What conclusion should I draw from this incident? Has it impacted the financial stability of Gibraltar?
If I read the article right, it seems Spain apologized to GibraltarâŚ
Well, I wouldnât trust people who are officially called pirates by authorities from Spain. Simple as that. What you do is your decision. Donât expect any help from US or European authorities if you claim an issue, though.
Regarding Africans bypassing: There is an official version and there are facts. The facts are that a lot of Africans bypass by help of people who got paid for. Itâs a little like at the Mexican border. Just a little worse.
I also do not have to contact this broker, because I donât look for other brokers. I am just posting stuff here to share my experience and help others making decisions for themself.
The Spanish authorities have called the British forces âpiratesâ. Is that a valid enough reason not to trust the UK? Gibraltar does not have its own armed forces, all the defence is carried out by the British.
I also fail to see any similarities between Gibraltar and the Mexican border. Some North Africans would have to be exceptional swimmers/sailors to both reach the Iberian peninsula by sea and bypass the British coastal guard. For this, they have to be no worse than John Rambo. So far there havenât been any in Gibraltar.
Frankly, you seem just to see the positive things and trying to ignore some facts. That is what I get out of this discussion. I have no problem with it, because I do not park money there. I have brought up some facts which keeps me off from parking money there and if you want to get more information then I suggest doing more research of your own. I just shared my general opinion about those regions. I am however no expert in pirate research, money laundering or things like that. Good luck with your financial activities there!
Frankly, I base my judgement solely on facts and research rather than on speculation and prejudice.
Click on U.S. Persons for the fuller story.
They cannot accept U.S. Persons unless they come other than via the web site.
But you found out about them on BabyPips so just say that and you should be ok.
Reuters is another possible source to find out about them: Institutional FX Brokerage House Investors Europe Ventures into the Retail Market | Reuters
Prejudice? Okay, if you call it like that. However, I prefer what you call prejudice which is however based on experience rather than to lose my money. That Spain called them priates is not my imagination. That Africans escape with help is not my imagination. And that it is at an Afrcian border is also not my imagination. Just facts, which influent my decsion not to park my money there. I have enough experience to avoid issues. Sorry, that I do with my money what I think is the best, lol. At least, I just answered your questions as honest as possible. If you are not satisfied with the answers I suggest next time not to ask, lol.
Just to finally cut this: can you provide me with a link to a report about Africans escaping to/through Gibraltar?
Yes I could, but google is something I am sure you can use by yourself. It is an open secret that Africans use every option to escape from the African continent. Gibraltar is not the only country where they are escaping through, though. And it is at least not important. Important is that Gibraltar is not what I would call a country with a trustable authority. I stated all facts what I am aware of. Now you are on your own. Good luck for your research.
No link? Enough said then.
Odds and ends.
[B]AAAFx[/B]
cytmike, welcome to the forum and welcome to this thread. And thanks for the info on AAAFx. Iâll make the appropriate change to the List no later than the weekend, and move the List to the end of this thread (again).
Regarding AAAFx, getting your money out of Greece may be a blessing in disguise.
[B]Take a deep breath.[/B]
I donât think weâre going to be opening any offshore forex accounts tomorrow, one day before July 16. And, I think Monday the 18th will probably be a bad choice, as well. All of July might be a good time to just stand pat and let the dust settle.
Retail forex is alive and well here in the U.S., albeit with a choker-chain around its neck. If you have a U.S. account, focus on that for the next several weeks. Depending on what happens on the regulatory front, early September might be a good time to re-visit the offshore broker decision.
[B]For brand-new newbies.[/B]
If you are a U.S. resident looking to open your very first forex trading account, BY ALL MEANS open an account with a strong, CFTC-regulated U.S. broker. Youâll have plenty of new stuff to wrap your head around over the next few months, without worrying about all the turmoil being discussed on this thread.
Six months from now, when you are better equipped to make a decision, you can decide whether to stay with your U.S. broker, or make the switch to an offshore broker. Six months from now, U.S. brokers will still be here, and offshore brokers will still be there.
[B]Self-defense measures.[/B]
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Pay close attention to regulatory news here on this forum, on other forums, on the CFTC website, and in the financial press. This is especially important if you already have an offshore forex account.
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If you have an IRS tax problem â that is, if you have an un-reported foreign account of any kind, or if you have un-reported income, or unfiled tax returns â get that cleared up now. You will have to do that before you can do the next step.
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If you donât have a U.S. passport, get one now (itâs likely to get harder to do in the future).
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After you have a U.S. passport, look into the possiblility of getting a second passport. Hereâs something I posted on Timâs (sandpipperâs) thread several days ago â
- Help us continue this fight. If we put our best efforts into defeating the forces of totalitarianism, it isnât certain that we will win â but, if we give up on this fight, itâs certain that we will lose.
Just enter gibraltar, africans and refugee or flee in google, lol. There are your links. 
Did it - not a single report pertaining to Gibraltar was found. Thatâs why I asked you for a link.
Well, I get way over 16 million results here. And frankly, you wonât tell me that there are no Africans fleeing via Gibraltar, no? That would be similar if I would tell you there are no Mexicans fleeing through the Mexican border.
Thanks for all the thoughtful replies. I am going to look into the UK Ltd. as well as other countries, I was not aware that it was so cheap. I agree, Iâm not particularly comfortable with Investors-Europe either. Best of luck to everyone treading through the murky waters that is the Dodd Frank actâŚ
âDonât expect any help from US or European authorities if you claim an issue, though.â
In regard to the European part of that, Gibralter is part of the European Union and investorseurope is subject to the MiFiD protection regime.
According to Investors Europe :: Fund your Account - Security of Funds :: Forex, CFD | Regulated Forex Broker
âAs a fully licensed and Regulated European Broker Investorseurope holds all client funds in fully segregated account, in accordance with MiFID (Markets In Financial Instruments Directive).â
I would point out that use of segregated accounts under MiFiD is far superior to what is required in the U.S. where segregation of customer funds is not required or practiced by forex brokers! So I think your funds may be safer there than with a U.S. Forex broker!
In the past, some American investors have traded forex in Europe specifically because of the better protection provided by the segregated accounts, which are absent in the U.S.
According to Investors Europe :: Regulation :: Forex, CFD | Regulated Forex Broker
âInvestorsEurope holds a cross border license, authorising the company to provide investment services internationally.â
There is also a Gibralter Investors Compensation Fund, see Investors Europe :: Investor Compensation Fund :: Forex, CFD | Gibraltar House of Assembly which will reimburse up to 90% and 20,000 euros.
Does the U.S. have such a fund? Nope - only for stock investors in the U.S.
Oh and according to the government fund FAQ:
"Will I be able to claim compensation if I do not live in Gibraltar or if I am not a
Gibraltar citizen?
If you are an eligible client of the failed scheme participant, regardless of place of
residency or nationality, you are entitled to compensation under the Scheme."
This thread is growing so fast itâs hard to keep up. So far I have several brokers I intend to investigate: Traders-Point, RV-Markets, Investors-Europe, FinFX. I have done only VARCHEV Financial. They are regulated by FSA primarily. I took their reg number, and crawled through the FSA files. I found nothing negative about them. (I do that with every broker with which I may do business). More than likely I will make no moves until September, after, hopefully, the Dood-Frank dust settles, then I can get back to the market.
On the surface, Traders Point looks goodâŚAlmost too good. They look so good it makes me a little leery. Ah well, after I investigate, Iâll know more⌠Good trading to all
alamoland, I presume youâre referring to [B]Trading Point[/B] in Cyprus, which was first mentioned by Biker Trash back in May?
If youâre doing some research on this broker, please keep us informed. Specifically, if you can confirm that they will open new accounts for U.S. residents, then I will add them to our List.
Also, can you furnish any of the basic information which we try to display for each broker:
[B]Trading Point (Cyprus)[/B]
Platforms: __________. â Min. initial deposit: _______. â Max. leverage: _______. â Spreads: EUR/USD _______, GBP/JPY _______.
Forex | Forex Broker | Trade Forex | Trading Point
Thanks.