Proposed NFA Capital Requirement - page 33
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The Cyprus Shuffle
Over the last few years an increasing number of forex firms have been popping up in Cyprus. It appears the Cypriotic authorities are taking notice and have begun to clamp down on rogue forex dealers. Recently The Cyprus Securities and Exchange Commission put out two separate warnings on forex dealers:
Cyprus Securities and Exchange Commission
Note the second warning is in reference to Northfinance. This warning was put out last summer. Since then Northfinance has stopped accepting new customers as per this widely circulated chat in which they claim they are experiencing "server overload."
North Finance .... red light?
NorthFinance Support Team: Hello, My name is Anthony.
NorthFinance Support Team: May I please have your name and North Finance Account Number?
you: hello, my name is (edited)
NorthFinance Support Team: How may I help you?
you: i just want to ask regarding news that i heard, that NF is changing to EURO ORIENT SECURITIES AND FINANCIAL SERVICES LTD.
you: is it true ? and what are the impact to all customer ?
NorthFinance Support Team: Due to the unexpected growth, our trading platform for both REAL and DEMO accounts reached its maximum capacity and the addition of new clients might jeopardize the performance of the platform itself. Therefore, we have decided not to accept new clients on our NF platform to avoid any possible inconvenience or system delays that might be caused and affect existing users. Currently, we are evaluating various options on how to upgrade our platform in order to be able to accept more clients in the near future.
NorthFinance Support Team: To ensure the bests interests of our existing clients and yours as a potential client, we decided to operate as a Master Introducer referring all new clients to FxPro for execution of their trades in Forex and CFDs. This is a European regulated broker with better terms and conditions. More information on FxPro can be found below or by visiting
NorthFinance Support Team: FxPro
NorthFinance Support Team: Existing clients can still enjoy all the benefits of using North Finance
you: so, it is the same company. but not automatically become fxpro member. right ? need to register again, right ?
NorthFinance Support Team: Due to the overwhelming success of North Finance, we have experience incredible growth, and to avoid reaching maximum capacity North Finance will not be accepting any new registrations directly on the North Finance platform
NorthFinance Support Team: It is not the same company, however North Finance does recommend FXPro for new clients
NorthFinance Support Team: North Finance will operate as a Master Introducer referring all new clients to FxPro
NorthFinance Support Team: You can create an FXPro account directly on their website if you wish Sir
NorthFinance Support Team: and you can also continue trading with your current North Finance account.
NorthFinance Support Team: FxPro does differ to North Finance, and FxPro is a European regulated broker with better terms and conditions.
NorthFinance Support Team: You do not automatically become a member of FxPro. You would need to register on the FxPro website
NorthFinance Support Team: You would also be able to withdraw your funds from your North Finance account to your FxPro account if you so wished.
NorthFinance Support Team: You can also to continue trading with your North Finance account as it is if you wish sir
you: oh ... i see. ok, thank you very much for the explanation. good bye.
NorthFinance Support Team: You're welcome
NorthFinance Support Team: Thank you for the chat, Bye for now!
Who is FX Pro? They are the same company that West Cap FX is now referring customers to since the new banking regs got passed in Switzerland. So it appears FX Pro is cleaning up nicely as a result of the increased level of scrutiny for forex dealers.
FX Pro is regulated in Cyprus by the Cyprus Securities & Exchange Commission. In fact, you can check the regulatory status of any Cyprus based broker by going to the Cyprus SEC's website here:
Cyprus Securities and Exchange Commission
You'll see FX Pro (under Euro Orient) and other firms such as Easy Forex and Windsor Brokers. This is verification that the firm is registered. I can't speak for the quality of regulation that Cyrpus provides but clearly any firm that is not registered here with their own license number should be avoided if they are claiming a residence in Cyprus. I see that Northfinance never had such a license number. Is it a coincidence then that they are no longer accepting new customers? I guess we'll never know for sure...
Sorry to ask...what i understand is that the existing account in Northfinance still can operate as normal right ? For those who want to open new account they should ( must ) register under FxPro.
My question is ....Does NF will be close ?
Dose NF gives us a time schedule to prepare?
Sorry to ask...what i understand is that the existing account in Northfinance still can operate as normal right ? For those who want to open new account they should ( must ) register under FxPro.
My question is ....Does NF will be close ?
Dose NF gives us a time schedule to prepare?It does not appear that Northfinance's future is all that bright. If I had my own money there I would withdraw it. But I have never trusted this firm to begin with. When your hometown regulator disowns you that should be a red flag to stay far away from them.
Just one slight correction, Aleccoh was trading peoples own accounts for the '200 Pips Challenge', not sending him money so he could trade it for them - at least not untill he opened Aleccohfx, his seemingly non-company (at least on a legal basis). Then, his so-called 'Trading Team' consisted of crummy martingaling and scalping EA's...
Let me add, that despite being a customer, Aleccoh has yet to send me (and at least several others...) ANY information whatever about what supposedly caused this debacle - despite continuing to 'address' his customers periodically with more lip-service in the thread you cited.
Swiss firms
I applaud your efforts and enjoy reading the informative posts on this thread, and I think I speak for many others when I say this. However your latest post which attacks all Swiss based Forex dealers because of the actions of one is illogical. By this rationale because the NFA allows one of the many bucket shops in the US to operate it means all the other brokers in the U.S. are bad. Obviously this is a case of stereotyping. As you have stated on a previous post only three firms have said they intend to become a bank. I can confirm that both Crown and Dukascopy will be becoming banks in time to meet the new regulations. I wholeheartedly agree that there are many bucket shop operations in Switzerland and a house cleaning is certainly in order and I am happy to see it. Good riddance to bad rubbish in the form of Alceeho and North Finance and soon many others like them.
I think when you hear that these Swiss firms are regulated you get the wrong impression, taking it to mean that they regulated the same way the NFA regulates firms. What Dukascopy means is that they are regulated against money laundering, I am quite positive they never told you they were regulated to the same degree the NFA does, or the way Alchecco claimed they were being regulated. To lump a pure ECN like DukasCopy who does much more volume than FXCM or Alcheeo, who has NEVER traded against a client in with trash like Alchecco is madness. You make the claim that no broker will tell the truth unless they are regulated, however I have and still do work with firms who are honest which are not regulated beyond some arbitrary money laundering laws. Meanwhile companies who are registered lie regularly and get away with it . When a company like Interbank FX for example claims that all customer orders are going straight through to the bank when they in reality were being routed to the dealing desk at FXLQ. The bottom line is, I would open an account with Dukascopy long before I would open one with Interbank FX, NFA regulated or not.
Personally I think the reason people want to see a firm is regulated before they invest with them is because they are to lazy to look into a firm themselves and see if they are solid. It's just another example of people relying on the government (or in the case of the NFA a private organization) to do their thinking and decision making for them. So in the end in this case as is often the case in similar circumstances the government and/or self serving regulatory body lets the people it is supposed to protect down and lets the crooks continue to operate, as long as they pay their dues and fines from time to time.
Over the last few years an increasing number of forex firms have been popping up in Cyprus. It appears the Cypriotic authorities are taking notice and have begun to clamp down on rogue forex dealers. Recently The Cyprus Securities and Exchange Commission put out two separate warnings on forex dealers:
Cyprus Securities and Exchange Commission
Note the second warning is in reference to Northfinance. This warning was put out last summer. Since then Northfinance has stopped accepting new customers as per this widely circulated chat in which they claim they are experiencing "server overload."
North Finance .... red light?
Who is FX Pro? They are the same company that West Cap FX is now referring customers to since the new banking regs got passed in Switzerland. So it appears FX Pro is cleaning up nicely as a result of the increased level of scrutiny for forex dealers.
FX Pro is regulated in Cyprus by the Cyprus Securities & Exchange Commission. In fact, you can check the regulatory status of any Cyprus based broker by going to the Cyprus SEC's website here:
Cyprus Securities and Exchange Commission
You'll see FX Pro (under Euro Orient) and other firms such as Easy Forex and Windsor Brokers. This is verification that the firm is registered. I can't speak for the quality of regulation that Cyrpus provides but clearly any firm that is not registered here with their own license number should be avoided if they are claiming a residence in Cyprus. I see that Northfinance never had such a license number. Is it a coincidence then that they are no longer accepting new customers? I guess we'll never know for sure..............
It does not appear that Northfinance's future is all that bright. If I had my own money there I would withdraw it. But I have never trusted this firm to begin with. When your hometown regulator disowns you that should be a red flag to stay far away from them.
What broker did you used bro? if you are not using NF as your broker why u want to give a statement against them?Does NF and other broker that you didn't used bother you.
Sorry to ask.
Thanks.
I applaud your efforts and enjoy reading the informative posts on this thread, and I think I speak for many others when I say this. However your latest post which attacks all Swiss based Forex dealers because of the actions of one is illogical. By this rationale because the NFA allows one of the many bucket shops in the US to operate it means all the other brokers in the U.S. are bad. Obviously this is a case of stereotyping. As you have stated on a previous post only three firms have said they intend to become a bank. I can confirm that both Crown and Dukascopy will be becoming banks in time to meet the new regulations. I wholeheartedly agree that there are many bucket shop operations in Switzerland and a house cleaning is certainly in order and I am happy to see it. Good riddance to bad rubbish in the forusm of Alceeho and North Finance and soon many others like them.
Dukas, ACM and MIG continue to advertise their registrations with ARIF and OAR-G as examples of their being regulated. They should have been stating all these years on their website that forex trading is not regulated in Switzerland. But of course they would rather confuse traders than tell them the truth.