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Frequently asked questions

1. BCS Cyprus

Question 1.1
With which company do I open a forex account?

You sign a Forex Account Agreement with BrokerCreditService (Cyprus) Limited (BCS-Cyprus) which was established in December 2004 in the Republic of Cyprus and holds ÊÅÏÅY 048/04 licence issued in October 2004 by the Cyprus Securities and Exchange Commission (CySEC).

Constituent documents of BCS-Cyprus

Question 1.2
Do I sign an agreement with an offshore-registered company?

No. The offshore regime for international business companies that had come into force on 1 January 1977 was abandoned on 1 May 2004 when the Republic of Cyprus joined the European Union. Pursuant to the “Income Tax Law” issued in 2002, all companies are obliged to pay a unified corporate tax amounting to 10% - the lowest tax rate in the EU.

On 1 January 2008, the Republic of Cyprus switched from the Cypriot pound to the euro. The respective decision was adopted by the European Commission on 16 May 2007 and was approved by the European Parliament on 20 June 2007 and the EU’s leaders on 21 June 2007.

Question 1.3
What are the key advantages in trading on the forex market via BCS-Cyprus?

The main advantages are the company’s high reliability, advantageous trading terms and high-quality client-oriented services. In contrast to miscellaneous offshore-registered forex brokers, BCS-Cyprus is an absolutely transparent and strictly regulated company. When working with its clients, BCS-Cyprus adheres to all legislative and regulatory requirements, in particular to the MiFID (Markets in Financial Instruments Directive).

When using our services, clients can be 100-percent sure that, at their first request we will return all deposited funds, will never execute an order at a non-market price and will not cancel a lucrative transaction.

Question 1.4
Are there any measures to protect clients against the company’s financial insolvency?

BCS-Cyprus is a member of the Investor Compensation Fund established in accordance with the ‘Law on Investment Compnies’ of the Republic of Cyprus. In case of a broker’s financial insolvency, clients will receive compensation packages worth up to ˆ20,000.

Please, see detailed description in the section ‘Guarantees of Deposits Safety’.