Effects of Cyprus bailout deal on Cyprus-based Brokers - Page 3
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Thread: Effects of Cyprus bailout deal on Cyprus-based Brokers

  1. #21
    Ok, Ladies and gentlemen. I obtained my withdrawal (2500 EUROS) from FxPro in 8:12 (European time) this morning (for as withdrawal asked late yesterday). And I wish to point out, that it isn't related to my prior article here as I received my capital while I had been writing, before I submitted ! It only must be noted that I have 3000 EUROS on my account to cover my rankings. I might nevertheless be taxed because it's assumed to be connected to amount in account on saturday, but I am rather confident about it.

    Actually what I actually was inquiring with support yesterday is if it would impact me by closing my rankings which are in loss. I actually have about 1500 EUROS floating losses, therefore I didn't wish to cover on my account balance, but on my account equity, and wished to close the trades and reopen them to have my balance equity. It's now that they ensured me that FxPro customers would not be affected and that there was ne have to do this.

    To rsg10z: You asked for a wire transfer. If they simply use their Barclays bank account to perform outgoing wires, you might have to wait for the bank holiday (thursday), unless they can directly use a foreign bank account to wire you the money ...

  2. #22
    Quote Originally Posted by ;
    It will amuse me reading stuff like this.

    Banks create humorous fiat ones and zeroes using http://www.marketoracle.co.uk/Article20300.html.

    If/when push comes to shove, no bank gets the funds to ensure all deposits. . .it's all an illusion of trust.
    I really don't amuse me AT ALL into hear/read all of this comments from those who don't understand anything but believe they understand ... If you attempt to actually understand how all this works, you may understand that fractional reserve banking isn't anything more than using LEVERAGE. Banks can do a lot more loans that the money they really have, it is true. Plus it works nicely and make them make a lot of cash when things go well. But banks still take HUGE losses when loans are NOT repaid (Leverage !) . For banks LEVERAGE = Leverage interests and leverage outstanding loans (=poor risk/reward ratio)

    The capital to garantee all deposits. What's that, the capital ??? Money printed on paper ? Sure, there is NOT such amount of paper cash. But there ARE different debts present to garantee ALL residue on the other side (people with the engagement to repay). Problem IS that a lot of this promises are STATES debts, and I agree that they probably never will have the ability to repay. So our true system became a HUGE ponzi scheme, that is true. It will collapse one day, but might continue for a while.

    Fractional reserve banking is not a problem. Fiat currency is not actually a problem. All cash has a debt on the opposing side. The one problem is the people that endebted themselves too much and won't repay: largely (developped) COUNTRIES.

    Anyway, I don't want to enter a debate on all this, let's stick to the topic here: CYPRUS. (If you want to talk about banks, fiat currencies and also this stuff, please begin a new thread on the forum)

  3. #23
    To clarify, the amusement was this sentence:'ve done a good job to safeguard cutomers by keeping their funds in a reputable banking juridiction, there's nothing. MfGlobal should be sufficient to realise that they can earn $1.6 Billion disappear in days and nobody faces criminal charges.

    The entire Cyprus thing boils my blood; I am in the UK and we have toss-pot Osborne along with his bullshit 'funding' tomorrow. More borrowing of funny money and they call it 'spending'. More shortage reduction, yet the debt increases. . .it's all only Orwellian news-speak as the instigation of serfdom goes full-tilt.

    I am frightened that Cyprus is merely a test to gauge public reaction so that they can prepare so for when the shit really does hit the fan.

  4. #24
    Quote Originally Posted by ;
    To explain the entertainment was this sentence:'ve done a good job to safeguard cutomers by keeping their money at a reputable banking juridiction, there's nothing. MfGlobal should be enough to realise that they can make $1.6 Billion evaporate in days and no one even faces criminal charges.

    The whole Cyprus thing boils my blood; I am in the united kingdom and we have toss-pot Osborne with his bullshit 'funding' tomorrow. More borrowing of money and they call it 'spending'. Shortage reduction, yet the debt increases. . .it's all only Orwellian news-speak...
    that I undertand you and largely agree with you. Speaking about SWITZERLAND (FxPro speaking about Credit Suisse) I still think my sentence is accurate. This coutry has a lengthy record of banking practices: What I mean with this is that it's less likely to not see your deposit than by banking in some other juridictions (for example: Cyprus. What a bad joke).

    The logic wants that if you give something to another person to store it, then you CANNOT (at all !) Make certain this person will return to you once you ask for this. I really don't know exactly what happened with MfGlobal, however absolutely *ANY* broker or bank could make the money disapear, honestly (sudden loss, or problem) or dishonestly (simply taking the money and run). The only real protection we have against this IS reputation: whenever an institution (broker, bank, country, whatever) would loose by earning money disapear than by continue to do business and not loose his reputation. That is what all of the confidence in finance is. And I still say Switzerland is a reputable juridiction and when FxPro stored funds of the clients there, they did a fantastic job. The news are only telling us they DID the ideal thing (IF it's exactly what they did). In fact, they did the ideal thing if they simply place the money in ANY other country than Cyprus (about prosecution of bankers who commited a fault, okay with you)

    About politics, I concur. Don't forget that, like actors, politicians are (well) paid to do exactly what they do. If you consider it and are really honest with yourself, you will see that all this doesn't affect you personnally as much as it's widely considered. Even the Cyprus thing at this time, it will not really affect me much to have 10% more or less. So you can do the exact same thing as possible with actors: Don't watch the film !

    Around Cyprus = evaluation, yes, maybe. I agree too. But in this scenario, we need to be more grateful than anything else, because we ! Therefore, like always, clever people will do what's required, and all the other will not, but they'll then cry, demonion, and so on ... Just try to be a part of clever people ...

  5. #25
    I do not thing FxPro have difficulty with issues in cyprus since I simply withdraw 100k by bank wire from 19/03 untill now I obtained

  6. #26
    Quote Originally Posted by ;
    I do not thing FxPro have difficulty with issues in cyprus because I just withdraw 100k by bank wire from 19/03 untill now I received
    you signed up usingforexsoutheast.asiajust to write this 1 post?? Hmmmmm

  7. #27
    Quote Originally Posted by ;
    you signed up usingforexsoutheast.asiajust to compose this 1 article?? Hmmmmm

    Plenty of one post wonders, who have abruptly faded out of the crevices and feel the insatiable need to praise how wonderful their Cypriot brokers are...

  8. #28
    Just curious, anyone trying to make withdrawals at other Cyprus brokers?

  9. #29
    They are all fine. As with FXPro the brokers have their cash all over the place. Bank of Cyprus is owned by a Russian I wouldn't put my money in there. I've talked to two significant brokers with HQ in Cyprus and it is the exact same story as FXPro, withdrawals going ahead as normal, not even influenced by the elongated bank holiday rent alone the tax strike.

    Maybe getting your cash with a broker is preferable to getting it in the bank when it is sat in multiple Grade 1 banks across different areas?

  10. #30
    Absolutly No efect besides some may change the contry they are based
    Concerning the Capital, most of the brokers based in cyprus have the Capital off the island in european banks

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