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Pepperstone no longer available for Kiwi clients

  • #1
  • First Post: Oct 26, 2017 1:18am Oct 26, 2017 1:18am
I received the following news in an email today:

"Earlier this year new rules came into force in New Zealand regarding brokers that offer short-term derivative products. Unfortunately, these rule changes mean that from 1 December 2017 Pepperstone, as an Australian regulated entity, can no longer take on or retain any trades for clients who reside in New Zealand"

"You will still have full access to trade up until the close of business Wednesday the 8th of November 2017, when your account(s) will be moved to 'Close Only' mode. Close Only means you cannot open any new positions, only close existing positions.

You will be able to manage any existing positions until the close of business Wednesday the 30th of November 2017, when any remaining open trades will be closed and your Pepperstone trading account will no longer be available for use."

A bit of a shame to only get 2 weeks notice, but the chap I spoke to on the phone was very good about it, and I have no problems with Pepperstone. I'm sure other Kiwi's will be in the same boat as I......what are you plans for a replacement broker? I'm researching as we speak, and I'll post here if I find something good. Hope you will too

Cheers,
RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #2
  • Oct 26, 2017 3:12am Oct 26, 2017 3:12am
Does this mean Axitrader.com is not far behind? I sent them an email a moment ago. Soon as I get a reply, I'll post an update here as well. I trade from Auckland.
youtube.com/@jimstradingjournal
  • #3
  • Oct 26, 2017 3:44am Oct 26, 2017 3:44am
Quoting syfx
Does this mean Axitrader.com is not far behind? I sent them an email a moment ago. Soon as I get a reply, I'll post an update here as well. I trade from Auckland.
It depends on whether they are FCA regulated...and if so, are they FCA regulated in NZ or not?

I asked the guy from Pepper about switching to Pepperstone UK, but (of course) the same issue comes up. He said that if Pepper had a physical presence in NZ and had the NZ FCA documents etc, then it would work, but there aren't enough Kiwi clients to make that feasible.

I did check out IG Markets because they seem to have the correct (for NZ) derivatives licence. When I checked them out on Forex Peace Army they have a shitload of bad feedback, so that is a definite worry!!

I've sent an email to Oanda, but I suspect they will be unable to help....we'll see.

I did check out another broker, the name slips my mind at present, but they obviously did an ip lookup and detected that I'm in NZ which caused a pop up to appear saying that they are unable to accept any NZ accounts.

So things are looking a little tricky at the moment.......
Doing what you like is Freedom. Liking what you do is Happiness.
  • #4
  • Oct 26, 2017 2:16pm Oct 26, 2017 2:16pm
Yes Im caught up and pissed off too. Im annoyed that we werent advised of this back in April but nothing can be done about it now. The FMA is being dictator to all companies and people wanting to do anything now. The silly part about it is that even FMA accredited people are still scamming investors. At the end of the day its buyer beware with anything you do. You ought to try and open a bank account now in nz and see how much paperwork you have to do. Unbelievable, even to go for an O/D or change mortgages about. You soon wont be able to fart and there will be a regulation. Sorry there is . Its called the Emission Controls Act . Man we have a problem. lol.
I am looking at OMF. They seem to be ok. Dont know any others. Tried FxPro UK but they refused and put me over to Cyprus branch , not interested .
  • #5
  • Oct 26, 2017 3:40pm Oct 26, 2017 3:40pm
https://www.100forexbrokers.com/newz...-forex-brokers

this list might be helpful
atheer1
  • #6
  • Oct 26, 2017 3:58pm Oct 26, 2017 3:58pm
Hi
I'm a new member (just subscribed) but been stalking FF for ages. So just quickly want to use this chance to thank you RJ for all yr contributions to the forums - of all contributers I've probably learned the most from yr insights. Nowadays trading naked charts but you basically got me going, so thanks. I'm also NZ based Pepperstone client, so following this with interest. It would seem that with increasing regulation worldwide, getting a good broker from NZ might become a bit of a challenge. Will do some research as well. Cheers
  • #7
  • Oct 26, 2017 6:10pm Oct 26, 2017 6:10pm
Quoting Sniper2000
Yes Im caught up and pissed off too. Im annoyed that we werent advised of this back in April but nothing can be done about it now. The FMA is being dictator to all companies and people wanting to do anything now. The silly part about it is that even FMA accredited people are still scamming investors. At the end of the day its buyer beware with anything you do. You ought to try and open a bank account now in nz and see how much paperwork you have to do. Unbelievable, even to go for an O/D or change mortgages about. You soon wont be able to fart and...

I must admit that getting 2 weeks notice is not really a fair go, but it's happened so we just have to deal with it and move on.

Interesting what you say about opening a bank account.....I just opened one the week before last and I did it all online......smooth as butter. The bank was Westpac.

Yep....stay away from Cypres brokers and anything linked to them...nothing good ever comes from those brokers
Doing what you like is Freedom. Liking what you do is Happiness.
  • #8
  • Oct 26, 2017 6:11pm Oct 26, 2017 6:11pm
Quoting atheer1
https://www.100forexbrokers.com/newz...-forex-brokers this list might be helpful

Yes.....I read this yesterday and it proved very useful in selecting a possible broker.....I'll make a post with my discovery shortly.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #9
  • Oct 26, 2017 6:15pm Oct 26, 2017 6:15pm
Quoting AC-pippin
Hi I'm a new member (just subscribed) but been stalking FF for ages. So just quickly want to use this chance to thank you RJ for all yr contributions to the forums - of all contributers I've probably learned the most from yr insights. Nowadays trading naked charts but you basically got me going, so thanks. I'm also NZ based Pepperstone client, so following this with interest. It would seem that with increasing regulation worldwide, getting a good broker from NZ might become a bit of a challenge. Will do some research as well. Cheers
Hiya,

Thanks for the kind words.

My trading has changed since the Genesis days and my trading has got better and better. Not to say that Genesis was bad by any means, but I find it much easier to trade these days with nothing more than stochastic indicator and one moving average.

Check out the post below for a possible broker...
Doing what you like is Freedom. Liking what you do is Happiness.
  • #10
  • Oct 26, 2017 6:23pm Oct 26, 2017 6:23pm
Yesterday evening I was reading a lot online and I came across the same page as atheer1 posted a link to above. I checked out Black Bull Markets after initially not considering them because the name was not too attractive to me...for some reason! Anyway, I checked them out on Forex Peace Army and I was amazed at the many, many glowing reviews they have received. Check it out here. In fact if you google 'blackbull markets review' you'll see that the company seems to be very respectable. I fired off an email last night but I have yet to receive a reply. If I don't get one in the next few hours I'll ring them and see what happens.......I'll keep you posted.....
Doing what you like is Freedom. Liking what you do is Happiness.
  • #11
  • Oct 26, 2017 11:58pm Oct 26, 2017 11:58pm
Quoting syfx
Does this mean Axitrader.com is not far behind? I sent them an email a moment ago. Soon as I get a reply, I'll post an update here as well. I trade from Auckland.
You have a PM
Doing what you like is Freedom. Liking what you do is Happiness.
  • #12
  • Oct 27, 2017 12:17am Oct 27, 2017 12:17am
Update

So I rang up Black Bull Markets in Auckland and spoke to a very nice guy about this current situation. I should add that I downloaded their demo account last night just to have a look at it. Anyway, the bottom line is that even though they are a NZ based brokerage, they are unable to accept NZ based retail clients!! The reason being that their FPA approval (or whatever) needs updating to cover these new rules, that none of us were even aware of it would seem. They can accept overseas clients, OR, NZ based *Institutional* clients only. In order to become and institutional client I would have to have a special form completed by a charted accountant who (no doubt) would have to go through all my records to be in a position to complete the relevant paperwork which would show that I didn't just start trading yesterday and that I'm not in danger of going broke....and that I'm not a muppet!! This paperwork is going to be sent to me to have a look at to see whether the hoops I have to jump through are worth the cost of becoming an Institutional trader.

Next, I spoke to a nice guy at AxiTrader which is who syfx who posted above is with. I also have a friend in the US who is with them too. Ben, from AxiTrader tells me that Pepperstone actually withdrew their FPA for NZ, presumably because they don't see much benefit in having NZ clients as they seem to not want to do the FPA work to cover NZ. I guess that explains their sudden 2 weeks notice of closure of my account, which I'm still a bit pissed off about, but I just have to suck it up.

Anyway, Ben at AxiTraders was very nice and very helpful and he told me that existing NZ clients are safe with them, and, that they are legally allowed to accept new Kiwi clients. They can do this because they are updating their FPA documentation and they expect to have this completed fairly early on next year. Because they have this FPA updating well underway already, they are allowed to continue to support NZ clients as well as to accept new clients.

Ben has sent me some information regarding opening an account and no doubt I will have questions for him which he is very happy to answer. I'll probably download their demo and just trade that tonight and see how things go.

So that's the update of this situation.

syfx....could you share you experiences with AxiTrader here please? I've looked online and their are mixed reviews, but mostly pretty good reviews. If anyone else is with AxiTraders, please post your experiences here. Thanks.

Rj
Doing what you like is Freedom. Liking what you do is Happiness.
  • #13
  • Oct 27, 2017 1:29am Oct 27, 2017 1:29am
I have been running a demo account on my AWS vps for about a month now. Execution is fast. Spreads (for the standard account) is tight and consistent. I'll be funding my account next week.

I used to trade with a Christchurch-based broker (if i remember correctly) -- MahiFX. I sent them an email a few hours ago and haven't received a repy from them atm. Withhdrawals from mahifx was ok. My funds were transferred to my nz bank account within 5 business days.
youtube.com/@jimstradingjournal
  • #14
  • Oct 27, 2017 1:38am Oct 27, 2017 1:38am
Quoting syfx
I have been running a demo account on my AWS vps for about a month now. Execution is fast. Spreads (for the standard account) is tight and consistent. I'll be funding my account next week. I used to trade with a Christchurch-based broker (if i remember correctly) -- MahiFX. I sent them an email a few hours ago and haven't received a repy from them atm. Withhdrawals from mahifx was ok. My funds were transferred to my nz bank account within 5 business days.

That's good to know....thanks.

My friend from the USA who is using AxiTrader is using their UK branch of the same broker. I'll see what she has to say and she might post here perhaps.

I'm looking at their demo account now and it looks pretty good...on par with Pepper for spreads.

I did very little live trading yesterday and won't tonight either, but instead I'll check out this AxiTrader demo. All going well I'll open a live account and fund it when I close Pepper account next week.

If anyone else has any other ideas, or experience with AxiTrader or another suitable broker....please do post.

Cheers,
RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #15
  • Oct 27, 2017 3:30am Oct 27, 2017 3:30am
Hi Kiwitraders!
Looks like we have a problem on our hands. Question is, can any Broker now turn on us and not except Kiwis as clients?

Does anyone have experience with LMax? They seem to be quite good.

Will post here if I find read anything interesting.

Cheers
  • #16
  • Oct 27, 2017 3:36am Oct 27, 2017 3:36am
Thanks RJ for your work on this, and to the other Kiwi traders.

Bit on the nose the short notice........but for the time being finding a reputable broker is the job at hand.

Will try Axi but some research as well.

Wgtn vs BOP cliffhanger!

J
Winning isnt everything but coming second sucks (Charlie Brown)
  • #17
  • Oct 27, 2017 3:38am Oct 27, 2017 3:38am
Quoting bigpips
Hi Kiwitraders! Looks like we have a problem on our hands. Question is, can any Broker now turn on us and not except Kiwis as clients? Does anyone have experience with LMax? They seem to be quite good. Will post here if I find read anything interesting. Cheers

The short answer is yes, if the broker does not FPA documentation as per the NZ requirements, they may, just like Ppperstone, decide that it's not worth the effort and cancel our asses! The other thing is that some brokers just ignore the requirement, but if we sign up with them, it could be like jumping into the lions den...with no safety line.

At first glance Lmax is getting reasonable reviews. The only way to know if they will accept us Kiwi's is to ask them.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #18
  • Oct 27, 2017 3:39am Oct 27, 2017 3:39am
Quoting jjre65
Thanks RJ for your work on this, and to the other Kiwi traders. Bit on the nose the short notice........but for the time being finding a reputable broker is the job at hand. Will try Axi but some research as well. Wgtn vs BOP cliffhanger! J

No problem J...if we all pull together then we should be ok.....fingers crossed
Doing what you like is Freedom. Liking what you do is Happiness.
  • #19
  • Oct 27, 2017 5:25am Oct 27, 2017 5:25am
Good morning,

now NZ traders get the same problem as US customers long time ago, really weird. Using Gobal Prime here, nothing to complain about, possible worth to ask them (me not being located in NZ). If you're not only a parttime trader with little vol and small account, getting 'institutional' like mentioned above may be a solution as well as checking another address. Not knowing, if the restrictions target on location or citizenship NZ.

josch
trading is war - life is simple
  • #20
  • Oct 27, 2017 5:41am Oct 27, 2017 5:41am
Quoting josch
Good morning, now NZ traders get the same problem as US customers long time ago, really weird. Using Gobal Prime here, nothing to complain about, possible worth to ask them (me not being located in NZ). If you're not only a parttime trader with little vol and small account, getting 'institutional' like mentioned above may be a solution as well as checking another address. Not knowing, if the restrictions target on location or citizenship NZ. josch

Hiya Josch

It's similar to what USA clients had happen to them, except they got the FIFO rule plus the 50:1 leverage restriction. I'm getting 'sorry, we don't have the FPA documents to satisfy NZ regulations so we can't accept you.' So it's not a restriction, it's a simple "NO".......

As I mentioned above AxiTrader is working towards getting to correct FPA stuff sorted, and I gather that it's quite an involved process, but they are accepting NZ clients and they're doing it legally and above board. SO they are at the top of the (very small) list right now.

Institutional trading is a possibility, and it's something that I may well look into next year, if I don't get forced into it sooner, but I don't think that it will be as easy as it sounds to achieve. Maybe...maybe not.

If I had an address in Australia (for example) I could continue to trade with Pepper....in fact they suggested exactly that. But that's not so easy as it sounds because the documentation I would have to provide includes proof of the Australian address which would have to from a utility statement sent to that address in my name...like a power bill or bank statement for instance. So that option is pretty much dead in the water.

Strange that this has happened, and it came with no warning that I knew about so it's a bit of a lightning bolt really. But us Kiwi's can make it work out if we try hard enough!!
Doing what you like is Freedom. Liking what you do is Happiness.
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