Yeah I had. They won't investigate my case because it's about cfd trading with crypto's.
Ohhh that’s interesting, however CySec allow the broker to sell the product
do you mind posting the fos reply here
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Yeah I had. They won't investigate my case because it's about cfd trading with crypto's.
Ohhh that’s interesting, however CySec allow the broker to sell the product
do you mind posting the fos reply here
Hum, one more foolproof trap, when you signed up had you been properly informed about those clauses vii. Viii.
https://www.fca.org.uk/news/statements/cryptocurrency-derivatives
“Cryptocurrency derivatives are, however, capable of being financial instruments under the Markets in Financial Instruments Directive II (MIFID II)”
Also quite some time these cfd’s are regulated on UK side, allowing FOS as compensation scheme
But does this also count for CySEC and brokers located in Cyprus?
No, and according some last Cy circular 268 may 2018, it’s still not regulated by Cysec however its brokers according “The Law” must inform, warn their clients as mentioned, if you see some failures report it directly to Cysec…..7.7k that’s a bad joke !
vii. trading in such products does not entitle the investors to any protection under the Investors Compensation Fund
viii. they have no rights to report to the Cyprus Financial Ombudsman in case of a dispute with the firm
these are probably the more important warnings the broker was to notify you, seems nobody knew ?
then changed their terms and conditions so they could figure out a way to reduce their losses.
Do you have their annual accounts returns ?
http://www.mcit.gov.cy/mcit/drcor/drcor.nsf/faqs_en/faqs_en?OpenDocument
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000T8CiEAAV
Current names:
Registered
Leadcapital Markets Ltd
www.finexo.com
www.forexyard.eu.com
www.leadcapitalmarkets.com
www.trade.com
www.trade.com
Previous names:
www.binary.stock.com
www.binaryglobes.com
www.excellenceoption.com
www.optionsclick.com
www.prestigeoption.com
www.regulatedoptions.com
www.stock.com
www.stxmarkets.com
.....hum, just some brands
is it really possible to file bankruptcy??
YES
Their yearly financial accounts statements could show if they got some money left….
just some indication
http://www.leadcapitalmarkets.com/documents/Pillar-III.pdf
https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=c21f1c9e-eb00-49e0-87bb-e488f44044ae
if ever they targeted the wrong country’s selling non regulated product’s, it will backfire as well, all it need’s are a couple of complaints to those country’s regulators, police…hum
“ 11. CIFs are not permitted to exercise passporting rights afforded by the Law when offering such services in European Union or third countries. CIFs and their board of directors are personally responsible to assess the individual country status ……”