vaultWith the Cyprus economy facing a crisis, lawmakers are still struggling to decide which parts of the controversial bailout plan to keep and which to reject. Much of the arguing has revolved around a plan which would levy a hefty tax from Cyprus banks—anywhere from 10-25% of uninsured deposits above 100,000 Euros. The European Central Bank has imposed a deadline, and lawmakers are going to have to make up their minds by Monday at the latest.

Naturally the bailout plan is alarming binary options traders, whose funds are stored in Cyprus bank accounts. The vast majority of binary options brokers are located in Cyprus, where the groundwork is being laid for future binary options regulation. Most companies based there are regulated as banks or as general businesses, since there still is no actual finished regulation for binary brokers regulated as such. So now what traders are wondering is, “What’s going to happen to all that money?” Are the funds of binary options traders insured against loss, or not? Are they going to be taken away as part of the one-time tax levy, or will their funds be untouched?

There probably is no one single answer which can satisfy all customers of all binary options brokers. There are literally dozens upon dozens of these websites. Some of them are trustworthy and reputable, while others unfortunately are not. This is one of the reasons it is so important to trade with a reliable broker with a strong reputation and a commitment to provide the best customer service. Reputed brokers are already publishing statements to reassure their patrons that their funds are safe.

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Here is the statement published by Cyprus-based Banc De Binary, one of our most highly recommended brokers.

“Banc De Binary assures its clients that it will absorb any costs caused by the one-off bank deposit tax in Cyprus, and that all our client accounts and balances will be unaffected by the decision.

“Your deposits are in safe hands, and we take this opportunity to thank our clients for their continued trust in our services and reputation.

“Deposits in accounts outside Cyprus are not affected in any way.

“Please do not hesitate to contact Customer Support if you have any questions or need additional information.”

Good binary options companies keep their clients’ funds segregated, meaning they keep them separate from their own funds. That way you can be assured that your money is still being treated like it is your money even when it is not in your hands. Banc De Binary keeps its client funds segregated like this, and has promised to take any bank levy out of its own funds, and not out of its customers’ resources. Other trustworthy binary options brokers will likely do the exact same thing. Very small binary options websites may not be affected at all; startups that do not have a large amount of uninsured funds will not have to pay a levy.

If you have questions or concerns about your own broker’s policies, you should get in contact with the company directly and ask what will be done if the tax is levied. Be sure to tell the customer service agent whether you are a customer in Cyprus or whether you are based elsewhere around the world. You will probably want to use the phone and not live chat so that you are more likely to get a hold of someone who knows exactly what is going on and how it may or may not affect you.

Use the links below to reassure yourself you’ve found trust-worthy binary options brokers: