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Pepperstone no longer available for Kiwi clients

  • #41
  • Nov 8, 2017 2:32am Nov 8, 2017 2:32am
Hey guys,

I'm a bit late to the party.

Sorry to hear about Pepperstone, shame.

I'm still just a newb and working on controlling my risk, money management and psychology with a micro account.
So, from a newb's perspective:

I have been with AxiTrader for over 5 years. Initially it was a bit of a hassle to transfer money, had to physically go to bank, but they have gone from strength to strength over the years and their current front end is seamless. I have deposited money half a dozen times this year and have not had any problems. I have dealt with Ben many times, great guy, very helpful. Spreads usually really tight, depending on time of day and pair.

I really wanted to support a kiwi firm and opened an account with Mahi a couple of years back. It was a great exercise, looking at my AxiTrader account side by side with my Mahi one. Early on I had a trade on and the platform just had a spaz. The spread went from a few pips to something ridiculous, from 40-60 pips. I emailed them a couple of times and when I got a reply they said they really weren't set up for retail traders, and that's cool, it's just that the tone of the email spoke volumes as well. Apparently the issue was something to do with their server. Spreads are bigger than Axi across the board and at times can get insanely big. Last time I had both up and the Mahi chart was littered with huge spikes that were nowhere to be seen on the Axi chart. I really do not know why. In the end the Mahi experience has made me value Axi more. I am still hanging onto the Mahi account, hoping they might improve as Axi has done over the years.

I hope this is of some help.
Best of luck for resolving this issue and getting back to trading.

Cheers, from Dunedin
Real knowledge is to know the extent of one's ignorance.
  • #42
  • Nov 8, 2017 2:44am Nov 8, 2017 2:44am
Quoting SanAshi
Hey guys, I'm a bit late to the party. Sorry to hear about Pepperstone, shame. I'm still just a newb and working on controlling my risk, money management and psychology with a micro account. So, from a newb's perspective: I have been with AxiTrader for over 5 years. Initially it was a bit of a hassle to transfer money, had to physically go to bank, but they have gone from strength to strength over the years and their current front end is seamless. I have deposited money half a dozen times this year and have not had any problems. I have dealt with...

Thanks for the info of your personal experiences. Forex Peace Army also shows reports of 'spikes' on the Mahi accounts, and to me this is unacceptable. Once in a very long wile I could tolerate that, but only if they made good on the deal where no other platform shows such a spike. Sadly, NZ brokers have a very poor reputation, which in part (I'm sure) is the reason behind the regulation tightening up.

The spreads on Axi seem to be fine and time will tell how good they are. That said, I haven't yet found anyone with first hand experience of Axi that has anything bad to say about them, so it's all looking good to me.

Thanks for your post

Cheers from Palmy!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #43
  • Nov 8, 2017 3:55am Nov 8, 2017 3:55am
Quoting SanAshi
Hey guys, I'm a bit late to the party. Sorry to hear about Pepperstone, shame. I'm still just a newb and working on controlling my risk, money management and psychology with a micro account. So, from a newb's perspective: I have been with AxiTrader for over 5 years. Initially it was a bit of a hassle to transfer money, had to physically go to bank, but they have gone from strength to strength over the years and their current front end is seamless. I have deposited money half a dozen times this year and have not had any problems. I have dealt with...
Hey SanAshi

Thanks for sharing. I was looking at MahiFx as an option for similar reasons (Kiwi broker etc) but after reading online reviews (linked in the thread by RJ) I have eliminated them from my maybe list

I too have been with Axitrader for a while and noted improvement during that time - just hoping they don't do a Pepperstone. The noises they making are positive... so time will tell.

Cheers

FireEater - Wellington branch
Health Wealth and Happiness
  • #44
  • Nov 9, 2017 1:55pm Nov 9, 2017 1:55pm
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...
Have you got this on a letter head or email heading from them?
  • #45
  • Edited 3:40pm Nov 9, 2017 3:29pm | Edited 3:40pm
In light of the FMA reply. You might like to look at the FMA's defintion of investors. Have sent this to Pepperstone too for their comment.

Just received this from Pepperstone. Looks like they are getting the run around by the FMA. along with all the other brokers.
"
"The Management team are already all over this and the FMA had advised each broker to conduct a legal review of the situation and obtain outside advice even though they have been telling clients that they can continue to trade with us.

The mixed messages from them are what has caused a lot of delays but we should have an overall update and plan of action within a few days I have been advised."

Might be a case for Pepperstone to draft a letter for any NZ trader to sign and their lawyer /accountant.
That would sort it out and take pressure off everyone.??
Attached File(s)
File Type: docx fma investors.docx   150 KB | 427 downloads
  • #46
  • Edited 12:04pm Nov 30, 2017 11:08am | Edited 12:04pm
Quoting realjumper
{quote} 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...
Hey Realjumper how did you go with axi trader ? I'm trading out of Auckland and was going to be stepping up to some full time trading early next year with Pepper so these rules have kind of buggered my plans a bit to tell you the truth...

Pepperstone have actually been one of the better brokers Iv'e dealt with and I'm pretty gutted , other brokers I've been with tried to stop me trading (IG and FX pro)
Never said I was Batman,all I'm saying is you'll never see us together.
  • #47
  • Dec 1, 2017 1:20am Dec 1, 2017 1:20am
  •  Leebos
  • | Joined Aug 2012 | Status: I do not believe in a fate that fal | 75 Posts
Quoting realjumper
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...
Hi RJ.

I received virtually the same service and notice from Global Prime FX, which kind of sickens me, as it can take years to find a broker that you can genuinely trust after "proving" themselves.

I rarely login to FF, but this situation has me feeling a little lost in the wilderness. Although I won't be able to trade, I may keep some token funds in my Global Prime account, as I will be moving to Spain late 2018 with the markets being my sole income. A dependable broker is essential.
In the meantime, I'm inclined to follow your lead, especially if your experience continues to garner reassurance.
Please continue to post your feedback regarding your chosen broker.

Best regards
  • #48
  • Dec 1, 2017 4:49am Dec 1, 2017 4:49am
Quoting headfake
{quote} Hey Realjumper how did you go with axi trader ? I'm trading out of Auckland and was going to be stepping up to some full time trading early next year with Pepper so these rules have kind of buggered my plans a bit to tell you the truth... Pepperstone have actually been one of the better brokers Iv'e dealt with and I'm pretty gutted , other brokers I've been with tried to stop me trading (IG and FX pro)
Hiya,

Sorry for the slow reply...I've been out of touch for a little while but I'm back on deck now.

To answer your question, AxiTrader are really good. Super helpful staff and very professional in the way they answer questions and approach things with us. There is a Spread only account and a Spread + Commission account. The Spread only account has a slightly higher spread than the spread + commission account, but its 'swings and roundabouts' really! The execution is excellent, no requotes or any of that bucket shop nonsense and they have a web based trader as well as a phone app so if the MT4 crashes in the middle of a trade, there are options available to you. All in all I'm very happy with AxiTrader and I have no problem in recommending them.

If you want to open an account with them, use this link. No kick back to me, but it will ensure that Benjamin will be your account manager too: https://www.axitrader.com/au/live-ac...omocode=U00338

Cheers,
RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #49
  • Dec 1, 2017 4:50am Dec 1, 2017 4:50am
Quoting Leebos
{quote} Hi RJ. I received virtually the same service and notice from Global Prime FX, which kind of sickens me, as it can take years to find a broker that you can genuinely trust after "proving" themselves. I rarely login to FF, but this situation has me feeling a little lost in the wilderness. Although I won't be able to trade, I may keep some token funds in my Global Prime account, as I will be moving to Spain late 2018 with the markets being my sole income. A dependable broker is essential. In the meantime, I'm inclined to follow your lead, especially...
Hiya Leebos,

Check out my reply above to headfake....I think it answers your questions.

cheers,
RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #50
  • Dec 1, 2017 11:59am Dec 1, 2017 11:59am
Quoting realjumper
{quote} Hiya, Sorry for the slow reply...I've been out of touch for a little while but I'm back on deck now. To answer your question, AxiTrader are really good. Super helpful staff and very professional in the way they answer questions and approach things with us. There is a Spread only account and a Spread + Commission account. The Spread only account has a slightly higher spread than the spread + commission account, but its 'swings and roundabouts' really! The execution is excellent, no requotes or any of that bucket shop nonsense and they have...
All good my friend and thanks for the link and your take on Axi-trader

I've never been a fan of mt4 too used to ctrader but as long as the tick volume indicator is half decent I'll be happy....
Never said I was Batman,all I'm saying is you'll never see us together.
  • #51
  • Dec 1, 2017 9:58pm Dec 1, 2017 9:58pm
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...
It basically sounds like your government has done a similar thing to what mine (canada) has. They can't block you from trading with someone offshore, but they insist that the broker has to comply with their regulations, in order to be allowed to trade with you. The problem with this whole policy, is it greatly limits the trader's freedom to choose their broker. In Canada, I have like 4 brokers to choose from. I also have the worst leverage rates in the world (a 1 lot position on the gbp/jpy requires a deposit of over $10k!). The reason why the governments do this, is because certain brokers/banks lobby them to put up this "safety net" for retail traders, or so they say. Really, it's just an attempt to put a cage around us instead, so we only have our local brokers to choose from.

I've noticed over the past year or so, more and more offshore brokers that are regulated, are no longer accepting Canadian clients. Which gets very frustrating. Some Australian ones won't accept me as a client, yet some will. Which then makes me beg to ask the question "are the ones still willing to accept me legitimate brokers? Or bucket shops?". Fortunately, a few brokers I've been looking at have been around for a quite a while, and have some positive reviews. It also seems to be in line with the reply you got from the NZ government. That the brokers can still choose to not comply under certain circumstances.

Another thing worth looking into is The Financial Commission (financialcommission.org). It's a non-government organization that handles disputes between brokers and clients. Kind of like a national regulatory body, but it's international, and, well, it's not run by a government either. There's even a $20k client protection fund. One case from last year (although I can't find the specifics of it right now) awarded a client over $50k due to a broker's malpractice. That right there is another level of protection for the average joe. One which is becoming increasingly necessary in the wild world of forex.
  • #52
  • Dec 2, 2017 1:26pm Dec 2, 2017 1:26pm
Quoting 4xNewGuy
{quote} It basically sounds like your government has done a similar thing to what mine (canada) has. They can't block you from trading with someone offshore, but they insist that the broker has to comply with their regulations, in order to be allowed to trade with you. The problem with this whole policy, is it greatly limits the trader's freedom to choose their broker. In Canada, I have like 4 brokers to choose from. I also have the worst leverage rates in the world (a 1 lot position on the gbp/jpy requires a deposit of over $10k!). The reason why...
Interesting point about NZ brokers lobbying for rule changes I was thinking the same thing. I've not really checked out yet if we have decent options here in NZ. I may do some investigating next year regarding rules etc if I get time...
Never said I was Batman,all I'm saying is you'll never see us together.
  • #53
  • Dec 2, 2017 2:40pm Dec 2, 2017 2:40pm
Quoting Sniper2000
{quote} ive been looking at OMF in Auckland. They only run CTrader though.
They look interesting and I prefer CTrader, did you open an account with them ??
Never said I was Batman,all I'm saying is you'll never see us together.
  • #54
  • Dec 2, 2017 11:47pm Dec 2, 2017 11:47pm
Quoting headfake
{quote} Interesting point about NZ brokers lobbying for rule changes I was thinking the same thing. I've not really checked out yet if we have decent options here in NZ. I may do some investigating next year regarding rules etc if I get time...

I think it's fair to say that some NZ based brokers have, in the past, been on par with Cyprus based brokers as the regulations here were very, very loose indeed. However, now they (the regulators) seem to have gone to other extreme under the guise of 'protecting us from ourselves'...which is actually hypocrisy at it's finest because we can go to the TAB (betting shop) and gamble away everything on the horses or the dogs, and that's just all fine and dandy. But then of course, the govt has it's hand very firmly embedded in that 'industry' It's like the USA rules of 50:1 leverage plus FIFO......yet Las Vegas will relieve a person of their entire wealth and that's just fine with the US Govt....or maybe they don't want to cross la cosa nostra?!?!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #55
  • Dec 9, 2017 10:58pm Dec 9, 2017 10:58pm
Have a look at XM
https://www.xm.com/about
  • #56
  • Jan 13, 2018 12:19am Jan 13, 2018 12:19am
  •  Leebos
  • | Joined Aug 2012 | Status: I do not believe in a fate that fal | 75 Posts
Quoting realjumper
{quote} Hiya, Sorry for the slow reply...I've been out of touch for a little while but I'm back on deck now. To answer your question, AxiTrader are really good. Super helpful staff and very professional in the way they answer questions and approach things with us. There is a Spread only account and a Spread + Commission account. The Spread only account has a slightly higher spread than the spread + commission account, but its 'swings and roundabouts' really! The execution is excellent, no requotes or any of that bucket shop nonsense and they have...
Hi RJ.

Time for an update.
Having had a live account open with Axitrader for about a month now, the time to withdraw some profits is beckoning.

Have you already withdrawn some profits from Axitrader?
How was your experience with the withdrawal process?

So far, my experience with Axitrader has been without any discrepancies other than a couple of unique price-spikes, which didn't effect any of my trades.

If the withdrawal process is equally trouble-free, it would seem that Axitrader have been a good alternative to Global Prime.

Leebos
  • #57
  • Jan 17, 2018 4:21pm Jan 17, 2018 4:21pm
Quoting Leebos
{quote} Hi RJ. Time for an update. Having had a live account open with Axitrader for about a month now, the time to withdraw some profits is beckoning. Have you already withdrawn some profits from Axitrader? How was your experience with the withdrawal process? So far, my experience with Axitrader has been without any discrepancies other than a couple of unique price-spikes, which didn't effect any of my trades. If the withdrawal process is equally trouble-free, it would seem that Axitrader have been a good alternative to Global Prime. Leebos

Hi,

You copied and pasted this to me in a PM, which was fine as I didn't see it here. For the benefit of the thread though, I haven't yet made any withdrawal so I can't comment other than to say that I have every confidence in AxiTrader and I don't foresee any issues.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #58
  • Jan 20, 2018 9:13pm Jan 20, 2018 9:13pm
Did you try Dukascopy? 300:1 leverage and almost same spreads
  • #59
  • Last Post: May 6, 2019 6:15pm May 6, 2019 6:15pm
Quoting realjumper
{quote} Hi, You copied and pasted this to me in a PM, which was fine as I didn't see it here. For the benefit of the thread though, I haven't yet made any withdrawal so I can't comment other than to say that I have every confidence in AxiTrader and I don't foresee any issues.
I'm looking at opening an account with AxiTrader. Has your experience with them still been positive?
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