Well known brokers but Off Shore Regulatories, is it safe?

I’ll post again when I have more info, but meanwhile it might be worth asking Oanda whether they will let you open an FCA-regulated account? I have no idea what the answer will be, sorry (but it’s a good broker).


:frowning:

Sorry to hear it. I didn’t even know that account-opening from Turkey was a problem at all. That’s very bad. :grimacing: :stuck_out_tongue:

I hope you can resolve it, somehow, but I have the feeling that my friends abroad may both be using Oanda (as some successful traders do when they need to trade a counterparty CFD for some reason).

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Guess, I gotta work with off shore regulatories then. All of the brokers that I have an account with won’t let me go under their FCA or ASIC entity.
:smiling_face_with_tear:

This is very bad. Turkey is not Iran or Nigeria!!! :astonished: :tr:

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Are you sure that your account is registered under their UK FCA regulation and not any other regulatory body?
I believe Darwinex is regulated by multiple regulatory bodies, including Financial Services Authority (FSA) of Seychelles with number SD171

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Regardless of what the regulatory body claims or states on their website, I havent come across any Broker regulated under FCA, offering a trading account to a non UK resident under the FCA regulation.
Since you mentioned that some of your friends who are non UK residents have an account under the FCA regulation with some brokers, i am just curious to know the names of the brokers.
I will be happy to open an account under FCA regulation if a broker can facilitate it for a non UK resident.

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Is your broker under regulated in your country?

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How does it help you if you’re living in Turkey under ASIC, and how can ASIC protect you from being scammed?

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I had an account in tickmill under their FCA entity, due to low funds and low leverage, I wanted more leverage ( at the time, I really didn’t understand the importance of regulations ) so I changed to their Seychelles entity by deleting the FCA account.

fast forward 3 days ago. I tried to open an account with their FCA entity again. they told me that they don’t do it anymore…

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True. If in that case, then I have to work with turkish brokers which are regulated in here. but the thing is that the regulations in here require you to deposit at least 50.000 turkish liras which is equivalent to 1,500 USD.
also the leverage is 1:10, and you have to trade for 6 days on a demo account, in order for them to let you open a live account.

forget about the 1:10, If I had 1,500 USD. I would do it. so I don’t have to get along with this headache. :))

yes, I am sure

no, KNF doesn’t regulate my broker

In exactly the same way as the FCA and the UK Ombudsman scheme habitually help non-British people living abroad who have an FCA-regulated account: the customer’s nationality and location are not relevant.

Very easily indeed and in exactly the same way they do for a local resident: if a problem arises, the regulator can examine the facts and the evidence, give a ruling which is binding on the broker, and if the broker does not comply, they lose their license and/or are fined millions of dollars (exactly as has happened on countless occasions to crooked brokers like FXCM).

I’m not trying to be rude to you, I promise, but your comments above show that you have a VERY misguided and mistaken impression of how regulatory processes actually work. Please don’t impose it on other members!

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So you are saying, like if I’ve decided to open my Fxpro account because it is regulated with FCA, and whatever it happen, then I complain to Fxpro over whatever it is, and if it doesn’t work, then I have to contact FCA to determine if I have a case regardless of where I come from (I am from Australia). Do I (non-British) have right to contact FCA ?

I would prefer regulation because it is much safer way. I wasn’t trying to impose it on the members because I don’t get it why anyone who want to open their account when they are non-British.

Please provide something that we have rights as non-British if we opened FCA account from UK brokerage?

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"Typically the FCA only has jurisdiction over people living in and providing services in the UK and has an extremely limited remit overseas. This means that for most non-UK residents, the FCA is somewhat irrelevant when it comes to protecting consumers and regulating firms.

That said, the FCA works very closely with the EU legislators as part of a European wide process to help protect all citizens living within the EU. However, outside of the UK, each individual jurisdiction will have their own regulatory financial body with different implementations of EU rules and regulations."

One of our Polish friends above said that they have an account with Darwinex under the FCA regulation, which is quite interesting and good t know. However, as of now, Darwinex does not offer an account under FCA regulation to any non UK resident.

Instead of accusing someone of imposing their ideas on others, members should probably back their claims with facts.

I am still waiting for the names of the brokers who offer an account under FCA regulation to non UK residents.

Unlike some members here, not trying to be rude or sound cocky. Just stating facts and genuinely curious to learn more.

Cheers everyone.

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Yeap… Almost every broker that i have known does not allow that, as of today.
However, you never know… the world is full of surprises. Lets wait for someone here to help us out with facts and not just rhetoric.

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Thank you for letting us know.

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