New ESMA rules ... what now?

Trade with a non European regulated broker. There are a couple of Australian ones with good reputations.

Can you name a few good Australian brokers accepting EU residents?That means I would trade using Australian dollar?Can I ask Oanda to change my account to Australian Division … would that work?

I use ICmarkets, and they seem to have positive reviews. Pepperstone are also Australian. You should do some research, because I don’t want to be blamed for anything you think has gone wrong from broker choice.

Most brokers you can set your account to be in different currencies, so you should still be able to have a GBP or EUR account.

I don’t think changing Oanda to the Australian division would work. I think you need a broker that isn’t regulated by an EU body.

@Lavourah I use IC Markets (in AU) as well and they are fine… price feeds can be wonky from time to time. I know they don’t accept US Citizens because of the Dodd-Frank Law so the same may apply to EU / UK Citizens because of the ESMA Ruling…??

I have been doing some recherce and I will go for ICMarkets , they have all the criterias I need from a Broker , they seem good.

Go offshore…

@chesterjohn @lavourah shifting to an aussie broker will not help cos the ESMA is applicable based on ur residency and/or citizenship… a friend of mine from EU was with peperstone an got an email to manage his risk to 30:1 and his request to move to peppertone aus division was denied as he was is a EU resident. ASIC broker will have to comply with ESMA. They will treat based on your country of residence or citizenship.

Best bet is to choose one the offshore guys from this coveted BP link

and this new one as well if are more crypto centric, though the link above is more credible and time tested

And for me, I trade with turnkeyforex. it features in both the links and has loads on reviews on the forums. So do your due diligence and choose an offshore broker.
Hope it helps


My leverage hasn’t reduced and I live in the UK…

Peppertone (Aussie company ) is like Oanda ( US Company ) both not European but establish in all continents while IC Markets is establish only in Australia … If Oanda did not had created some years ago the European division , they would not have reduce my leverage because of ESMA … has long IC Markets does not open a division in Europe they dont have to follow ESMA ruling , and they will never open one in Europe now with this ruling , brokers now want to go away from Europe not coming in.

Pepperstone and Oanda might be obligated to lower your leverage if you’re trading with them and you’re in the EU.
On the other hand, IC markets is only Australia based (no office in the EU) are not obligated to follow the ESMA rules, like you said.
So, I guess there will be an influx of EU traders to them. I wonder if they’ll notice it.

I’m absolutely gobsmacked how obviously inept the ESMA regulators are. No wonder the EU is crumbling. To allow a loophole, where all you supposably regulate can just go around the ruling and continue as normal in another jurisdiction in this day and age is quite unbelievable.

The Industry has either blackmailed them, promised riches and/or latter employment, just as happens in the US of A…

Personally, I believe it’s a mix of several reasons.

  1. Rushed it.
  2. The ones deciding on these changes live in their own bubbles.
  3. Got paid by lobbyists
  4. They don’t quite understand how the markets work, and have no concept of the freedom that the internet provides.
  5. Do not care about the traders
  6. The brokers (especially the Market Makers) would prefer to have a majority of “professional” traders due to the fact that once you are classified as a pro - no more negative balance protection, no more best order execution conditions and so on. Instead of having newbie traders with negative balance protection.
    The outpoor of newbies means that they will require less customer support.
  7. This is a potential hit to the small brokers that will lose clients because of the lower leverages. = less competition for the big brokers
    And these are just some of the reasons I can think of.
    I guess this is the reason why we’re not seeing much fuss from the brokers.
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Who are you trading with and are they fully regulated and registered within the EU?

I managed to get a “professional” status, so goodness I don’t have to worry about this anymore. But I really recommend for everyone who’s not on board with ESMA’s rulling to join ICMarkets. I’m an EU resident myself and I immediately opened account there after I found out about the upcoming changes, and I still can trade with up to 1:500 leverage with no restrictions after the rules have come in to force.

Well yeah, someones asked the question and i’m trying to help!

As you do.

As you are!

What’s the problem?

Well perhaps you could “Help” by demonstrating SOME knowledge - rather than by providing free advertising for what appears to be a company acting illegally in the UK ?



I take it your like a ‘gatekeeper’ of some sort, i’ve seen a few brokers mentioned in this thread thing but don’t see you saying the same to them which is quite suspicious now that i’ve mentioned it…

I don’t know why I am bothering to explain but I have accounts with XM, ICM and Axi.

ICM offered ME the best deal and I have since found out that they are not ‘acting illegally’ otherwise i wouldn’t be using them for a start! I want to share on a forum some decent advice for other people as i was in their shoes, in fact you don’t seem to be a fan boy of ESMA so I don’t really understand your comments. You are obviously some sort of advertiser, working for a broker, and don’t like it that someone has mentioned another company who you obviously are not affiliated with.

He is not an ESMA fanboy… nor are the rest of us. However, most of us are fanboys of legally working brokers i.e. regulated.
There are lots of regulated brokers who accept EU clients and provide them with high leverages.
For example - Australia regulated brokers (which do not have EU offices).

Keep in mind we’re talking about brokers regulated with a big, reliable regulator. Places like Vanuatu, St Mauritius, St Vincent and The Grenadines are not locations that are famous for proper regulation.


HI @bradley79 - You’re quite right of course. :sunglasses:

I decided Not to respond to his diatribe, since it is obviously BS and he seems to me to be just using the ‘argument’ to “Bump” the thread and his blatant advert up to the top of the listings again.

I hope the “Newbies” have enough good sense to ignore his BS and keep their money with a broker who IS regulated AND reputable, but hey if they want to give it to someone in a stripey shirt and wearing a mask, carrying a bag marked “SWAG” - well that’s up to them ! :rofl:

You have responded though, because you EGO has had a slight dent and you can’t accept that I have a good broker “ICM”, to whom I use and wanted to let other people know, you started this Falstaff with your egalitarian gatekeeper attitude (Oh look guys…some scruffy oik has only made 3 posts v’s my 1800 posts so therefore he must be a twat…") and now you started trolling me all over the place. You clearly have a problem with the LEGAL companies I have mentioned as you think I am on your ‘Turf’, and potentially ‘herding’ million of pounds, but you are very far from wrong. I understand you are advertising the company you work and the veil has slipped somewhat…

I think you ought to look for self validation elsewhere.

Bradley, I had a an account in the past with 2 FCA regulated brokers during the swissy black swan, and I lost 80p on the £.

Yes brilliant these UK FCA regulated brokers.

A friend of mine wasn’t able to withdraw, again another fantastic very large UK broker due to the fact he made a lot of money and they used FCA regs to say his trading ‘was suspicious’.

None of us a ESMA fanboys, i agree but some of us seem to think they know than others when their toes are stepped on i thnk you’ll agree!