Netherlands to ban advertising of binary options and some CFDs | Forex Factory

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Netherlands to ban advertising of binary options and some CFDs

  • #1
  • First Post: Sep 26, 2016 6:27am Sep 26, 2016 6:27am
Netherlands is going down the same road as France and Belgium as the country is preparing to ban the advertising of binary options and some CFDs (https://smnweekly.com/2016/09/26/netherlands-ban-advertising-binary-options-cfds/). which the local regulator Authority for the Financial Markets (AFM) has dubbed “toxic investment products for consumers”.
Dutch finance minister Jeroen Dijsselbloem said in parliament that consultations between the ministry and the regulator are already underway.In AFM’s view, stepping up the protection of consumers against the marketing of providers of “toxic investments” is a step in the right direction, as it often involves financial instruments with a large leverage resulting in considerable losses.

This is usually only the first step. How long before they decide to ban trading altogether, like Belgium did?
  • #2
  • Sep 26, 2016 6:45am Sep 26, 2016 6:45am
Dijesselbloem. Surprise surprise. All hail the socialist nanny super-state hell that is the EU.

At least the EU isn't going to be around for too much longer.
If you're not in the 5% yet it's because you have to try 95% harder.
  • #3
  • Sep 26, 2016 6:49am Sep 26, 2016 6:49am
Did they ban only advertising in Belgium? Can belgian residents still open fx/cfd accounts in EU ?
  • #4
  • Sep 26, 2016 10:17am Sep 26, 2016 10:17am
Do the Netherlands only ban the advertising? / OR ban the retail trading scene?

Thanks
MY SITTING, NEVER MY THINKING!
  • #5
  • Sep 26, 2016 12:32pm Sep 26, 2016 12:32pm
Quoting merrygold
Do the Netherlands only ban the advertising? / OR ban the retail trading scene? Thanks
Only advertising. Rather useless if you ask me, customers are found online or by word of mouth (means it has largely no effect or is simply unenforceable). London is the only city where I've seen advertising in public (usually on cabs or on the free City AM newspaper).
  • #6
  • Sep 26, 2016 4:38pm Sep 26, 2016 4:38pm
Quoting JensG
{quote} Only advertising. Rather useless if you ask me, customers are found online or by word of mouth (means it has largely no effect or is simply unenforceable). London is the only city where I've seen advertising in public (usually on cabs or on the free City AM newspaper).
Thanks for reply, Jens! - IMO i think its okay to downadjust the advertise of fx products, many of them (Also them on ff) are really bad, and put serious traders in a bad light, the public only thinks its a baby game, when they compare it to the advertising found around.

Btw, your former post have been a big inspiration for me.

M
MY SITTING, NEVER MY THINKING!
  • #7
  • Sep 26, 2016 5:35pm Sep 26, 2016 5:35pm
Quoting merrygold
{quote} Thanks for reply, Jens! - IMO i think its okay to downadjust the advertise of fx products, many of them (Also them on ff) are really bad, and put serious traders in a bad light, the public only thinks its a baby game, when they compare it to the advertising found around.
I actually agree with you. Retail forex is advertised like some casino thing usually focused on maximum leverage and tightest spreads. The problem is that advertising takes place online (most of the time) and websites hosted in the US, Australia or wherever won't give a sh*t if you're visiting from the land of the windmills, wine or waffles & yeasty beer (reminds of that I should spend a weekend in Paris). So, when I say the ban is useless, I mean it's a toothless tiger.
On the other hand: I'm a German living in London (UK). Many people here have a quite unique attitude to betting, it's much more serious. If you say you live from trading on spreadbetting accounts it's no big deal. That culture is very different from Germany where they come up with horror stories of their work colleague who lost his inheritance in the stocks market. The reason I'm telling you that is to explain that the advertising alone doesn't create that flawed picture, some people just like to believe in so called honest (and hard) work. The concept of the markets, contracts and managing risk by selling it is absolutely foreign to an ordinary worker.

Quoting merrygold
{quote} Btw, your former post have been a big inspiration for me.
Oh thanks, any one specific if I may ask?
  • #8
  • Sep 26, 2016 6:35pm Sep 26, 2016 6:35pm
Breaking News: Belgium bans all leveraged Forex, CFDs

http://www.forexfactory.com/showthread.php?t=602715\
  • #9
  • Sep 26, 2016 7:10pm Sep 26, 2016 7:10pm
funny i thought the internet was worldwide
people leave, but this thread will go on for ever
  • #10
  • Edited 1:02am Sep 27, 2016 12:30am | Edited 1:02am
.
  • #11
  • Sep 27, 2016 12:33am Sep 27, 2016 12:33am
Maybe you might want to stop your misinformation Poundtrader ! This is simply not true !
  • #12
  • Sep 27, 2016 12:38am Sep 27, 2016 12:38am
We have received further clarification from the Belgian regulators. Based on this guidance we are pleased to share that we are able to continue maintaining your account. We value your business and apologize for any inconvenience this has caused. Your accounts are now unlocked and available for trading.
from Oanda
  • #13
  • Sep 27, 2016 12:58am Sep 27, 2016 12:58am
Quoting Aussi
funny i thought the internet was worldwide
Worldwide is the web !!
So, you think you have rights? LOL
  • #14
  • Sep 27, 2016 1:20am Sep 27, 2016 1:20am
Quoting cvds16
Maybe you might want to stop your misinformation Poundtrader ! This is simply not true !
So the whole web is spreading misinformation?

https://www.google.com.ng/?gfe_rd=cr&ei=Qg7qV9HmK-zv8AfB_YDwCw&gws_rd=ssl#q=Belgium+ban+on+retail+forex
Let it turn and find your entry.
  • #15
  • Sep 27, 2016 1:22am Sep 27, 2016 1:22am
yes, there has been a lot of misinterpretations about this law ... that's simply what you are finding with your google search ... I personally checked this off with someone in the Belgian senate and oanda came back also on their decision ...
  • #16
  • Sep 27, 2016 1:45am Sep 27, 2016 1:45am
http://www.fsma.be/en/Site/Repository/faq/faq_banning.aspx here you can read the details in the FAQ about the so called ban, you will quickly see that what was written on the net and what is reality is worlds apart ...
  • #17
  • Oct 10, 2016 5:06am Oct 10, 2016 5:06am
Quoting JensG
{quote} I actually agree with you. Retail forex is advertised like some casino thing usually focused on maximum leverage and tightest spreads. The problem is that advertising takes place online (most of the time) and websites hosted in the US, Australia or wherever won't give a sh*t if you're visiting from the land of the windmills, wine or waffles & yeasty beer (reminds of that I should spend a weekend in Paris). So, when I say the ban is useless, I mean it's a toothless tiger. On the other hand: I'm a German living in London (UK). Many people...

Sorry for the late reply

Your overall knowledge i find very inspiring. I often stalk your profile to see your thread replys so i can get a bigger knowledge - If Germany bans forex then i will join you in london
MY SITTING, NEVER MY THINKING!
  • #18
  • Oct 17, 2016 6:34am Oct 17, 2016 6:34am
The European Securities and Markets Authority (ESMA) is urging the competent authorities of EU members to tighten control over entities offering financial speculative products (https://smnweekly.com/2016/10/12/esma-urges-eu-watchdogs-to-tighten-control-over-trading-in-high-risk-financial-products/) like spot forex and binary options, indicated a question-and-answer (Q&A) document on the application of the Markets in Financial Instruments Directive (MiFID) published by the authority last week, so it looks like what we are seeing happening Belgium, the Netherlands and Germany will likely spread elsewhere too.

Now, I don't mind responsible, involved regulation on the side of authorities, but I do mind the outright banning of that sort of financial services. Adults can and should be able to make their own choices for themselves.
  • #19
  • Oct 17, 2016 6:55am Oct 17, 2016 6:55am
It will be interesting if they make a difference for lmax, which offers as per Mifid not OTC products but products traded on a relgulated market (MTF). It would be kind of silly if they jump through hoops to get this license and then be treated the same anyways. Of course, this might not even be relevant with Brexit anymore.
  • #20
  • Last Post: Nov 3, 2016 4:35am Nov 3, 2016 4:35am
Israel too has banned the trading of binary options and they are planning to ban the advertising of local binary options brokers to clients outside of Israel. (https://smnweekly.com/2016/10/21/israel-to-ban-advertising-of-binary-options-abroad-denmark-warns-of-binaries-risk/) In essence, the introduction of a ban on advertising abroad would mean that the Israel-based call centers of the major binary options brokers will have to be shut down.
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