i have my account with FXPro and I have heard horror stories about Cyprus bailout deal like here
Cyprus Bailout Deal - Business Insider
or here: 8.7 Billion GBP Bailout Package Saves Cyprus From Financial Oblivion - For Now | Forex Magnates
The question is, whether my money is safe with foreign banks in Cyprus or not? I have account with FXPro and i know they have their money with Barclays in Cyprus. Considering Barclays is not a local bank, is it safe or still at huge risk?
Safe ur money my friend. Its not funny when our money vanish whereas we know exactly the condition.
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Yeah well i think the best option is to withdraw my money asap. I have diversified my money to several other brokers but i still feel unease about fxpro as it is the only cyprus based broker that has my money.
still though, i wonder if this whole crazy cyprus bailout will have any huge impact on cyprus brokers? I mean it is quite clear that most depositors in cyprus banks are financial institutions like forex brokers themselves. What will happen to them?
One more thing, fxpro has bank account in barclays and not local cyprus bank. Is there any difference between a foreign or local bank if we are talking about the bailouts?
I have withdrawn all my money from FXPro. I will update this thread when I get the money
Thank You! [B]Please DO[/B] update us on your funds withdrawal! Hopefully it will go through just fine! But I am a bit worried as I have a good chunk of money with them as well. I hope they don’t haggle with clients who want to liquidate accounts consisting of large funds (by my standards anyway) :eek:!!!
I’m trading with Hotforex and it’s a Cyprus-based broker, and I have withdrawn successfully too many times. and Fxpro is also a popular broker, so I think you don’t worry about your money.
yes, i will update you when I do so. I know FXPro is a popular broker but well you know there are plenty of choices outside Cyprus so I think why not move away when we can?
THey have reduced my balance to 0 just about 6 hours ago. I will wait and see whether I will get the money before Friday (because recent news said Cyprus banks are closed until Thursday). I know they keep saying Barclays is a British bank but Im sure when I deposited it was to Barclays Cyprus which mean the money should stay there, right? Logic is, HSBC Africa means the money is in Africa even though it’s HSBC…I think it’s as simple as that. Whether Barclays is a British bank or not, it’s still their Cyprus branch that holds FXPro money.
I am indeed worried about that bit as well. Let’s see if my withdrawal goes through without any problems. It is still “under review” by their accounting department :eek: Good luck to you, and all other clients facing this dilemma!
hey guys this is proof of my withdrawal request
http://oi49.tinypic.com/1q1mjl.jpg
as you can see there i have withdrawed all my money with FXPro here and the status is approved. Sorry i censored my full name just for privacy. Let’s see whether i will receive the money or not. Will update it here
I believe you would get money on time, don’t forget to update here.
hello dollace thanks for the kind reply. I certainly hope so too.
Btw, two days ago I also contacted Barclays regarding this situation and this is their reply today
(I censored my name here. again sorry for privacy)
Dear Mr ****
Thank you for contacting Barclays regarding the situation in Cyprus.
All deposits subject to Cypriot banking rules, whether held at a local Cypriot bank or a Cypriot branch of a foreign bank are at this stage included in the proposed legislation.
We have been instructed by the Governor of the Central Bank of Cyprus to temporarily freeze all payments and transfers in Cyprus. To that end, we have temporarily frozen all bank accounts in Cyprus. This will be the case until we receive further details.
The situation is still unfolding, but we are working very closely with the necessary authorities to provide you with further clarity.
I trust I have answered all of your queries and hope you have a good day.
Kind Regards
Annette Barrett
PS: I contacted Barclays because it’s FXPro bank account in Cyprus
and remember I did ask FXPro in chat session yesterday and [B]they clearly mentioned all withdrawals will be processed normally and they insist the money is not in Cyprus which mean wire transfer should be done normally if what they said was correct right?[/B]
so let’s see if FXpro was lieing or not
im still sure they will pay me though (regardless of when). it’s just $2275 so no big deal for them i guess hehe :44:
hi there, I also have read similar news in forexmagnates. FXpro said the money is in UK and Monaco since 2011/2012
but then it’s not about whether I trust their statement or not. but it’s more like “I have other options outside Cyprus brokers, why should I stay there?” you know what I mean? I would only lose 1-2 weeks of trading but that’s it.
I will update this thread once I get the money btw so you guys know whether their statement is true or not (about the money is truly in UK/Monaco or in Cyprus)
This is a good test case. Hopefully everyone indeed can move their funds at any time with these brokers. Make sure to monitor the Cyprus-Eurozone drama
guys just want to update you that I have got my money from FXPro today. THe withdrawal process was so fast! It means they were honest about the money situation NOT in Cyprus. Thanks everyone!
Hi rsg10z
Good to hear that! BTW, how much did Barclay charged your for the transaction? I was charged a total of more than $100 by multiple banks for my withdrawal a few days ago. Barclay alone charged me 60+
Cheers
That’s great. As I said, I know we have some news but it hasn’t affected to our money in Cyprus brokers. I think well-known FSC brokers as Hotforex, Fxpro,… are good.
hi, i was charged about $35 and i could see they transfer the money from “Barclays UK Segregated account”
Hello,
I am writing a story on the current situation in Cyprus and its impact for UK citizens who have their money in Cyprus.
Would anyone agree to answer a few questions for me? Any insight on the situation would be invaluable for my article.
Thank you.
