“Mandatory changes to product features which protect retail clients will not be mandatory for you. (e.g. negative balance protection and margin close out levels).”
Suggests a broker may, but is not obliged to, offer neg bal protection to professional accounts.
I believe Axitrader Australia can do that.I have an account with Axitrader UK and i will be moving it to Axitrader Australia.i spoke to axitrader uk and they said my acc can be moved to axitrader australia regulated by ASIC
With a bit of research - Switzerland, Liechtenstein, Norway, Iceland are countries that are in Europe but not in the European Union (ergo - the ESMA regulations do not apply) and opening an account with a broker located there may be the solution to your problems.
I believe DukasCopy was located and regulated in Switzerland.
As far as ASIC go they are probably as good as the FCA in the UK. They aren’t the sharpest tool in the shed when it comes to regulation and are usually informed of wrongdoing by whistleblowers… like our current 4 Pillar Banking Royal Commission. ASIC spends most of its time trying to stay out of the limelight…
FX is still very small downunder, so it’s not as big a problem as the UK just on per capita alone. Not many people I know even know what FX is… they assume it’s when you exchange AUD to GBP when going to Britain… :_)
I think ASIC broker will treat you based on ur country of origin and if you an EU guy they will refrain from onboarding you and if they do, the ESMA conditions will apply. I read it on another forum where an EU trader had posted a letter from an ASIC broker. will share the link here
The ESMA regulations are independent of ASIC. It matters weather the broker has two separate legal entities registered one under
esma and the other one unde asic, or whether has just one which in under both regulations.
i see yes that guy was with pepperstone uk and wanted to move to pepperstone AUS so they refused to onboard his via the australian entity. And after brexit will ESMA apply to UK brokers - FCA regulated?
That we don’t know yet. Its even possible the UK Gov will sign up to abiding by ESMA rules even after Brexit.
The FCA have been supportive of the ESMA regulations so its easier to assume they will carry on with the new regs. Obviously, after Brexit, they might be free to even tighten them up…
Hi Pazartesi, Hope your well you can try using “admiral markets” the customer service is great and they will chat directly to you via skype. Just tap them into google. Hope this helps.
i know them, i agree with the excellent customer service point but unfortunately due to the stupid esma intervention, EU clients are no longer offered negative balance protection with this broker.
ESMA’s regulations don’t hold any sway over my broker Coinexx and I have been trading in peace with them for months. They accept all nationalities and their leverage offering is pretty impressive going as high as 500x.