Thread: HotForex Discussion

Originally Posted by ;

quote All traders are safeguarded by FSCS reimbursement scheme. If you figure out how to open account with FCA regulated broker you are safe

not exactly per state. Its tricky if a broker has multiple licencing. Some have FCA licences but don't have FSCS scheme. In case their HQ is in cyprus. It still falls under the payment of cysec scheme, maybe not FCA's.

Ideally like banks, together with brexit putting an end to passporting of licences, brokers will be forced to be more transparent.

Everybody wants to begin trading. But the most important thing to do is to get someone familiar to proceed thru the broker's PDS/FSG with you in detail clarify every nook and cranny with your broker via writing. Make certain to maintain a copy of the correspondence as evidence should the need arise.

Originally Posted by ;

quote not exactly per say. Its very tricky if a broker has multiple licencing. Some have FCA licences but don't have FSCS scheme. In case their HQ is in cyprus. It falls under the compensation of cysec egy, maybe not FCA's. Hopefully like banks, with brexit putting a stop to passporting of all licences, brokers will be forced to be more transparent.

Yes, it's correct, but there's always information that customers are protected by FSCS or other Malta or Cyprus scheme. Normally some brokers are REGULATED by CySEC and in addition REGISTERED in FCA and in such a instance it means actually nothing to get trader FCA will not care about you whatsoever. It profit for broker, since it seems better and some customers do not get the distinction.

Originally Posted by ;

quote Yes, it is correct, but there is always information that customers are protected by FSCS or other Malta or Cyprus scheme. Normally some brokers are REGULATED by CySEC and in addition REGISTERED in FCA and in such a case it means actually nothing to get trader FCA will not care about you at all. It is merely profit for broker, since it sounds better and some customers don't get the distinction.

Seems you don't get the point raised by Bicarus.

A permit doesn`t mean a thing.

It's the jurisdiction/regulation the broker is governed by that's important. Brokers flashing licenses as a big deal, is trying to give securities. They understand it willn`t mean a thing.

When you start looking for FCA protection, your broker needs to be controlled by the FCA. If your broker falls under two regulations (one FCA) make certain your account is benefitting from the FCA protection.

Some members of this forum is misleading additional, by claiming the following:

you need to be an British or EU citizen to benefit from this FCA protection. This is absolute bullshit. I've pointed this out to the forum member earlier they continue to make these claims.

Leebsurag, challenge: Contact FCA and ask if non British or EU citizens will benefit from the FCA regulation if they are customers with a broker that falls under FCA regulation. Come back to this forum with your answer.

Originally Posted by ;

A license doesn`t mean a thing. It's the jurisdiction/regulation that the broker is regulated by that is vital. Brokers flashing permits is only hoping to give securities. They understand it willn`t mean a thing. If you look for FCA protection, your broker has to be regulated by the FCA. If your broker falls under two regulations (just one FCA) be sure that your account is benefitting from the FCA protection. Some members of the forum is misleading other, by asserting the following: You need to be an British or EU citizen...

Good that you made this post, so I do not have to write it long All traders out of all of the round the world are protected by FSCS should they figure out how to open account under FCA regulated broker, but remember that brokers have branches, so choose UK branch, not Malta or Cyprus or whatever else in the event that you want to be protected from FSCS... For instance you'll be able to open account in FxOpen that is registered in Nevis or regulated by ASIC or governed by FCA, three distinct sites.

Originally Posted by ;

A license doesn`t mean something. It is the jurisdiction/regulation that the broker is regulated by that's important. Brokers flashing permits is hoping to offer securities that are false. They know it willn`t mean something. If you start looking for FCA protection, then your broker has to be regulated by the FCA. If your broker falls under two regulations (one FCA) make sure that your account is deducted out of the FCA protection. Some members of the forum is misleading other, by asserting the following: You need in order to be British or EU citizen...

Well I partly agree with you, but lets have a peek at bankrupt Alpari UK which was under FCA I've some trading fellows on forum still hoping to recover their funds from there. They are from Spain, btw.
We all known that laws and promises in theory and practice can be quite different. .

Originally Posted by ;

quote I partially agree with you, but lets have a peek at bankrupt Alpari UK which was under FCA I have some trading fellows on forum still hoping to regain their funds from there. They're out of Spain, btw. We understood that guarantees and legislation in theory and practice can be different. .

The Alpari incident I have first hand encounters with, from several clients of Alpari. I would say the Alpari incident is a proof of why you should opt for a FCA controlled broker. They got their money back.
?
Sure, they needed to wait around for a while. Still, in the end they obtained it.

Challenge, no 2: Give us a regulation that could have passed the Alpari incident better than the FCA actually did? Please elaborate/explain why you believe this regulation could have functioned.

Still awaiting the end result out of challenge no 1....You produced the promises, now you can back them up...

Originally Posted by ;

quote The Alpari episode I have firsthand encounters with, from many customers of Alpari. I would say that the Alpari episode is a strong proof of why you should opt for a FCA regulated broker. They got back their money. ? Sure, they had to wait for a while. In the end they received it. Challenge, no 2: Give a law which would have passed the Alpari episode better than the FCA actually did to us? Please elaborate/explain why you believe this regulation would have functioned. Still awaiting the outcome from challenge...

First opinion: we are not on disagreements, its a peaceful discussion where I find dubious to demone something to the person I even don't understand! We describe our expertise and all expressing our views. Unfortunately you're currently currently trying to shift away from this into attempts to convince somebody or me that your experience or point of view is somehow more valuable or more appropriate than others. Its egoistic and disrespectful to other forum members, I would say.

We all understood trading is about making money whereby its potential - FCA, CySEC, offshore brokers etc.. Not your favorite arguments.

Second, the fact is that the guys are still waiting, almost two decades passed. And despite the assurance that is naive its unknown if they will get their cash back. And I do not have to get in contact with any labs to get their formal replies. Than they are unsure if they could ensure investor protection who will respond me? So sorry, you challenge doesn't make a sense.

And I reiterate, laws in theory and practice work distinct.

The only challenge I take is that market casts to me

Originally Posted by ;

quote

Look mister, you have a lot of times on this forum maintained that non-British and non-EU citizens won`t be protected/compensated by the FCA, even though they are customers of a FCA controlled broker.

That is misleading info. I've pointed out this to you before. Still you keep doing this. So I presume you read English as 12, you write in English. YOU ARE Mistaken. You should seek out this information on your own. It may expand you perspective/horizon. If you are a trader, it may help you.

The Alpari episode is nicely covered. If your friends hasn't got their money back and are eligible for compensation. They have an excellent situation within the system that is british. Based on the trustworthiness of your asserts that are former, I doubt that these instances excist. It is too easy to come up with false claims in forums like this. If they excist create their claims are processed by them simultaneously.

Why are you attempting to talk down the FCA. What interest can you have of accomplishing this? Is it because you really don`t desire unscrupulous traders to understand that they receive a lot more protection from the FCA when compared with this CySec.

Since that is the truth, even though you try to provide impresssion otherwise.