Brokers for Australian retail traders | Forex Factory

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Brokers for Australian retail traders

  • #1
  • First Post: Sep 25, 2019 12:22am Sep 25, 2019 12:22am
My Australian based broker has offered to upgrade me to a wholesale client in light of the proposed ASIC changes, but unfortunately I don't meet the requirements.
As I still want to trade with leverage of 100:1 or greater, which offshore brokers should I be planning to open an account with, so I may continue trading with the leverage I am accustomed to?
  • #2
  • Sep 25, 2019 2:33am Sep 25, 2019 2:33am
Tradeview
FX Pig
Trader's way
HotForex
  • #3
  • Sep 25, 2019 7:52am Sep 25, 2019 7:52am
Same this happening to me with ASIC changes.
I'm considering:
FXPIG
CIRCLEMARKETS
  • #4
  • Sep 25, 2019 8:54am Sep 25, 2019 8:54am
Can Australian traders just switch to a ASIC-regulated broker that is also regulated by The Seychelles FSA?

e.g. IC Markets (AU) to IC Markets (SC)
  • #5
  • Sep 25, 2019 10:15am Sep 25, 2019 10:15am
Not a chance, I checked with ICM (SC) last week. Aus citizen must be under ASIC regulation.
  • #6
  • Sep 25, 2019 4:37pm Sep 25, 2019 4:37pm
Quoting Horne
My Australian based broker has offered to upgrade me to a wholesale client in light of the proposed ASIC changes, but unfortunately I don't meet the requirements. As I still want to trade with leverage of 100:1 or greater, which offshore brokers should I be planning to open an account with, so I may continue trading with the leverage I am accustomed to?
You can try AMP Global EU. They have solid leverage with good spreads. I've been with them for a while.
  • #7
  • Sep 25, 2019 6:47pm Sep 25, 2019 6:47pm
Quoting WinT
Same this happening to me with ASIC changes. I'm considering: FXPIG CIRCLEMARKETS
I had not heard of circle markets before, they look alright.
  • #8
  • Sep 25, 2019 6:49pm Sep 25, 2019 6:49pm
Quoting ChopinTrader
{quote} You can try AMP Global EU. They have solid leverage with good spreads. I've been with them for a while.
As a retail traders they offer 30:1 on spot FX.
  • #9
  • Sep 25, 2019 11:24pm Sep 25, 2019 11:24pm
Quoting WinT
Not a chance, I checked with ICM (SC) last week. Aus citizen must be under ASIC regulation.
Hi
They confirmed the same thing to me, saying "this is a restriction from the regulator for AU clients : they can only select ASIC" !
Does it mean australian residents don't have the right to get an offshore broker ? Is it forbidden or is it just the current ICMarkets rule ?
  • #10
  • Sep 26, 2019 1:57am Sep 26, 2019 1:57am
Quoting Cocoandco
{quote} Hi They confirmed the same thing to me, saying "this is a restriction from the regulator for AU clients : they can only select ASIC" ! Does it mean australian residents don't have the right to get an offshore broker ? Is it forbidden or is it just the current ICMarkets rule ?
Not just ICMarkets but all brokers who have an Australia Financial Services Licensed issued by ASIC and branch in Australia.
iCMarkets, Pepperstone, IG, FXCM, AXI, Global Prime, Oanda, ect...
  • #11
  • Sep 26, 2019 2:01am Sep 26, 2019 2:01am
Quoting Cocoandco
{quote} Hi They confirmed the same thing to me, saying "this is a restriction from the regulator for AU clients : they can only select ASIC" ! Does it mean australian residents don't have the right to get an offshore broker ? Is it forbidden or is it just the current ICMarkets rule ?

For all Australian (either resident or non-resident) are subject to be under ASIC. ICMarkets, Pepperstone, Axitrader, Thinkforex and a few other brokers.
Tickmill' Seychelles does not offer for Australian too.

Kindly share if you guys find any reliable brokers for Aus.
  • #12
  • Sep 26, 2019 4:24am Sep 26, 2019 4:24am
Quoting WinT
Not a chance, I checked with ICM (SC) last week. Aus citizen must be under ASIC regulation.
Oh wow that's harsh!
  • #13
  • Sep 26, 2019 5:54am Sep 26, 2019 5:54am
Quoting WinT
{quote} For all Australian (either resident or non-resident) are subject to be under ASIC. ICMarkets, Pepperstone, Axitrader, Thinkforex and a few other brokers. Tickmill' Seychelles does not offer for Australian too. Kindly share if you guys find any reliable brokers for Aus.
But then how Australians will be able to choose off shore traders ?
  • #14
  • Sep 26, 2019 5:58am Sep 26, 2019 5:58am
Quoting Cocoandco
{quote} But then how Australians will be able to choose off shore traders ?
brokers I meant
  • #15
  • Sep 26, 2019 6:47am Sep 26, 2019 6:47am
Quoting Cocoandco
{quote} But then how Australians will be able to choose off shore traders ?
brokerage firms that have no branches with ASIC regulation.
  • #16
  • Edited Sep 28, 2019 6:26am Sep 27, 2019 11:47am | Edited Sep 28, 2019 6:26am
what 's a Seychelles subsidiary for then if traders can ' t open accounts there
  • #17
  • Sep 30, 2019 1:20am Sep 30, 2019 1:20am
Quoting MXT
what 's a Seychelles subsidiary for then if traders can ' t open accounts there
If you live in another country you can open an account with the Seychelles subsidiary, just not if you are an Australian resident.
  • #18
  • Oct 1, 2019 3:07am Oct 1, 2019 3:07am
Quoting Horne
{quote} I had not heard of circle markets before, they look alright.
maybe not..

financial-services/rules-and-regulation/new-zealand-fma-adds-55cmt-and-circleforex-and-yuanhui-to-its-warning-list
  • #19
  • Edited 12:51am Oct 10, 2019 12:36am | Edited 12:51am
aussies can try ice-fx. regulated in m'sia labuan internentional economic zone.. a sub of admiral markets group, mtrading another sub of admiral markets or axiory.
https://financialcommission.org/memb...al-commission/

any on this list would be a safe bet. but still, do your homework

i would not place bets on any nz broker. given that what au does, nz follows. a matter of time before product intervention kicks in there.
  • #20
  • Edited 6:48am Oct 10, 2019 3:27am | Edited 6:48am
A good alternative might be Black Bull Markets.. They are in NZ which is a solid country and offer good leverage, just keep in mind what Bicarus said above.

I have been experimenting with them and so far so good, nothing to complain, reviews on FPA also look very solid.
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