SAFETY OF FUNDS
At XGLOBAL FX safeguarding of clients funds is a top priority. For receiving deposits and custody of client money we use segregated bank accounts held with major banks in Europe and Switzerland.
XGLOBAL FX maintains client denominated bank accounts with European and Swiss credit institutions, which are used exclusively to hold client funds and process withdrawals. These accounts are liquid current accounts so that funds belonging to clients can be readily withdrawn on a same day basis. The financial institutions used are selected on the basis of financial soundness while additional safety is ensured through diversification. Furthermore, XGLOBAL FX has established an adequate organizational arrangement designed to minimize the risk of loss or diminution of client assets, or of rights in connection with those assets, as a result of misuse, poor administration or negligence of the banking institutions themselves.
XGLOBAL FX is regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC) with license number 171/12. CySEC is a European Competent Authority that regulates, supervises, and controls Cypriot Investment Firms. In addition to all applicable local laws, rules, and regulations the Commission enforces European Directives, such as MiFId, by issuing corresponding local directives and circulars. As a licensed Cypriot Investment Firm, XGLOBAL FX follows strict rulings in order to comply with its requirements in relation to the safety of client funds.