FxPonzyPro is exactly that, all these really happy people are only so 'cos they are unable to open with seriously established, well regulated brokers (plz, Cypriot regulation does not compare to individual Western European regulatory bodies, not even MIFID comes close, they offer more guidelines than anything else. And what are the actual physical and financial requirements the Cypriot regulatory body requires of a broker? ) Why did the US refuse to give them an NFA license? You gets what you pays for...in this case not a lot.
I would like to start Forex trading, I would like to know if anyone knows of any broker that I can use and have my mind at ease. Thanks in advance.
This is one of the best brokers i have come to and i have been in this market for over a decade. Some of the problems that have arose from some other traders could be just a coincident or bullshit to redirect clients elsewhere. This company is very professional, it's fast and very accessible. I never had a problem with them... friendly customer service, easy withdraws and low spreads.... WHAT ELSE DO YOU WANT?
This statement concerns and FXPRO. This company isn't the broker in that sense which understand as the broker. They than it is not adjustable and now can't confirm the status on Cyprus. I suggest all interested guys to take away the money or there will be problems with this broker.
You lying, Julian<br />
FxPro is not listed :-D<br />
This short statement simply announces to all unregulated companies which are operated from Cyprus – having headquarters in Cyprus, accepting correspondence and money in Cyprus and providing forex services to the internet community, (The short list of these companies is – Prime4X, Forex4You, FXOpen, TadawulFX, IkoFX, eTorro, BroCo and so on) to simply disappear.
The explosion of the Forex Market worldwide has created a sort of awkward situation for the Island of Cyprus. Before its acceptance in the EU in 2004, Cyprus was an Offshore Company Tax Haven, because of these tax peculiarities as well as its strategic positioning between three continents, Cyprus experienced a built up of unregulated forex brokers establishing their operations on the island while still being registered in also other offshore tax-heaven jurisdictions such as BVI, Seychelles, Costa Rica, Belize, Mauritius, etc. Since these companies were not and still are not regulated by any well-recognized authority, being just a shell companies, they simply do not comply with any anti-money laundering law, because of this one can only characterize them as cowboy companies.<br />
It is because of these companies amongst others that Cyprus was blacklisted as a money laundering country. But, since 2004 Cyprus has joined the European Union had to comply with European Union law and European Parliament Directives, which it did in large part but not completely. This part compliance has removed Cyprus from the blacklist. The efforts of the Cyprus Republic to regulate its market where serious, in 2003 CySEC was established. CySEC (Cyprus Securities and Exchange Commission ) is a regulatory body – (www.cysec.gov.cy) which amongst others also regulates FOREX. As per its announcement of the 17th June 2009 (full version located at: http://www.cysec.gov.cy/Downloads/En...ng%20FOREX.pdf) CySEC defines what is considered to be a FOREX company and what are the requirements to operate one, are: “the persons which provide the abovementioned activity of foreign exchange spot trading have the obligation to submit an application to the Commission in order to be granted CIF(Cyprus Investment Firm) authorization.”<br />
Cyprus wants now to safeguard the good name it has fought so hard to establish, it is for this reason that on the 6th of November 2009 a small announcement of only a few lines was dropped as bomb in the forex industry. It simply stated: “The Cyprus Securities and Exchange Commission (‘the Commission’), in continuance with its announcement dated 17 June 2009, wishes to announce the following:<br />
Persons that conduct foreign exchange trading transactions, which do not aim to the physical delivery of the agreed foreign exchange or are not materially settled in cash, should, within one month from the date of the present announcement:<br />
1. submit an application to the Commission for the granting of a Cyprus Investment Firm authorisation, or<br />
2. cease to provide the above service.<br />
The Commission, upon the lapse of the one month notice, intends to take measures against the persons that did not comply with the above as they will be in violation with the provisions of section 4 of the Investment Services and Activities and Regulated Markets Law”. (see full version at: http://www.cysec.gov.cy/Downloads/En...ding%20(2).pdf)<br />
This short statement simply announces to all unregulated companies which are operated from Cyprus – having headquarters in Cyprus, accepting correspondence and money in Cyprus and providing forex services to the internet community, (The short list of these companies is – FxPro, Prime4X, Forex4You, FXOpen, TadawulFX, IkoFX, eTorro, BroCo and so on) to simply disappear.<br />
This deadline is simply too small for these unregulated companies to go through the process of regulation, it is therefore natural to say that they are not welcome anymore in the Republic of Cyprus and they should either shut down completely or find another country to operate. If they don’t they will be prosecuted at the full letter of the law.<br />
In accordance with Part XVII of the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) - 140.-(1) A person who is in violation of or does not comply with subsection (1) or (3) of section 4 or section 139, is guilty of a criminal offence, punishable, in the event of conviction, by a term of imprisonment not exceeding five years or by a fine, not exceeding three hundred and fifty thousand euro (€350.000) or both.<br />
This means that nobody will be able to work with these companies, neither Cypriot employee, banks or money transferring organizations; it does not take a genius to understand that if anyone is carrying deposits with these companies will simply not be able to withdraw them and is in very high risk in losing his or her funds forever. This means that these companies become a criminal business.<br />
My best advice therefore is unless a company is regulated, especially if it operates from Cyprus it is not worth to work with. It does not matter how much money in bonus they give you when they will simply not be able to wire it to you, they will disappear one day in Cyberspace like so many others have done before.<br />
Dec 07, 2009
naseria dadario, you're a bad advertiser, but merry christmas an new year!
fx-pro is not a broker. i mean it is a market maker, not a broker. if you want to know the difference read this:<br />
ACM is the best broker of all times
does not offer micro lot ? i think this broker to confidence. be careful with market maker broker
FXPro has emailed it's entire database of Amercian Clients stating that after 26th January 2010 all accounts belonging to US Residents will be closed.<br />
In an online chat their customer support states "Our license to trade in the USA was rejected, so we have no option other than to close the USA channel"<br />
Forex4pros has been in negotiation with various forex brokers to help with the account migrations of ex FXPRo customers.<br />
We are pleased to announce LITEFOREXSA is able to help you with your account moves, please visit their site now for further details.
it is simple, FXpro is the best broker
@Siang-Loke, <br />
You are having problem with your English, why didnt you use your official language instead of disgracing yourself in public with filthy comments about a program majority of people are voting as the best? Were you paid to come and disgrace yourself here? Dont you think you are over-stressing yourself? I bet you, you dont even know anything about FOREX... lets bet??!!!
FXpro is very good broker,safe,simple,fast...RECOMENDED BROKER
how cam all those comments cab be true ones "they don't pay me" - that is simply impossible, otherwise go and fill complaint with their regulator and they will be fucked...<br />
so one thing - they are HONEST and GOOD broker being spammed by other companies or SHITTY TRADERS who've lost because of lack of their brains.<br />
That is easiest thing to blaim broker of your losses.<br />
Go FxPro in F1 with BMW Sauber from loyal client and huge F1 fan
Fx Pro is ok,ive been trading with them for a while n making good money ,withdrawal is fast even down to Nigeria where i reside jus takes 3days.
Excellent wd 35k profit without any problem
I use this broker for almost 3 months and make Wd in 2 times with no problem, honest support (Recommended)
FX Pro Is The Best
This very bad broker, I waiting 8 week for money!! I am IB and I told ok ay open in Cyprus, in Europe is safe. LIES more safe on moon!!! your metadrader also very slow they send to me riqoute all time. FXPRO think that because I in Malaysia is ok ay. I tell them pay me or I tel the world you bad broker!! They dont pay so I teling you!! I open already with other broker, you should to!
I have been at their event Fxpro Cyprus Rally, it was really cool. I do trade with them and i don’t have any major problems and as i am a Cypriot, i want to say that Cyprus is one of the safest financial places in the earth today. <br />
To read only by American friends and their regulators, i want to say thank you, for today world crisis. Best regards for Madof and his regulators, City bank and other bullet proof and well organised companies. Europe has to safer because of you boys. You manage to cheat world one more time.
Ha Ha:)))... nick//singapore is the same as yoyok irwanto:))) YEEEES fxpro is reaaaaally good sir!:)))<br />
Be sure you get your money for marketing fxpro
i trade with fxpro for 2 years , i see so far so good, they provide very competitive spread, i withdraw my profit very fast( 3 days by bank wire) every month and only 3 hours by moneybrokers. and they are the best broker 2008 , euro ceo. very good service, very good server. For Indonesian Trader This is A GOOD BROKER !!
i trade with fxpro for 3 month , i see so far so good, they provide very competitive spread, i withdraw my profit very fast( 3 days by bank wire) every month. and they are the best broker 2008 , euro ceo
I don't like this broker, because they are also a bucket shop, not really low spread, then also often disconnect your connection if you want to close your profit ! my withdrawal with a huge amount is also delayed for almost 10 days !!?? NOT A RECOMMENDED BROKER !
Trying to get money out; it took them one week to come up with BS that I can only withdraw up to max of each individual deposit that made up my total balance. Sounds weird to me. I'm getting all my money out as soon as I can. Quite high spreads and no microlots allowed anyway so impossible to trade with FAP Turbo
They make it CooL, for example they attract Bloomberg investors via their website, they get theri confidence, then they tell you face to face, No Money Sir!, How you are asking for you money Sir, It Is a shame!!
Like Jeff said, i seem to notice quite high spreads. I also their systems are quite poor, numerous disconnects. Today for instance i cannt connet for the past 45mins, not good in the forex world when you have open positions. You cant even access there website to log an issue, and their phones jsut ring out. I will be closing my account after today. False advertising in my books.
These guys may seem like they have low spreads to begin with, but as soon as you start making money, they started to change the spread on you way above there so called maximum.
A I am a client to this bank in which I open letter of credits, well all people know about some strange activity of them and more exactly in the way that they lend money for trading, especially Suliman Aon which appear like a Maestro in the Masonry!
The problem resolved here:<br />
FxPro Financial Services Limited is a leading forex broker providing services on international financial markets. The company was established in 2006 and has its’ headquarters in London, United Kingdom . Besides, FxPro forex broker has office in Cyprus. The company’s operation and...
Regulation: CySEC, FCA, FSBFxPro trading information
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