Been scammed by a Cyprus Broker? New instructions from Cysec

AsstModerator

FPA Forums and Reviews Admin
Messages
5,575
Cysec hasn't had the best reputation for dealing with bad brokers. I am happy to see some signs of improvement.

If you've been scammed by a Cysec regulated broker, here are some new instructions from Cysec...

ANNOUNCEMENT

On the occasion of the full operation of the Financial Ombudsman of the Republic of Cyprus, the Cyprus Securities and Exchange Commission (the "CYSEC") would like to remind the public and all stakeholders on the way complaints against Cyprus Investment Firms ("CIF") are handled.

Investors who consider that they have any disputes with CIFs, for which they are claiming damages, are encouraged to consider submitting their complaint to the Financial Ombudsman.

Address: 13 Lord Byron Avenue, 1096 NICOSIA
Phone: 22848900 (main number)
Facsimile (Fax): 22660584, 22660118
E-mail:
• Complaints: complaints@financialombudsman.gov.cy
• Financial Ombudsman: fin.ombudsman@financialombudsman.gov.cy
• Website: www.financialombudsman.gov.cy

It is important to stress that the CYSEC has no restitution powers. Therefore any complaints submitted to CYSEC are taken into consideration in the performance of its supervisory mandate.

Nicosia 22 October, 2015

Original announcement on Cysec's site.

If you've been scammed, complain to the Cyprus FInancial Ombudsman for restitution. Complain to Cysec to try to get them to force the company to change.

Special thanks to L.Z. for bringing this to my attention.
 

CanAm

Private, 1st Class
Messages
32
I must say - I did wonder a lot when Greg partnered up with a Cyprus Broker for his Knowledge To Action / Learn To Trade company
 

vgasper

Sergeant
Messages
137
"On 15.JUL.2015 I was trading EUR/ CAD pair at UFX and I made 7571.36 USD profits. The same day I get email from their employee (VikyG@ufx.com), they deleted my profit (7571.36 USD), in connection to section 9.6 terms and conditions.

So they claim there was "NO QOUTE" on the market in the time of my trading.

NO QUOTE means I couldnt open deal, but I did, so they are wrong!!"

IS THIS STORY TO REPORT??
 

MdH1

Private
Messages
27
"On 15.JUL.2015 I was trading EUR/ CAD pair at UFX and I made 7571.36 USD profits. The same day I get email from their employee (VikyG@ufx.com), they deleted my profit (7571.36 USD), in connection to section 9.6 terms and conditions.

So they claim there was "NO QOUTE" on the market in the time of my trading.

NO QUOTE means I couldnt open deal, but I did, so they are wrong!!"

IS THIS STORY TO REPORT??
Try to attach more details , if possible screenshot with account number details. All online brokers are money makers. At that time UFX wasn't ready to counter your trade and deleted your profit. If you would loss in such trade they wouldn't delete it for sure. I am curious ..how much you deposited in your account? $7571 profits in a single trade Imao :D. These brokers obtained cheating public licence from moron authorities. Try to trade directly with Bank . Be it in your country or overseas or CFTC approved USA brokers.
 

vgasper

Sergeant
Messages
137
Try to attach more details , if possible screenshot with account number details. All online brokers are money makers. At that time UFX wasn't ready to counter your trade and deleted your profit. If you would loss in such trade they wouldn't delete it for sure. I am curious ..how much you deposited in your account? $7571 profits in a single trade Imao :D. These brokers obtained cheating public licence from moron authorities. Try to trade directly with Bank . Be it in your country or overseas or CFTC approved USA brokers.
I didnt deposit much, I just know how to trade :p...

I got every dollar from them until now, but since then they are just deleting trades... OFF QUOTES - I dont think so!!!
 

Doji Star

Recruit
Messages
1
I must say - I did wonder a lot when Greg partnered up with a Cyprus Broker for his Knowledge To Action / Learn To Trade company
Not surprising, considering, at one stage, he used to trade with MFGlobal of Jon Corzine fame! Not that Greg's like Corzine, but maybe he has a knack for selecting bad brokers? To be fair,though, at that time all the 'big boys' were with MFGlobal.
 

Sunny Chow

Private
Messages
12
"On 15.JUL.2015 I was trading EUR/ CAD pair at UFX and I made 7571.36 USD profits. The same day I get email from their employee (VikyG@ufx.com), they deleted my profit (7571.36 USD), in connection to section 9.6 terms and conditions.

So they claim there was "NO QOUTE" on the market in the time of my trading.

NO QUOTE means I couldnt open deal, but I did, so they are wrong!!"

IS THIS STORY TO REPORT??
What is UFX? Do you show the website to us ? Do you read their disclaimer? or see who regulate them?
 
Top