Another forex broker goes bankrupt blaming the SNB
Capital Investing International LTD (owners of broker Forex-market) blames the SNB and all the world's problems for going out of business
Forex industry watcher Leaprate reports today that another retail FX broker has bitten the dust after the SNB Swiss Franc fall out
An announcement was posted on Forex Market's forex-m.com website stating that customer deposits will be frozen. Leaprate are unsure how customers will get any funds back and the only regulatory body that they seem to be part of is the Russian CROFR
The announcement on the website is as follows;
"Dear traders, partners!
It isn't a secret for anyone, that the dark times in financial world - came. War in Ukraine, crisis in Russia, in Turkey and in some other countries. Anyway, all these facts force to financial world's stability.
In a result of failed hedge operations, in the beginning of the calendar year, on Euro's fall against Swiss Franc Capital Investing International LTD Company has lost almost all the funds generated for clearing of clients' positions, on the liquidity providers' accounts.
We desperately tried to regroup clearing operations based on inner closing of clients' positions and tried to search the investing on the outside areas.
We tracked how the forex brokers were bankrupting and closing chain by chain from the beginning of the year.
We couldn't avoid the same doom because of deficit IO on deposit-withdraw on company clients' accounts. The company leaders tried to find ingoing invests from out of company several times, to stable company's functions. However, it didn't get to success.
Capital Investing International LTD tried to pullout from this «collapse» by many ways. Developed the new promotion terms, the new company managing models, invested all the private funds, but the given crisis and outgoing events were stronger.
Today, with sorry and pain, I have to announce that Capital Investing International LTD is no longer possible to continue its work, because of all funds exhaustion for servers' support, clients department, technical department and other things what necessary to successful business administration.
The trading will be stopped with closing by world time and the deposits on clients' trading accounts will be blocked.
Аpologize for the given force major situation.
Head of Capital Investing International LTD Andreas T. Moustras."
A stark reminder to make sure that you research your brokers and make sure that they are fully covered by regulatory bodies in your country