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Effects of Cyprus bailout deal on Cyprus-based Brokers

  • #61
  • Mar 21, 2013 1:16am Mar 21, 2013 1:16am
i don't thing FxPro have problem with issues in cyprus because I just withdraw 100k by bank wire from 19/03 untill now i received
  • #62
  • Mar 21, 2013 2:41am Mar 21, 2013 2:41am
Quoting moonandsun
i don't thing FxPro have problem with issues in cyprus because I just withdraw 100k by bank wire from 19/03 untill now i received
you signed up with FF just to write this 1 post?? Hmmmmm
  • #63
  • Mar 21, 2013 4:32am Mar 21, 2013 4:32am
Quoting midnight
you signed up with FF just to write this 1 post?? Hmmmmm
+1

Plenty of one post wonders, who have suddenly crawled out of their crevices and feel the insatiable need to praise how wonderful their Cypriot brokers are…
  • #64
  • Mar 21, 2013 7:55am Mar 21, 2013 7:55am
Just curious, anyone trying to make withdrawals at other Cyprus brokers?
  • #65
  • Mar 21, 2013 11:21am Mar 21, 2013 11:21am
They are all fine. As with FXPro the brokers have their money all over the place. Bank of Cyprus is privately owned by a Russian anyway, I wouldn't put all my money in there. I have talked to two big brokers with HQ in Cyprus and it's the same story as FXPro, withdrawals going ahead as normal, not even affected by the extended bank holiday let alone the tax hit.

Maybe having your money with a broker is safer than having it in the bank if it's sat in multiple Tier 1 banks across different regions?
  • #66
  • Mar 21, 2013 10:20pm Mar 21, 2013 10:20pm
  •  Till
  • | Joined Mar 2013 | Status: you want a guarantee, buy a toaster | 14 Posts
Absolutly No efect besides some may change the contry they are based
regarding the funds, most of the brokers based in cyprus have the funds out off the island in european banks
  • #67
  • Mar 22, 2013 1:25am Mar 22, 2013 1:25am
Quoting Till
Absolutly No efect besides some may change the contry they are based
regarding the funds, most of the brokers based in cyprus have the funds out off the island in european banks
It makes sense.

Generally, most multinational businesses have their monies in the various jurisdictions they operate in.
The road to pipland is arduous and fraught with challenge.
  • #68
  • Mar 22, 2013 7:07am Mar 22, 2013 7:07am
I just signed in to write: my broker based in Cyprus(Xemarkets) paid me three times (!) this week, and always in time.
(But I don't use bank wire)

I absoultely understand the worry and distrust... But I can just tell what I experienced: Xemarkets seems to be ok.
  • #69
  • Mar 22, 2013 5:24pm Mar 22, 2013 5:24pm
Quoting sdpadres
Just curious, anyone trying to make withdrawals at other Cyprus brokers?
Yes i put in a request on thursday. I will keep you updated.
  • #70
  • Mar 26, 2013 3:12am Mar 26, 2013 3:12am
Quick update..... Today I received my funds from my cyprus based broker. Very happy
  • #71
  • Mar 26, 2013 1:12pm Mar 26, 2013 1:12pm
  •  Till
  • | Joined Mar 2013 | Status: you want a guarantee, buy a toaster | 14 Posts
Yep it seems cyprus crysis is giving Pips away
  • #72
  • Edited 12:09pm Mar 27, 2013 10:05am | Edited 12:09pm
Quoting FxPro Global
Dear High.Five,

The funds are held with the Barclays Bank IN the UK, and Credit Suisse in Monaco.

Shall you need any further clarifications, please do not hesitate to contact us.

Kind regards,

FxPro Group
Well, we'll see about that from 2morrow. I made a deposit to fxpro of $10,000 through their Hellenic bank on the 15th just before their cyprus government shut down their banks and my funds have not been received and credited because their banks were closed. The banks would open tomorrow and my funds should be deposited to my account. I actually want to send my funds back to my bank account and watch for some weeks what happens before sending it back to continue my trading with them. have been with them for over 4years and have not had any squabbles with them until now
  • #73
  • Mar 31, 2013 12:18pm Mar 31, 2013 12:18pm
The question is not if your broker is regulated in Cyprus, this has no effect at all.

The question is if your broker funds are all in Cyprus bank accounts.

In my understanding, most brokers don't put all their eggs in the same basket, and yes they might have an account in a Cyprus bank, but they diversified their funds in other banks. Actually you can register your corporation in Cyprus, but have a physical adress in your home country alas an account in your home country also.
If you aim for the stars- but miss, you still get the moon...
  • #74
  • Apr 4, 2013 2:18pm Apr 4, 2013 2:18pm
Quoting Makavell
Well, we'll see about that from 2morrow. I made a deposit to fxpro of $10,000 through their Hellenic bank on the 15th just before their cyprus government shut down their banks and my funds have not been received and credited because their banks were closed. The banks would open tomorrow and my funds should be deposited to my account. I actually want to send my funds back to my bank account and watch for some weeks what happens before sending it back to continue my trading with them. have been with them for over 4years and have not had any squabbles...
I received my funds withdrawn from fxpro in record time. hmm im impressed
  • #75
  • Apr 5, 2013 3:31am Apr 5, 2013 3:31am
Only Fxpro is located in Cyprus? Do we have any well-known brokers in Cyprus?
  • #76
  • Apr 5, 2013 4:02am Apr 5, 2013 4:02am
http://forexmagnates.com/fxgm-become...sales-team-go/
  • #77
  • Last Post: Aug 1, 2013 2:16pm Aug 1, 2013 2:16pm
Cyprus regulators deliberately decimate their forex broker industry by bending

to their EU masters

http://forexmagnates.com/get-out-cys...on-eu-clients/

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