Forex brokers That Claim to be CySec regulated or based in Cyprus when they are not!

[AmanyFX]

Hello,

I am a trader and I work in compliance and day to day operations for forex companies ( meaning Deposit -withdrawals- legal documents required etc. I am not advertising for any company i just would like to share this Idea if FPA is fine with it.
A lot of companies claim to be regulated by Cysec or based in Cyprus when they are not.
1-No Forex or binary option company can operate in Cyprus unless regulated by Cysec.
2- If they call you from a Cyprus number it does not mean they are based here.
3- now we can check if they really are in Cyprus.

If you have a broker that you wish to invest with and want to make sure that he/she is legitimate just reply to this thread with name and physical address and phone number of your broker and i will check it out for you, I am here in Cyprus Limassol.

I hope this helps decrease fraud and scams.

Thank you

 

[WatanFX-Rep]

Being regulated by CySEC does not necessarily mean a broker cannot be scamming their clients.

There are numerous forex brokers that are listed under fpa as scams, but are fully regulated with proper offices in cyprus.

 

[AmanyFX]

Being regulated by CySEC does not necessarily mean a broker cannot be scamming their clients.

There are numerous forex brokers that are listed under fpa as scams, but are fully regulated with proper offices in cyprus.

I do not agree with you. I have seen several complaints where people do not say the full truth. and i wonder why people don't simply go to the regulator to complain if they have been scammed by regulated broker.

My point is about companies claiming to be regulated when they are not.
I have been working for a forex company for 5 years. I know how traders just cry online but they know they did something wrong but never say what it was.
I also seen companies collect as much money as they can and shut down.
but that is not my point of discussion sorry

 

[Pharaoh]

Before leaping back to the original topic, I think it needs to be made very plain that regulation, even regulation much stronger than provided by Cysec doesn't mean a guarantee of no scams.

Look at the number of fines the CFTC and FCA hand out. Look at the PFG fiasco.

As for Cysec regulation proving a company is legitimate, one needs to ask "Why did Cysec allow the person who stole so much money elsewhere as Prime4x turn around and rename the Cysec branch as CommexFx and set up under Cysec's umbrella?" From what I can tell, that guy is now rotting in an Egyptian prison. The only good part is that Cysec did suspend CommexFx's license,

Further, Banc de Binary and it's owner are facing charges in the USA, but continue to have a valid Cysec license. Why don't you read some of the chat transcripts on the FPA traders court cases where BDB employees explain how to lie to credit card companies to get temporary credit line increases and then come back and tell everyone how Cysec registration = not a scam?

There are other examples, but I'll let this get back to the fact that any company falsely claiming to be regulated by Cysec, FCA, NFA, etc, is 99.9% likely to be a scam.

I look forward to your opinion on the brokers which have a real Cysec license, but are primarily based elsewhere.

 

[AmanyFX]

MY Point is why no body raises these issues to Cysec first , No one has said i went to Cysec and they rejected my complaint or show us the communication because apparently there is always something to hide . They all just complain which means something is missing. Bank de binary gets fines and trust me from what we see here they are just waiting for the next mistake to hit them with another 162K fine. Commexfx, the owner did several scams one of them was Merex capital markets but each time he opened a new company and registered it under new owners so it was not easy to catch him.
I think we need to get more organized to get either get cysec catch the bad guys or forget it.
I think the FPA will be a great source if it can manage to ask those that complain if they went to regulators and present proofs. We will have fun then

 

[Pharaoh]

Cysec has been one of the least effective regulators, which discouraged many people from filing complaints. From what I've seen, it looks like someone inside Cysec finally decided to put some teeth into the organization. Those teeth are still small, but they are showing signs of getting longer and sharper.

BDB needs more that a 162k fine. They're up on charges from the CFTC, and they sometimes can rip off 162k or more from a single client. Cysec needs to get together with the CFTC and press charges against the company and its owner. Otherwise, the company will just pack up and move offshore to keep the scam running. If you've got friends in Cysec, you might want to ask them to cross-check BDB and a few other Cysec regulated brokers against recent registrations with the IFSC in Belize. (You can find BDB on this page - http://www.ifsc.gov.bz/licensed-service-providers/list-f/)

Do you have any new information about Omari of CommexFx? I saw a report of an arrest, but nothing else.