Pepperstone - Potential Dangers of Migrating Account | Forex Factory

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Pepperstone - Potential Dangers of Migrating Account

  • #1
  • First Post: Nov 25, 2020 9:57am Nov 25, 2020 9:57am
Today when I logged into Pepperstone Secure Client Area the following message was displayed:

Due to recently announced regulatory changes in Australia, Pepperstone Group is giving you the option to transfer your account(s) to Pepperstone Markets Limited, an affiliated entity of Pepperstone Group Limited. This will allow you to continue trading with high leverage. Pepperstone Markets Limited (Pepperstone Markets) is incorporated in The Bahamas (IBC number 177174 B) and regulated by the Securities Commission of The Bahamas (SIA-F217).

I like to trade with high leverage because when used properly with correct position sizing and risk management it can be used to grow a small account quickly. But are there any dangers/disadvantages of transferring my account from Pepperstone Group Limited to Pepperstone Markets Limited? I'm a non-Australian.
  • #2
  • Feb 20, 2021 5:55pm Feb 20, 2021 5:55pm
I would also like an opinion about this. Both Pepperstone and IC Markets offered to migrate my accounts with them offshore to keep the higher leverage, but I'm a bit reluctant.
Opinions and advice would be appreciated.
  • #3
  • Feb 21, 2021 12:23pm Feb 21, 2021 12:23pm
You cannot have your cake and eat it too.

In life there are always trade offs.

take 30 leverage or go offshore. Its as simple as that.
  • #4
  • Feb 22, 2021 10:51pm Feb 22, 2021 10:51pm
I'm trying to go the Pepperstone Pro route and stay with ASIC. Trying to discuss with premium support if they are willing to approve me via the Sophisticated Investor Test route as I am currently not qualified via the Wealth Test.
  • #5
  • Feb 23, 2021 4:11pm Feb 23, 2021 4:11pm
I have to choose between Pepperstone Bahamas and Think Markets Seychelles. Do you think there are advantages for one over another?
  • #6
  • Feb 23, 2021 6:52pm Feb 23, 2021 6:52pm
Quoting Dacow
I'm trying to go the Pepperstone Pro route and stay with ASIC. Trying to discuss with premium support if they are willing to approve me via the Sophisticated Investor Test route as I am currently not qualified via the Wealth Test.
Let me know how you go - it would be great if you could confirm what the test invoilves: this is my preferred option to: a properly regulated, reputable broker, but with reasonable leverage.
  • #7
  • Mar 13, 2021 6:11pm Mar 13, 2021 6:11pm
Quoting Dacow
I'm trying to go the Pepperstone Pro route and stay with ASIC. Trying to discuss with premium support if they are willing to approve me via the Sophisticated Investor Test route as I am currently not qualified via the Wealth Test.
ok, but you should have 20 times more margin if you used leverage 500!
i cant. my Bot work with too many positions and i cant pay 50$ for each position!
it is very different 3.5$ with 50$
  • #8
  • Apr 2, 2021 1:05am Apr 2, 2021 1:05am
I went offshore and suddenly, I had to fulfill the first $X withdrawal via the first $X deposit mean again.

Pepperstone clients will know what I'm talking about.

Really annoying. What's wrong with wanting to pay via credit card and getting my withdrawals into my bank.
  • #9
  • Apr 7, 2021 1:30am Apr 7, 2021 1:30am
Quoting kCBHk
I went offshore and suddenly, I had to fulfill the first $X withdrawal via the first $X deposit mean again. Pepperstone clients will know what I'm talking about. Really annoying. What's wrong with wanting to pay via credit card and getting my withdrawals into my bank.
then why cant u do initial deposit via bank wire?

credit card have up to 90 days dispute scheme. not just Pepperstone, but basically all AU and UK brokers are like tt.

basically your CC deposit is not in Pepperstone's actual hands and custodian accounts till the dispute scheme is up.
  • #10
  • Apr 7, 2021 1:32am Apr 7, 2021 1:32am
Quoting Bicarus
{quote} then why cant u do initial deposit via bank wire? credit card have up to 90 days dispute scheme. not just Pepperstone, but basically all AU and UK brokers are like tt. basically your CC deposit is not in Pepperstone's actual hands and custodian accounts till the dispute scheme is up.
Because bank wires takes a longer time to reach Pepperstone.
  • #11
  • Apr 7, 2021 1:53am Apr 7, 2021 1:53am
Quoting kCBHk
{quote} Because bank wires takes a longer time to reach Pepperstone.
unless you are overleveraged and applying immediate funds to cover a margin call, i don't see how a few days, is considered long in the grand scheme of things.
  • #12
  • Apr 7, 2021 1:54am Apr 7, 2021 1:54am
Quoting Bicarus
{quote} unless you are overleveraged and applying immediate funds to cover a margin call, i don't see how a few days, is considered long in the grand scheme of things.
I'm impatient, I have my flaws, my apologies.

Plus I didn't know there was this rule.
  • #13
  • Last Post: Aug 7, 2021 5:16am Aug 7, 2021 5:16am
Hello Traders,

I’m one of the traders who moved accounts from Pepperstone group Ltd. to Pepperstone Markets Ltd.(Bahamas). I funded my account and withdrew my money a few times and had no problem so far; Besides, I never witnessed any other negative issues after my account transfer. This is my experience so far just in case someone needs it.

Regards,

Hüseyin.
There are no weapons that will form against my financial prosperity.
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