TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.
well then I should look for some daily job :)
FxMasterGuru
(FxMasterGuru)
May 04, 2012 부터 멤버
게시물1608
Jun 07 2018 at 13:45
TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.
Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...
I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.
'For even the very wise cannot see all ends.' - J. R. R. Tolkien
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FxMasterGuru posted:TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.
Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...
I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.
'For even the very wise cannot see all ends.' - J. R. R. Tolkien
Most probable, more than 75% of brokers will be out of business
ovisun posted:FxMasterGuru posted:TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.
Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...
I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.
'For even the very wise cannot see all ends.' - J. R. R. Tolkien
Most probable, more than 75% of brokers will be out of business
bad for all as I said
Adribaasmet
Aug 27, 2017 부터 멤버
게시물994
Jun 08 2018 at 07:59
ovisun posted:FxMasterGuru posted:TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.
Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...
I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.
'For even the very wise cannot see all ends.' - J. R. R. Tolkien
Most probable, more than 75% of brokers will be out of business
Exactly it is; that’s why I don’t prefer to use such a new broker (less than 2 years market experience).
For now the rule changes seem to be that if the broker has multiple jurisdictions, which one is EU, then if you are an EU citizen your account will be opened there.
I.E. if you live in the U.K. and trade through a duly regulated FCA/ASIC broker you can't go to their ASIC regulation.
But, if an ASIC regulated broker doesn't have any ties to Europe (no Cysec, no FCA) and you are an EU citizen you can freely open accounts there.
We will see how long this lasts though.
I.E. if you live in the U.K. and trade through a duly regulated FCA/ASIC broker you can't go to their ASIC regulation.
But, if an ASIC regulated broker doesn't have any ties to Europe (no Cysec, no FCA) and you are an EU citizen you can freely open accounts there.
We will see how long this lasts though.
abforex posted:
For now the rule changes seem to be that if the broker has multiple jurisdictions, which one is EU, then if you are an EU citizen your account will be opened there.
I.E. if you live in the U.K. and trade through a duly regulated FCA/ASIC broker you can't go to their ASIC regulation.
But, if an ASIC regulated broker doesn't have any ties to Europe (no Cysec, no FCA) and you are an EU citizen you can freely open accounts there.
We will see how long this lasts though.
Let us hope that will last forever.
These new ESMA rules should be valid only for 3 months.
Most probably they will prolong it but we will see.
FxMasterGuru
(FxMasterGuru)
May 04, 2012 부터 멤버
게시물1608
Jun 10 2018 at 06:16
abforex posted:
For now the rule changes seem to be that if the broker has multiple jurisdictions, which one is EU, then if you are an EU citizen your account will be opened there.
I.E. if you live in the U.K. and trade through a duly regulated FCA/ASIC broker you can't go to their ASIC regulation.
But, if an ASIC regulated broker doesn't have any ties to Europe (no Cysec, no FCA) and you are an EU citizen you can freely open accounts there.
We will see how long this lasts though.
So probably the Aussie brokers will benefit from the stupidity of the EU. (Except for Pepperstone and AxiTrader.)
I guess the next logical move of the EU will be limiting the maximum bets in European CASINOS probably to 1 Euro per bet... 😁
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GENESIS ASSET
(TradingtheCloud)
Apr 11, 2015 부터 멤버
게시물38
Jun 12 2018 at 06:22
Here is a broker who is both UK and Seychelles FCA regulated. In their faq section, clients can opt in for Seychelles regulation for higher leverage but has to be a resident outside Europe.
Can I choose to trade under Tickmill Ltd (FSA SC Regulated) as a Retail Client?
In the event you do not wish or do not meet the criteria to be classified as a Professional Client but, at the same time, wish to receive higher leverage, you may be entitled to register under Tickmill Ltd (FSA Seychelles). The condition to be able to register with Tickmill Ltd at the moment is to be a permanent resident of a country outside the European Economic Area.
Can I choose to trade under Tickmill Ltd (FSA SC Regulated) as a Retail Client?
In the event you do not wish or do not meet the criteria to be classified as a Professional Client but, at the same time, wish to receive higher leverage, you may be entitled to register under Tickmill Ltd (FSA Seychelles). The condition to be able to register with Tickmill Ltd at the moment is to be a permanent resident of a country outside the European Economic Area.
TradingtheCloud posted:
Here is a broker who is both UK and Seychelles FCA regulated. In their faq section, clients can opt in for Seychelles regulation for higher leverage but has to be a resident outside Europe.
Can I choose to trade under Tickmill Ltd (FSA SC Regulated) as a Retail Client?
In the event you do not wish or do not meet the criteria to be classified as a Professional Client but, at the same time, wish to receive higher leverage, you may be entitled to register under Tickmill Ltd (FSA Seychelles). The condition to be able to register with Tickmill Ltd at the moment is to be a permanent resident of a country outside the European Economic Area.
Would be the best to ask broker
I've used tickmill. Very good broker and helpful. They should be able to sort you out
My understanding of the whole situation with these major changes is that EU is trying generally to limit retail traders and to leave only big fishes in the sea ...
Accept the loss as experience
TiffanyK posted:
My understanding of the whole situation with these major changes is that EU is trying generally to limit retail traders and to leave only big fishes in the sea ...
Well they are trying to regulate something that does work.
That is how the whole EU works, tons of bureaucracy for even the simplest thing.
The regulation norm for banana has 30,000 pages...
What about professional trading accounts?
As far as I know, those who I asked offer them.
You must have 2 of 3:
- Bank account and financial instruments > 500k
- Trading at least ten trades with significant amount last 4 quarters
- at least one year worked in the financial sector
There might be some restrictions, though, which might be a no go:
- no FSCS
- no segregated accounts
In the end I agree with vontogr, EU is regulating until Europe is down.
As far as I know, those who I asked offer them.
You must have 2 of 3:
- Bank account and financial instruments > 500k
- Trading at least ten trades with significant amount last 4 quarters
- at least one year worked in the financial sector
There might be some restrictions, though, which might be a no go:
- no FSCS
- no segregated accounts
In the end I agree with vontogr, EU is regulating until Europe is down.
Everybody will now become a professional trader :)
Accept the loss as experience
MicF posted:
What about professional trading accounts?
As far as I know, those who I asked offer them.
You must have 2 of 3:
- Bank account and financial instruments > 500k
- Trading at least ten trades with significant amount last 4 quarters
- at least one year worked in the financial sector
There might be some restrictions, though, which might be a no go:
- no FSCS
- no segregated accounts
In the end I agree with vontogr, EU is regulating until Europe is down.
You must have either 500,000 EUR account
or be employed as professional in forex industry.
Not having 500,000 EUR account
I do manage amounts close that number but still do not qualify.
TiffanyK posted:
Everybody will now become a professional trader :)
Not so easy to qualify for that
You need 2 out of 3.
I doubt they check it in depth.
How should they?
I'd be more concerned of the segregation issue.
I doubt they check it in depth.
How should they?
I'd be more concerned of the segregation issue.
MicF posted:
You need 2 out of 3.
I doubt they check it in depth.
How should they?
I'd be more concerned of the segregation issue.
Check is easy - they will contact the company you markas your employeer
Checking the balance is even easier, right?