I read somewhere that ASIC protests only Aussie funds. If an Australian (forex) broker becomes insolvent how does ASIC regulations make sure foreign client gets their deposits?
Very interesting point, how to work with all that matter anyway. Do you have any solution for that matter or not? I do not clearly see it coming for whatever reason being done. I am scary to deal with Forex people anyway from Australia.
MattKoola posted:
I read somewhere that ASIC protests only Aussie funds. If an Australian (forex) broker becomes insolvent how does ASIC regulations make sure foreign client gets their deposits?
you need to visit the official website of ASIC.
saturdayresearch
Mitglied seit Nov 25, 2019
9 Posts
Feb 28 2020 at 10:50
I read this is the case but at least there is good regulation
MattKoola posted:
I read somewhere that ASIC protests only Aussie funds. If an Australian (forex) broker becomes insolvent how does ASIC regulations make sure foreign client gets their deposits?
Maybe it’s true; because I also heard the same info by many sources!
If a brokerage company has regulation, then it's fine. Because usually the regulator provides insurance of certain amounts in case traders lose money through the fault of the brokerage company. The only limitation is that they do not compensate very large amounts, but in the range of 10-20 thousand dollars they usually do.
marco_mmbiz
Mitglied seit Jul 20, 2019
368 Posts
Jun 29 2020 at 15:10
MattKoola posted:
I read somewhere that ASIC protests only Aussie funds. If an Australian (forex) broker becomes insolvent how does ASIC regulations make sure foreign client gets their deposits?
As an 'offshore trader' you're not allowed to use ASIC-regulated brokers anymore (since January 2020).
If there's any broker out there who's still offering his ASIC-regulated forex services to offshore-clients, then just stay away.
Always look for a regulation that is still allowed in your area (like NFA for USA; Cysec/FCA/BaFin/ICB/FinMa ... for Europe, ASIC for Australia, FCA for UK, IFSC for all other offshore traders).
patience is the key
LyudmilLukanov
Mitglied seit Jul 23, 2020
793 Posts
Sep 18 2020 at 15:09
You can make a complaint in writing or by phone through ASIC official website. You also find a video tutorial in their website regarding how to complain.
Chrismorris657
Mitglied seit Nov 07, 2020
17 Posts
Nov 25 2020 at 07:57
I think you better stay away from a broker that says so because it is possibly a scam that you may end up regretting later.
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