Forex Trading from UK and Brexit- trades being closed without permission.

barneysmudge

Just for everyone,s information I have been Forex Trading for about 2 months, and this morning the 20th of April 2021,I discovered that all my trades had been cancelled by the company
due to Brexit. The company is based in Cyprus, and they have told me that they are no longer allowed to allow people from the UK to Forex Trade through a Cyprus company and without my permission have closed down all my trades at a loss of £400. I have been told that I will be reimbursed with the current money in my accoint, but the point is that I had no intention of closing the trades as they had just started to go up again, those were, crude oil, Airbnb, and another company in the USA. 
I am sure other people will start to come accross this, but if they fail to repay all the monies put into the original shares where does this leave everyone.
So for anyone wishing to Forex Trade please ensure that the trading company comes under the UK trading regulations or you may regret your decision. 

fwor

barneysmudge said:

I had no intention of closing the trades as they had just started to go up again, those were, crude oil, Airbnb, and another company in the USA.

These don't sound like Forex trades, do they? Forex means Foreign Exchange - as in "trading in currencies".

Anyway, your warning would be more useful if you were to name the company involved.

[Edit: I should add that from what we've seen previously from some Cysec "regulated" companies, closing your trades may be the least of your worries, and this surprise, unpredictable event (Brexit) is really just an excuse for them to not give you your money back...]

AnotherJoe

Given you appear not to know what Forex trading is youve  got off lightly being £400 down.

GeordieGeorge

barneysmudge said:

Just for everyone,s information I have been Forex Trading for about 2 months, and this morning the 20th of April 2021,I discovered that all my trades had been cancelled by the company
due to Brexit. The company is based in Cyprus, and they have told me that they are no longer allowed to allow people from the UK to Forex Trade through a Cyprus company and without my permission have closed down all my trades at a loss of £400. I have been told that I will be reimbursed with the current money in my accoint, but the point is that I had no intention of closing the trades as they had just started to go up again, those were, crude oil, Airbnb, and another company in the USA. 
I am sure other people will start to come accross this, but if they fail to repay all the monies put into the original shares where does this leave everyone.
So for anyone wishing to Forex Trade please ensure that the trading company comes under the UK trading regulations or you may regret your decision. 

As above, these are equities and commodities. If you don’t even know what asset class you are trading then I’d suggest that you do some more research before getting in any deeper.

indigoblue11

I hope you haven’t been relying on the Instagram forex tips. They are a con and the instructions are for them to make profit not you. 

As you mentioned oil and forex that’s why I asked 

Eyeful

barneysmudge said:

 the point is that I had no intention of closing the trades as they had just started to go up again, those were, crude oil, Airbnb, and another company in the USA. 

Presumably if they had been going down and had saved you money at this point, you would have no regrets with their decision

You appear not to understand the term "Forex Trading". Your post also suggests you do not like or understand the risks you took on by trading in shares and using a company based outside the UK. Perhaps trading is not for you after all.

indigoblue11

Eyeful said:

barneysmudge said:

 the point is that I had no intention of closing the trades as they had just started to go up again, those were, crude oil, Airbnb, and another company in the USA. 

Presumably if they had been going down and had saved you money at this point, you would have no regrets with their decision

You appear not to understand the term "Forex Trading". Your post also suggests you do not like or understand the risks you took on by trading in shares and using a company based outside the UK. Perhaps trading is not for you after all.

Probably ally follows Instagram signals