Breaking: ESMA finalizes new rules to govern leveraged trading | Page 10 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Australia "ESMA" type rules 8 replies

Differences in Trading Behavior under new ESMA leverage rules 2 replies

Concerning New ESMA Regulation On Leveraged Trading 1 reply

MFSA finalizes new rules for Forex and CFD brokers 0 replies

Breaking News: Belgium bans all leveraged Forex, CFDs 92 replies

Attachments: Breaking: ESMA finalizes new rules to govern leveraged trading
Exit Attachments

Breaking: ESMA finalizes new rules to govern leveraged trading

  • #181
  • May 27, 2018 12:38pm May 27, 2018 12:38pm
Quoting SuperPip
{quote} Yes, Pepperstone UK is already distressing me here. SP
Just switch to Pepperstone Australia and you are done
  • #182
  • May 27, 2018 12:41pm May 27, 2018 12:41pm
Quoting SuperPip
{quote} Yes, Pepperstone UK is already distressing me here. SP
What are they telling you?
  • #183
  • May 27, 2018 1:19pm May 27, 2018 1:19pm
Quoting meyoik
{quote} What are they telling you?
Let me snip the letter.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 72 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 81 KB


I applied to be a professional and then got a phone call from customer manager.
They also sent me an email regarding the conditions to be a professional trader.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 44 KB

SP
  • #184
  • May 27, 2018 1:24pm May 27, 2018 1:24pm
Quoting Merka
{quote} Just switch to Pepperstone Australia and you are done
Are they taking European citizens?
I was converted from Pepperstone Australia to UK on last autumn.

SP
  • #185
  • May 27, 2018 1:39pm May 27, 2018 1:39pm
Quoting SuperPip
{quote} Are they taking European citizens? I was converted from Pepperstone Australia to UK on last autumn. SP
I don't know Pepperstone but I just opened which ICMarkets Australia and no problem to open account with them.
I guess now all Australian, NZ brokers are preparing themselves for European customers
  • #186
  • May 27, 2018 1:51pm May 27, 2018 1:51pm
Quoting SuperPip
{quote} Let me snip the letter. {image} {image} I applied to be a professional and then got a phone call from customer manager. They also sent me an email regarding the conditions to be a professional trader. {image} SP
Thanks SuperPip

With regards to the Professional Trader status, what do they mean with "placed trades of significant size"? How many lots do they mean?
  • #187
  • May 27, 2018 3:05pm May 27, 2018 3:05pm
Quoting meyoik
{quote} Thanks SuperPip With regards to the Professional Trader status, what do they mean with "placed trades of significant size"? How many lots do they mean?
I did not understood it clearly, they was talking about 0,5 lots, but what was the period, I'm clarifying it out.

SP
  • #188
  • May 27, 2018 3:58pm May 27, 2018 3:58pm
Quoting SuperPip
{quote} I did not understood it clearly, they was talking about 0,5 lots, but what was the period, I'm clarifying it out. SP
Let us know, when you do, surely it will clarify this point to a lot of traders in this thread.

Thanks!
  • #189
  • May 29, 2018 12:51am May 29, 2018 12:51am
Quoting meyoik
{quote} Let us know, when you do, surely it will clarify this point to a lot of traders in this thread. Thanks!
This is the answer from Pepperstone UK account manager:

"So what you'll need to provide is proof of at least 10 significant sized trades on average with a notional value of Usd10,000 for equities and Usd50,000 for forex, indices and commodities or equivalent in local currency.

For example, 20 x 0.5 EUR/USD each quarter.

I hope this clears things up.

In regards to the leverage reduction, if you can't opt up to a professional, your leverage will go do to 30:1."

For next condition:

  1. I have worked in the financial sector for at least one year in a professional position, which has provided me knowledge of Forex and/or CFD trading

I can show up the working experience in the financial institution.

SP

  • #190
  • May 29, 2018 1:38am May 29, 2018 1:38am
Quoting SuperPip
{quote} This is the answer from Pepperstone UK account manager: "So what you'll need to provide is proof of at least 10 significant sized trades on average with a notional value of Usd10,000 for equities and Usd50,000 for forex, indices and commodities or equivalent in local currency. For example, 20 x 0.5 EUR/USD each quarter. I hope this clears things up. In regards to the leverage reduction, if you can't opt up to a professional, your leverage will go do to 30:1." For next condition: I have worked in the financial sector for at least one year...
1) So they are asking for 20 0.5 lot trades EURUSD

2) Have you actually worked in a financial institution? All the work you do as a Forex trader...does that count?
  • #191
  • May 29, 2018 4:11am May 29, 2018 4:11am
Quoting meyoik
{quote} 2) Have you actually worked in a financial institution? All the work you do as a Forex trader...does that count?
I have worked in one bank here implementing the portfolio management software, but not as Forex trader.
  • #192
  • May 30, 2018 12:55am May 30, 2018 12:55am
Quoting SuperPip
{quote} I have worked in one bank here implementing the portfolio management software, but not as Forex trader.
I have also done similar gigs for banks as a consultant, and what I understood from by broker is that it doesn't count. You would have to have been employed specifically as an actual trader...so that point would not be met
  • #193
  • May 30, 2018 8:28am May 30, 2018 8:28am
FXChoice - Belize

Tallinex - St Vincent
  • #194
  • Jun 1, 2018 4:11am Jun 1, 2018 4:11am
Attached Image
- https://www.leaprate.com/forex/regulations/esma-dates-binary-options-ban-cfd-leverage-cap
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #195
  • Jun 1, 2018 6:46am Jun 1, 2018 6:46am
So...3 months...then perhaps another extension for 3 months....and then...?
  • #196
  • Jun 1, 2018 11:40am Jun 1, 2018 11:40am
Today ESMA said that it would be 30:1 on exotics and 20:1 leverage on majors i am using IC markets they are hold in Australia and dont comply to ESMA and they have 0 spread and 7 dollars a lot pr trade that is 0.7 dollar frr 0.1 lot and so on better broker doesnt exist and exelent coustomer relations with live chat and easy too veryfy dokuments and you get away from ESMA...
You win some you loose some do both with peace of mind
  • #197
  • Jun 1, 2018 11:52am Jun 1, 2018 11:52am
And it would take effect from 1.August
You win some you loose some do both with peace of mind
  • #198
  • Edited 11:49pm Jun 1, 2018 11:22pm | Edited 11:49pm
Attached Image


Which currency pairs would be considered as non-major currency pairs? Major/Minor Cross-Currency pairs and/or only exotic pairs?

What would be the leverage for these 21 Major/Minor Cross-Currency Pairs? 30:1 or 20:1?

-------------------------------------------------------------------

AUDCAD , AUDCHF , AUDJPY , AUDNZD

CADCHF , CADJPY , CHFJPY

EURAUD , EURCAD , EURCHF , EURGBP , EURJPY , EURNZD

GBPAUD , GBPCAD , GBPCHF , GBPJPY , GBPNZD

NZDCAD , NZDJPY , NZDCHF
  • #199
  • Jun 2, 2018 2:15am Jun 2, 2018 2:15am
Quoting magne999
Today ESMA said that it would be 30:1 on exotics and 20:1 leverage on majors i am using IC markets they are hold in Australia and dont comply to ESMA and they have 0 spread and 7 dollars a lot pr trade that is 0.7 dollar frr 0.1 lot and so on better broker doesnt exist and exelent coustomer relations with live chat and easy too veryfy dokuments and you get away from ESMA...
hey im using ICMarkets as well. if you look around, you can find IB who are offering rebate for trading commission. making it into $5.5/lot RT.
simply ask icmarkets support to link your mt4 account to your preferred IB and you are good to go.

im not affiliated to ICM just a happy customer. good luck to your trading
  • #200
  • Jun 2, 2018 6:46am Jun 2, 2018 6:46am
Australian brokers who setup offices in UK in the last few years probably regretting it now. It is not cheap setting up another office in UK with the strong GBP vs AUD.

Axitrader, Pepperstone , thinkmarkets and recently VantageFx. They will be eagerly wanting their traders to move to the Australia branch rather than searching for another ASIC broker.
0 traders viewing now