Cysek for non Europeans?

[BobDabolina]

Hi,

If I were to open up an account with a broker who is Cysek regulated, can I enjoy that protection if I’m no longer living in Europe and move to a non-European country? Or will my account have to be changed to a Seychelle FSA if that is the only other regulation they offer? (Which means no protection of your funds).

thanks for clarification

[forexforexforex]

You should give this a read and then ask your question here. Plenty of folks trading offshore will experience with your question. Very active. @Clint started the thread.

Going offshore to escape the CFTC

OFFSHORE FOREX BROKERS Saturday, May 4, 2024 This is our 14th Year on the Babypips Forum Here is an updated list of the offshore brokers vetted so far in this thread, and the results of our inquiry into whether these brokers will open new accounts for U.S. residents, given the current regulatory regime imposed by the CFTC on retail forex trading in the United States. Definition — Offshore Forex Broker A retail forex broker domiciled in a jurisdiction outside the U.S., not subject to t…

[weamyikea]

I don’t think you will have any problem looking for a Cysec regulated broker online. There are some very good regulated brokers out there. All you have to do is check their services and see if they suit your trading style. I’m using some CySEC regulated brokers too. These include, FP markets, Fxview, FXTM, etc. you can always contact a broker and ask them if they’re regulated.

[ontario]

Nope, you will be able to stay with the branch you opened account with. My fellow had similar situation with Hotforex, after moving to another country he’s still able to trade via their FCA entity.

[garfield01]

Did he also update the address? What if by chance he didn’t and they assumed that he is still in the same place?

[Todorie]

I am wondering is there was ever fund protection with Cysec? Some of the brokers under that regulation have gone down. Have you researched how many traders got their money back?

[garfield01]

I was just wondering the same thing and I decided to google something and found this - https://www.financemagnates.com/forex/regulation/analysis-what-happens-if-a-major-cysec-regulated-broker-goes-bankrupt/
In the last few paragraph, they talked about the ICF which is basically fund protection. Let me know what do you think of that

[ikeabissa]

I cannot say about other brokers but CYSEC is the agency of Cyprus and Europe so you are only protected in this region. I don’t think the agencies will transfer. Moreover many of the brokers like Fxview and XTB allow people from all regions on their platforms but on a case by case basis. So I don’t think so there can be a shift from one regulating authority to another but rest this information can be confirmed through the representative of the authority or the broker.

[gavegaggle]

It really doesn’t matter the place you’re trading from until your trading style, strategies, and currency pair selection is good.