Belize Liscence (Spam from inside JustForex)

[zak_hasmunir]

Hi to everyone! I have one point at issue. I opened an account with broker which has Belize license (IFSC). But now I found the information on forums that only license from Uk (FCA, FSA regulators) or USA (NFA) are trusted and offshore brokers are not credible. (In spite of this, there are representation of this broker in my country (I'm from Malaysia) and it exists pretty long...) So, how do you think, if we really shouldn't trust IFSC license or it is normal regulator?? I'm worry now about my deposit ((

 

[sadip.tammat]

As for me, I also trade with broker with Belize license and I never had problems with withdrawal
Of course, brokers with European and US license are considered to be more reliable. It`s harder for broker to obtain such license, but it`s doesn`t mean that brokers with other regulation are scammers.
Sometimes, people consciously choose brokers with less strict regulation, as they usually have more profitable trading conditions.
As for me, the main thing is to get a broker with a license. And it doesn`t really important what kind of licence is it.

 

[hafizmohd81]

Hi to everyone! I have one point at issue. I opened an account with broker which has Belize license (IFSC). But now I found the information on forums that only license from Uk (FCA, FSA regulators) or USA (NFA) are trusted and offshore brokers are not credible. (In spite of this, there are representation of this broker in my country (I'm from Malaysia) and it exists pretty long...) So, how do you think, if we really shouldn't trust IFSC license or it is normal regulator?? I'm worry now about my deposit ((

Hello, dear friend!
I am from Malaysia too and I can say that many companies that are popular here are regiulated by authorities that have not very tight regulations. for example, Exness and XM are regulated by CySEC, as well as Insta.. FBS and Justforex are regulated by Belizean IFSC that you wrote about. I also heard about people who work with brokers regulated by FSA (Seychelles), but I haven't worked with them.

I can say that CySEC and IFSC are not so bad and not every company regulated by them is a scammer. note that scammers tend to work without any regulation at all (or fake the license) . btw, you can check if the license is genuine on the regulator's website. My own experience indicated that trading with companies with such regulations is not so scary

Dont panic anyway. Why do you think that they can cheat you? Have you made a large depo with them?

 

[alextrader79]

I hope you' ve read some reviews before choosing them? how much did you deposit?

 

[Robiansyah]

Zak , don't panic, you will withdraw your money if something happens, I hope. They look quite serious on the website http://www.ifsc.gov.bz/legislation/ here it is.

I also would open demo at first , and then make a deposit. You have missed the first stage, I guess?
somehow you opened an account. Trade it now!

 

[zak_hasmunir]

Hello, dear friend!
I am from Malaysia too and I can say that many companies that are popular here are regiulated by authorities that have not very tight regulations. for example, Exness and XM are regulated by CySEC, as well as Insta.. FBS and Justforex are regulated by Belizean IFSC that you wrote about. I also heard about people who work with brokers regulated by FSA (Seychelles), but I haven't worked with them.

I can say that CySEC and IFSC are not so bad and not every company regulated by them is a scammer. note that scammers tend to work without any regulation at all (or fake the license) . btw, you can check if the license is genuine on the regulator's website. My own experience indicated that trading with companies with such regulations is not so scary

Dont panic anyway. Why do you think that they can cheat you? Have you made a large depo with them?

Thank's for information! I'm wondered that such famous brokers are regulated by Belize and Cyprus! So, I more calm from now)
At this time everything goes fine, but I trade just 1 month. I make deposit with 500$. I hope my trading will be successful and I won't have any problems with profit withdrawal...

 

[zak_hasmunir]

I hope you' ve read some reviews before choosing them? how much did you deposit?

Of course, I made research in the internet, I read on Quora that many people trade with this broker. My deposit is 500$.

 

[Pharaoh]

Look at it this way. What do you want from a regulator? A pretty license or the chance that your complaint will get your money back to you?

When was the last time you saw the IFSC fine a broker for a violation or else order a broker to pay money owed to a client.

The MOST I've ever seen the Belizians do is kick out a bad broker. I wonder how many complaints it took to get them to get rid of Banc de Binary? 100? 500? Thousands?

At least the NFA is ready, willing, and able to arbitrate disputes. So is the UK FOS. The NFA and CFTC have a long track record of handing out escalating fines. The UK FCA has slapped quite a few brokers with fines over the years.

The Swiss learned their lesson with the Crown Forex fiasco and also have super-tight regulation.

Then there's Cysec - they handed out licenses like candy and ruined their reputation in the process. Recently, they've scaled up enforcement actions and their Financial Ombudsman has ruled on a tiny handful of the huge number of cases which have been filed.

New Zealand is only better than Belize. They do make rulings against companies, but with pathetic limits. If a company doesn't like a ruling against it it can just withdraw from New Zealand or refuse to pay the money and get kicked out. They'll only go after the company if a New Zealand citizen gets burned - which is why some NZ "regulated" companies don't take clients from NZ.

Australia is still a question mark in my mind. I haven't seen enough ASIC and Australian FOS rulings to be able to judge how fairly they treat traders on average. Still, they do make rulings against companies and hand out fines.

 

[alextrader79]

Of course, I made research in the internet, I read on Quora that many people trade with this broker. My deposit is 500$.

Every company has clients, and they may really write it somewhere in the Internet without saying a word about regulations. I don't think that there is a reason to panic just now, when you haven't even started.
There are several ways for you:
- withdraw all your funds and search for some UK regulated broker that requires minimum deposit around $500
- divide your depo into two parts and deposit in 2 companies, so there will be a chance to try various companies by yourself
- leave with the one you have already deposited and see how it performs. Maybe those feedback was true and that broker will appear to be honest.
In fact, not every company under Cyprus, Belizean and other offshore regulation is sh**.

Moreover, you have a representative office in your country, yes? Visit it and see how they work.

 

[Armando Silvier]

XM Global / XM / Trading Point / XE Markets have recently sent me an email stating that they are moving all CYSEC-regulated accounts to Belize; and they wish me to accept their offer of "retaining leverage, credit, Bonus and other conditions" as they are. But, after contacting support twice online over two weeks and sending an email to their "compliance" i have not received a written confirmation (except through the online chat, which can hardly be considered either secure or legally definitive) that XM will not liquidate my account without notice, on the date they transfer all XM CY accounts to XM Global (XM Global runs and maintains the XM website and is regulated by the IFSC which, since it is based in Belize, may as well be regulated by Mary Poppins and Disney). I have no wish to transfer my account and i have been with XM for several years. XM has cost me 30,000 Euros. That is due to my lack of trading knowledge -- especially when i started out; my ignorance of hedging and good money management; and the fact that, at the beginning, i was making quite a bit of money sometimes with XM, which only tempted me to keep depositing more, once they turned on the liquidity algos. In the later stages, i kept losing money because the XM version of Metaquotes employs very aggressive hedging tools which make it impossible to properly internally hedge your account and, hence, regardless of what you do when you trade, regardless of the pair your choose or your entry/exit, XM can just hedge you out. I have now maintained an account for more than a year without blowing it up; but it is proving impossible to retain profit with this broker (unlike with Oanda). Has anyone else here received an email from XM asking them to move their account from XM CY to XM Global (Belize)? Pharoah, would you recommend your users to choose to accept? XM are refusing to clarify what they mean by "....providing you with continued flexible trading conditions in light of current and upcoming EU regulations" (which can only mean MiFID 2 and the EU enforcement team applying sanctions against companies like XM, who will not be allowed any more to offer deceptive Bonuses which are automatically deducted -- and asymetrically at that! -- when you make any withdrawals; and excess leverage (probably the new limit will be 50:1 or less) above 800:1 which only means they are using that leverage against their clients and the EU regulators are well aware of this). It also is implied in the emails i have received that sometime in the near future (probably as early as 02/01/18 though nobody at XM customer support would confirm this) all leverage, Bonus, credit and any other financial credit (fake money) added to any XM client account currently under EU jurisdiction, will be suddenly and immediately removed without warning or with 1-2 days' warning 'news' about the "Important Announcement From XM About The Upcoming Timbuktu Elections" and then, all small account holders will have their accounts margined out and liquidated. The 'smoking gun' for the negative repercussions of any move of traders' accounts to Belize jurisdiction is the COMPLETE Terms and Conditions of the XM trading agreement regulations for Cyprus (4 pages) vs those for Belize (85 pages). I will try and attach these to give you an idea of the enormous disparity between the regulations for EU financial companies, where there is at least nominal protection under MifID for unsecured creditors; and the Belize regulations from XM, which indubitably protect XM at the cost of the client.