Vipro Markets Ltd, is an official member of the Investor Compensation Fund (ICF) of Cyprus, the purpose of which is to provide clients with compensation payments in case one of the fund members is unable to fulfil its obligations.
The Investor Compensation Fund (ICF) of Cyprus is a fund which provides insured clients of the companies registered with CySEC with compensation payments, if the companies aren’t able to pay compensations on their own. In such cases, the compensation may be up to 20,000 euros for one client, regardless of how many trading accounts the client has, their base currencies, and the place where the investment service is provided. In case the claimant disagrees with the amount of the compensation, he or she has the right to appeal to CySEC justifying the sum of the compensation within ten days from receiving the relevant notification.
The Fund is obliged to compensate each claimant within three months of dispatching to CySEC the minutes with the specified sum of the compensation, if the sum is recognized as justifiable. For more details click here.