CySEC Demands Clarity Over Name Changes of Forex and Binary Brokers

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CySEC Demands Clarity Over Name Changes of Forex and Binary Brokers

By Adam Teen | Wednesday, January 27th, 2020

The Cyprus Securities and Exchange Commission, one of the most popular financial regulator based in Cyprus which is the watchdog of many well known forex and binary brokers have issued a new regulation about the name changing of operators.

Their Circular released on the 26th of January 2020 states that some forex and binary options investment companies have been changing their trade names without having substantial reasons to do so.

The Cyprus Securities and Exchange Commission states that these changes can misinform and trick customers into believing something that the companies don’t really offer and therefore misinform investors.

The commission also says that name changes must be fully justified and clearly inform of the true nature of their business.

CySEC goes even further, saying that name changes should only happen in exceptional circumstances when there is a company merger or a take over and a new company name is therefore required.

It also states that from now on any financial entity the commission oversees will require to obtain their approval before any name change can be made.

In addition, CySEC insists that after a successful name change the previous company/trade name must be visible across all new branding for at least one year .

The commission also underlines that any financial entity which is currently being investigated by them or any other authority is not allowed to apply for a name change until the entire process is concluded.

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Doo Forex Review – is scam or good forex broker?

Trading Accounts

Account type Minimum deposit Maximum leverage Spread
Standard Unknown 1:1000 From 0 pips + $12 per lot

Doo Forex is an ECN broker, providing access to the global currency and spot-metals market. The raw price feed offers rather tight spreads, but a commission is added. These trading conditions are not clearly stated on the company’s website.

The Company. Security of Funds

Company Country Regulation
Doo Holding Group Limited Vanuatu VFSC

Doo Forex is owned by Doo Holding Group Limited. The company is licensed in Vanuatu, which leaves some doubt when it comes to their overall credibility.

As you may know, trading with an off-shore company carries some risks. That being said, Vanuatu is one of the top destinations for shady brokers, as it only requires $2,000 in capital holdings from new license candidates. This is an extremely low amount, when compared to similar demands in other jurisdictions. In Australia, for instance, the entry barrier is AUD 1 million, which most scammers simply can not afford. Furthermore the Australian Securities and Investments Commission (ASIC) forces brokers to implement the principle of segregated accounts. This rule states client’s funds must be kept in accounts, which are separate from the company’s operational one, preventing them from spending traders’ funds on things such as marketing campaigns or corporate bonuses.

Doo Forex appears to be focused on the Chinese market, as indicated by the other language versions of the website. This is not necessarily a bad thing, but keep in mind their support team may also not cover many other languages (which may be an issue for you, if English or Chinese aren’t your native languages).

Trading Conditions

Minimum Initial Deposit

Doo Forex does not provide information on the minimum initial deposit. This is rather unusual, especially since some brokers use it as a means of attracting new clients. The FCA-regulated industry pioneers at IG, for instance, do not have a minimum deposit requirement.

Keep in mind this is not such an important trading condition for experienced traders. They know, a serious account is required, in order to execute a trading system properly. Newbies on the other hand might want to risk less of their funds, when learning how to trade.

Average spreads & Commissions

As an ECN broker, Doo Forex charges a fee, while providing access to a liquidity pool. The first element of the trading costs, the spread, at Doo Forex is rather impressive – our testing indicated the EUR/USD spread floating between 0 and 0.3 pips during European market hours. However there is an $12 per lot commission, which must be added on top of that.

If you didn’t already know this, a simple way to transfer a forex broker’s commission into effective spread is this:

Every $1 in commission per lot (per trade i.e. for both sides, the opening and closing of a position) is equal to 0.1 in spread.

This makes the spread at Doo Forex starting from 1.2 pips, effectively, with the average around 1.4-1.5 pips. This is borderline competitive with the current offerings by other brokers.

The maximum leverage provided by Doo Forex is 1:1000, which is an absurd level (as are all above 1:500). You can basically trade any kind of trading strategy, without worrying about the margin requirements.

Remember, greater leverage carries a higher level of risk. You do not have to fully utilize the leverage, given to you by your broker. Say, you open a trade, which takes full advantage of a 1:1000 leverage ratio. The market would have to move 0.1% in the opposite direction, for your account to be wiped-out.

Trading Platforms

Doo Forex provides access to the currency markets via MetaTrader4 (MT4). As you may already know, this is a pretty solid platform, preferred by many traders across the world. While the usual things, one would expect from a trading platform (charting, ease of use, variety of order types) are all pretty well done in MT4, its main distinguishing characteristic is the programming environment. It has led to a massive surge in the number of newly created technical indicators, market screeners and automated trading systems.

Here is a preview of the MetaTrader4 platform. As offered by Doo Forex:

MT4 also has a mobile app available for Android and iOS. It provides almost all of the functionality of the desktop version, on a smaller screen. This may even lead to some inconvenience for new traders, as they will get overwhelmed by the sheer number of functions available.

Methods of Payment

There is no information on the methods of payment, provided by Doo Forex. Given their focus on the Chinese market, we suspect they would have to accept China UnionPay, as a solution. On the other hand, options such as Skrill, would attract clients from across the world.


Doo Forex is a Vanuatu-licensed forex broker. The company operates via an ECN model, which, if nothing else, at least provides some transparency. That being said, the commission structure is fairly high, making the costs of trading barely competitive. Here are this broker’s strong and weak sides.

Pros Cons
MT4 trading platform Off-shore regulation
Barely competitive spreads
Lack of clarity on some conditions
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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