Amante 14 Posted March 28, 2022 Cysec has a horrible reputation when it comes to dealing with rogue brokers. I'm glad to see some indications of progress. Here are some new guidelines from Cysec if you've been defrauded by a Cysec registered broker... ANNOUNCEMENT The Cyprus Securities and Exchange Commission (the "CYSEC") would like to remind the public and other stakeholders on how complaints against Cyprus Investment Firms ("CIF") are handled on the occasion of the Financial Ombudsman of the Republic of Cyprus's full operation. Investors who believe they have an issue with a CIF for which they are seeking compensation might consider filing a complaint with the Financial Ombudsman. Phone: 22848900 Address: 13 Lord Byron Avenue, 1096 NICOSIA (main number) • Complaints: [email protected] Fax: 22660584, 22660118 E-mail: [email protected] • Financial Ombudsman: [email protected] • www.financialombudsman.gov.cy is the website for the Financial Ombudsman of Cyprus. It is critical to emphasize that the CYSEC has no reparation authority. As a result, any complaints made to CYSEC are taken into account as part of its supervisory duty. 22 October 2015, Nicosia The original announcement may be seen on Cysec's website. If you've been duped, file a complaint with the Cyprus Financial Ombudsman. Make a complaint to Cysec and ask them to compel the corporation to reform. L.Z. deserves special credit for bringing this to my notice. Quote Share this post Link to post Share on other sites
malk0n 48 Posted March 28, 2022 When Greg teamed with a Cyprus Broker for his Knowledge To Action / Learn To Trade firm, I had a lot of questions. Quote Share this post Link to post Share on other sites
zardinark 56 Posted March 28, 2022 "I earned 7571.36 USD earnings trading the EUR/CAD pair at UFX on July 15, 2015. They removed my earnings (7571.36 USD) the same day I received an email from their employee ([email protected]), citing section 9.6 terms and conditions. So they say that at the time of my transaction, there was "NO QOUTE" on the market. NO QUOTE denotes that I was unable to start a trade, yet I did, proving that they were incorrect!!" Quote Share this post Link to post Share on other sites
elixir 62 Posted March 28, 2022 Not unexpected, given that he used to trade with MFGlobal, the firm founded by Jon Corzine! Greg isn't like Corzine, but maybe he has a penchant for picking terrible brokers? To be fair, all of the 'big guys' were with MFGlobal at the time. Quote Share this post Link to post Share on other sites
Amante 14 Posted March 28, 2022 5 minutes ago, zardinark said: "I earned 7571.36 USD earnings trading the EUR/CAD pair at UFX on July 15, 2015. They removed my earnings (7571.36 USD) the same day I received an email from their employee ([email protected]), citing section 9.6 terms and conditions. So they say that at the time of my transaction, there was "NO QOUTE" on the market. NO QUOTE denotes that I was unable to start a trade, yet I did, proving that they were incorrect!!" Try to provide additional information, such as a screenshot with the account number. Every internet broker is a moneymaker. UFX was not prepared to counter your transaction at the moment, therefore your profit was lost. If you lost in such a deal, they would very certainly not erase it. I'm curious...how much money did you put into your account? Imao:D made $7571 on a single deal. The moronic authorities granted these brokers a deceiving public license. Try trading directly with the bank. Whether it's a local broker or a CFTC-approved broker in the United States, Quote Share this post Link to post Share on other sites
Ygritte 42 Posted March 28, 2022 Why are you speculating? Go to a friend's home, borrow a computer, and go to UFX live chat, posing as a new prospective customer looking to make a deposit and inquiring about regulation. They'll be eager to boast about their valid Cysec license if they still have one. Personally, I think the information provided by Cysec is excellent. Traders may now file complaints with Cysec about unfair tactics and seek redress via the Cyprus Financial Ombudsman. Cysec has been gradually tightening its grip on the corporations that it previously allowed to exploit unsuspecting traders. Cysec regulation remains subpar in my opinion, but I am encouraged to see that they are making efforts to improve. Quote Share this post Link to post Share on other sites
Libr2 40 Posted March 28, 2022 (edited) This news will turn some heads; brokers will be more cautious in their conduct, and legitimate complaints will be simpler to resolve.. the 7500 main is still money gained even if you didn't deposit much. If they are controlled by CySec, then go ahead and try it. Edited March 28, 2022 by Libr2 Quote Share this post Link to post Share on other sites
argolf 21 Posted March 28, 2022 ""Dear Mr. ,,,,,,,,,,,,,,,,,,,,, In response to your e-mail of October 29th, 2015, we are attaching the complaint submission form to this e-mail, which you must print and fill out according to the basic instructions given on the first page of the form. The Complaint Form may be sent via email and must be accompanied by a receipt for the twenty euro (€20) cost. If you have any problems when filling out your application, please do not hesitate to call the Financial Ombudsman Office at +357 22848900 for additional information. Thank you, Office of the Financial Ombudsman"" This is their response: first pay 20 EUR, then look... Quote Share this post Link to post Share on other sites
wallde 10 Posted March 28, 2022 It seems that Cyprus is cash-strapped. Probably as a result of all the unscrupulous brokers attempting to withdraw their funds now that Cysec is threatening to take action against some of the worst of them, Quote Share this post Link to post Share on other sites
Bwinn 10 Posted March 28, 2022 I'm guessing senior members have seen this video. Allcharge/Algocharge CEO SAREL TAL This undoubtedly includes the Cyprus regulator and others..... He's just talking about shopper FRAUD, with no mention of MERCHANT FRAUD! In truth, any crook, regulated or not, is welcome; even strict PSRs need merchant screening and enough laws to safeguard shoppers/consumers...... Let us see the proof if someone was able to chargeback using Allcharge. Quote Share this post Link to post Share on other sites
CreeperWolverine 26 Posted March 28, 2022 I'm guessing senior members have seen this video. Allcharge/Algocharge CEO SAREL TAL This undoubtedly includes the Cyprus regulator and others..... He's just talking about shopper FRAUD, with no mention of MERCHANT FRAUD! In truth, any crook, regulated or not, is welcome; even strict PSRs need merchant screening and enough laws to safeguard shoppers/consumers...... Let us see the proof if someone was able to chargeback using Allcharge. Quote Share this post Link to post Share on other sites
