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interactive brokers account closure cyprus

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Rony

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Oct 15, 2018
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#1
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have Cyprus company account with IB for few years and got closure notification, this week. :-( no detail provided and a no bank transaction there for more than year just regular trading.

Anyway is there alternative broker which accepts Cypriot company accounts, at least with stocks/options if futures and forex available even better. Tried few but without success.
 
#2
Sorry you need to say why they closed your account firstly before moving elsewhere. I am sure you know why ns2.
 
#3
really no idea, they said it's compliance decision, nothing more. I suspect it has to do something with jurisdiction maybe, as personal account held with them left unaffected
 
#4
my IB personal account has been closed aswell. reason given: not enough trading activity.

This is a wrong reason because I have traded a lot in the past 3 years.

I'm sure that the real reason is the proof of revenue from my company (juridisction/high risk industry).
 
#7
Over the past few months I've been frequently invited to confirm/bring proofs about my country of residence, etc... Stricter regulations/KYC to be followed on their side after Brexit. It might be good to review their previous communications in this respect. It's also possible they need more information about the source of funds (even if the account has been opened a while ago, since this is another jurisdiction: UK > Ireland/Europe).
 
#8
checked cctrader but they offer only stocks, I need options as well and futures spreads, seems to be hard to find all in one like IB. Any idea if introducing brokers for IB do their own KYC or it will be no go if IB kick me out already.
 
#9
Rony said:
Any idea if introducing brokers for IB do their own KYC or it will be no go if IB kick me out already.
Click to expand...

A White Label with an IBKR omnibus account could be an option if you want to stick with IBKR platform. You can try with Caucasus Capital Group in Georgia for example. You can't really second guess a rapidly changing compliance environment so just suck it an see I guess.
 
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#10
Martin Everson said:
A White Label with an IBKR omnibus account could be an option if you want to stick with IBKR platform. You can try with Caucasus Capital Group in Georgia for example. You can't really second guess a rapidly changing compliance environment so just suck it an see I guess.
Click to expand...
HI @Martin Everson , any other IBKR White Labels that you know of that we might take a look at? They may come in handy for us as well, thank you.

NVO
 
#11
Nicholas Van Orton said:
HI @Martin Everson , any other IBKR White Labels that you know of that we might take a look at? They may come in handy for us as well, thank you.
Click to expand...

Off head right now you got also Ameria Bank in Armenia also. I am sure there must be a list of IBKR white label partners somewhere.

P.S You got EPB Bank also :rolleyes:.
 
#12
@Rony, try maybe to open a new account at IB. The simple fact of opening a new account might be useful to know the blocking point(s), whereas, through the process, you'll be sure that you've given all the necessary information to IB in order to comply with their regulatory constraints.
 
#14
Thomas67 said:
@Rony, try maybe to open a new account at IB. The simple fact of opening a new account might be useful to know the blocking point(s), whereas, through the process, you'll be sure that you've given all the necessary information to IB in order to comply with their regulatory constraints.
Click to expand...
Btw, if you can provide what they need, not sure they are allowed to make a client discrimination when opening an account and using it for a decent period.
 
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