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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I am having an issue with a company
Ohhh that’s interesting, however CySec allow the broker to sell the product
do you mind posting the fos reply here
VilmarK
Private, 1st Class
- Messages
- 37
Ohhh that’s interesting, however CySec allow the broker to sell the product
do you mind posting the fos reply here
Dear Mr. Klok ,
We have examined your complaint application with Ref.No.:13.29.004.2501 and we would like to inform you that your case cannot be examined any further by our office.
Your complaint relates to virtual currencies, which does not fall within CySEC’s supervision. Please refer to the below links for more details.
https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=df4362e5-0309-4ce3-bc0e-f6b3224592ed
https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=68916d74-fd47-40a4-a848-1f6bacb8aea3
According to “The Law Relating to the Establishment and Operation of a Single Agency for the Out of Court Settlement of Disputes of Financial Nature (Financial Ombudsman)”, Part VI, article 9(3)(a) the Financial Ombudsman does not undertake the examination of a complaint, which relates to transaction that does not fall under the competences of CySEC.
Based on the above legislation the Financial Ombudsman does not have jurisdiction to examine your complaint and is terminated.
The official termination will be submitted to you in due time.
Best regards,
Financial Ombudsman Office
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
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
VilmarK
Private, 1st Class
- Messages
- 37
I’m not sure if I understand what you’re saying. 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 ?
VilmarK
Private, 1st Class
- Messages
- 37
They changed their terms and conditions in Q4 of 2017. So at first they failed to inform their clients. Later, but that was already when all this **** happened.. they changed it. Looks like they learned their lesson the hard way.. lost a lot of money.. 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
VilmarK
Private, 1st Class
- Messages
- 37
What do you mean with their annual account returns? And I've read some things on the website you posted.. is it really possible to file bankruptcy?? Because I know more people who didn't get their profits at Trade.com!
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 ……”
VilmarK
Private, 1st Class
- Messages
- 37
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 ……”
Wauw this is a lot of information. Thanks. I filed a complaint at CySEC and the Financial Ombudsman of the Republic of Cyprus, but this week I also filed a complaint at the FOS in the UK since Lead Capital Markets is regulated by the EEA. It looks like they put you in a corner with some bull**** accusing just so they can get away with the losses they actually made on an asset.
