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Why are so many of these bucket shops based in Israel?

Just curious to see if anybody knows why. Thanks

Comments

  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited December 2014
    Mainly because the online casinos started from there and has turned to binary options and now even forex. I would in general not recommend doing business with the majority of these firms only category 1 based brokers like 24options StockPair and the like as they both seem to have good management and are well capitalized. Other then that Israel is the past and in the future binary options brokers from other countries should replace them in time with more professional non SCAM brokers...
  • mifunemifune Posts: 160 ✭✭
    A lot of the time they will be based in Israel yet have a virtual office in London or New York to appear more legitimate.

    Banc de Binary did this, for example. They were extremely popular a couple years ago and were among the top three "offshore" brokers, up there with 24option and Markets World (which was offering 95% payouts on all assets then), but Banc de Binary's reputation seems to have taken a hit. I don't stay as up on the industry as formerly with respect to the brokers landscape, since I'm not involved in binary trading for a good chunk of the year, but I basically don't hear anything about Banc de Binary anymore.
  • rub822rub822 Posts: 3
    I'm an Israeli citizen ( who lives years in Canada ), and I want to bring to your attention a few outrageous facts:
    Although those brokers based in Israel , the government doesn't allow it's citizens to deposit to any of those brokers( and ant online casinos as well ), it's being regulated by israeli credit card companies/banks
    that under any circumstances will prosses any payments to those institutions( the credit card been issued in Israel.
    I think this is the best way to handle those con artists.
  • rub822rub822 Posts: 3
    I must clarify my last comment : the restrictions apply only to israeli bank accounts /credit card holders.
    But if you have European, American......... credit card / bank account then it's no problem!!
  • usokusok Posts: 16
    there will always be good and bad brokers, but from whay you said, its like a bad thing waiting to happen given that most traders investors of israili based businesses have slim chances of getting back there money, meaning its inviting something bad to happen (human nature) i wont say all but risk is in everything, let it be big or small businesses, I trade hotforex 3 years now but im still cautious about my investment.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited September 2015
    Always keep only what you need to trade and withdraw often. It is a habit.. I never keep large sums of capital in brokers its stupid to do so... Keep your bank growing always... If its not growing due to drawdown no big deal your risk is limited because your deposit is limited and you can always RE-DEPOSIT as I never heard a broker disallow it unless they keep losing money on your account some of those israeli brokers will kick you to the curb lol..
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