Why Retail Forex is Heading to the Cliff?

Just read…. It’s a month old piece of news but still relevant.

What’s going on with the FX industry?

Five years ago there still were strong talks that FX could become an asset class. That means that it would be accepted for the mainstream as another financial market.

To become an asset class, the industry had to work harder to stop being seen as a fraudulent money taker but a serious place where you can safely speculate your spare savings.

The truth is that the industry has taken the opposite direction. And what’s even worse, it has gotten so close with Binary Options, that now they look the same.

Don’t you see that binary is an industry that will be banned from the face of the earth very soon? Don’t you see that an industry where most of its players are fraudulent has no future?

Do you really want to be like them?

What are you doing then? What’s wrong with you?

Shame on you guys!

Francesc

 

Judgment Day inches closer for Israeli binary options firms
Handful of founders and employees arrested on suspicion of tax evasion, for holding vast sums of black money in offshore accounts; tax authority expects more arrests
By Simona Weinglass and Raoul Wootliff October 11, 2016, 4:34 pm

For Israelis who work in binary options, there may be a lot to ponder this Yom Kippur as arrests begin and the Israel Securities Authority declares that a crackdown on fraudulent firms is a “national priority.”
Israel’s Tax Authority announced on Monday that two men, Haim Toledano and Saar Pilosof, have been arrested on suspicion of hiding millions of shekels from tax authorities through the use of offshore shell companies.
Toledano and Pilosof were arrested around two weeks ago but their identities had been an under a court-imposed gag order which was lifted on Monday.
In Israel’s corporate registry, Toledano is the director of Toyga Media Ltd., formerly known as UFX Ltd., which is housed in a large building on Tel Aviv’s Hamasger Street. Hundreds of employees there call customers abroad on behalf of the UFX and Ubinary trading brands. UFX offers forex trading while Ubinary offers binary options. UFX and Ubinary have been the subject of investor warnings from regulators in Canada and Australia, respectively.

 

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