Dislikedwhat are the options for England and NZ? are they also capped in leverage?Ignored
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Dislikedwhat are the options for England and NZ? are they also capped in leverage?Ignored
Dislikedofficially: last i heard. AU brokers are gonna collectively pushing for a 50 leverage limit.
water cooler talk: this entire debacle has nothing to do with consumer protection. but actually due to lobbying by the big 4. -G,C-Cmarkets,O--da,F--M simply because if u look at news outlets, they were the first to respond to ASIC, supporting the cuts.
https://www.financemagnates.com/fore...-on-asic-cfds/
https://www.financemagnates.com/fore...-restrictions/
also...Ignored
Disliked{quote} Hi Bicarus, With respect to the present debacle (referring to ASIC's proposed margin FX / CFD leverage of 1:20), how does it actually benefit the the lobbying big 4? Forgive me for coming of as thick - I assume the objective is to drive their competitors like IC,FP AXi, Global Prime,Pepperstone etc out of business by reducing their smaller/numerous retail clients ? Please do let me know if I am missing anything.Ignored
Disliked...This thing about more regulations in retail forex... Let me get to the core issue. The fundamental question and answer is as follows. Q. If you are a retail forex broker, how can you live with yourself knowning that all your customers will evenually lose money ? A. Very well I reckon. And thanks to all retail forex traders for your donations! ...Therefore more regulation is necessary, you can't keep stupid from jumping off a cliff but at least you can put up some guard rails ...Ignored
Disliked{quote} Just recieved from my broker Pepperstone, Dear Client What you need to know ASIC recently put out a proposal that's relevant to the products you trade. We’ve put together a summary of the proposed reform below to help you understand the changes and how they affect you. 1. Proposed changes to leverage caps: a key focus of the proposal is leverage restrictions, which will affect the amount of margin retail clients are required to deposit to trade CFDs or FX. Here’s how the proposed changes look: • 20:1 leverage on currency pairs and gold =...Ignored
DislikedWhat are the options for AU and NZ? I also have British passport so maybe I can use thatIgnored
that said, i'd still urge anyone to submit their responses to ASIC..
Disliked{quote} i believe this email is only sent to clients whom are AU residents with the option to go pro. for those not residing in AU. your option is to go to the UK entity as a pro (req much lower than au) or to await the dubai licence approval. https://www.financemagnates.com/fore...-dfsa-license/Ignored
Disliked{quote} Thank you for that Bicarus, i didn't know that was on the cards, but as we all know the higher the leverage is, the better it is for the brokers when the client loses, So is that a good thing for us smaller trades, because it sounds like they ( the brokers ) could send us broke a lot easier, by using the old spiking trick more often then not because this is where the easy money is IMHO ...Ignored
Disliked{quote} why im urging AU residents to submit their responses is because they ARE your regulators. so your voices hold much more weight than overseas clients. that said, i believe the dubai entity is not open for AU residents. only for overseas clients. (same way how uk residents cannot open accounts with their uk broker's offshore entity) Hence the email u showed was only directed at clients with AU citizenship. regarding your comment, i believe the opposite holds true. simple economics, if the broker is doing well, they will do their utmost best...Ignored
DislikedPepperstone says stop out level will be 50 percent margin? I thought stop out was going to 100 percent. So if it requires 5000 to open 1 lot, you won't get stopped until equity reaches 2500. I wonder if I can find an accountant who will agree the Torana in the shed is an antique and worth a million dollarsIgnored
Dislikedhttps://sophiegrace.com.au/afsls/asi...investor-test/ backstory for those that are not aware. what is price and value test? basically when a broker gives you 100 leverage, u need only $5,000 deposit to qualify as wholesale investor. $5,000 * 100 = $500,000 (value) now, this criteria is moot. to qualify as a wholesale in AU u must pass either of only these 2. 1) 2.5m asset 2) 250k salary for past 2 years all in all, ASIC is smart. and with this move, i believe that the big ball is really...Ignored
Disliked{quote} What do you mean moot? Nobody in retail makes that much money ! And this is not even considering new people getting started. They are not smart, they are literally copying what other regulators have done - nothing smart about that.Ignored