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CySEC slaps fine on InstaForex and ForexMart parent

#1
The Cyprus Securities and Exchange Commission (‘CySEC’) has imposed a total fine of €130.000 to the owner of InstaForex and ForexMart forex brokers, Instant Trading EU Ltd, for non-compliance with the applicable laws.

More specifically, the Company has failed to comply with certain provisions of the Investment Services and Activities and Regulated Markets Law regarding the use of leverage, the granting of bonuses to clients, and ensuring negative balance protection. For this non-compliance, the owner of InstaForex and ForexMart is fined with €90.000.


Re: CySEC slaps fine on InstaForex and ForexMart parent

#3
From the business agreement of InstaForex
5. Order of business, claims and contentious cases settlement.
1. When contentious cases occur, the Customer is entitled to report a claim to the Company. Claims are accepted within two working
days from the date the problem has occurred.

[...]

4. The Customer claim form shall comprise:
[...]
- description of claim, leaving out emotional connotation.
5. The Company reserves the right to dismiss a claim in the following cases:
- the claim does not comply with the terms of the Clauses 5.1, 5.2, 5.4.;
- the claim comprises obscene/rude words or/and insults to the Company or its officials;
- the claim contains threats to the Company or its officials;
- the Customer threatens to stain the reputation of the Company using social networks and other community resources.
Interesting company to work with. Within two working days only and no insults allowed - I wonder what experiences with angry clients they made.

Re: CySEC slaps fine on InstaForex and ForexMart parent

#4
LazarR wrote:
Thu Aug 09, 2018 10:46 pm
Just 130K penalty for three major violations , seems like CySEC is barely slapping the hands of this
broker.
I was thinking about that too. I mean, it's good they penalized them, but that's like pocket money for a company like that.


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