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Attachments: Breaking News: Belgium bans all leveraged Forex, CFDs
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Breaking News: Belgium bans all leveraged Forex, CFDs

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  • Post #1
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  • First Post: Aug 14, 2016 8:53am Aug 14, 2016 8:53am
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
Breaking Forex Industry News… Following our recent report that France’s financial regulator AMF has banned all advertising of Forex products, binary options and some CFDs, LeapRate has learned that Belgium’s regulator FSMA has taken the measure a step further and banned not just the advertising and marketing aspect, but also offering these products for sale to Belgian traders altogether.

Meaning, a total ban on leveraged financial products trading in Belgium for retail traders.

What does this mean for brokers regulated elsewhere in the EU?

https://www.leaprate.com/2016/08/bel...tions-trading/
  • Post #2
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  • Aug 14, 2016 8:58am Aug 14, 2016 8:58am
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
https://www.leaprate.com/2016/08/bel...tions-trading/
 
 
  • Post #3
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  • Aug 14, 2016 10:15am Aug 14, 2016 10:15am
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
wonder how many other countries gonna follow the lead and will this effect the euro?
 
 
  • Post #4
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  • Aug 14, 2016 5:43pm Aug 14, 2016 5:43pm
  •  Forexia
  • Joined Jun 2010 | Status: Member | 3,896 Posts
Belgium is NOT a big player in the leveraged forex market anyway. Has anyone heard of a Belgian broker? Their loss.
Make your losses in demo. Earn your profits live.
 
 
  • Post #5
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  • Aug 14, 2016 6:04pm Aug 14, 2016 6:04pm
  •  mitch77
  • | Joined Mar 2012 | Status: Member | 563 Posts
Quoting Forexia
Disliked
Belgium is NOT a big player in the leveraged forex market anyway. Has anyone heard of a Belgian broker? Their loss.
Ignored
It isn't just a ban on brokers in Belgium.
It means that if you live in Belgium, you cannot trade forex anymore with any broker from Belgium or anywhere else in the EU.
 
 
  • Post #6
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  • Edited Aug 15, 2016 1:43am Aug 14, 2016 8:25pm | Edited Aug 15, 2016 1:43am
  •  Forexia
  • Joined Jun 2010 | Status: Member | 3,896 Posts
Quoting mitch77
Disliked
{quote} It isn't just a ban on brokers in Belgium. It means that if you live in Belgium, you cannot trade forex anymore with any broker from Belgium or anywhere else in the EU.
Ignored
Trade with brokers from UK then since UK is no longer part of EU. FCA is a much better regulator; brokers regulated by FCA UK are lot better anyway.
Make your losses in demo. Earn your profits live.
 
 
  • Post #7
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  • Aug 15, 2016 1:26am Aug 15, 2016 1:26am
  •  Vantage FX
  • | Joined Sep 2011 | Status: Member | 1,029 Posts
So by regulating against the regulated broker scene, Belgium may actually be doing more harm than good... How many Belgian traders will now be forced to simply trade with an unregulated broker, or simply someone in the Caribbean that will have no regard for the rules?

With the way the industry is heading, many other country's will be using Belgium as a case study before ramping up their own restrictions.
Australian Forex Broker - Try a Vantage FX RAW ECN Account Today.
 
 
  • Post #8
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  • Aug 15, 2016 1:42am Aug 15, 2016 1:42am
  •  PowerTrade
  • | Joined May 2015 | Status: Member | 374 Posts
This is becoming common, there are problems with brokers all over the world...

Does this mean that one day all brokers will be banned everywhere?

First USA, then Australia, France had a problema a few weeks ago, now Belgium.

Should I fear?
A good strategy for trading is... the opposite of having a bad strategy.
 
 
  • Post #9
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  • Aug 15, 2016 1:57am Aug 15, 2016 1:57am
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
Quoting mitch77
Disliked
{quote} It isn't just a ban on brokers in Belgium. It means that if you live in Belgium, you cannot trade forex anymore with any broker from Belgium or anywhere else in the EU.
Ignored
 
 
  • Post #10
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  • Edited 2:42am Aug 15, 2016 2:15am | Edited 2:42am
  •  Mingary
  • Joined Mar 2011 | Status: I should be on your ignore list | 5,595 Posts
Quoting Shakespeare (Hamlet (1.4), Marcellus to Horatio):


Something is rotten in the state of Forex.
 
 
  • Post #11
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  • Aug 15, 2016 2:49am Aug 15, 2016 2:49am
  •  Maverick1974
  • | Joined Nov 2015 | Status: Member | 54 Posts
I'm from Belgium, what can I do to still be able to trade?
I am in shock pfffffffff!
 
 
  • Post #12
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  • Aug 15, 2016 4:04am Aug 15, 2016 4:04am
  •  Forexia
  • Joined Jun 2010 | Status: Member | 3,896 Posts
Quoting Maverick1974
Disliked
I'm from Belgium, what can I do to still be able to trade? I am in shock pfffffffff!
Ignored
Like I said before:

Quoting Forexia
Disliked
{quote} Trade with brokers from UK then since UK is no longer part of EU. FCA is a much better regulator; brokers regulated by FCA UK are lot better anyway.
Ignored
Or get out of Belgium. Lots of nice places to live in Europe or move to Singapore, the best place to trade FX.
Make your losses in demo. Earn your profits live.
 
 
  • Post #13
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  • Aug 15, 2016 5:16pm Aug 15, 2016 5:16pm
  •  PoundTrader
  • Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
Quoting Maverick1974
Disliked
I'm from Belgium, what can I do to still be able to trade? I am in shock pfffffffff!
Ignored
 
 
  • Post #14
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  • Edited Aug 16, 2016 2:06pm Aug 15, 2016 7:27pm | Edited Aug 16, 2016 2:06pm
  •  Trader KGB
  • Joined Apr 2007 | Status: Member | 1,842 Posts
Overruling MiFID on OTC spot FX regulation is quite an interesting precedent..

As far as binary options go, they should have followed the route of the Channel Islands and other jurisdictions by classifying them as a gambling product (rightfully so), and regulating them separately as such.
 
 
  • Post #15
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  • Aug 15, 2016 7:30pm Aug 15, 2016 7:30pm
  •  JensG
  • Joined Apr 2014 | Status: Busy writing ... | 553 Posts
Quoting Forexia
Disliked
{quote} Trade with brokers from UK then since UK is no longer part of EU. FCA is a much better regulator; brokers regulated by FCA UK are lot better anyway.
Ignored
UK is still a member, if they leave without retaining passporting rights they might not be allowed to offer to EU customers at all. But actually that doesn't matter that much in this case. Brokers are not outside the law and could theoretically be punished for offering to Belgium customers independent of the brokers actual country of incorporation.

However, it might be interesting to find out the exact definition of retail. Many "better" brokers do not offer to retail at all, you need to classify as a professional trader which usually isn't that hard if you're serious about trading.
There is one definite way out though: Belgium has no CFC rules, so going off-shore is easy and has no big tax complications You can actually leave the country without leaving it!
 
 
  • Post #16
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  • Aug 15, 2016 8:12pm Aug 15, 2016 8:12pm
  •  kosmo
  • Joined Feb 2013 | Status: constructively provocative | 1,505 Posts
Quoting Mingary
Disliked
Quoting Shakespeare (Hamlet (1.4), Marcellus to Horatio): Something is rotten in the state of Forex.
Ignored
Indeed... must be the retail crowd starting to outsmart the quants...
mind over matter
 
 
  • Post #17
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  • Aug 15, 2016 9:12pm Aug 15, 2016 9:12pm
  •  Dkam
  • | Joined Jul 2013 | Status: Member | 297 Posts
Quoting JensG
Disliked
{quote}Belgium has no CFC rules, so going off-shore is easy and has no big tax complications You can actually leave the country without leaving it!
Ignored
I wish it was that easy
 
 
  • Post #18
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  • Edited 3:48am Aug 16, 2016 3:36am | Edited 3:48am
  •  insomniawawa
  • | Joined Mar 2012 | Status: Member | 596 Posts
Quoting PowerTrade
Disliked
This is becoming common, there are problems with brokers all over the world... Does this mean that one day all brokers will be banned everywhere? First USA, then Australia, France had a problema a few weeks ago, now Belgium. Should I fear?
Ignored

France banned only advertising and I think it's not so bad, because it is very aggressive, especially by MM brokers that induce newbies to make "very good recommended trades" just to take whole account. USA didn't ban retail forex trading, but only trading with foreign brokers. What about Australia? I haven't heard anything.
 
 
  • Post #19
  • Quote
  • Aug 16, 2016 3:39am Aug 16, 2016 3:39am
  •  insomniawawa
  • | Joined Mar 2012 | Status: Member | 596 Posts
Quoting Maverick1974
Disliked
I'm from Belgium, what can I do to still be able to trade? I am in shock pfffffffff!
Ignored

Don't worry, if you are serious about trading just open account with any FCA or ASIC regulated broker and tell them that you want to be treated as professional trader
 
 
  • Post #20
  • Quote
  • Aug 16, 2016 4:48am Aug 16, 2016 4:48am
  •  JensG
  • Joined Apr 2014 | Status: Busy writing ... | 553 Posts
Quoting Dkam
Disliked
{quote} I wish it was that easy
Ignored
Care to explain where the problem is?
 
 
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