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Thread: North Finance

  1. #11
    I've read on other forums which some have big amounts with them.

    I use them but only have around $5k with them. But I would trust them.

    Regulated or not does not mean much. Look what happened to Refco.

    Personally I think that it would make good business sense to utilize several brokers once you've got a large amount to play with. Putting all your eggs into one basket isn't a smart move.

  2. #12
    Quote Originally Posted by ;
    I have read here and on other forums which some have big quantities with them.

    I use them but only have around $5k with them. But I would trust more to them.

    Regulated or not doesn't mean much. Look what happened to Refco.

    Personally I think it would make good business sense to utilize several brokers once you have a large amount to play with. Putting all your eggs in one basket isn't a wise move.
    Hi Wilf,

    it's great advice to spread risk between different brokers, I'm not planning to put anything more than $10k with them and will see how things workout.

    You're correct that refco can happen, but if you have someone that isn't controlled - my guess is they can be shut down for any reason (money laundering, trading with your cash, doing anything they need ) whereas with the other larger brokers atleast this component is much less likely.

    The especially bad part about these is being registered in Belize.

    I will pay close attention and report my findings with them here.

    Thanks,

  3. #13
    Quote Originally Posted by ;
    -- I know they say they have been around since 2001, but has anybody ever trusted them with anything greater than $10k is your question.


    Any responses much appreciated.

    Many thanks,
    I really do and just withdrawn $xx,xxx.xx last two weeks no problem; albeit I must remark that the withdrawal was slow in 4 banking days (if other brokers do it in 48 hrs). And mind you, I even made an error/mistake in the withdrawal, YET I managed to get the money without much issue.

    Should you havent notice there is not Bank Account within their withdrawal sort - just Account - which I stuffed up with my NF account number instead - Withdrawal into a non existent bank account succeeded? Think about it.

    Belize is what troubles me. Belize is notiorious for businesses.

  4. #14
    Jansher,

    NF's no response says it all. Any broker who offer segregated accounts from the legal sence of the term will advertise that point in full if asked.

    But to tell the truth, of all the brokers on the market, North Finance has one of the better reputations. There are not many brokers that operate in a country that have truly lawfully binding segregated accounts. Now take this with a pinch of salt as I have not done study, just what I've seen.

    Cheers,

    JC

  5. #15
    Quote Originally Posted by ;
    I really do and just withdrawn $xx,xxx.xx last 2 weeks no problem; albeit I have to remark that the withdrawal was slow at 4 banking days (if other brokers take action within 48 hrs). And mind you, I made an error/mistake from the withdrawal, YET I managed to receive the money without much problem.

    If you havent notice there is not Bank Account in their withdrawal sort - just Account - which I filled up with my NF account number rather - Withdrawal to some non existent bank account triumphed? Think about it.

    Belize is exactly what troubles me. Belize is notiorious to get money-in-no-money-out companies.
    Well done, mate, even though news trading has not been rewarding for the past couple of weeks.
    Also good to know you could withdraw funds from NF without any problem.

  6. #16
    Hello ,

    Okay I found somebody else to talk to at NF who gave me a different view. The fantastic news is the fact that it was a fantastic explanation, bad news is the excuse does make for difficult reading!

    Thus, one of the reasons they are utilizing Belize would be to provide FX brokerage services to clients of these nations that are embargoed by the united states. This is a fairly plausible explanation as there are people with alot of cash in a number of the embargoed nations.

    The question ofcourse is, whether this means they are allowing laundered money in their accounts - and if a international agency can come in and shut them down as a result. . And worse then explore everyone who'd sent them (NF) cash!

    Additionally, I agree with the remarks on segregated accounts. Though they offer a bank guarantee a segregated account does not mean that much. After the company goes under, you lose your cash. . finito. .

  7. #17

  8. #18
    Quote Originally Posted by ;
    Hello again,

    Okay I found someone else to talk to in NF who gave me another view. The fantastic news is that it was a good explanation, bad news is that the excuse does make for reading!

    Thus, one reason that they are using Belize would be to offer forex brokerage solutions to clients of these countries that are embargoed by the US. This is a reasonably plausible explanation since there are people with alot of money in a number of the embargoed countries.

    The question ofcourse is, whether this means that they are allowing laundered money in their accounts - and whether some international bureau could come in and shut them down as a outcome. . And worse then investigate everyone who had sent them (NF) money!

    Also, I concur with the comments on segregated accounts. Though they offer a bank guarantee a segregated account does not mean that much. You lose your money when the company goes under. . finito. .
    Belize legislation has the best protection for companies wanting to perform risky businesses. I understand lots of (non Foreign Exchange ) companies running away with customers money.

    The response provided by NF is a good one however but there are far more countries which will allow them to conduct business with embargoed countries.

    Overall, it's your choice to put your money in here or using some NFA registered/regulated Refco copys. Personally, I trade with NF, also had no issue with trades and withdrawals.

  9. #19
    Lt;ttgt;I went to their live chat support, and asked about it again.
    The most interesting part is that theit company's cash are stored
    separately!!! What else might we need....

    Chat InformationWelcome to our live chat services!
    Chat InformationNorthFinance Support: Hello. How may I assist you?
    NorthFinance Service Team: I'm Mirna, how may I assist you.
    You: hello
    NorthFinance Service Team: hello sir, how may I help you?
    You: I wanted to ask you
    you: if you are governed by NFA or anything like this?
    NorthFinance Service Team: NorthFinance Company LTD.. Is enrolled as
    that an
    offshore company is not governed by USA or European national
    regulatory
    bodies. However, our subsidiaries and some of our Ibs are controlled on
    a
    national degree
    you: ah, that fantastic
    you: ok, next question
    you: how safe my cash are?
    NorthFinance Service Team: Our customer's money are stored in a segregated
    (separate) customer account i.e. customer money is held separately by
    company funds and cannot be used by North Finance Ltd except for customer
    working purposes. Client funds can't be used to guarantee North
    Finance
    ltd accounts to cancel North Finance Ltd loans.
    You: thats good
    you: and what about bank guarantee?
    You: do you have smth like this?
    NorthFinance Service TeamWe provide to Clients that fund their account
    with 100.000 $US and above bank guarantee.
    You: which bank?
    You: fine, thnaks alot guys, I knew you provide many intriguing
    items:--RRB-
    NorthFinance Service Team: Your Mostly Welcomed
    NorthFinance Service Team: in your service
    you: bye


    hope this assists.

    Dave
    NorthFinance Service Team: byelt;/ttgt;lt;/pregt;

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