INVESTOR COMPENSATION FUND
Soho Markets is a regulated entity and we are subject to strict compliance requirements, we abide by the regulations and take all the required procedures to safeguard client’s funds.
In financial trading, a segregated account is an account in which the trader’s assets are kept separate from the broker’s assets. Segregated accounts are crucial to CFD trading.
At Soho Market, client’s funds are segregated and safeguarded by reputable Credit Institutions.
These funds are off the balance sheet and cannot be used to pay back creditors in the unlikely event of the default of the Company.
The company is a member of the Investor Compensation Fund. This fund was established under the Investment Firms Law of 2002 as amended (‘the Law’) and the Establishment and Operation of an Investor Compensation Fund for Customers of CIFs Regulations of 2004.
The ICF’s purpose is to safeguard the claims of the covered clients against those Cyprus Investment Firms which belong to the ICF, by paying these clients compensation in the case that a CIF is unable to fulfill its obligations:
Either to return to its covered clients funds owed to them or funds which belong to them but are held by the member, directly or indirectly, in the framework of the provision by the said member to the said clients of covered services, and which the latter requested the member to return, in exercise of their relevant right
Or to hand over to the covered clients financial instruments which belong to them and which the member of the Fund holds, manages or keeps on their account, including the case where the member is responsible for the administrative management of the said financial instruments.
The ICF serves to cover Retail Clients of CIFs. The Fund does not cover Professional or Institutional Clients and several other categories. Please refer to our Investor Compensation Fund Policy
NEGATIVE BALANCE PROTECTION
Negative balance protection means that even if markets move rapidly against your trades, your account will not be negative. This is especially important to new traders that may not be familiar with how rapidly markets move during announcements, market openings or general market volatility.
The negative balance protection applies on an account basis, meaning that the Company must ensure that the maximum loss for the clients on an account basis, never exceeds the clients’ available funds in the specific account.
If you are dissatisfied with our services you may submit your complaint in writing to the Compliance Function of the Company who is authorized to handle and investigate complaints that may be submitted from our Clients.
Please use the relevant Complaint Form contained in our Complaints Policy
and submit it in any of the following ways:
By sending by post or delivering in person the Complaint Form at the following address:
Spyrou Kyprianou 41 Avenue, Steratzias Court 2, 1st Floor, Flat 101, 4003, Mesa Geitonia, Limassol, Cyprus
By submitting the Complaint Form electronically at the following email address:
By Fax at:
Once you successfully complete and submit your complaint, the Compliance Department of the Company shall handle and investigate your complaint within 5 days from the submission, and you will be continuously updated via email on the status of your complaint.
If, however, you are still unhappy with the result of the investigation you may wish to contact the Financial Ombudsman of Cyprus.