To use chat, please login.
Back to contacts

ASIC Brokers will DIE ?

Drolph
Jun 18 2019 at 16:00
28 posts
GermanyFX posted:
Just confirmed with IC market, and nothing is going to change for any clients.

especially Australian clients


Confirmed what?

Global Tech (GermanyFX)
Jun 18 2019 at 16:05
450 posts
Drolph posted:
GermanyFX posted:
Just confirmed with IC market, and nothing is going to change for any clients.

especially Australian clients


Confirmed what?


About the leverage deduction, nothing is going to change as far as leverage is concern

Work hard and play hard
Luciano Mogetta (Drazeer)
Jun 19 2019 at 05:34
4 posts
Global Prime
As many of you may be aware, Australian brokers recently received notice from ASIC regarding the legality of offering services to clients from offshore jurisdictions.

As a global business with clients from many countries, we are now required to obtain advice from a number of foreign jurisdictions on whether we are authorised to accept clients from these countries.

Because it is not practical to get these advices before the time we are required to report back to ASIC (30 June 2019), we believe it would be prudent to transfer accounts from certain jurisdictions to our associate company, Gleneagle Securities Pty Ltd trading as Global Prime FX, by 28 June 2019.

stesens
Jun 19 2019 at 05:36
11 posts
and just spoken with Pepperstone. Same. Nothing will chinage (for now). Australia is still an island of leverage. Godd place to make (or lose) money....

Luciano Mogetta (Drazeer)
Jun 19 2019 at 14:02
4 posts
AxiTrader
Due to recent Australian regulatory announcements AxiCorp has decided to cease servicing clients who are resident outside of Australia and New Zealand on 30 June 2019.
To minimise the impact to clients, AxiCorp has arranged for AxiTrader Limited to take over the provision of financial services. AxiTrader is 100% owned by AxiCorp, is incorporated in Saint Vincent and the Grenadines (number 25417 BC 2019) and registered by the Financial Services Authority of Saint Vincent and the Grenadine

JamDay
Jun 20 2019 at 05:58
10 posts
I would be pretty pissed off if my money was moved from a regulated account to an account in Saint Vincent and the Grenadine !

ForexFarmer1
Jun 20 2019 at 10:38
10 posts
I guess a change was too be expected. Regulators are always trying to look like they are doing something useful even if this destroys a whole industry and makes things worse for consumers

Global Tech (GermanyFX)
Jun 20 2019 at 10:39
450 posts
ASIC dont need to change any thing, right now its all good especially leverage

Work hard and play hard
marklite
Jun 20 2019 at 13:36
8 posts
Even if ASIC decided to restrict AU Brokers or will try to enforce some kind of heavy downgrades, unlike the Puffy European Brokers Australians will stand their grounds. Also for any such heavy implementations it will take years to fully integrate them. The ESMA implementations still did not complete btw.

https://www.tradersbible.com/news/forex/australian-brokers-fighting-back-against-asic-demands

Brokers Take Legal Action:
This recent action is not something that Aussie brokers are willing to comply with. They have decided to fight back in the courts. Rumours have surfaced that the brokers are going after high-level legal advice. Many brokers think that the action taken by ASIC is illegal and needs to countered.

Please login to comment .