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ASIC regulation
Nov 28, 2019 at 12:12
Vistas 962
8 Replies
Jan 22, 2020 at 18:04
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.
Miembro desde Nov 25, 2019
posts 9
Feb 28, 2020 at 10:50
I read this is the case but at least there is good regulation
Jun 21, 2020 at 14:31
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.
Miembro desde Jul 20, 2019
posts 338
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
Miembro desde Jul 23, 2020
posts 816
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.
Miembro desde Jul 20, 2019
posts 338
Nov 25, 2020 at 10:00
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?
Since January 2020 ASIC/AFC regulated brokers are NOT allowed to onboard foreign clients anymore. Such brokers need to give you an account in your regulated territory then (like ESMA/Cysec for the whole EU, CTFC/NFA for USA, IFSC for offshore, FCA for UK, or similar).
patience is the key
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