As reports flood in, that savers in the Bank of Cyprus took a hit on Sunday as 37.5pc of their uninsured deposits were converted to equity as part of the island’s €10bn (£8.4bn) rescue deal, iFOREX a on-line trading service provider, has recently stated that in relation to the current Cypriot banking crisis and the proposed measures to be taken by the Cypriot government, iFOREX wishes to reassure its global client base that it has in place substantial risk management and security means in order to prevent such measures from affecting its business and more importantly, its clients’ funds.
The aftermath of the Cypriot banking crisis is still being felt in many industries and with numerous Forex service providers based in Cyprus, some brokers not only incurred losses, but their clients’ funds were also affected. Clients of Cyprus based Forex brokers that kept their funds within certain Cypriot banks lost between 60 and 100 percent of their funds above €100,000 and found that their accounts had been blocked not allowing any withdrawal or deposit of funds. Although iFOREX is based in Cyprus, client funds and account access remained unaffected during the crisis through shrewd risk management and prudent management on their part.
Relying on iFOREX Group’s 16 years’ experience in the foreign exchange field, the firm has implemented several precautionary measures to ensure that any financial actions taken by the Cypriot government, including any levy imposed on deposits held in Cypriot banks, would have no effect on funds deposited by its clients with iFOREX and that the provision of financial services would continue without interruption.
When asked about the measures iFOREX takes to secure company and client funds, a risk manager for the company, Lakis Agathocleous was quoted as saying “As one of the largest and most respected firms in the industry, one of the ways we have stayed ahead of our competitors and flourished through any global financial crisis is by constantly managing our risks. In the specific case of Cyprus, all company and client funds have been deposited in segregated bank accounts held with various reputable European banks keeping the vast majority of funds outside of Cyprus.
In addition, we are a registered Cypriot Investment Firm that is regulated by the Cyprus Securities and Exchange Commission and by adhering to the strict regulations set out by CySEC in accordance with EU directives, we promise not only to protect our clients’ interests and funds, but also to offer a transparent service so that clients know where they stand at all times. We believe that, above all else, our clients deserve to have and should have a safe and secure environment that allows them to invest and we would like to assure them that their funds are protected with us.”
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