hey guys i have been trading with this offshore broker for past some time and have been following this thread as well. but my broker is not from the list here .. im kind of a trouble at the moment and thought maybe someone can help ..
so my broker 8888markets dot come just got flagged by the Irish authorizes for being an offshore entity and taking UK nationals. in the notice they've referrred to it as an "criminal offense" though the said broker isnt the best but being a noob and wanted to make some money on in the side i choose them primarily because the assign a financial advisor to you and assist and unlike of the brokers listed on this thread they even offer investment protection to your funds.. since i read the finance magnates new im worried how it is going to play our cos the new very clearly says none of the investors are protected under the investor protection scheme.. so are they talking about the scheme the regulator offers or the one that the broker offers.. im a bit anxious so cannot read between the lines.... i have around gbp 20k with me.. its most of my saving. though the broker isnt offering the best conditions since they do a lot of hand holding in trading i happened to sign up with them
im pasting the contents of the news here.. since its my fist post the forum goes not allow me to add a link
" Irish Central Bank Warns Against 8888Markets
8888Markets is a provider of a CFD/FOREX trading platform and financial advisory services.
The Central Bank of Ireland today issued a warning against an offshore brokerage firm called 8888Markets as the company has been providing financial services to the country’s residents without regulatory permission, according to an official announcement.
8888Markets is a provider of a CFD/FOREX trading platform and financial advisory services on a broad spectrum of asset classes.
However, the central bank today clarified that the firm in question has been offering investment services to the Irish public while not authorised as an investment firm in Ireland.
The regulator said that it is a criminal offence for an investment firm to operate in Ireland unless it has authorisation from the nation’s central bank. The central bank was adamant in its explanation, claiming that any individuals who opt to invest funds with 8888Markets will not be eligible for compensation in any form under the Investor Compensation Scheme.
The central bank urged anyone offered financial services via cold calls or email to make additional checks to ensure that the entity they are dealing with is authorised. It also advised investors to contact the authority if they are approached by such firms.
Last year, Finance Magnates reported that the Central Bank of Ireland is preparing action to revamp the retail forex and CFDs offering to retail clients. The financial supervisor has issued a consolation paper that focuses on the issues related to financial trading products for retail investors.
Focusing on CFDs products, the Bank of Ireland says that it is preparing action to tackle the high risks for retail clients. The authority is looking for feedback from clients and brokers alike."
Can @Clint please advise? and other hon members of the thread. And the brokers listed on your thread does any of them have advisors or fund protection schemes. And if a person like me.. hving very limited knowledge of trading wants to trade.. what are my options cos that is how landed up with them not one of your brokers.
i have requested a full withdrawal from the brokers... i hope i get my funds backs and when i do i'll share it here..