Cyprus based forex broker Forex Time (FXTM) says that funds of clients are safe as they are held in banks outside the island nation.
This joins a statement by Windsor Brokers here. The full statement and a comment by FXTM founder Andrey Dashin regarding the situation in Cyprus are below:
FXTM client funds are safe and remain unaffected by the banking situation in Cyprus. Our trader accounts are based with leading EU banking institutions outside of Cyprus. As such, our traders’ deposits are not affected by the measures taken as part of the Cyprus bailout
Commenting on the recent developments regarding Cyprus’ bailout and economic reforms, Andrey Dashin, founder of Cyprus-based forex broker ForexTime (FXTM) said:
“My extensive experience in business, but particularly in the forex market, has taught me to expect to find challenges in the business environment. Without a doubt, Cyprus’ reputation as a financial centre has been damaged. However this has been more as a result of rumours and uncertainty surrounding the deal, rather than direct financial losses.
“I feel that, although painful now, the bailout does address one of the biggest problems in the Cyprus economy – the size of its banking sector. As a result it leaves behind an admittedly wounded, although fundamentally stronger (and smaller) banking system upon which to build the economy.
“What’s important is that the country quickly rebounds and gets back on track, taking the steps needed to secure the future of the country and the economy. I believe that the Cyprus government and Mr Anastasiades have done everything in their power to minimize the negative financial impact on Cyprus. The country has all the prerequisites to emerge even stronger from the current crisis: a significant amount of educated, experienced professionals in the financial sector, a friendly business environment, a proactive and discerning new government, the prospect of future gas proceeds, and a perfect geographical position.
“While there’s no doubt that Cyprus will face tough times ahead, I believe that the country still has a solid and prosperous future, and can emerge from this even stronger. I remain committed to my investment in Cyprus.”Get the 5 most predictable currency pairs