As I noticed earlier, Northfinance said though they wouldn’t accept any new client, they would still keep serving old clients. Then surprisingly yesterday I received an official message noticing that Northfinance has officially decided to stop operating by the 1st June 2008.

Below is a copy of the official email.

Dear,

We would like to thank you for the loyalty and support you have shown to our company all these years. It was a great honor to have you as one of our valuable and esteemed clients.

The many changes that have taken place recently affected our industry and in particular the provision of online trading services for Forex and CFDs. Due to various events and the increasing demand from investors and regulators, the whole industry is moving under the supervision and regulation by competent financial authorities. Based on the above, and to ensure the best interests of our clients, we have decided the following:
EuroOrient Securities and Financial Services Ltd, owner of FxPro.com, will acquire all operations of North Finance Co Ltd as of June 1st 2008.

Who are EuroOrient and FxPro.com
EuroOrient is a European company, registered in the Republic of Cyprus (certificate 181344) and it is regulated in the European Union by the Cyprus Securities and Exchange Commission (www.cysec.gov.cy) under license 078/07. The trade name “FxPro” and the domain “www.FxPro.com” are owned by EuroOrient. You can verify the information on EuroOrient and FxPro by visiting the websites www.FxPro.com and www.EuroOrient.eu.FxPro offers competitive dealing spreads starting from 1.8 pips, plus other superior trading conditions to investors who would like to trade in CFDs for Forex, Stocks, Futures, Precious Metals; more than 120 financial instruments in total. FxPro provides investors with the highest standards of professional service and operates a 24/5 multilingual customer support.

Transfer to FxPro.com by 31^th May 2008
To continue trading with the existing terms and conditions after EuroOrient takes over the operations of North Finance on 1st June 2008, you need to follow the 3 simple steps below and accept their Terms and Conditions: (I edit this for it is only a practical instruction)

By following the above procedure, as of 00:01am (GMT+2) 1st June 2008 you will automatically become a Client EuroOrient Securities and Financial Services Ltd, a European investment firm regulated in EU by the Cyprus Securities and Exchange Commission (www.cysec.gov.cy) under license 078/07.Until the 31st of May 2008, your account (Cash Balance and Open Positions) will be under the responsibility of North Finance Co Ltd.

All of your OPEN Positions and Positive Cash Balance will be transferred safely to EuroOrient Securities and Financial Services Ltd where you can access your account with the same Login and Password Codes at no extra cost and no hassle.

Attached please find all relevant documents which refer to the services offered by FxPro which are the ones that will govern your relationship as a client of this company. Please do not hesitate to contact us should you require further information or clarification on the above. Please read the important notes that follow. We are always at your disposal to answer your questions.

For assistance with the transfer of your account or for any other questions you might have you can also contact FxPro at NF@FxPro.com or by calling FxPro support team at +357 25 969222.

Closing, we would like to thank you once again for your cooperation and support.

Yours sincerely,
North Finance Co. Ltd

Important Notes

1. North Finance Co Ltd will continue to operate as an Introducer referring clients to regulated brokers such as FxPro for execution of trades in Forex and CFDs.
2. As of 1st June 2008, North Finance Co Ltd will stop executing and providing directly online trading services for Forex and CFDs.
3. New accounts will not be accepted as of May 7th 2008.
4. In order to process the transfer of the Trading Platform, the account balances and any open positions to FxPro accurately and safely, new deposits will not be accepted after the 31st of May 2008.
5. EuroOrient will take all the necessary steps to upgrade the trading platform that you are currently trading on in order to be able to offer to you the same terms and conditions it currently provides to its existing clients through FxPro. The upgrade of the platform, which is crucial for the above to happen, is expected to be completed by the 31st of August 2008. You should be aware that should you choose the present option, you might be treated differently than the existing and new clients of FxPro until August 31st 2008 when the trading platform is expected to be upgraded.
6. If by the expiration of this notice you do not accept the CFDs Terms and Conditions of EuroOrient to trade through FxPro as mentioned in point A above, we will perceive this as your decision to close your trading account with North Finance Co. Ltd. In such an event our Company will follow the procedures of closing your account and will keep the positive balance of your trading account (after closing all OPEN positions) in our bank account for a period of twelve (12) months. Please note that there will be a monthly account maintenance fee of US $10.
7. If we do not hear from you after the 12 month period (until 31st of May 2009), North Finance Co. Ltd will try to send the positive balance of your account, after deducting the monthly maintenance fee, by Electronic Wire Transfer to the account of origin (the account from where our Company received your funds initially) at no extra cost from our Company.
8. If you decide to continue trading with EuroOrient your personal data has to be disclosed to them in order to set up your correct account details.
9. You can open a new trading account with FxPro within few minutes by filling the online application. All of your funds (positive balances) could be transferred from North Finance FREE of charge (upon approval of your application from FxPro).
10. You can also choose to close your existing account with us by sending us a notice, as per our agreement, the latest by May 23rd 2008. In such an event our Company will follow the procedures of closing your account and will send the positive balance of your trading account (after closing all OPEN positions) by Electronic Wire Transfer to the account of origin (the account from where our Company received your funds initially) at no extra cost from our Company.
11. For assistance on opening a trading account with FxPro you may contact their dedicated team at NF@FxPro.com or call FxPro support at +357 25 969 222.

I wonder whether you have any comment, because I actually don’t …