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Pepperstone no longer available for Kiwi clients

  • #21
  • Oct 28, 2017 10:00am Oct 28, 2017 10:00am
Not having any personal experience, but often heard good stuff about them. However, it has changed in last few years, as many people have made complains. I hope their service stays in likeable zone.
  • #22
  • Oct 29, 2017 8:56pm Oct 29, 2017 8:56pm
Quoting Fedricks
Not having any personal experience, but often heard good stuff about them. However, it has changed in last few years, as many people have made complains. I hope their service stays in likeable zone.

I have a friend who trades with them and she is very happy with their performance. Of course there are going to be complaints in most situations so there's no 100% guarantee I guess. I haven't found any other reputable broker who is either willing to accept us Kiwi's or is updating their documentation to cater for Kiwi's in the future.

So far my contact with AxiTrader has been very positive so if it all works out I'll make sure to direct as much business their way as I can. NZ may be a comparatively small market, but it isn't an insignificant one!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23
  • Oct 30, 2017 2:26am Oct 30, 2017 2:26am
Thanks for info shared here.
Just got email from another Aus broker I use, VantageFX, same explanation as Pepperstone, have to close my account before 1 Dec 2017.
  • #24
  • Oct 30, 2017 3:09am Oct 30, 2017 3:09am
Quoting bigpips
Thanks for info shared here. Just got email from another Aus broker I use, VantageFX, same explanation as Pepperstone, have to close my account before 1 Dec 2017.
Thanks for letting us know. The 'powers that be' have certainly done a number' on us haven't they?...pfffffffff

And I don't know why the various brokers leave it to the last minute to let us know either. Pretty slack imo.

I'm just waiting on scanning some address verification document to prove my address and I'll be signing up with AxiTrader.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #25
  • Oct 30, 2017 3:33am Oct 30, 2017 3:33am
They really left us in the dark until last minute.
What doesn't make sense to me is why we can't trade with Aus regulated brokers as they are "safer" than most in the world just because FMA brought in new regulation apparently to protect NZ retail traders. These Brokers are pretty big and not unlicensed at all, just not with FMA. If I want to risk my money, it's my problem.

Looks like Axitrader will get some business out of this situation.

Cheers


Below is a reply from FMA:

The list on our website is the list of providers who may legally offer derivatives to retail investors in New Zealand. But just to be clear, it is the overseas provider rather than the New Zealand resident who contravenes the law if a New Zealand resident retail investor enters into derivatives with an unlicensed overseas provider. However, we recommend New Zealand retail investors avoid overseas forex trading services not licensed by us.

By way of background, we receive a lot of complaints in this space, it is not well understood by most retail investors, and many providers present themselves as reputable but are in fact scams (and it is often hard to distinguish between genuine and fraudulent overseas providers). See our website here for commentary on that - https://fma.govt.nz/investors/ways-t...hange-trading/ and https://fma.govt.nz/investors/ways-t...inary-options/ . So the case for regulation of derivatives issuers is strong from a consumer protection perspective.

However, derivatives issuers (including overseas providers, such as Pepperstone) can continue to offer derivatives to wholesale investors in New Zealand without being licensed here. ‘Wholesale investors’ includes investors who can certify themselves as ‘eligible investors’ based on previous experience which equips them to assess the merits of the particular transactions, their information needs, and the adequacy of the information provided. So it may be worth talking to Pepperstone about that. But it is up to each overseas provider to determine the extent to which they will deal with New Zealand resident investors – some choose to be licensed and deal with New Zealand retail investors, some choose to just deal with wholesale investors or a subset of wholesale investors, while others elect not to transact with New Zealand-based investors. Others operate illegally.

I hope this is of some assistance.


Quoting realjumper
{quote} Thanks for letting us know. The 'powers that be' have certainly done a number' on us haven't they?...pfffffffff And I don't know why the various brokers leave it to the last minute to let us know either. Pretty slack imo. I'm just waiting on scanning some address verification document to prove my address and I'll be signing up with AxiTrader.
  • #26
  • Oct 30, 2017 3:49am Oct 30, 2017 3:49am
Quoting bigpips
They really left us in the dark until last minute. What doesn't make sense to me is why we can't trade with Aus regulated brokers as they are "safer" than most in the world just because FMA brought in new regulation apparently to protect NZ retail traders. These Brokers are pretty big and not unlicensed at all, just not with FMA. If I want to risk my money, it's my problem. Looks like Axitrader will get some business out of this situation. Cheers Below is a reply from FMA: The list on our website is the list of providers who may legally offer derivatives...

Thanks for posting this. It pretty much concurs with what I was told by Black Bull Markets in Auckland. They can't (at this stage) offer their services to retail traders, but they can do so 'Institutional' traders.

As you say, it's your money and you don't need saving from yourself!! The double standard is that we can go to the TAB and gamble away everything we own, or to the Casino and do the same, but that's fine...according to them. Same for the restrictions on the USA residents......they can only have 50:1 leverage and they're stuck with the FIFO rule, but they can go to Las Vegas and gamble away everything that they have.

Still....lucky for us that AxiTrader are in the process of getting all the right work done for the satisfaction of the FMA, and will consequently....and rightfully....pick up the lions share of NZ clients. I know I will spread the word if they are as good as they seem. In my own dealings with them so far they seem very good.....and my friend trades a pretty sizable account with them and she is completely happy.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #27
  • Nov 6, 2017 6:29am Nov 6, 2017 6:29am
Quoting realjumper
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...
Hey RealJumper

I too am extremely P*ss*d with the sudden decision by Pepperstone to boot out Kiwi retail traders following a FPA rule change in January??. I have had carry trades opened in May that are now moving my way and have been told to close all trades by mid November (could have said something sooner Pepperstone!!) Same thing happened to me in 2015 with Think Forex - suddenly deciding they did not want NZ clients.

Anyhow on a positive - I have had accounts with Axitrader for 2 years and can recommend. Spreads are not as sharp as Pepperstone but support network is good and they 'assure me they have no plans to abandon NZ retail traders

Cheers

FireEater
Health Wealth and Happiness
  • #28
  • Nov 6, 2017 6:42am Nov 6, 2017 6:42am
Quoting FireEater
{quote} Hey RealJumper I too am extremely P*ss*d with the sudden decision by Pepperstone to boot out Kiwi retail traders following a FPA rule change in January??. I have had carry trades opened in May that are now moving my way and have been told to close all trades by mid November (could have said something sooner Pepperstone!!) Same thing happened to me in 2015 with Think Forex - suddenly deciding they did not want NZ clients. Anyhow on a positive - I have had accounts with Axitrader for 2 years and can recommend. Spreads are not as sharp as Pepperstone...
To cover your money you need to contact the FMA to confirm a broker is regulated by the FMA. If they are not then come Xmas they are not allowed to have NZ clients and will have to close all NZ accounts whether they have "assured" you or not. The fine the broker has to pay is huge. Be aware. Otherwise you will lose your money.
  • #29
  • Nov 7, 2017 3:06am Nov 7, 2017 3:06am
Quoting Sniper2000
{quote} To cover your money you need to contact the FMA to confirm a broker is regulated by the FMA. If they are not then come Xmas they are not allowed to have NZ clients and will have to close all NZ accounts whether they have "assured" you or not. The fine the broker has to pay is huge. Be aware. Otherwise you will lose your money.
Thanks Sniper2000 - are you trading from NZ? Do you have a broker you could recommend?
Health Wealth and Happiness
  • #30
  • Nov 7, 2017 3:27am Nov 7, 2017 3:27am
Quoting FireEater
{quote} Thanks Sniper2000 - are you trading from NZ? Do you have a broker you could recommend?
ive been looking at OMF in Auckland. They only run CTrader though.
  • #31
  • Nov 7, 2017 4:12am Nov 7, 2017 4:12am
Quoting Sniper2000
{quote} ive been looking at OMF in Auckland. They only run CTrader though.
I have been looking at MahiFx and GI Markets both on the FMA licence list look average though - just looking for reviews at the moment
Health Wealth and Happiness
  • #32
  • Edited 5:02am Nov 7, 2017 4:51am | Edited 5:02am
i dont see why pepperstone has to boot kiwi clients despite revoking their NZ FMA licence. im from singapore, yet i have pepperstone accounts. and pepper doesnt have a SG market licence. so why cant kiwis just re-register under the ASIC registered entity? unless there is an agreement in place between the two country's regulators. (which if there is, someone pls link me the news)
  • #33
  • Nov 7, 2017 5:50am Nov 7, 2017 5:50am
Quoting FireEater
{quote} Hey RealJumper I too am extremely P*ss*d with the sudden decision by Pepperstone to boot out Kiwi retail traders following a FPA rule change in January??. I have had carry trades opened in May that are now moving my way and have been told to close all trades by mid November (could have said something sooner Pepperstone!!) Same thing happened to me in 2015 with Think Forex - suddenly deciding they did not want NZ clients. Anyhow on a positive - I have had accounts with Axitrader for 2 years and can recommend. Spreads are not as sharp as Pepperstone...

Thanks for the info. Yes, for me, Axitrader is the way to go. All my dealings with them have been very good and I'm very comfortable to go with them.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #34
  • Nov 7, 2017 5:56am Nov 7, 2017 5:56am
Quoting realjumper
{quote} Thanks for the info. Yes, for me, Axitrader is the way to go. All my dealings with them have been very good and I'm very comfortable to go with them.

and Oanda
  • #35
  • Nov 7, 2017 6:02am Nov 7, 2017 6:02am
Quoting Bicarus
i dont see why pepperstone has to boot kiwi clients despite revoking their NZ FMA licence. im from singapore, yet i have pepperstone accounts. and pepper doesnt have a SG market licence. so why cant kiwis just re-register under the ASIC registered entity? unless there is an agreement in place between the two country's regulators. (which if there is, someone pls link me the news)

I don't know the details really. All I know is Pepperstone and other brokers won't accept NZ clients because, for the want of a better term, their FMA licence doesn't meet the (new) requirements of NZ.

As I've mentioned though, after speaking to Ben at AxiTrader, he assures me that AxiTrader is well on the way to securing the correct documentation, and as such they are allowed to continue to service Kiwi clients, as well as accept new clients.

Also as I have mentioned, I have a friend who has been with AxiTrader for some time and has a decent size account. She is very happy with them and recommends them as a very good broker with great customer service. She was also a Pepperstone client a year or two ago.

So all in all, my search has pretty much come to an end as I'm satisfied with my choice to go with AxiTrader and I recommend any other Kiwis to do likewise. Send me a PM and I can put you directly in touch with Ben and he'll answer any questions you may have.

Cheers,
RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #36
  • Nov 7, 2017 6:05am Nov 7, 2017 6:05am
Quoting Larseg
{quote} and Oanda
Hi there Lars...long time eh?

Oanda didn't even have the courtesy to reply to my email.....so they didn't even get to the starting gate as far as I'm concerned.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #37
  • Nov 7, 2017 6:12am Nov 7, 2017 6:12am
Quoting realjumper
{quote} Hi there Lars...long time eh? Oanda didn't even have the courtesy to reply to my email.....so they didn't even get to the starting gate as far as I'm concerned.

Hehe, very long!

Ok, I have withdrawn money several times without a single problem and never gotten any slippage while trading


I trade mainly stocks now, thats why you haven't seen me around here...
  • #38
  • Nov 7, 2017 6:13am Nov 7, 2017 6:13am
Quoting FireEater
{quote} I have been looking at MahiFx and GI Markets both on the FMA licence list look average though - just looking for reviews at the moment
MahiFx reviews at FPA.... http://www.forexpeacearmy.com/forex-...www.mahifx.com
Doing what you like is Freedom. Liking what you do is Happiness.
  • #39
  • Nov 7, 2017 6:16am Nov 7, 2017 6:16am
Quoting Larseg
{quote} Hehe, very long! Ok, I have withdrawn money several times without a single problem and never gotten any slippage while trading I trade mainly stocks now, thats why you haven't seen me around here...
I'm sure that Oanda is fine and reliable and safe. But when they don't respond to emails I have to conclude that they're not interested!

It's not often I'm here either.....I prefer to 'do my own thing' as it were. I learned from FF in the early days and I think I gave back.....so we're all squared away in that regard.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #40
  • Nov 7, 2017 6:48am Nov 7, 2017 6:48am
Quoting realjumper
{quote} I'm sure that Oanda is fine and reliable and safe. But when they don't respond to emails I have to conclude that they're not interested! It's not often I'm here either.....I prefer to 'do my own thing' as it were. I learned from FF in the early days and I think I gave back.....so we're all squared away in that regard.

For sure RJ, doing your own thing is the best and only way to go.
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