ASIC leverage down
Dec 07, 2020 at 10:29
1,297 Angesehen
15 Replies
Mitglied seit Feb 22, 2011
4862 Posts
Dec 07, 2020 at 10:29
Hi guys,
I got message from multiple Australian brokers.
They are going to cripple leverage the same way ESMA did.
So decrease to 1:30.
What are you going to do?
I got message from multiple Australian brokers.
They are going to cripple leverage the same way ESMA did.
So decrease to 1:30.
What are you going to do?
Mitglied seit Jan 11, 2019
147 Posts
Dec 07, 2020 at 12:11
If you have 2 years of experience, you can then avail leverage 4-500 with some brokers. They call it professional account.
Mitglied seit Jan 11, 2019
147 Posts
Dec 15, 2020 at 11:39
it should not have much effect. but obviously one has the option to move to an offshore entity.
Dec 16, 2020 at 05:22
Gracewilson1995 posted:Yeah i checked with fxview they have 500x for professionals but that is not for retailers at all. i think its time to get used to 30x or move to offshores.
If you have 2 years of experience, you can then avail leverage 4-500 with some brokers. They call it professional account.
Dec 17, 2020 at 08:02
(bearbeitet Dec 17, 2020 at 08:06)
Hi, if you are not based in Australia, you might consider Global Prime.
I recently spent quite a lot of time searching for a non-ESMA broker that offered bit more than 30:1, but at same time not a bucket shop, and analysing using the excellent Myfxbook tools for looking at spreads and swaps. Filtered down to a short list that looked decent but also offered higher leverage, which basically left me with a few ASIC brokers. Opened some demos. Having read reviews at forexpeacearmy and experiencing their support, I went with Global Prime. Had no idea ASIC was following ESMA, but fortunately as an overseas customer covered by a different license, leverage will stay at 100:1. I think you can apply for 200:1 but they deliberately don't go above that because it leads to blow ups.
The other broker I used to use a bit that is higher than ESMA is Dukascopy Swiss (NOT Dukascopy Europe) - with MT4 their leverage is 100:1, higher with their jForex platform, but there is reduction in leverage over the weekend so need to be careful if you are holding positions.
I recently spent quite a lot of time searching for a non-ESMA broker that offered bit more than 30:1, but at same time not a bucket shop, and analysing using the excellent Myfxbook tools for looking at spreads and swaps. Filtered down to a short list that looked decent but also offered higher leverage, which basically left me with a few ASIC brokers. Opened some demos. Having read reviews at forexpeacearmy and experiencing their support, I went with Global Prime. Had no idea ASIC was following ESMA, but fortunately as an overseas customer covered by a different license, leverage will stay at 100:1. I think you can apply for 200:1 but they deliberately don't go above that because it leads to blow ups.
The other broker I used to use a bit that is higher than ESMA is Dukascopy Swiss (NOT Dukascopy Europe) - with MT4 their leverage is 100:1, higher with their jForex platform, but there is reduction in leverage over the weekend so need to be careful if you are holding positions.
Mitglied seit Oct 13, 2020
34 Posts
Jan 20, 2021 at 11:44
Justin990 posted:The ASIC has restricted leverage to 30:1 for the major currency pairs and 20:1 for minor currency pairs. These regulations will affect the people trading in CFDs and not the regular forex traders. We have to understand that there is a difference between regular trading and leverage CFD trading. If you are simply trading currency pairs then these regulations will not affect you as a trader.
Any idea on how much ASIC has restricted the leverage down to?
Mitglied seit Oct 26, 2015
33 Posts
Jan 22, 2021 at 05:40
Yea, for complete newbies its best to start with some high regulated broker like NFA, ASIC, or FCA. Stay away from brokers with multiple regulators, stay away from tax havens, and stay away from offshore brokers. Those who have more experience can consider some of the offshore brokers, which at the end of the day, only those with experience should be trading with higher leverage.
Take Challenges Head On
Mitglied seit Oct 13, 2020
34 Posts
Jan 22, 2021 at 09:39
Gareylinn509 posted:In my opinion as long as a broker is regulated it doesn’t matter where it’s headquartered. If it’s giving you the trading conditions you require, then just go for it. I am a full time scalper and for me low spreads mean everything in trading. 0 pips spreads and low commission rates of forex4you and fxview suit me well.Harshalgibbs posted:I am yet to get on that bandwagon but very serious on opening 1 demo account with any 1 offshore broker and test them out for myself now.Gareylinn509 posted:Yeah, glad I am already there. After being finicky about it for so many years I finally got going with offshore brokers.
Going offshore seems to be the best thing to do now!
Mitglied seit Jul 20, 2020
298 Posts
Jan 27, 2021 at 00:45
Leverage protects so it is very important to always choose the right leverage.
Mitglied seit Dec 24, 2020
15 Posts
Feb 19, 2021 at 11:31
Leverage plays an important role in the life of a trader and sometimes a higher leverage can get really good profit.
Mitglied seit Jul 23, 2020
759 Posts
Feb 19, 2021 at 18:09
epeepillock posted:High leverage is dangerous especially for new traders. So, use it with extreme caution.
Leverage plays an important role in the life of a trader and sometimes a higher leverage can get really good profit.
Mitglied seit Jul 23, 2020
869 Posts
May 03, 2021 at 21:11
Is it for forex or cryptocurrency?
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