Good day! I would like to trade live, but my prospective broker is based in Cyprus. With all the news regarding the financial crisis in that country right now, do you think it’s safe for me to put my money in their company? The company’s name is IronFX.
Thank you for your guidance and suggestions.
From what I’ve read over the net, all Cyprus-based FX brokers are saying that client money is “safe”. But of course they would.
Suppose you’re a trader and this is a trade, what do you think is the risk / reward in this situation? Can you find a similar trade that offers a better probability of a win elsewhere? I’d stay well away from Cyprus-based brokers and stick to one that is regulated in more stringent countries like the UK, Australia, US etc. The only reason for brokers to register in Cyprus is that Cyprus is one of the weakest financial regulatory authorities within the EU. To me that is a red flag.
if it have headquarter in Cyprus —> I will be worry, but not in panic mode 
if it is only branch in Cyprus —> no worry
You can always check their financial statement ( they should report it yearly)
Just have your pitchfork and some kerosene ready for the worse case scenario.
Plus you know there’s a lot of dirty russian blood money there too so if you don’t nab em they definitely will.
there are far better and safer choices. is there one particularly special benefit to having THIS particular broker that no others can match??? is there a compelling reason to “set up shop” with a minor / risky player? what’s wrong with UK-based ones, or Germany, Switzerland, etc…?
thank you for your comments…i will take your points into consideration as i make my decision…
i like babypips, people are very helpful. May we all succeed and prosper!!!
The main thing that any trader would like to know is that if the broker offer some sort of protection to the client funds.
For my broker i feel safe, even if they would crash(hope not, it’s a great broker), my funds are protected by Investor Compensation Fund 
So your broker is Cyprus based?
I’ve also wondered about this whole Cyprus situation. I’ve been considering putting some of my funds with a Cyprus based broker, but the way things are going there, it seems way dodgy!
Well Sadiq to be honest, if you know your Broker well then it really does not matter if they are based in Cyprus or elsewhere.
Yes my broker is based in Cyprus, but they keep all of their money outside Cyprus and hence they are not effected in any way 
The good part is that they have informed me about this