i am trading for 2 years now and starting get a steady growing capital. (not that much but is ok)
I was hoping to get pro in a few years.
As of august 18 we are forbidden to trade forex, CFD’s,… in my country.
I know this as of today from my broker (oanda)
So my dream will never come true…
Well i was never was that active on this forum but i learned my first steps in the school of pipsology.
Learned from you (everybody, even the new people).
And got profitable after 1.5year.
I wish you all great profit and enjoy your trading career.
switch to futures contracrs. its exactly the sane just without fancy trading engines like on oanda or similar. you can di exactly the same and trade the same currencies (even more) than with ordinary CFDs
Bad news indeed … I was reading about this, earlier in the week.
There are still differences between EU countries, in this regard. Even in France, they’re no longer allowed to [I]advertise[/I] forex trading (but they can still [I]do[/I] it).
It seems from what I read that the counterparty market-maker brokers for forex and CFD’s are directly responsible for this: there have been so many complaints about them to FSMA that eventually drastic action was taken?
There have been previous episodes rather similar in other areas: industries that don’t regulate themselves effectively, and allow scams, end up being more forcefully regulated by governments. Just like the financial crash of 2007/8, it seems to me, most of the issue relates to a failure of regulation.
From what I read, the ban affects all “leveraged financial products”? So it was not clear to me whether futures will be allowed, and I guessed that they certainly won’t be allowed if they’re “leveraged”. I don’t know whether “margin requirements” count as “leverage” for this purpose? It seems to me that they might. (Maybe nobody knows, yet?).
I hope you can somehow resolve the issue, one way or another! :33:
too many complaints from retail traders. its beeing advertised as easy money to people who dont know what theyre doing. too many lost money. the governmemt sees it more like a rip off and gambling.
second reason is that most brokers are in london and the lost money from retail traders goes to london which is soaking up miney out of belgium into another country that is about to leave the EU. so politican and economical reasons aswell played a role.
and i completely agree with that point of view from the government. although i dont agree with bannibg things. i dont agree with the concept of banning. the concept of educating is much more of a intelligent approach.
im pretty sure germany aswell will follow that example.
every otzer day you find more and more prove of fraud from such “clown”-brokers frauding retail traders. the industry is badly regulated and keeping track is hard since the actors are abusing the United Kingdom untransparemt system of offshore company constructions (virgin islands, caymen, singapor, etc etc) and the discounted tax system this system is forcing over other countries in the EU.
observing more and more negative statements in newspapers and reports about this particular service in germany.
over here its aswell beeing looked at closely but noone engaged it yet. its only a matter of time that new borders will be set.
in UK and USA it is not possible to trade CFDs other then for currencies, so the business model of such brokers has been bordered as CFDs on commodities and indexes always were “dealing desk”-contracts where your counterpart is your own broker.
The two main reasons for this ban aggressive advertising and marketing of leveraged trading products and straight-up scams, including the inability of investors to withdraw cash from their accounts at several brokers.I just hope this ban is temporary and it will be offer a more legal and secure alternative so forex traders can keep trading.This is just in Belgium for now but the chances to become ban all over EU are real.
I am trying futures now and its legal in Belgium.
The comission fees are a little higher and there are somewhat more things you have to keep in mind but it works verry good.
it looks like i can trade forex again in Belgium.
There are some rules my broker needs to follow but. I dont know its going to be for long…
So thanks for the reply’s.
You can see if offshore trading is an option for you, whether it’s legit to do that or not. If it is then you can still pursue your dreams. And there will be the obvious tax benefits also.
