 2007 7:51am
Thanks for the info Famagusta. I was considering North Finance but now, am not sure anymore. I'll do some research. What broker do you use? I like broker with MT4 platform. What is their minimum amount to open? highest leverage?
  • #3
  • Sep 11, 2007 7:22pm Sep 11, 2007 7:22pm
cyprus should shut them down.
If I Go Broke Trying Then I Will die happy.
  • #4
  • Sep 12, 2007 4:29am Sep 12, 2007 4:29am
FYI: NF, is a russian company, registered in Belize, holding office in Cyprus.

But i wont recommend it even though it is better than several NFA registered brokers I have traded with.
  • #5
  • Sep 12, 2007 4:39am Sep 12, 2007 4:39am
Quoting Qwert
Thanks for the info Famagusta. I was considering North Finance but now, am not sure anymore. I'll do some research. What broker do you use? I like broker with MT4 platform. What is their minimum amount to open? highest leverage?
Hey Qwert,

I trade mainly in options and index cfd's. Forex is a small part of my portfolio, as I consider it too volatile to hold overnight positions, so I usually close all my trades by the end of the day. I currently use GCI which is not a Metatrader broker, but I am waiting for EFX to introduce multicurrency accounts (other than USD) to start up with them.
  • #6
  • Sep 12, 2007 6:03am Sep 12, 2007 6:03am
Quoting famagusta
"With an announcement today, the SEC of Cyprus informed the investing public that North Finance Ltd:
-Has no License from the commitee to provide investing services.
-Is not a bank registered in Cyprus, with a licence 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."
I hope some of you will find it useful.
Cheers,
Leo
All this information is not new.
Like Burgerking says above, I never recommend any broker either but North Finance is not any worse than some of the NFA registered brokers. At least you can withdraw money from North Finance.

Just try to withdraw from the NFA registered broker by the name of 1World Forex and you will see what I mean. Lucky I dont have an account with this mob.
  • #7
  • Edited 12:28am Sep 13, 2007 12:01am | Edited 12:28am
Famagusta - Thanks. I like MT4 since I have been using it in demo and on a real account. The reason I don't like my current broker is that it has very high spread and $70 commission on each trade.

Pipstar - The reason why I was considering North Finance(NF) was way back in March 2006, I met a person through my friend saying he uses NF. I never really asked him about NF. Anyway, I don't know now where to contact this guy.

I agree that firms registered with NFA does not necessarily mean they are stable or honest. There was one firm I read in the newspaper that the owners ran off with more than $250M in July 2007 and left only $2M in the bank. It never had any cases with NFA and CFTC since it's approved membership in 2004. NFA issued the warning only after the hearing the news. The owners are nowhere to be found. It was too late for the investors.

Pipstar - I know you wouldn't like to recommend but I just like to know your comments on NF performance.

BurgerKing - Why wouldn'y you recomment NF? What broker do you use?
  • #8
  • Dec 5, 2007 3:52am Dec 5, 2007 3:52am
Sounds like a company on the run, sooner or later.
If I Go Broke Trying Then I Will die happy.
  • #9
  • Dec 5, 2007 3:55pm Dec 5, 2007 3:55pm
Moe - I completely agree with you. As I have posted before I always thought this firm was shady. Sure there is nothing wrong with being based out of a country not known for financial intergrity but let's face it, any firm that truly is serious and in this for the longrun will want to be regulated in a financial capital of the world. Simply because it adds more legitimacy which equals more $$$.
  • #10
  • Dec 5, 2007 3:58pm Dec 5, 2007 3:58pm
Quoting jamesanderson
Moe - I completely agree with you. As I have posted before I always thought this firm was shady. Sure there is nothing wrong with being based out of a country not known for financial intergrity but let's face it, any firm that truly is serious and in this for the longrun will want to be regulated in a financial capital of the world. Simply because it adds more legitimacy which equals more $$$.
very true.
If I Go Broke Trying Then I Will die happy.
  • #11
  • Last Post: Dec 6, 2007 10:54am Dec 6, 2007 10:54am
if it is a mt4 broker, forget it
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