Hi!
I’m wondering if it is legal for me as a European citizen, Swedish to be specific (based in the country as well), to choose a broker outside of the ESMA regulations, i.e. a broker that offers higher leverage than 30:1?
Thanks!
Of course you can. I do it myself…
Info please? Broker, legal restrictions, etc. Thank you!
Yes I’m also from EU but I use offshore accounts to get access to higher leverage. It works with Hotforex and Tickmill, my third broker, IB, doesn’t support this feature.
Ok thank you. I’ve been in contact with IC Markets who told me it’s perfectly possible. Whether it’s legal or not, they deterred from saying… They’re regulated by FSA and ASIC but you can only choose one.
The thing is, I’ve previously been in contact with XM AU who denied any foreign accounts, which makes me wonder if I still can register with IC Markets and have my account regulated by ASIC.
I think no because ASIC rules should be same for all entities which are registered with them. I think you have consider it with caution, because my broker Hotforex told me that I have to move my account to offshore if I want higher leverage. No chance to get it from FCA, ASIC regulated branches.
I’ve just opened a new account with Naga. When signing up you are given the option of trading under their EU regulations (jurisdiction) or with their offshore regulated one. It also gives the breakdown of the terms and protections each regulation jurisdiction gives. The offshore one gives the high leverage and the EU gives 30:1. I chose the 30:1 EU regulated account. Anyone can choose whatever they want, it is not against EU regs for the client to choose their own jurisdiction, however, it is against the regs for a brokerage to promote one over the other.
I also used XM before, but have been browsing for another broker. The trouble is finding good, unbiased reviews, so many are fakes and paid for. I finally looked through Trustpilot and found Naga markets had the highest ratings. XM,com only scored about 3.5/5 on their ratings. I recommend you type in various brokers you are considering with Trustpilot, as it seems a little less biased than others. However, after reading some of the reviews, it is clear there are a lot of fake one there also.
Cheers for the insight. Their customer service hasn’t been the best and when asked about regulations and me registering, this is what I received back:
"Unfortunately, there is no other confirmation that can be given to you, besides the fact, that if your country is in the list of the countries for registration, it does mean that you are allowed legally to trade under the following regulation.
I appreciate your understanding!"
A truly ambiguous answer if you ask me. Why is it not possible for them to say how it is? According to the list then, Sweden, in which I’m based in, is in the list of countries that are able to open an account with them, but still, no idea if I want to or if I’m allowed to. I want an account under ASIC regulations, not FSA in the Seychelles…
Thank you. Not interested in Naga however, as IC Markets is a reputable broker. I just need more info whether or not it is possible and legal for me to open under ASIC regulations 
Edit: Chatted with someone from their live chat (who didn’t know anything, with very limited English). She claimed that it is possible to open under ASIC… This is not exactly a hassle-free experience, haha.
ASIC is good but not better than FCA. Check the number of fx frauds which sheltered under FCA and ASIC. For the second watchdog the number is somewhat higher.
You can definitely trade with ASIC regulated brokers (not under offshore!!!), I am EU citizen and I trade with FP Markets with 500:1 leverage, I opened my account last year while all these changes were happening so I am sure that the information I give you is correct. FP Markets is also regulated by CYSEC but I prefer the ASIC regulation for leverage reasons, same as you. They’re really good and old company and the trading conditions are perfect for me, low spreads and lower commission than other brokers.
Great, thanks a lot! Looked them up and they actually seem on par, if not better than IC Markets. Better reviews at least, a few less FX pairs though. Great to know I can trade under ASIC!