I was mucking around on live chat with a few dual regulated brokers ASIC & FCA trying to find out if I could switch. It was a little difficult at first, they always talked about becoming a Pro Client but who has $500K right!
When I first asked Pepperstone UK team (Can I open with ASIC) they said I would need to speak with the Australian arm about it (live chat). They also told me the FCA leverage caps were also in my best interest so I should consider if 500:1 is right for me.
As a scalper, I think it is.
I told their live chat, I want to open with ASIC and they gave me the link to their Australian website: www.Pepperstone.com.AU
I just reviewed ProfitForex and am not sure about brokers offering promotions like their ‘free cheese without a mouse trap 500% bonus’ promotion.
- Margin credit/not cash (Margin cannot help you if your trades PnL moves against you. Margin is cheap at 500:1)_
- You need to do alot of volume to get the bonus
If I trade 5000 lots, I would receive $5000. That is like saying, if you trade $500,000,000 in the market, we will give you 0.00001% back _
There is a good page for discussing margin bonus’s: Hotforex 100% credit bonus --- Not Really a Bonus?
I have never tested this broker, so maybe they are good, but why switch to an unregulated broker at all? I would much rather go to an ASIC broker who is offering me excellent spreads/execution and some tools to help me trade better/more informed, then another broker who is pushing promotions that give no real advantage. But like I said, I havn’t traded with Profiforex before.