Anyone expecting any issues with end of month payments from prop firms who hold their money in Cyprus accounts. (like the sponsor of this forum). I was always a bit uneasy when I noticed a certain prop firm all of a sudden change from a well known US bank to one in Cyprus (a little over a year ago). I can understand the logic of using a Carribean bank, but one based in a weak Euro zone got me nervous, luckily I escaped it before it happened (bless my pattern recognition capabilities). However I'm curious as to what will/is happening with those that stuck around. PM if you want to keep it confidential.
your money is never truly "safe", regardless of who is overseeing it. Accepting the risks associated with prop-trading is part of the learning curve. Your money is never really safe. Even in Caribbean banks, it's very easy for funds to be frozen. These days it doesn't seem any country can get their finances in order and have confidence in their banking system with their people. Who is the sponsor of this board you are referring to? Nevis?
Unless there is more than one Nevis Trading Group you most certainly do use a bank in Cyprus. Maybe you should look at your wire instructions, Benificiary Bank: FBME Bank Limited, Nicosia, Cyprus 90 Archbishop Makarios III Avenue 1077 Nicosia, Cyprus PO box 25566, 1391 Nicosia, Cyprus Swift BIC: FBMECY2N Also if you'd like I can list your account numbers as well as a copy of a wire transfer to you in Cyprus. PS Chris/Jeff I would suggest you not get into a pissing war with me as I have lots of ammunition. However, I will suggest you guys make an operations manual and follow it, rather than your style of "what do I feel the policy should be today" and change it on a daily basis along with your minds and oral promises. TRADER'S LIKE STRUCTURE AND CONSISTANCY.
Kiss that account goodbye! As those accounts due to their size will bear the majority burden of the tax...
7Out, Obviously you haven't traded with us recently. We were actually ahead of the curve and closed that account about a year ago when there were signs of trouble in Cyprus. Again, we have no account in Cyprus and all of our traders know that.
Nevis Trading has relationships with several clearing firms. Please feel free to call or email us for details. Thank You.