Question: Is the compensation from ICF can be applied to my funds too? How do I know if it is or not?
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ICF “Investor Compensation Fund” is available for companies in Cyprus, Cypriot Investment Firms (CIFs).
It is the scheme to secure clients’ claim up to 20,000 EUR against the member companies.
FX Brokers with several licenses
You need to be careful when your broker shows several financial licenses from different countries, because each regulation may have different service conditions.
In case of HotForex, the broker has 4 licenses(with 4 companies) in different countries as below.
- HF Markets (Europe) Ltd in Cyprus
- HF Markets Ltd in the Republic of Mauritius
- HF Markets (SV) Ltd in St. Vincent & the Grenadine
- HF Markets SA (PTY) Ltd in South Africa
As ICF is a scheme for companies in Cyprus, the compensation from ICF is only available for traders registered under HF Markets (Europe) Ltd.
If you like to find out which regulation your accounts are under, please contact HotForex support team.
