TopOption Provides more Transparency
The recent incident that is going on in Cyprus has certainly left many traders anxious about their funds. It has been widely known that the majority of options brokers conduct trades from within Cyprus and have set up their primary bank accounts there. Serving as a tax sanctuary for European customers, Cyprus has been until now very favorable for them.
Nevertheless, with the current turbulence in the Cyprus bank system and the government’s constant change of stance toward what taxes to be poised on existing bank accounts, a lot of binary options traders have reasons to worry about what will happen to their deposited funds.
For instance, this year’s March 26th marked the beginning of a week-long shutdown of the entire banking system due to fear of customers storming the banks and withdrawing all their deposits, which would cause the banking system to completely collapse.
Managed by Safecap Investments Ltd., TopOption.com has boldly ventured into efforts to give their customers back their confidence by offering them a level of transparency that is so clearly unprecedented in the binary options business.
TopOption has made the decision itself to become the first binary options broker that openly publicizes the locations of all its financial assets. This applies both to the company’s own equity and where client funds are allocated.
TopOption gave KPMG, one of the biggest accounting and auditing companies of the world, full review access to all its books and bank accounts so as to allow it to verify the availability of all funds and that they are being located within leading financial institutions.
In conclusion, TopOption currently has less than 2% of its total funds held in Cyprus, and more than 98% of the funds located in banking institutions in Germany, Switzerland and the UK, all given between A1 and A3 rating by Moody’s. For more information, read topoption review.
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