www.trading-point.com MT4 500:1 No Fee Credit card funding and withdrawal 5-digit variable spreads Telephone Trading Available Located in Cyprus
Sorry to interrupt your advertising - but could you please elaborate some more on the point of this post of yours..
Pippi436, I am in hopes to create a thread for users to interact about this broker...You might read the sticky at the top of this forum to understand better.. (This is the Forex Brokers Forum) http://www.elitetrader.com/vb/showthread.php?s=&threadid=216662 Please share your good and bad experiences here... If Trade Point would like to advertise here, then please contact Baron to become a sponsor. http://www.elitetrader.com/co/ ES
Trading Point was just sued by the CFTC for failing to register. Also, they are in Cyprus. Cyprus Brokers could be exposed since Cyprus Banks have 40% of their assets in Greece, which in my opinion is quite likely to default on its obligations and pass laws converting all foreign currency deposits to "new drachmas" as a 50% discount. This could include your broker's deposits in the worst case. I suspect that a lot of the reason for the existence of the large number of Cyprus brokers is that they can earn high interest rates by investing customer funds in Greek banks. They are likely really out for the investment income on the deposits, not for the income from forex trades. From the FT: ============================================ The Greek crisis has spilled over into Cyprus, raising the risk that a fourth country will soon need an EU bail-out. The islandâs finance minister Kikis Kazamias said he is mulling a request for help from the ECB after 10-year Cypriot bonds rose above 13pc. "We do not have the luxury of being choosy about who is going to lend to us," he said. While Cyprus is too small to be systemically important, its banking system is roughly nine times GDP with liabilities of â¬156bn, according to Fitch Ratings. This is equivalent to Iceland before it blew up. Cypriot banks have 40pc of their assets in Greece, and hold a significant chunks of Greek debt.