Hello everyone,
Just curious to know which reliable (and probably overseas) forex brokers would still give Australian retail traders a higher leverage than the 30:1 leverage on major currency pairs as per ASIC new regulation from March 29, 2021 onwards?
Thanks in advance!
I’m not saying you shouldn’t seek out higher leverage, but you should consider what protections you are letting go if you open a non-ASIC account. I’m in the UK and the introduction of these same leverage limits had me really worried 2-3 years back. But in the end, it didn’t stop me making a profit.
I am not endorsing them but I have a friend who uses Australian broker - Trade Direct 365 and they have opened in Bahamas.
I am in the UK and they deposit funds into an escrow account at a London branch of Barclays. I would imagine that they have a similar arrangement for Australian clients.
P.S - I know as a day trader, margin can be problematic, for instance adding to a winning position with a 20 or 10 pip S/L . But it’s ok to have 150 S/L on a swing trade. It doesn’t make sense, of cause we are ruled by politicians who seldom make sense.
Don’t trade live with huge money until you know what you are doing. Know your stuff very well. Be enough skilled. There is no short cut. It takes time to learn the art of trading. Don’t have unrealistic expectation.
trading with huge money is important but not more than knowledge if you cant grow enough knowledge and experience then any kind of large of investment can be fallen.
You need to use an offshore broker. Simple as that.
Are you sure? For all I know, trading with off-shore brokers can be quite risky. Most of firms oand brokerages out there are a complete scam.
IC Markets themselves have opened a branch in the Seychelles which allows them to still offer their 1:500 leverage. Are you not able to use that from within Australia?
That’s where you need to research. There are reliable brokers that offer an array of trading opportunities and investment options like futures, forex, commodities, securities.
Check the Babypips list of approved offshore brokers
You’re right @knightlinx. I’m trading with fxtm and it has allowed me tax savings and other tax incentives.
Absolutely. I myself conducted a thorough research when selecting an offshore broker and settled on turnkeyforex and IG because of the tighter spreads, low leverage, and ease of deposits and withdrawals. Not to forget the platforms and a range of technical indicators.