• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

Problem Big scam - youtradefx

I am having an issue with a company
To the point of debate, if it is true that israeli government allows companies to be located or operate there, even without letting israeli citizens to open account with, that will be a Scandal by itself because it will be as if the government is manipulating its own rule and letting citizens to do the same, taking advantage of holes in the rule.
What's that rule which makes it prohibited for some and allowed for others?!!!
That will be a Big Shame to the Jews people & a religion to be treated like that because the Penal Law is set in coordination of Gambling is prohibited for Jews.
As if the government disallows Casino Gambling but closes the eye on it being performed on ships in the sea(not telling a secret, the responsible people knows that!!);) or a Jew can be the owner of the Casino but disallowed from participating, leaving it only to foreign people to gamble, is not a problem?!?
Or let the Tourism police stand on the entrance to discover who are Jews who are not, must remember to ask for the ID's not passports!:p
That's completely stupid, playing on & violating the rule for personal, companies and mafias benefits.
 
I'll skip the current Eran/FXCobra debate for now.

In the meantime, I did miss Michael's return from the missing in action list. I'm glad he's back, but hope he can say more soon. And by that, I mean a LOT more.
 
Forex and casinos in Israel

Hey Anthony,

I just see that I did not answer your question Anthony.

I want to say that I am on the same side as everybody here and I am sorry if I have upset people in the forum or caused an argument between Anthony & FXCobra. This was not my intention.

Let us focus on the issue like Pharoah suggested.

Israeli law doesn't allow casinos operating within Israel. A Israeli is also not allowed to play casino online even if that casino is located outiside of Israel. This does not stop casinos from creating a dummy corperation outside of Israel and then making a second company in Israel. The dummy company that has only phone and one room then "hires" the company within Israel to do all of the work. So in fact the Israeli company is only a service provider and not engaging in illegal gambling activities.

You should know that many owners of casinos from other countries around the world with laws against casinos use these loopholes too.

In Forex in Israel it is very grey area and for more than 2 years they talking about regulating this market. For now it is 100% legal to own a 4x company in Israel and accept Israelis and traders from other countries. In the post I make earlier you see lawsuits that were made against Israeli 4x companies by israelis!

I hope this answers your questions.

Good Day,
Eran
Hello Eran,
Thank you for politely posting your positive experience with your attorney and for referring us to his very appropriately placed link, under the "Classifieds > Services Offered" Section here at FPA. Please disregard the rude remarks that followed.
.
I do believe that Isreali Law prohibits Israeli citizens from participating in gambling activities, and forex falls within their definition; but it is legal for an Israeli company to offer this kind of business activity internationally, to non-Israeli citizens. Am I not correct?
.
Thank you,
Anthony Ingrassia, CTA
 
Hey Anthony,

I just see that I did not answer your question Anthony.

In Forex in Israel it is very grey area and for more than 2 years they talking about regulating this market. For now it is 100% legal to own a 4x company in Israel and accept Israelis and traders from other countries . . .
I hope this answers your questions . . .
Eran

Hello again Eran,
Thank you again for adding your experience and expertise as a result of it to this forum.
Please keep us updated.
.
AI
 
I'll skip the current Eran/FXCobra debate for now.

There's no debate with the person but the advertising for a lawyer he had done. It's stupid for anyone to believe that a one lawyer can bring you your rights from brokers and others couldn't!!!

The lawyer is who must give his opinion about the Penal Law application in market trading and how it's legal now for brokers(any examples!?!) to operate and accept israeli clients if it's true as the person said!?!

Clarification: there's no direct debate(middleman may exist) because there was never and will not ever be a connection or segment, you understand;)
 
Greetings,

Eran's intent was an innocent one so please have mercy ;).

I'm going to be more involved in these forums personally and I hope that I will be able to shed some light on the forex business in Israel.
I'll try to visit the different complaints and threads on a regular basis and will only get involved if I have something that I can contribute to the conversation.
I have no intention of advertising myself or asking one of my clients to advertise me since this is not my work ethic.

You are 100% right fxcobra, there is no doubt that the ability a trader has to demand his rights from a broker is not limited or restricted to any single lawyer.
With that behind us here is a very interesting article that summarizes the current situation of the Forex industry in Israel:
The Regulatory Evolution of Israeli Forex | Forex Magnates

I did not write this article nor have I personally verified all of the facts written inside of it but it is a good place to start for those who want more information on Forex in Israel.

At the moment my website only has one page and I'd be happy to expand it. If anybody has questions or subjects that they would like to hear more about I'm open to suggestions.

FXCobra - if you have any more questions I'll try my best to answer them and be as informative as possible.

Have a good day everybody!

Thanks,
Mr. Eyal Vardi Geler
EVG Law Associates
eyal@forexlawsuits.com
Forex Lawsuits - Helping Traders Fight Back!
Legal Disclaimer: The materials and information provided by me are provided for informational purposes only and do not constitute legal advice.
 
He had already advertise you, so we guess what is the "work ethic" and my message reached in blinking speed, clients can also work as transporters!

Anyway, to the point, am really not interested how the market is working or regulated there but my main question was a legal one and yet not answered!!!

From the legal side, how do allowing brokers operate from 'israel' not a big violation of the 'israeli' Penal Law?

Was the Penal Law adjusted by a legal extension approved by the government?

Was there any kind of Legal Conscientiousness by brokers lawyers to bypass the Penal Law or in other meaning turn around it, manipulating its real meaning & intention that punishes the violator?

If anyone want to admit it or not, Forex and overall market trading & operations is under the 'gambling' list, the Penal Law prevents gambling for Jews or anyone doing it in 'israel', so the repeated question, if brokers are operating from there, how is that not violating the Penal Law?!!
 
Hey FXCobra,

I see we have started off on the wrong foot. So I guess it's up to me now to gain your confidence ;).

Where did you read that it is illegal for brokers to operate from 'israel'?

Where did you read that "Forex and overall market trading & operations" is under the 'gambling' list in Israel?

I just want to make sure that you are well informed.

Here is a list of forex companies currently operating in Israel whose target audience is Israelis:
4XP - ????? ????? - ???? ???? ???? | ????? | ???? ????? ???
www.atrade.co.il
www.goforex.co.il
www.usgcapital.com
פורקס | מסחר במט"×— - FXCM ישר×ל
etc..

Many of them list Israel as the Judicial system in their "terms and agreement".

All of them are in hebrew with a target audience of Israelis inside of Israel.

So, again I ask you:
What makes you think that Forex is considered gambling and considered illegal in Israel?

Thanks,
Mr. Eyal Vardi Geler
EVG Law Associates
eyal@forexlawsuits.com
Forex Lawsuits - Helping Traders Fight Back!
Legal Disclaimer: The materials and information provided by me are provided for informational purposes only and do not constitute legal advice.
 
Hello Eyal,

I took a look at your site and I like the home page.

As far as I did not notice at FPA a huge waiting list of lawyers, all saying "I can help", I think it is pretty useful to get the right information and the possibility to take action.
 
I'm waiting for the long list of brokers who are pretending to not be in Israel. Of course, that should be in a separate discussion thread.

Personally, I think it's about bloody time that a lawyer decided to jump in here and offer some help. There are a lot of issues that would make tempting targets for litigation. I guess most other lawyers held back because all the client's money had already been taken by bad brokers.


Hello Michael. Any chance of saying some more?
 
Back
Top