Hello everybody!
I’m going to post 2 links to articles on leaprate.com. I think it will be interesting to you as well.
CySEC, lacking funding, is shaking down FX brokers – the real story - Forex Industry News
Cyprus FX brokerages scramble to reassure clients - Forex Industry News
thats a relief and its always refreshing to have that doubt out of your chest 
i hope things gets better there, I mean this will affect manytraders if the things ive been reading gets any worst, godspeed everyone
Cheers, pretty interesting articles.
Well for me i do not have anything to worry as my broker is based in Cyprus but they do not keep money in Cyrus banks.
It is so good my broker doesn’t keep money in Cyprus. even though i’ts Cyprus regulated:)
I have been already informed by my broker MAYZUS on 18th march that they keep money in UK and Germany:p
I haven’t seen some “real” horror stories about withdrawing yet. So far, everything was successful. It may be a different story if it’s a huge amount though. 
Hi Kuerten,
I’m glad to hear these reports of traders being able to withdraw funds from their trading accounts so far. The concern is that the new bailout terms might end up hurting traders even more than what was originally proposed. The new terms state that while bank accounts with balances below 100k EUR will now remain intact, accounts with balances above 100k Euros including corporate accounts could face a “haircut” of around 30% instead of the 10% that was originally proposed. That’s a big hit for any business to take: Foreign Businesses in Cyprus Grind to a Standstill - The New York Times
We have spoken at length about financial transparency needed within the forex industry so that traders can have a better idea of how much capital their broker has on hand, debt outlook, etc so traders can be better informed about the broker they are trading with. It would do a great deal to put traders at ease if companies would publish exactly how much exposure they have. How much money do they have in the affected Cyprus banks and how much is with banks outside? Do they have enough money to keep their business running even with a 30% hit to their funds in Cyprus?
A secondary concern we are hearing from traders is the possibility of capital controls which could restrict how much money you can withdraw. This may be the second major topic of the crisis.
Jason
[U]Cyprus a few days after the final bailout agreement[/U]
Cyprus, March 27th, 2013 – During the past ten days, Cyprus has been going through a rough time and has been the ‘hot topic’ on news worldwide.
Several brokers were approached in order to share their views. The MD of Windsor Brokers Ltd., was one of them since Windsor had recently been nominated as one of the top ten CIFs based on capital.
When asked how the bailout will affect FX brokers in Cyprus and what measures they have taken as a company, Mr. Johny Abuaitah, MD of Windsor Brokers Ltd replied:
“When a country is facing a financial crisis, all types of businesses are affected in one way or another. It is not all about where money is held and whether is it safe or not. Uncertainty, lack of trust and confidence are the main consequences for businesses and clients. With the final bailout deal for Cyprus being finalized, much of the uncertainty has now dissolved.
The greatest affect will be on brokers who held most of their funds and/or their clients’ money in Laiki Bank and/or Bank of Cyprus. I believe that for these companies it could be the end, unless shareholders will absorb their clients’ losses and raise new funds to operate the business until part of the money held with these two banks are received.
The second group of companies, are those who had most of their money in Cyprus but not in the two troubled banks. It could also be the end for these companies if they didn’t inject new funds to pay their clients and to operate their business in Cyprus during the days that the banks in Cyprus were closed for business.
The third group of brokers either had enough funds or all of their funds outside Cyprus. Such companies managed to continue operations normally and to satisfy clients’ payment requests. What such brokers need to do for now, is to restore the confidence and trust of its clients in Cyprus and their company.
Windsor was part of the third group. One of our main Risk Management Policies is to keep clients’ and Company’s funds in a number of first-class banks distributed over a widespread geographical area.
We have paid extra attention to this policy after the collapse of several known banks and brokers over the past few years. In addition, Windsor does not hold Clients’ funds in either of the two Banks in Cyprus. Our operations were therefore not affected by the Cyprus bailout deal.”
About Windsor Brokers Ltd
Windsor Brokers Ltd. was one of the first brokers to have been established in the Republic of Cyprus. Financial products that can be traded online include Forex, CFDs and Futures OTC.
Windsor Brokers Ltd is licensed/regulated by CySec (Cyprus), EEA authorized by the FSA (UK), registered with the AMF (France) and BaFin (Germany) and complies with MiFID.
More information available www windsorbrokers. com
Hello Jason,
The main reason for worry is for those brokers who have placed their money with the Cyprus based Banks. But for those who do not keep there is no reason for worry.
Why would anyone keep more than 100K Euros in a Cyprus Bank when they know that they have problems and Bailout is required. Was Greece not a lesson to be learned from?
Additionally my broker has Investor Compensation Fund for my money with them up-to 20,000 Euros.
I have no problems with regards to withdraw from them
Yes dear i agree with this that now Broker must educate their clients that they are Safe and that the problems in the Cyprus do not effect them in any way as all their money is outside.
My Broker MAYZUS Investment Company, already told me that they keep all of their money in UK, Germany and Czech Republic Banks:13:
Dear BabyPips members,
We would like to assure you that our clients’ funds are 100% secure with TFIFX.
All available margin in your TFIFX trading accounts is not affected. We guarantee the full amount of our clients’ funds because TFIFX has partnerships with Europe’s leading banks (not in Cyprus), including Barclays and UBS.
Your withdrawal requests will be processed as usual!
Our Customer Support is always happy to assist you through live chat, email or phone +357 22749800.
Stefanos Panayiotides
TFIFX Support Team
[B]I was already informed by my broker MAYZUS Investment Company on 18th march that Cyprus bailout does not affect them.[/B]
[I]MAYZUS Investment Company assures all clients and partners that their funds are safe and secure. MAYZUS clients will not be affected by any changes in Cyprus banking system or legislation. MAYZUS keeps money in trusted European banks outside of Cyprus, namely, Royal Bank of Scotland (UK), Deutsche Bank (Germany), Barclays (UK), Citibank (UK) and Česká Spořitelna (Czech Republic).
Being a regulated EU broker, MAYZUS guarantees top-notch services, deals’ execution and safety of all operations conducted by Company’s clients. Deposit with MAYZUS – your funds ARE secure with us.[/I]
Cyprus, April 10th, 2013 – Mr. Johny Abuaitah, Managing Director of Windsor Brokers Ltd. shares his views on the Cyprus situation.
“Before we talk about Cyprus, it is important to bear in mind that banks worldwide became involved in two successive global crises, starting with the derivative-mortgage crisis that originated from the USA in 2008 and Europe’s sovereign bonds crisis. The financial markets went into panic as many banks worldwide were stuck with bad investments and over 4 trillion dollars went into stabilization of banks and stimulus initiatives.
As a consequence of Europe’s bonds crisis, two local banks in Cyprus were stuck with bad investments and required financial assistance. These were not the first two banks and will not be t[B][/B]he last to do so worldwide. We saw similar bailouts to major banks in the USA and Europe in the past 4 to 5 years.
Obviously, depositors and shareholders of the two local Cypriot banks suffered the consequences. However, investors who held funds below the amount of 100,000 Euros were protected in accordance with EU regulations.
As an EU member state with a significant geographic location, a favourable tax/legal system and advanced communication channels and infrastructure, Cyprus has been a high caliber services and business friendly center for many years.
There are two types of businesses in Cyprus; businesses that focus on the local market and international businesses that focus on foreign markets. International companies located in Cyprus mainly provide banking, shipping, insurance and investment services. These companies have continued their operations normally and were not directly affected as they were not linked to the local market but to many countries worldwide.
Windsor Brokers Ltd. is a licensed and regulated international investment firm. We were one of the first brokers to have been established and officially regulated in the Republic of Cyprus and have been active in the financial markets for the past 25 years. Windsor was also recently ranked by CySec as the number one broker with the highest capital reserves among all regulated FX brokers in Cyprus.
Our real strength however as a company lies in our structured internal risk management policies. Thanks to many pre-established risk management policies, Windsor was not affected by the Cyprus bailout or the collapse of several important banks over the past decade. The optimal aim of our risk management policies is to ensure safety of client funds and that our operations can continue running normally under different circumstances, without compromising the quality and efficiency of our products, services and customer support.
As part of our risk management policies, client and company funds are held in segregated accounts in 11 first class banks over a geographically widespread area. Windsor did not hold any funds with the two banks in question in Cyprus. This policy allowed us to conduct our business as normal, even on Sunday the 17th of March – a day after they announced that banks would close for a certain period of time.
At Windsor, clients were able to trade and make transfers whether deposits or withdrawals to and from their trading accounts as usual, without any delays or limitations.
The main concern should therefore not only be based on a country and/or its banks as such.
The real question that investors should ask themselves is not whether Cyprus and its banks are safe, but rather if the firm they are dealing with actually has a solid pre-established risk management framework.
That is a company’s safety net during tough times. After all, even if a broker located outside of Cyprus held funds in one of the two banks in question, they would have still been affected by the bailout.
At Windsor, thanks to our risk management policies and procedures, we are in a position to provide our clients and business introducers with a safe, ethical and reliable trading environment. Moreover, we are constantly taking up challenges to launch new products and services as well as innovative ways of trading that will best meet the expectations of our valued customers.”
About Windsor Brokers Ltd
Windsor Brokers Ltd is licensed/regulated by CySec (Cyprus), EEA authorized by the FSA (UK), registered with the AMF (France) and BaFin (Germany) and complies with MiFID.
Nice to share ur oppinion. But please dont advertise in this thread. Coz babypips.com already had special thread for advertising. thanks 
A lot of the Cyprus based FX brokers guarantee that funds are held in banks outside Cyprus. Also, seeing that clients funds are in a trading account & not in a Cyprus bank, that funds are SAFE…
Is this true?
they are in cyprus but safe money in diff country?? isnt that sound fishy??
Why not build broker in the same country with the bank??
They reveal themself to their customers…
Their reaction seems answered customers question.
But what they do just leak their weakness…
Think logically Sadiq and everyone here.
How we are find the truth is part to become [B]diligent FX trader[/B]
Thanx for your reply…think its safer putting my money somewhere else.
LOL…I asked one of these cyprus brokers to send me a letter from their bank stating how long they’ve been banking with them. I didnt need to know the balance, etc, just something to silence this doubt I had. Answer was no, & I was refered to a page on their website where one of their directors gaurantees that funds are in UK bank. 
I dont trust easily & that didnt help either.
In our opinion, this could have been a choice of some or many brokers but it is important to clarify that the risks associated with a financial company or a broker is not just where the broker’s bank is located. This is just one aspect of risk just like the other aspects directly related to the safety of client’s funds. Other aspects of risk include the risks related to:
Liquidity providers: which providers that a broker uses? How many? Where are they located? And under which regulation do they operate?
The trading platform: how stable is it? Where is it hosted? What back plans are in place?
The Payment service providers: Who is the payment service provider that the broker is using? How many are they using? Where do they operate from? And under which regulation are they?
The list is long; the safe broker is the regulated broker that takes all risk aspects into consideration when building his own risk management policies and procedures. Thus ensuring the safety of client funds and consequently allowing the company operations to continue running.
correct. I didnt have any withdrawal problem with FXPro but i still left them because for me it’s always “better safe than sorry”. there are a lot of reputable brokers outside Cyprus, why stay with them? That’s all.
By the way, I’ve been pretty much behind on the news but what happened to this broker? 
Many traders are trading and successfully withdrawing from many Cyprus Based brokers as FxPro, HotForex, FxNet,… (more broker, check here:Cyprus Securities and Exchange Commission)
I think even a broker from US can be scam, please do check carefully any name from any where to have a withdraw
Interesting point actually. I also noticed that segregated funds in my broker (Hotforex) administered by Ninety Fast company. What it gives to average Joe? Ensures additional safety?