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North Finance

  • #1
  • First Post: Oct 19, 2006 5:34pm Oct 19, 2006 5:34pm
This e-mail was sent out today......................................


*NOTICE To Northfinance Clients...*
------------ --------- --------- --------- --------- --------- -
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

from http://www.ifsc. gov.bz/notices. html
  • #2
  • Oct 20, 2006 8:44am Oct 20, 2006 8:44am
<tt>I went to their live chat support, and asked about it again.
The most interesting part is that theit company's money are kept
separately!!! What else do we need....

Chat InformationWelcome to our live chat service!
Chat InformationNorthFinance Support: Hello. How may I assist you?
NorthFinance Support Team: I'm Mirna , how may i assist you.
you: hello
NorthFinance Support Team: hello sir, how may i help you?
you: i wanted to ask you
you: if you are regulated by NFA or anything like that?
NorthFinance Support Team: NorthFinance Company LTD. Is registered as
an
offshore company is not regulated by USA or European national
regulatory
bodies. However, our subsidiaries and some of our Ibs are regulated on
a
national level
you: ah, that good
you: ok, next question
you: how safe my money are?
NorthFinance Support Team: Our client's money are kept in a segregated
(separate) client account i.e. client money is held separately from
company funds and cannot be used by North Finance Ltd except for client
dealing purposes. Client funds cannot be used to guarantee North
Finance
ltd accounts or to offset North Finance Ltd loans.
you: thats good
you: and what about bank guarantee?
you: do you have smth like that?
NorthFinance Support Team: We offer to Clients who fund their account
with 100.000 $US and above bank guarantee.
you: which bank?
you: ok, thnaks alot guys, I knew that you offer many interesting
things :-)
NorthFinance Support Team: Your Mostly Welcomed
NorthFinance Support Team: at your service
you: bye


hope this helps.

Dave
NorthFinance Support Team: bye</tt></pre>
  • #3
  • Oct 20, 2006 8:51am Oct 20, 2006 8:51am
http://www.forexfactory.com/forexfor...=north+finance
  • #4
  • Oct 22, 2006 4:28pm Oct 22, 2006 4:28pm
Quoting xxDavidxSxx
<tt>I went to their live chat support, and asked about it again.
The most interesting part is that theit company's money are kept
separately!!! What else do we need....

Chat InformationWelcome to our live chat service!
Chat InformationNorthFinance Support: Hello. How may I assist you?
NorthFinance Support Team: I'm Mirna , how may i assist you.
you: hello
NorthFinance Support Team: hello sir, how may i help you?
you: i wanted to ask you
you: if you are regulated by NFA or anything like that?
NorthFinance Support Team: NorthFinance Company LTD. Is registered as
an
offshore company is not regulated by USA or European national
regulatory
bodies. However, our subsidiaries and some of our Ibs are regulated on
a
national level
you: ah, that good
you: ok, next question
you: how safe my money are?
NorthFinance Support Team: Our client's money are kept in a segregated
(separate) client account i.e. client money is held separately from
company funds and cannot be used by North Finance Ltd except for client
dealing purposes. Client funds cannot be used to guarantee North
Finance
ltd accounts or to offset North Finance Ltd loans.
you: thats good
you: and what about bank guarantee?
you: do you have smth like that?
NorthFinance Support Team: We offer to Clients who fund their account
with 100.000 $US and above bank guarantee.
you: which bank?
you: ok, thnaks alot guys, I knew that you offer many interesting
things :-)
NorthFinance Support Team: Your Mostly Welcomed
NorthFinance Support Team: at your service
you: bye


hope this helps.

Dave
NorthFinance Support Team: bye</tt>
Hey mate, that was my conversation!
But everyone can use it, if it will help to anyone!
P.S. I'm with NF for 2yrs - fully satisfyed, and feel secured after that.
  • #5
  • Dec 7, 2006 1:11am Dec 7, 2006 1:11am
One question ... what is a good leverage ratio to choose from ? What are you guys using ?
  • #6
  • Dec 7, 2006 9:57am Dec 7, 2006 9:57am
More important than the assigned leverage is the used leverage. For me no matter how big the offered leverage by the broker is, i never use a leverage higher than 1:30 on my all open positions. High leverage can work for you and against you but more against you!
Making pips is easy, holding 'em is hard - Pipsopolis
  • #7
  • Dec 7, 2006 10:09am Dec 7, 2006 10:09am
I still don't see why it matters to throttle down your leverage, since it's the lot size that counts:

unless:

1) you want to use the margin call as a "catastrophic" stop loss; OR

2) you want to be prevented from the temptation of entering too many positions (i.e. you want a babysitter

maybe I'm missing something, but that's all I can think of.

However, some might want to choose their brokers based on (lack of) leverage. Chances are a broker offering only 50:1 employs less buckshop-style tactics than a 400:1 one. Don't quote me, that's just my gut feeling.
  • #8
  • Dec 12, 2006 2:18pm Dec 12, 2006 2:18pm
northfinance , very good broker
  • #9
  • Jan 8, 2007 11:47am Jan 8, 2007 11:47am
today pay me!
very fast (few hours) for e-gold!

  • #10
  • Feb 20, 2007 4:51pm Feb 20, 2007 4:51pm
It's irrelevant if NF keep your money in a seperate (segregated account). This is a matter of english and what they are or are not implying. What needs to be clarified is if the company goes into administration, does the backrupcy laws of Belize stipulate that all customer's accounts are segrigated by law and cannot be included in the general pot that all creditors will get paid from. If this is in fact the case then great, there is no problem and the words they are using above refer to the laws of Belize. However, should the laws of Belize state or imply that all assets held by the company get put into the pot, irrelevant of what account the money is in, you have a problem. Then what is indicated above by segregated is merely a seperate account, another english word being segregated and that money will end up in the pot.

Remember, RefocoFX had some of there clients monies in seperate accounts and called it segregated, but the fact was that the laws of the US did not clasify that money as the customers, but all creditors, and we are still waiting for our portion 2 years later.

Do be fooled by english terminoloy. Ask to see the law that enforces segregation. When I asked about the specific law or financial institution enforcing this, I kept getting the usual sentence as indicated in a previous post.

I ask that NF will in fact clarify this for us and not just give the same sentence that they give to every customer, leaving us wondering if they are playing on english words or there is in fact a lawful enforcement of segregation where upon an unfortunate banckrupcy, the court will treat our money as customers money.

North Finance?

Regards,

Waka
  • #11
  • Feb 23, 2007 9:40am Feb 23, 2007 9:40am
Hi, I was daft enough not to check these guys out until I saw the wiring instructions and found out they were registered in Belize. Which translated into real English means "in a place where no one asks any questions".

I asked the similar questions listed in this thread and won't repeat the copy/pasted answers - but will give some more "information" I got.


NorthFinance Support: we have been in the market since 2001 and we are moving step higher and higher every year, our reputation speaks for us.
NorthFinance Support: and in the end the choice is yours.
you: hmm - I just find it uncomfortable that you are totally unregulated and your company is based in a tax-haven
you: do you have any plans to become regulated ?
NorthFinance Support: our directors are working always to improve our services

you: is there any independent audit or information on your company ? when you say your reputation is building what do you base this on please?
NorthFinance Support: based on our clients

you: ok, under belize law - if North Finance goes into administration, would the segregated bank account be frozen ?
you: sorry for all these questions, but I didn't know you were unregulated and these kind of things are normally covered by regulators !
NorthFinance Support: these are questions that would be best answered by our manager
you: ok, can you put me through to the manager please ?
NorthFinance Support: can you please send an email and it will be answered accordingly
you: what is the name of your manager ?
NorthFinance Support: mrs ellei
NorthFinance Support: she is not in now
NorthFinance Support: you may send an email and it will be forwarded to her
you: so there is no one who can answer any questions right now ?
you: hmmm
NorthFinance Support: not at the moment i am sorry



--- I know they say that they have been around since 2001, but has anyone ever trusted them with anything more than $10k is the question.


Any responses much appreciated.

Many thanks,
  • #12
  • Feb 23, 2007 12:28pm Feb 23, 2007 12:28pm
I have read here and on other forums that some have big amounts with them.

I use them but only have around $5k with them. But I would trust them with more.

Regulated or not doesn't mean much. Look what happened to Refco.

Personally I think it would make good business sense to use several brokers once you have a large amount to play with. Putting all your eggs in one basket is not a wise move.
  • #13
  • Feb 26, 2007 6:17am Feb 26, 2007 6:17am
Quoting willf
I have read here and on other forums that some have big amounts with them.

I use them but only have around $5k with them. But I would trust them with more.

Regulated or not doesn't mean much. Look what happened to Refco.

Personally I think it would make good business sense to use several brokers once you have a large amount to play with. Putting all your eggs in one basket is not a wise move.
Hi Wilf,

It is good advice to spread risk between different brokers, I am not going to put anything more than $10k with them and will see how things work out.

You are right that refco can happen, but when you have someone that is not regulated - my guess is that they can be closed down for any reason (money laundering, trading with your money, doing whatever they want) whereas with the other bigger brokers atleast this part is far less likely.

The particularly bad part about them is being registered in Belize.

I will pay close attention and report my findings with them here.

Thanks,
  • #14
  • Feb 26, 2007 8:12am Feb 26, 2007 8:12am
Quoting jansher21
--- I know they say that they have been around since 2001, but has anyone ever trusted them with anything more than $10k is the question.


Any responses much appreciated.

Many thanks,
I do and just withdrawn $xx,xxx.xx last 2 weeks no problem; albeit I have to comment that the withdrawal was slow at 4 banking days (when other brokers do it within 48 hrs). And mind you, I even made an error/mistake in the withdrawal, YET I still managed to get the money without much problem.

If you havent notice there is not "Bank Account" in their withdrawal form - just "Account" - which I filled up with my NF account number instead - Withdrawal to a non existent bank account succeeded? Think about it.

Belize is what troubles me. Belize is notiorious for money-in-no-money-out companies.
  • #15
  • Feb 26, 2007 10:42am Feb 26, 2007 10:42am
Jansher,

NF's no response says it all. Any broker who offer segregated accounts in the lawful sence of the word will advertise that point in full if asked.

However, to be honest, of all the brokers out there, North Finance has one of the better reputations. There are not many brokers that operate in a country that have truly lawfully binding segregated accounts. Now take this with a pinch of salt as I haven't done research, just what I've seen.

Cheers,

JC
  • #16
  • Feb 27, 2007 2:10am Feb 27, 2007 2:10am
Quoting BurgerKing
I do and just withdrawn $xx,xxx.xx last 2 weeks no problem; albeit I have to comment that the withdrawal was slow at 4 banking days (when other brokers do it within 48 hrs). And mind you, I even made an error/mistake in the withdrawal, YET I still managed to get the money without much problem.

If you havent notice there is not "Bank Account" in their withdrawal form - just "Account" - which I filled up with my NF account number instead - Withdrawal to a non existent bank account succeeded? Think about it.

Belize is what troubles me. Belize is notiorious for money-in-no-money-out companies.
Well done, mate, even though news trading has not been rewarding for the last few weeks.
Also good to know that you can withdraw funds from NF without any problem.
  • #17
  • Feb 27, 2007 5:23am Feb 27, 2007 5:23am
Hello again,

Ok I found someone else to talk to at NF who gave me a different view. The good news is that it was a good explanation, bad news is that the explanation does make for difficult reading !

So, one of the reasons that they are using Belize is to offer forex brokerage services to customers of those countries that are embargoed by the US. This is a reasonably logical explanation as there are people with alot of money in some of the embargoed countries.

The question ofcourse is, whether this means that they are allowing laundered money into their accounts - and whether some international agency could come in and shut them down as a result.. and worse then investigate everyone who had sent them (NF) money !

Also, I agree with the comments on segregated accounts. Even though they offer a bank guarantee a segregated account doesn't mean that much. When the company goes under, you lose your money .. finito..
  • #18
  • Mar 2, 2007 5:24am Mar 2, 2007 5:24am
hi izzit safe to trde with NF??
  • #19
  • Last Post: Mar 2, 2007 6:27am Mar 2, 2007 6:27am
Quoting jansher21
Hello again,

Ok I found someone else to talk to at NF who gave me a different view. The good news is that it was a good explanation, bad news is that the explanation does make for difficult reading !

So, one of the reasons that they are using Belize is to offer forex brokerage services to customers of those countries that are embargoed by the US. This is a reasonably logical explanation as there are people with alot of money in some of the embargoed countries.

The question ofcourse is, whether this means that they are allowing laundered money into their accounts - and whether some international agency could come in and shut them down as a result.. and worse then investigate everyone who had sent them (NF) money !

Also, I agree with the comments on segregated accounts. Even though they offer a bank guarantee a segregated account doesn't mean that much. When the company goes under, you lose your money .. finito..
Belize laws has the best protection for companies wanting to do "risky businesses". I know lots of (non forex) companies running away with clients money.

The answer provided by NF is a good one though but there are more countries that will allow them to do business with "embargoed" countries.

All in all, it is your choice to put your money in here or with some NFA registered/regulated Refco copycats. I personally trade with NF, and had no problem with trades and withdrawals.
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