Israel forex trading - Israel Securities Authority (ISA) Forex Regulation News

He had experience of gold trading but not currencies, he says.

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The account was in his wife's name as a gift for her, he said. He retained control of it.

He then received israel forex trading call from an NRGbinary representative who described himself as a Palestinian from Nablus living in London. Yahya says the man was pushy and demanding. He convinced the engineer that he could make big money if he traded in high volumes, which meant paying in more cash to his NRG account.

He thought he would take advantage of trades that El-Ahmadey said would make at forrex a 50 percent profit. To make up for Yahya's israel forex trading of experience, El-Ahmadey said others would trade for him.

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Israel forex trading first, the trades shown on account statements made steady profits with occasional small losses. But during a holiday in OctoberYahya says El-Ahmadey made currency trades without permission. The account statements show losses in the tens of thousands of dollars.

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Over the following three israel forex trading Yahya says he asked El-Ahmadey, who like other NRGbinary staff could not be reached for this story, to close the loss-making positions. El-Ahmadey did not respond, but then finally contacted Yahya and told him the NRG account was at zero.

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El-Ahmadey then made three losing currency orders and Yahya said he asked to have israel forex trading balance in his account transferred to his wife's bank account in Jordan. He transferred the money. Ten days later, he said, the account was shown as closed with a balance of zero.

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Israel forex trading lost the money he had saved for his children's college fees, Yahya decided to get to the bottom of what had happened. On an online forum called Forex Peace Army, he found hundreds of others like him.

Desperate people from as forex trading israel afield as Australia, South Africa, Canada and Singapore now use Forex Peace Army as a platform to exchange experiences and try to fight to get back some of the tens of millions of dollars they say they have lost to various online companies. When Israel forex trading website was first set up in Februaryit was registered to Security Solutions, with the administrative contact listed as Guy Galb. In May that year, the contact name was changed to Guy G and the address updated to 2 Woodberry Grove - a two-storey house near a spiritualist church in north London.

It shared that forsx with another company called the Alfa Media Group, a little known online marketing firm. Yahya wanted israel forex trading see who he had actually been dealing with.

He examined data from his Skype calls and found it was not stock options multiplier London-based account manager, but an Arabic-speaking person in Israel. The man on the other end of the line tradung been working israel forex trading an apartment in the coastal city of Netanya.

Reuters visited the address and found a four-storey residential apartment building. El-Ahmadey's name was not listed.

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The lawyers asked the bank to close down an NRGbinary account there. The bank, DBS, declined to comment.

The same day, Yahya said, he received around 20 phone calls from NRGbinary representatives. Jutta Strake, 58, a self-employed business coach and consultant from Germany, says she is another victim.

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Strake had israel forex trading money in the stock market and was looking to boost her retirement savings. Strake showed Reuters emails from her account forxe, Michael Vinyard, who said he was based in Britain. In March she deposited 13, euros with NRGbinary.

Within trading israel forex, the money had been transferred from one trading account to another without her authorisation, and she lost everything.

In another email chain, she asks for her money back. Tradinh email address changes mid-correspondence from an NRGbinary domain to Algo Capitals, another forex and binary options site. Algo Capitals did israel forex trading respond to requests for comment.

In lateStrake took her case to the German police, who could israel forex trading track Vinyard in the UK, she said.

Extensive searches on tradin media found no evidence of him, either.

Frustrated, Strake found her way to the Forex Peace Army forum, where she has become a leading lobbyist for action against NRGbinary and other high-pressure brokers. She said she had tradng to the Israeli embassy in Berlin and to a state prosecutor in Tel Aviv to have them look into the case but there had been no progress. israel forex trading

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Her lawyer did not suggest contacting UK regulators as the company was registered in the Seychelles at the time. Israel's Justice Ministry told Reuters that it israel forex trading not comment and referred questions to the securities authority, which says it is not responsible for foreign citizens.

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As complaints against NRGbinary built, regulators in France, Canada, Cyprus, Portugal and Australia issued warnings about the company, putting isrsel on blacklists. Israel forex trading authorities had grown suspicious of NRGbinary in the middle of A member of forex trading israel Financial and Consumer Services Commission in New Brunswick opened an account with the firm under an assumed name.

Online advertisements show that online binary options brokerages seek to hire new migrants to Israel for their language skills. Itzik Shurki, who supervises trading platforms at the Israel Securities Authority, the agency that israel forex trading binary options trading in Israel, said the industry is dangerous.

He said most online platforms allowed investors to trade directly against a broker. Forxe incentivises the broker to have the client lose money, he said.

Shurki likened the short timeframe of some binary options trading - trying to guess the movement of a currency or stock in as little as 60 seconds, say - to gambling. Israel forex trading Shohat Gurtler disagrees.

He said the industry was legitimate as long as it was well policed. Banks, israel forex trading said, should simply never work with unregulated companies.

That is why some brokers choose not to bother themselves with undertaking it.

The one thing that makes the entire process demanding is because the regulatory environment is not the same in all forex trading israel. Different regions have their own set of rules and legislation that correspond to the regulation of financial services in the specific country.

This is israel forex trading fairly new but respected regulator that has been operating since Although these regulators do not have isrel same compensation scheme, their criteria for being able to get a license is quite stringent.

This regulatory body oversees customer credits, all financial services and the FX market in Australia. They are also strict on new traders.

For israel forex trading new trader to open an account with an ASIC regulated broker, they need to take a test before they can open an account. About three-quarters of all FX are traded in through the UK. fores

Their regulatory bodies have been around much longer compared to others. Basically, this means that even if a broker goes under, the trader is still able to claim up to 50K back.

These are German and French regulators with a good record. These US regulators require all online and Forex brokers to be registered and meet strict guidelines with regards to finance.

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Their goal is to stop any company with inadequate resources to become brokers. The israel forex trading nature of the US brokers trading israel forex that all their dealings have to be transparent from amounts of accounts to profitability.

The Russian Association of Financial Markets is a self-regulatory that was set up to protect the FX traders dealing with unregulated brokers.

However, the Russian government is working towards regulating the provisions of CFD trading and retail Forex in the country. The new israel forex trading that were recently introduced helped to bring Israeli regulations in line with the regulatory definitions elsewhere in the world.

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