That's hardly a good thing for traders. You might want to ask yourself why so many brokers and advisors choose to be regulated under Cypriot laws rather than in other countries, and what that might tell us about them: there are reasons for that decision, and they're not reasons that are designed to protect customers, to put it mildly. (Accounts of some of the litigation currently pending against Cyprus-regulated brokers and financial advisors makes "interesting" reading, too.)
Is it okay to use forex signal services?
- Thread starter Henry Edith
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That's hardly a good thing for traders. You might want to ask yourself why so many brokers and advisors choose to be regulated under Cypriot laws rather than in other countries, and what that might tell us about them: there are reasons for that decision, and they're not reasons that are designed to protect customers, to put it mildly. (Accounts of some of the litigation currently pending against Cyprus-regulated brokers and financial advisors makes "interesting" reading, too.)
do you mean all broker based Cyprus are scam?
Only someone who has done business with all of them could answer that, realistically?
I'm just drawing people's attention to the fact that there are reasons why counterparty market-makers pretending to be genuine brokerages choose to register there. From their perspective, the requirements on them, to be able to do so, compare very favourably with those of other countries which enable them to claim on websites to be "EU regulated". For their customers, not so favourably. Hence some of the widespread litigation, accidents and disasters.
Unless you actually live in Cyprus, why would you want to use a Cypriot brokerage?
(And do you appreciate the difference between a genuine broker and a counterparty market-maker?).
Forex signal services? Sure, it's still okay to use it. But don't depend on it too much, you still need to analyze it by yourself before stick to the signal...
https://en.m.wikipedia.org/wiki/2012–13_Cypriot_financial_crisis
And..........its GONE.
Could there be a worse place? Absolutely!
https://bank.cybo.com/m/RU/belgatoy/stock-brokers/
Double your account, close it, and receive a bank check via mail.
Really?
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It's still okay to use signals, though. But you need to involve yourself too when you're trading with signals.
Forex signal providing service is good, but one of the major problems is that when we depend on multiple signal providers we tend to get confused with them which in turns effect our decision making and sometime we loose valuable time too.
They are still going and claiming big profits but as you say $5k is too heavy for the average Joe.