Cyprus banks having problems. So what about brokers? | Forex Factory

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Cyprus banks having problems. So what about brokers?

  • #1
  • First Post: Jul 2, 2012 6:28am Jul 2, 2012 6:28am
Hi,

Everybody noticed last week Cyprus requesting EU help to bailout it's banks affected by Greek meldown. So how about brokers in Cyprus as most of them rely on Cyprus banks?

What do you think about that? I think funds would be secure up to 20.000 € thru MIFID?

13
Brokers are angels
  • #2
  • Jul 2, 2012 11:22am Jul 2, 2012 11:22am
Quoting fx13
Hi,

Everybody noticed last week Cyprus requesting EU help to bailout it's banks affected by Greek meldown. So how about brokers in Cyprus as most of them rely on Cyprus banks?

What do you think about that? I think funds would be secure up to 20.000 € thru MIFID?

13
Good question and I'm not sure of an answer tbh though I would guess brokers based in Japan and the US would possibly be safer right now!
  • #3
  • Jul 2, 2012 12:15pm Jul 2, 2012 12:15pm
I don't know why someone would use a broker located in Cyprus with it's limited regulatory capacity. You're money is protected under MIFID but you really should consider moving your custom to a broker located in a more stable country.
  • #4
  • Last Post: Jul 3, 2012 3:39am Jul 3, 2012 3:39am
Quoting MySignature
I don't know why someone would use a broker located in Cyprus with it's limited regulatory capacity. You're money is protected under MIFID but you really should consider moving your custom to a broker located in a more stable country.
Interesting , Cyprus is EU member and currently EU residency in Cyprus.Then we should question the reputation of banking rules in whole EU.
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