CySEC responds to LeapRate’s ‘shakedown’ allegations
CySEC responds to LeapRate’s ‘shakedown’ allegations explained by professional Forex trading experts the “CySEC responds to LeapRate’s ‘shakedown’ allegations” FX trading team.
CySEC responds to LeapRate’s ‘shakedown’ allegations
Well it seems as if we’ve ruffled some feathers at Cyprus’ financial regulator CySEC. In an apparent response to our article Wednesday in which we claimed that CySEC is shaking down a number of FX brokers, CySEC issued a press release yesterday (full wording included below, or click here for the original CySEC press release), asserting its authority to reach settlements with regulated companies.
Let us be clear — our purpose in writing the original article was not to attack CySEC, but to bring to light one specific set of incidents which we believe the facts support. But overall, we do believe that CySEC is indeed a good regulator, well experienced in dealing with Retail FX brokers, of which there are many (several dozen) in Cyprus.
CySEC has generally been very good at focusing on things it should focus on — safety and security of client funds, ensuring that brokers are well capitalized, preventing fraud, improving standards of operation at firms it regulates, etc…. One of the reasons we believe that traders working with Cyprus brokers have been safe, while at the same time elsewhere in the world (e.g. UK – WorldSpreads, USA – PFGBest, MF Global) we see incidents of large-scale fraud and bankruptcy, is that CySEC generally is properly doing its job, and understands how Retail FX firms work.
CySEC responds to LeapRate’s ‘shakedown’ allegations Conclusion
For more information about currency trading brokers visit TopForexBrokers.com Forex brokers comparison website, Tip ForexSQ.com foreign exchange trading
experts please by share this article about CySEC responds to LeapRate’s ‘shakedown’ allegations