Effects of Cyprus bailout deal on Cyprus-based Brokers - Page 2
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Thread: Effects of Cyprus bailout deal on Cyprus-based Brokers

  1. #11
    Quote Originally Posted by ;
    hello there,

    you're correct about Cyprus problems have been around. But as a result of this bailout difficulty going on, lots of people (like financial institution) have concerns and begin to withdraw everything out of the banks there which may cause huge uncertainty to the banks. That is why im beginning to have doubts but I dun no if people would withdraw their cash from foreign banks like Barclays (which FXPro is using)

    too, is not that 20,000 euros thing just applies to Europeans?
    Yea, that's the problem. panic .
    That is the exact purpose of Compensation Funds around the world. (and bond outs) To prevent the fear of rushing to withdraw
    deposits in the Banks, which of course trigger real astrophe. So, they guarantee certain amount to each client.
    Regarless their place of residence (replying your question about Europeans just). But people generally anxiety anyway,
    including those reading these posts.

    But forex broker generally aren't exposed to same the issues of their Banks, Banks are holding Bonds (Cyprus Banks hold a lot
    Greeek bonds) , Real Estate mortgages, etc.. Materials what have lost value in recent decades. So, in the event that healthy investors
    start withdraws their cash, The banks only end up with the awful newspaper, and in trouble.

    Forex Broker hold just Client's cash an usually deposited with their Liquidity providers, that in many cases are major Banks
    like Barclays you said. So, very far in a different universe.

    Therefore, even in the event that for some idiotic reason , A forex broker has a Cyprus bank as their Liquidity supplier, and has clients
    cash there, the Compensation Fund still protects the client.

    Finally, that's why is essential to work with Broker who are in states that this Funds extend gains to forex traders,
    like the Swiss, UK, and several EU states. Nonetheless, it is Interesting that many traders have more interest in regulated brokers
    then this Compensations Funds. Australia is the biggest example, it is well known that Australia has a great and rigorous regulations and rigorous enforcement of them... but in case that something happens, NO ONE will give you a penny of your own investmente, since
    they don't a a Fund there. In the other hand, everybody may matter that Cyprus Regulations isn't so rigorous, but what, Clients are insured by the Cyprus Fund.

    So, relax. Ask your brokers a) where the clients cash is b) if still insured by the reparation Fund.


    J.

  2. #12
    Funny article...

    Quote Originally Posted by ;
    This is the exact purpose of Compensation Funds round the planet
    You do realise that the thieving bastards did so after the markets closed, passed on legislation that the subsequent day (saturday) and will take the money before banks re-open, that is blatant theft and tacit acquiescence.

    I know there is no rule-of-law in these 'offshore' things, but any change of policy needs to be made aware upfront, so individuals have the right to exercise their selection.

    There is not any payment fund when there is a bank run, it's the one thing governments and central banksters dread the most because it exposes their fiat / fractional reserve ponzi scheme.

    Quote Originally Posted by ;
    But FX broker generally aren't exposed to same the problems of the Banks
    You live in cloud cuckoo land, do you think brokers possess an ethical code of conduct when it goes tits up?

  3. #13

  4. #14
    Dear members,

    Your funds are 100% protected with FxPro.

    Please be assured that the safety of your funds is a top priority for FxPro and in order to ensure the maximum level of safety, the Business is partnered with a number of the world8217;s major banks, Barclays and Credit Suisse. Any available funds on your FxPro trading account remain untouched as FxPro guarantees the full quantity of our clients#8217; funds. This is possible because FxPro partners with banks loed overseas rather than in Cyprus.

    You may withdraw at any given time as normal and your request will be processed as normal.

    Our Customer Support is available through live chat, phone 44 (0) 203 151 5550 or email if you have any further questions.

    Regards,

    FxPro Group.

  5. #15
    Quote Originally Posted by ;
    You do realise the thieving bastards did so after the markets closed, handed legislation the following day (saturday) and will take the money before banks re-open, that is outright theft and tacit acquiescence.

    I know there's no rule-of-law in these 'offshore' things, but any change of coverage should be made aware upfront, so individuals have the right to exercise their choice.
    What are you talking about? The IMF will be inserting 10 billion euros, not taking money out. The 10% tax imposed is a kind
    of discouragement for depositors to make a bank run. What you expect? Telling everybody, hey come and take your money out
    before we employ the taxation? It seem you live in cloud cukkoo . I know it sucks, but that wasn't my purpose. Does this 10% employ to Brokers?
    I dont know,,, but I know there are not Banks... so it may not apply,
    Quote Originally Posted by ;
    there isn't any payment fund when there's a bank run, it's the 1 thing authorities and central banksters fear the most as it exposes their fiat / fractional reserve ponzi scheme.
    Of course there is. That's the character of compensations Money. Keep away from bank Runs, by promising some money to depositors.
    Thus, even if folks run to the Banks on monday, eats the 10% tax and take the money away anyhow, and tha bank collapses,
    the customers still are covered by the Fund. Read Wikipedia or something before you post. Perhaps google investors compensantion funds schemes The sole difference between country to country is that in some the policy does not extend to risky investemtes like FX.

    Quote Originally Posted by ;
    do you believe brokers possess a moral code of conduct if it all goes tits up?
    well. . If you do not expect your Broker, why you exchange there... that is on you..is it?

  6. #16
    It doesn't matter what the law says. FxPro is possessed by Russians, and EU wants them out of Cyprus. They might need to move the funds to Hellenic Bank prior to sending refunds and receive taxed there.

  7. #17
    Quote Originally Posted by ;
    What exactly are you talking about? The IMF will be inserting 10 billion euros, not taking money out. The 10% tax imposed is a form
    of discouragement for depositors to earn a bank run. What you anticipate? Notifiion everyone, hello come and take out your money
    before we employ the tax?
    I don't know your thinking.

    Capital stored will be struck for 10% and implemented retrospectively, so why on earth would people wish to make money in the bank if they could earn 10% by stashing money under their bed?

    IMF can invest all they desire, the is out the bag and anybody with any sense will pull their money out of their accounts.

    Please explain how stealing 10% from individuals accounts over a bank holiday that's currently extended can 'dissuade' individuals from withdrawing money?

  8. #18
    Quote Originally Posted by ;
    Dear members,

    Your funds are 100% secure with FxPro.
    Had to quote this for posterity; seems too similar to PFGBest and MFGlobal news-speak.

  9. #19
    Quote Originally Posted by ;
    I don't understand your thinking.

    Capital saved will probably be hit for 10% and applied retrospectively, so why on earth would people wish to make money in the bank when they can earn 10% by stashing cash under their mattress?

    IMF can spend all they desire, that the is out the bag and anyone with any sense will pull their money out of their accounts.

    Please explain how stealing 10% from people accounts within a bank holiday which is now extended can 'discourage' people from withdrawing cash?
    Well, your thinking apply to future deposits... but too late for the one already have cash in their Banks. Anybody that had 100 000 now have 90 000. Thats it . Just 90 000 can be withdrawn by them . .right? So, one one can make anything by withdrawing.

    However reading this article from the first post, it appear that the 10% is a withhold of some sort, which would not be applicable if investor leave the amount in. So. . It's a bit confusing and definitely will be confusing for a couple of days.

    One thing is for certain... it sucks for those that had saving/investments cash inside their Banks

    J.

  10. #20
    . .
    Okay, I believe the tax is final... 6 - to 9,9% based on quantity of deposit is lost for investor in Cyprus banks.

    But here is the question... does this percent apply to deposits in forex brokers??? ... I read the taxation is 6 something percent for
    deposits of less then 100 000 . It's similar to creating a awful exchange

    J.

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