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converted from a retail to a wholesale client

  • #21
  • Aug 19, 2020 10:33am Aug 19, 2020 10:33am
OutThere i can give you my advice if you 're a nice guy

you 've been very lucky , do not ask too many questions now to your broker , what you can do with your status is that you can trade with big leverage even with a decent sized account

you can always ask some questions to your broker later on , but just enjoy your new status and keep it , in Post18 there are some answers to your questions
  • #22
  • Edited 1:10pm Aug 19, 2020 10:53am | Edited 1:10pm
Ya ok.

However, they will just direct me to section 6 of the contract which says nothing about the question that I ask which is: Do I get any advantage?

Like I say, I don't think there is anything other than a bit of clout since I am not treated like the average Joe retailer which I didn't mind to be. I traded the same leverage before and after. My leverage didn't increase and I never max it either, so no advantage.

Maybe I can use my 'status' to open an account with an FCA regulated broker and apply for the professional trader sighting my current status as a reference and it will probably be accepted cause when that was first introduced, I could qualify for it anyway but I didn't want to succumb to the new stupid rules by participating.


PS: I utterly dislike account managers. Once they get a hold of you, it's hard to shake them off and they do nothing but stonewall you on any concerns you may have. They would be happy to sign up theirs clients for one of those 'What's a pip?" virtual seminars on their site tho.
  • #23
  • Edited 11:55am Aug 19, 2020 11:36am | Edited 11:55am
Alright, since no one is going to tell me the advantage, I am going to take a crack at it.

As a retail trader, my trades remain in-house and as everyone has heard before, I would be trading against the house. That makes it very easy for the house to make money because what I lose they will win and also, I may be exposed to whatever their in-house clearing software does.

By becoming wholesale, I am taken out of that barrel of fish and I am free to roam the oceans and be subject of a truer exchange with the big boys and therefore I am shielded from the broker. And that is by the broker's choice because I am not doing them the usual favors any more.

Whatever man...there are still major sharks in the ocean and the pecking order/food chain is forever present everywhere.
  • #24
  • Aug 19, 2020 11:50am Aug 19, 2020 11:50am
Quoting OutThere
Alright, since no one is going to tell me the advantage, I am going to take a crack at it. As a retail trader, my trades remain in-house and as everyone has heard before, I would be trading against the house. That makes it very easy for the house to make money because what I lose they will win and also, I may be exposed to whatever their in-house clearing software does. By becoming wholesale, I am taken out of that barrel of fish and I am free to roam the oceans and be subject of a truer exchange with the big boys and therefore I am shielded from...
For simple solution, just ask your broker "is there anything wrong with my account?" by providing account number/email address, then continue your journey. Good luck.
  • #25
  • Aug 20, 2020 12:30am Aug 20, 2020 12:30am
Quoting OutThere
Yes, I am with with Axi Int. Still no one mentions why I am so lucky. I am not snitching on Axi because I don't know why I would. Is asking about it on an FX forum a kind of snitching about it? Again guys...why am I so lucky? What can I do with my new status that I couldn't do before?
I am with Axi to but never heard of this
  • #26
  • Dec 23, 2020 1:42pm Dec 23, 2020 1:42pm
Quoting OutThere
{quote} The article says something about getting swaps on net position for a wholesale account. Maybe I'll get less swaps? No idea. I just wanted to see if there are any traders who have experienced this. I have read the part of the agreement that talks about the conversion but it doesn't say anything about advantage or disadvantage of any kind. They just want you to know that you are regarded as a wholesale client and not a retail client any more. At least when I read about how bad the retail clients have it as bottom feeders of the industry, I...
lol
  • #27
  • Dec 23, 2020 3:41pm Dec 23, 2020 3:41pm
Quoting RoninTheory
{quote} lol
No difference whatsoever. It must have just served an internal purpose.
  • #28
  • Dec 24, 2020 11:21am Dec 24, 2020 11:21am
As I understand for some countries the leverage will be reduced to 1:30 from 1:500. But if you are not retail you can have 1:500. Seems to me this is just a little cheat, but it will work for some time
Observer effect
  • #29
  • Last Post: Dec 27, 2020 12:41pm Dec 27, 2020 12:41pm
My broker (not Axi) offered me this too. There were just two differences:
1. Leverage can be more than 1:30 (in Europe);
2. Retail accounts can't go to negative teritory, but wholeseller's can. They closed trades automatically when there hasn't got enough margin in your account.
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