Cyprus-EU bailout and the FX and Binary Brokers
Cyprus-EU bailout and the FX and Binary Brokers explained by professional Forex trading experts the “Cyprus-EU bailout and the FX and Binary Brokers” FX trading team.
Cyprus-EU bailout and the FX and Binary Brokers
First of all, we’d like to say that we’re very proud that the Wall Street Journal decided to base its article on the fallout for Cyprus FX brokers on research and comments made by LeapRate Managing Director Gerald Segal. For the complete WSJ article click here.
More than 48 hours have passed since the (misguided) proposed EU “rescue” of Cyprus was announced, along with the planned taxation (or rather, confiscation) of up to 10% of bank deposits in the country. Since then, virtually all of Cyprus’ FX and Binary brokers — and there are many — have been scrambling to assure clients that their funds are indeed safe. (See below what FxPro has posted on its website, reminding traders that all client funds are held at Tier 1 banks outside the country).
However we are still uncertain exactly how this confiscation will be applied, if at all — as of Tuesday evening Cyprus’ parliament roundly rejected the bailout plan, as long as it continues to contain any confiscation of bank deposits. And if the market hates anything more than bad news, it is uncertainty.
Cyprus-EU bailout and the FX and Binary Brokers Conclusion
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