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  1. #1
    Solid Member

    BO Brokers Based in Cyprus !!!

    As we all must know by now, most brokers are based (registered) in Cyprus. I believe it's because of tax benefits. Anyway, my fear is that if Cyprus goes under, will this have a direct effect on brokers' banking policies and would our money be protected if Cyprus becomes bankrupt?

  2. #2
    Administrator Martin Kay's Avatar
    That's actually a good question! I can't speak for all for all brokers as I'm not sure where and how they keep their money.

    This is what i've heard from Stockpair, 24option and anyoption:

    StockPair: “the impact of the last events on Binary Options brokers was minimal. The Cypriot authorities, that are supportive of the industry and promote regulation of it, have acknowledged that client funds are not going to be affected in any case as they are kept in segregated accounts. The most important aspect for a broker is the trust of the clients which is built on their personal day to day experience. Brokers like Stockpair that earned a high level of trust due to their ongoing conduct of business before the crisis, were impacted the least. We have announced our clients immediately after the crisis broke that their funds are secured and did not experience any change in the business. “

    24Option: “Cyprus bank has problems as everyone knows but it doesn’t affect us because we have different banks that we pay our traders. For example, we have HSBC Bank in Hon Kong and we have bank in Germany so that will be our benefit to pay our affiliates and traders since no other broker has it. Let us know if you need more details about it.”

    AnyOption: “As number one platform in the binary options industry, we don’t have problems with Cyprus at all. Other Brokers probably have problems, but you need to check with them.”

  3. #3
    Rookie Member
    I hope the brokers are smart enough to not put their and their client money in one of the Cyprus ghost banks. The statements from these three brokers looks pretty hopeful, but we could not be sure for all the other brokers. So better to trade only with proven brokers than to experiment with others.

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