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Breaking News: Belgium bans all leveraged Forex, CFDs

  • #61
  • Aug 22, 2016 8:57am Aug 22, 2016 8:57am
Quoting Fernand
{quote} Dont worry its only for binary options and CFD and other derivated products, i'm from Belgium and i may continue regular forex Si tu lis bien: "Le rglement concerne les drivs (de gr gr) non cots, galement appels OTC (over-the-counter). Les drivs admis la ngociation sur un march rglement ou sur un systme multilatral de ngociation ne sont pas viss."
Fernand, which broker are you using?
  • #62
  • Aug 22, 2016 9:32am Aug 22, 2016 9:32am
hi
I would like to contribute to this thread, i am also from belgium.
I was trading binaries with iq option(cyprus) and they are no longer providing to belgium,so
i had to close the account.
I also trade binary options with marketsworld(UK),they however keep providing and according to a staffmember there will be no problems in the future.
good thing is that they also have free demo if you should need them,they pay correctly but their trading times are a bit odd (2 4 5 10 15 etc).

My forex broker is activtrades for 5 years now and they advice me to close all positions within 2 months ,after that they don't know yet.
So maybe they keep providing or they make some changes who knows ,i know they have a lot of belgium customers so i don't think they want to lose these so easily.
They keep me informed.

Hope this helps some of you belgium clients.
  • #63
  • Aug 22, 2016 1:03pm Aug 22, 2016 1:03pm
I confirm that Nadex also works, since it is a US exchange (no OTC) based broker.
  • #64
  • Aug 23, 2016 7:59am Aug 23, 2016 7:59am
Quoting zorrotrader
{quote} Hi Fernard, Which broker do you use? My broker has already sent notice for account closure? I am from belgium too. -Z
HI, my broker is JFD Brokers and support said me i can continue trading and if something changes they will alert all their clients.
  • #65
  • Aug 23, 2016 11:59am Aug 23, 2016 11:59am
I just heard from my broker, Global Prime. They are awaiting a statement of ASIC regarding Belgian clients. Until then nothing changes and they are accepting Belgian clients as usual. Hotforex has sent me an email that they will no longer allow Belgian clients.

Any news from LMAX? Does anyone know any other MTF brokers?
  • #66
  • Aug 23, 2016 12:40pm Aug 23, 2016 12:40pm
Quoting Lotuscode
I just heard from my broker, Global Prime. They are awaiting a statement of ASIC regarding Belgian clients. Until then nothing changes and they are accepting Belgian clients as usual. Hotforex has sent me an email that they will no longer allow Belgian clients. Any news from LMAX? Does anyone know any other MTF brokers?
IC Markets is still allowing traders. But it keeps illegal to trade so the better choice is to create an offshore company, Well I think so.
  • #67
  • Edited Aug 26, 2016 4:29am Aug 24, 2016 6:30am | Edited Aug 26, 2016 4:29am
Quoting Maverick1974
I'm from Belgium, what can I do to still be able to trade? I am in shock pfffffffff!
{ sensitive information deleted by staff, per request }
  • #68
  • Aug 24, 2016 6:35am Aug 24, 2016 6:35am
So the new business started , forex account sale for banned / Belgium citizens LMAO
  • #69
  • Aug 24, 2016 11:36am Aug 24, 2016 11:36am
Quoting Lotuscode
I just heard from my broker, Global Prime. They are awaiting a statement of ASIC regarding Belgian clients. Until then nothing changes and they are accepting Belgian clients as usual. Hotforex has sent me an email that they will no longer allow Belgian clients. Any news from LMAX? Does anyone know any other MTF brokers?
Ive been mailing with Jeremy from Global Prime and he is saying:

Not a problem unless ASIC releases legislation saying we can’t.

Regards
Jeremy
  • #70
  • Aug 24, 2016 12:14pm Aug 24, 2016 12:14pm
This is something we as retail traders should welcome. The regulators are imposing stricter rules for retail brokers.

OTC/MM brokers might be forced to shut up the shop. These are the brokers targeted by the regulators..

Regulators acknowledge that with most retail forex brokers, there is a problem with conflict of interest. Between the client and the broker. Also this is an ill-balanced relationship in favour of the OTC/MM broker.

MTF/Exchange type of brokers will not be affected by this. They have no conflict of interest with their client, they are merely matching orders between them.

We can make a count of forex brokers still in business in a few years. Time will show who is who...
Do not let the cost of being wrong, exceed the prize of beeing right
  • #71
  • Aug 24, 2016 12:26pm Aug 24, 2016 12:26pm
I have suggested to axitrader to open an account in their australian branch but still the same answer:

"Our compliance department reviewed the new Belgian regulation and deemed it appropriate not to accept Belgian residents
This principle applies to each of our offices and not just to one geographical location or the other. "

But pepperstone seems to be ok with it:

"Yes, we have received a number of inquiries about this. At this time, nothing has changed for Pepperstone and we are still accepting clients in Belgium.
If anything changes, we will contact our clients with more details."

I guess Axitrader is playing it safe, but Pepperstone and Global Prime are just waiting for ASIC to take action.
Just so you know all 3 of them are Australian brokers under ASIC law.

I'm still waiting answers from LMAX.

I'm wondering if DMA (Direct Market Acces) trading platform is also submitted under the new law. Can someone confirm this?

@sharpshoot: You got it wrong. The ban is not for the Belgium citizen but for the brokers. Belgium citizen can still trade, but the problem is that the brokers are not allowed to commersialize their product to Belgium citizen.
  • #72
  • Aug 24, 2016 12:30pm Aug 24, 2016 12:30pm
Quoting rockthepips
{quote} Wich broker do you use? I am with Hotforex, and they said that its possible to open a new account with a different residency adress = http://photoshar.in/hotforex-skype-belgium Basically they will not block you just because you are currently in Belgium (ip adress), they will just not accept registration with a Belgian adress. So if you register with an postal adress from a friend or family member outside of Belgium, it will be perfectly ok. You can check for yourself, here is the screenshot proof from my skype chat = http://photoshar.in/hotforex-skype-belgium...
Fantastic effort by a person not from Belgium, to go all this way to find out that this bucket shop still accept clients from Belgium. Not only that, you inform them about how they shall proceed..

Attached Image (click to enlarge)
Click to Enlarge Name: rock the pips.jpg Size: 134 KB


You go the extra mile to contribute to this forum, with "good advice"...FANTASTIC
Do not let the cost of being wrong, exceed the prize of beeing right
  • #73
  • Aug 24, 2016 1:51pm Aug 24, 2016 1:51pm
Doesn`t CySec brokers need to obtain proof of residence of their clients? Anti-laundering practices and so on...
Do not let the cost of being wrong, exceed the prize of beeing right
  • #74
  • Aug 26, 2016 4:26am Aug 26, 2016 4:26am
Quoting Decima
{quote} Fantastic effort by a person not from Belgium, to go all this way to find out that this bucket shop still accept clients from Belgium. Not only that, you inform them about how they shall proceed.. {image} You go the extra mile to contribute to this forum, with "good advice"...FANTASTIC
Not sure what you trying to say here since I share my forex withdrawals so that people can see which brokers actually do pay when you make a profit...
And I am actually from Canada, but the beauty of forex is that its on internet, so you can move to a cheaper country and enjoy even more life, you should try it
  • #75
  • Aug 26, 2016 7:08am Aug 26, 2016 7:08am
If anyone knows any licensed binary options brokers besides Nadex who still accept Belgium clients, please inform us, since I trade very short expiry (+- 30 mins) on which I've found spot forex to be inferior, due to increasingly higher spreads/commissions and leverage the shorter timeframe you go. Nadex I find a bit too expensive currently (+- 50$ risk per trade).
  • #76
  • Aug 26, 2016 11:28am Aug 26, 2016 11:28am
Quoting rockthepips
{quote} Not sure what you trying to say here since I share my forex withdrawals so that people can see which brokers actually do pay when you make a profit... And I am actually from Canada, but the beauty of forex is that its on internet, so you can move to a cheaper country and enjoy even more life, you should try it
Still, I conclude you are not from Belgium and has taken a solid interest in guiding potential Belgium traders towards Hotforex. Hungarian or Canadian doesn`t matter. This is what you have done.

Okay, you claim withdrawals. Put up a TE so we can follow your trading and see where your withdrawals are coming from.

Untill, then just empty talk in my books.

Also your response from the Hotforex support team, regarding use of adress and so on. Is this in line with CySec regulation? Because it is a breach of international anti-laundering agreements..
Do not let the cost of being wrong, exceed the prize of beeing right
  • #77
  • Aug 26, 2016 12:35pm Aug 26, 2016 12:35pm
Quoting Decima
This is something we as retail traders should welcome. The regulators are imposing stricter rules for retail brokers. OTC/MM brokers might be forced to shut up the shop. These are the brokers targeted by the regulators.. Regulators acknowledge that with most retail forex brokers, there is a problem with conflict of interest. Between the client and the broker. Also this is an ill-balanced relationship in favour of the OTC/MM broker. MTF/Exchange type of brokers will not be affected by this. They have no conflict of interest with their client, they...
It seems you're right. Darwinex has a refreshingly opposite opinion to all the doom and gloom going on here:
http://blog.darwinex.com/retail-fore...ned-in-europe/
  • #78
  • Aug 26, 2016 1:11pm Aug 26, 2016 1:11pm
Quoting JensG
{quote} It seems you're right. Darwinex has a refreshingly opposite opinion to all the doom and gloom going on here: http://blog.darwinex.com/retail-fore...ned-in-europe/
Hi there,

part of the information is from their blog. If you look at all the discussion about brokers around, a large part of it is about distrust with brokers. Most brokers business models are based on the client trusting them to not interfer with their trades, even though they have the opportunity to do so.

Some brokers do not deserve this trust. Well, why not remove this uncertainity, by regulating their business models, away from the current model most brokers use. MTF/Exchange is the future of the industry. This remove uncertainity and also the possibilities for brokers with bad intentions.

Hopefully in the future we will be measuring brokers by other parameters than we do today. The discussion about cheaters/scammers might disappear, instead we will be discussing their other services offered, such as service, platforms, education, analysis and so on. They will be mentioned on how they can aid our trading or progress, instead of discussed if they are secure to deposit with or not.

This is my look on the current development and possible hope for the future as a retail trader..
Do not let the cost of being wrong, exceed the prize of beeing right
  • #79
  • Aug 26, 2016 2:31pm Aug 26, 2016 2:31pm
Well, Oanda is shutting down all it's services for Belgian's, got this mail today:

Quote
Due to regulatory changes in Belgium, OANDA is no longer able to permit you to perform trading of any instrument in your OANDA account. You must not open any new positions as this would be in violation of the new regulation and these trades will be voided. Your funds are secure and are accessible to you. Access your account information through the
Quote
Account Management Portal.

If...
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...
  • #80
  • Aug 26, 2016 3:04pm Aug 26, 2016 3:04pm
Heard that UK FCA is also holding talks with brokers about forex and derivatives business in general. Seems nobody likes this industry.
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