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Australian brokers and leverage restriction

  • #21
  • Aug 26, 2019 9:50am Aug 26, 2019 9:50am
Quoting pridolfx
{quote} icmarkets allready offering branche icmarkets seyschelles with fca regulated and with normal leverage ...i will imigrate there in case asic fucked all
I had a look, seems like you can't actually open an account there. I had a brief chat with their live support, they said Australian customers can only pick an ASIC regulated account. Not sure what the deal/plan is there?

Does anyone know?
  • #22
  • Aug 27, 2019 8:37am Aug 27, 2019 8:37am
Quoting Starcraftmaz
{quote} I had a look, seems like you can't actually open an account there. I had a brief chat with their live support, they said Australian customers can only pick an ASIC regulated account. Not sure what the deal/plan is there? Does anyone know?
You might need to domicile an entity overseas such as a trust/company and trade using that. Eg. Setup a registered company address in Singapore etc.
  • #23
  • Aug 27, 2019 9:03am Aug 27, 2019 9:03am
Quoting Starcraftmaz
{quote} I had a look, seems like you can't actually open an account there. I had a brief chat with their live support, they said Australian customers can only pick an ASIC regulated account. Not sure what the deal/plan is there? Does anyone know?
possible..im from eu. and for me no problem
  • #24
  • Aug 27, 2019 9:15am Aug 27, 2019 9:15am
Quoting pridolfx
{quote} possible..im from eu. and for me no problem
I am guessing it's because IC markets are regulated in Australia (and not in EU), so they are not allowed to have their AU customers sign up in SCA. I can only hope they will drop the AU broker license as soon as possible.
  • #25
  • Aug 27, 2019 9:40am Aug 27, 2019 9:40am
Quoting pridolfx
{quote} this is just proposoal,i doubt they accept,because will loss a loot clients like esma bullshit made in europe,i dont need leverage 1:20, 1:20 is only for millionaires with enaught equity. which good reputation brokers also exist which is not esma and asic regulated,anybody knows??

Even with 1:20 you can make pretty good profit consistently and dont really need a huge account for that. The 1:500 leverage is ridiculous anyway.


In any case, leverage restrictions are coming at some point. I have been hearing this about ASIC for a couple of years now and I expect it to happen within the next 2-3 years.
  • #26
  • Aug 27, 2019 9:48am Aug 27, 2019 9:48am
Quoting xtradex
{quote} Even with 1:20 you can make pretty good profit consistently and dont really need a huge account for that. The 1:500 leverage is ridiculous anyway. In any case, leverage restrictions are coming at some point. I have been hearing this about ASIC for a couple of years now and I expect it to happen within the next 2-3 years.
yes but for making same profit on 1:20 like on 1:200 you need on 1:20 10x more capital(available margin) to reach same profit like on 1:200!
  • #27
  • Aug 27, 2019 10:28am Aug 27, 2019 10:28am
Quoting xtradex
{quote} Even with 1:20 you can make pretty good profit consistently and dont really need a huge account for that. The 1:500 leverage is ridiculous anyway. In any case, leverage restrictions are coming at some point. I have been hearing this about ASIC for a couple of years now and I expect it to happen within the next 2-3 years.
I think so; gradually all of the brokers will decrease the amount of leverage service!
  • #28
  • Aug 27, 2019 10:38am Aug 27, 2019 10:38am
Quoting NeilWagner
{quote} I think so; gradually all of the brokers will decrease the amount of leverage service!
if all,than forex will dissapired..in fact will be only for rich people available but noot for poor
  • #29
  • Aug 27, 2019 11:17am Aug 27, 2019 11:17am
Quoting pridolfx
{quote} yes but for making same profit on 1:20 like on 1:200 you need on 1:20 10x more capital(available margin) to reach same profit like on 1:200!

Thats only the case in theory. The higher leverage you are using, the more stressful trading is and results will not be the same. And if you are really using 1:200 regularly, you have probably blown a few accounts already. That kind of leverage is completely unneccessary and everyone will be better off when they tighten the restrictions.
  • #30
  • Aug 27, 2019 12:21pm Aug 27, 2019 12:21pm
Quoting xtradex
{quote} Thats only the case in theory. The higher leverage you are using, the more stressful trading is and results will not be the same. And if you are really using 1:200 regularly, you have probably blown a few accounts already. That kind of leverage is completely unneccessary and everyone will be better off when they tighten the restrictions.
no i actualy use 1:500,and with that leverage i allready made few accounts from start deposit 30eur to 1000 eur in 2months
thats with 1:20 leverage no possible
  • #31
  • Aug 27, 2019 4:22pm Aug 27, 2019 4:22pm
Quoting pridolfx
{quote} no i actualy use 1:500,and with that leverage i allready made few accounts from start deposit 30eur to 1000 eur in 2months thats with 1:20 leverage no possible

And how many 30$ accounts have you also blown? ;-)

What you are doing is gambling and doesnt have much to do with trading. Its ridiculous I am even having this conversaton with a guy who thinks that he is actually a trader by pulling this kind of stunts. People like you are actually the main reason why they are going to limit the leverage. If you dont like it, you only have yourself to thank. How ironic....
  • #32
  • Aug 27, 2019 4:34pm Aug 27, 2019 4:34pm
Quoting xtradex
{quote} Even with 1:20 you can make pretty good profit consistently and dont really need a huge account for that. The 1:500 leverage is ridiculous anyway.
there are more trading options, have you tried scalping with x20 leverage ?
  • #33
  • Aug 27, 2019 10:28pm Aug 27, 2019 10:28pm
Quoting pridolfx
{quote} no i actualy use 1:500,and with that leverage i allready made few accounts from start deposit 30eur to 1000 eur in 2months thats with 1:20 leverage no possible
You have to understand you are talking about peanuts and time horizon you mentioned is only a blink... in five years you will eventually know
  • #34
  • Aug 28, 2019 12:34am Aug 28, 2019 12:34am
Quoting xtradex
{quote} And how many 30$ accounts have you also blown? ;-) What you are doing is gambling and doesnt have much to do with trading. Its ridiculous I am even having this conversaton with a guy who thinks that he is actually a trader by pulling this kind of stunts. People like you are actually the main reason why they are going to limit the leverage. If you dont like it, you only have yourself to thank. How ironic....
Problem is not with risking 50-100%/trade and blowing small accounts, that's fine as long as you do it for fun, once in a while. I'm still doing it and by the way 1:30 leverage is enough.

problem is with NEGATIVE BALANCE.. people can lose 100 times their initial deposit with a relatively small price gap using 500 leverage. it can happen to everyone to overleverage.
  • #35
  • Aug 28, 2019 1:11am Aug 28, 2019 1:11am
Quoting xtradex
{quote} And how many 30$ accounts have you also blown? ;-) What you are doing is gambling and doesnt have much to do with trading. Its ridiculous I am even having this conversaton with a guy who thinks that he is actually a trader by pulling this kind of stunts. People like you are actually the main reason why they are going to limit the leverage. If you dont like it, you only have yourself to thank. How ironic....
jaja sure...the main reason is money<,people too much earnings with big leverage lol,do you think they care for me,you others because we can loss much more with big leverage than small? bull shit .they think only on his profit
  • #36
  • Aug 28, 2019 1:25am Aug 28, 2019 1:25am
Quoting xtradex
{quote} Thats only the case in theory. The higher leverage you are using, the more stressful trading is and results will not be the same. And if you are really using 1:200 regularly, you have probably blown a few accounts already. That kind of leverage is completely unneccessary and everyone will be better off when they tighten the restrictions.
actualy i use 1:500 not 1:200
few years yet without problem.
at 1broker(fxglory),i have also 1:888 leverage account
  • #37
  • Edited 10:11am Aug 28, 2019 4:02am | Edited 10:11am
Market maker brokers should give NBP to retail clients period.

Few (intelligent) brokers were giving NBP way before the ESMA intervention.
  • #38
  • Oct 16, 2019 12:37am Oct 16, 2019 12:37am
Thanks all for the update. My broker is offering a switch to their offshore branch but I've no clue if I need to do so initially. If this is similar to the ESMA's case, maybe I've no choice but to take the risk for I need to maintain the current leverage I'm enjoying.
  • #39
  • Oct 16, 2019 12:46am Oct 16, 2019 12:46am
Quoting Alcopop
Thanks all for the update. My broker is offering a switch to their offshore branch but I've no clue if I need to do so initially. If this is similar to the ESMA's case, maybe I've no choice but to take the risk for I need to maintain the current leverage I'm enjoying.
Who's your broker?
  • #40
  • Oct 16, 2019 8:23am Oct 16, 2019 8:23am
Quoting Alcopop
Thanks all for the update. My broker is offering a switch to their offshore branch but I've no clue if I need to do so initially. If this is similar to the ESMA's case, maybe I've no choice but to take the risk for I need to maintain the current leverage I'm enjoying.
This sounds like Global Prime or Axitrader, both of which are my brokers (I am from Canada) and I have switched both to offshore and are happy, so far.
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