Web 2.0 Strikes! Forex Contest Cancelled
In what seems like a first, popular trading site myfxbook has cancelled its monthly Demo Trading contest due to concerns about the contest’s sponsor. The monthly trading contest is based on having a revolving broker sponsor. Traders open demo accounts with the sponsor and the best performing accounts can win $8500 in prizes.
The recent contest was being sponsored by CommexFX, a CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term regulated broker, which would seem legit enough. However, negative comments about CommexFX from Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Review sites which even called them a scam, led myfxbook to receive lots of emails from their readers panning the broker. The concerns then caused myfxbook to cancel the contest entirely. For its part, myfxbook’s readers appear to be supportive of the move to cancel the contest, by virtue of the positive responses they received in their comments section.
The cancellation of the contest is a big win for Forex review sites and shows the increased importance of transparency in the Forex market place. What is interesting about this specific case is that CommexFx was recently rebranded to CommexFx from Prime 4X. On review sites, Prime 4X was being panned as a “scam” broker where you clients wouldn’t be able to receive withdrawals. Even after the name change, reviewers of CommexFx quickly made the connection and flagged the new company.
In what seems like a first, popular trading site myfxbook has cancelled its monthly Demo Trading contest due to concerns about the contest’s sponsor. The monthly trading contest is based on having a revolving broker sponsor. Traders open demo accounts with the sponsor and the best performing accounts can win $8500 in prizes.
The recent contest was being sponsored by CommexFX, a CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term regulated broker, which would seem legit enough. However, negative comments about CommexFX from Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Review sites which even called them a scam, led myfxbook to receive lots of emails from their readers panning the broker. The concerns then caused myfxbook to cancel the contest entirely. For its part, myfxbook’s readers appear to be supportive of the move to cancel the contest, by virtue of the positive responses they received in their comments section.
The cancellation of the contest is a big win for Forex review sites and shows the increased importance of transparency in the Forex market place. What is interesting about this specific case is that CommexFx was recently rebranded to CommexFx from Prime 4X. On review sites, Prime 4X was being panned as a “scam” broker where you clients wouldn’t be able to receive withdrawals. Even after the name change, reviewers of CommexFx quickly made the connection and flagged the new company.