Leverage changes to 30:1 for major pairs

I got my Pepperstone Pro through this morning.

Surely most active traders can meet the 20 trades a quarter at 50,000 notional value?

50,000 notional value is half a lot?

Yes, half a lot.

I got 116 trades with 1.63 lots from january to this month. does that mean I can be qualified for pepperstone pro? I switched my account to pepperstone markets but am not using this broker for now. I want to go back and become a pro.

You need 4 quarters in the last two years of 20 trades at 0.5 lots.

I am trading with them since 2013 and notional value is more than 10 Lots though most accounts are unprofitable. I emailed them and waiting for their reply. Hopefully its positive.

Just curious to know which reliable (and probably overseas) forex brokers would still give Australian retail traders a higher leverage than the 30:1 leverage on major currency pairs as per ASIC new regulation from March 29, 2021 onwards?

try justforex https://bit.ly/31rC0fj

FXPIG, Traders Way, Valutrades, Tradeview, LQDFX.. to name a few..

The leverage changes are a complete kick in the guts to people trying to trade for a living and get off their day job -- but then these changes just increase that barrier to entry to keep people in jobs and stop them blowing their money forcing them onto welfare (although, anyone can get their life savings and go to a casino in Australia.....so what's the logic there again? LOL). The fact that you need to put more money in the account to lift means that traders can't play in the markets and abuse leverage to get a $500 all the way up to big numbers, in the get-rich-quick scenario that most traders dream of (but can rarely do).

They say that lots of people lost money during COVID, but seriously, traders who knew what they were doing made nice bank!

On the positive side, forcing retail traders to trade with 1% risk (which is roughly all you can really lift with 1:30) is going to make sure that learning traders don't overleverage their accounts. That's a positive... but where it all falls apart is the fact that it's easier to get your account margined (which will force traders to trade with stops), and will also prevent certain methods of trading (but not mine fortunately)

Either way, there's a few requirements to go PRO and get the old leverage back. One requires a yearly salary of above $100K or $500K in assets and a bunch of other perfunctory requirements, but I'm willing to bet that it's going to be these monetary requirements that are going to put people off trying to escape their day jobs.
Still, if you are making over $100K as a pro trader it's not an issue. For everyone else with a day job, there's nothing stopping you from combining forex winnings with your yearly salary to get yourself over the $100K mark, and if you can't work a day job and trade at the same time in Australia - you're doing it wrong.

Failing all of that you could just take your business out of Australia - which, honestly IMHO, it probably shouldn't be there anyway

A kick in the guts to any aspiring pro trader? What a load of nonsense.

The requirements to fulfil the criteria is incredibly easy. 4 quarters of 20 trades at 0.5 lots. Pretty straight forward stuff.

Have another look. There's a few more financial requirements than just taking a bunch of trades.

Is this the end of Oanda? Will they move o/s?

I'm all for consumer protection but when your on the successful side of the forex market this really is a kick in the guts (to quote someone earlier). To go Pro with a UK broker, you have to sign a TTCA (Transfer of collateral agreement) which gives away all your rights to have your cash ringfenced meaning the broker can do what they like with it.. How is this fair, all it's doing is pushing people to offshore entities or signing away your protections if you were a retail client? This has been the case in the EU for a couple of years and all I've seen is brokers bailing out of the UK or stopping retail clients altogether so their company books look very healthy with investor cash not segregated from company funds. Now we don't even have Australia to go to as a first-world county with a great legal system and ombudsman should you have any issue. Forcing us to take offshore entities or no protection at all (as such low leverage is not an option for me).

Let's hope the rumor mill is true and the UK returns to standard 1:100 leverage for retails clients now we're not under EMSA control.

Fingers crossed.

I don't need to have another look. I got approved for wholesale client status by passing the ridiculously easy quiz and meeting the volume requirements.

Nothing else required. There are several ways to qualify. Earnings per annum is another way, not the only way.

Thank you Sabelweyena and BubaYaga !

try to open an account in ic marke internation and got rejected, they said resident in australia are unable to open account outside ASIC regulation, any alternative broker i can used? i used to trade US30 with leverage 200:1 using IG market

Choose those brokers who provide share tradings (CFDs), not just forex.

I'm in the same boat as the thread starter. With Pepperstone, one had the "option" to move to Pepperstone Markets Kenya. I had the idea of moving there, grow my account and then return to Pepperstone under ASIC. Just better regulated.

I was told today, when I queried this, that it is not possible to move back.

The reason: Residents of the Russian Federation only have access to Pepperstone Markets Kenya and not Pepperstone under ASIC.

This was not stated anywhere and if this is the case then surely all RF customers should have been moved already...

Anyway, I'm moving to Pepperstone Markets Kenya for the time being.

Just FYI.

I got back into Forex trading in June 2020 after an absence so I can't qualify for Pepperstone Pro. You need 2 years of trading with specified volume to qualify for Pro as well as $100,000 a year income. I am now with Black Bull Markets in New Zealand on their Prime account with 500:1 leverage. Their feed is similar to Pepperstone so check them out. My only complaint is, is that the swaps on their demo account are different to their real money account. Apart from that, it's good.