Will Cyprus Forex Broker Accounts be Subjected to a "Wealth Tax"?

While we eagerly wait the outcome of this socialist experiment gone wrong in Cyprus, we would like to again remind the public that where you deposit your money is incredibly important.You need to know that it’s safe and that the brokers holding it are the most regulated and under the heaviest scrutiny in the forex industry. Trading is hard enough as it is, why expose your funds to unnecessary risk?

The United States is the most heavily regulated Forex industry in the world. All brokers must register with the Commodity Futures Trading Commission and are members of the National Futures Association.

Brokers have daily, monthly, and quarterly operational reporting requirements, detailing customer funds on deposit, # of retail and ECP forex customers that are active, whether they are US or foreign domiciled, and the percentage of non discretionary accounts that were profitable vs non-profitable among other things. Unaudited financial statements are filed monthly and audited financial statements are filed annually. Failure to comply with these NFA requirements can result in severe disciplinary actions as well as substantial fines and penalties.

A lot of traders get so caught up in trading, they completely forget about whether or not their account deposit is safe. We think it's better to be safe then to be sorry.

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