I had an account with ETX and closed it after I received myself their message regarding ESMA.
Let's try to assemble a list with brokers who at least for moment accept Europeans and have normal conditions. From my experience I know about two and please do not tell they are in fiscal heavens as long as they send your money when you request them:
1: Forex4you
2.FBS
Let's try to assemble a list with brokers who at least for moment accept Europeans and have normal conditions. From my experience I know about two and please do not tell they are in fiscal heavens as long as they send your money when you request them:
1: Forex4you
2.FBS
Jun 06 2018 at 06:28
50℅ margin closeout rule has been there for years. This is nothing new. Why it is hilited and relevant now is that leverage will be significantly reduced with ESMA ruling hence traders are more likely to encounter margin calls. I think the broker is doing due diligence to alert the fact.
TradingtheCloud posted:
50℅ margin closeout rule has been there for years. This is nothing new. Why it is hilited and relevant now is that leverage will be significantly reduced with ESMA ruling hence traders are more likely to encounter margin calls. I think the broker is doing due diligence to alert the fact.
Leverage in fact will be worse than in USA.
1:50 vs. 1:30
Because many unresponsible idiots lost all their capital everybody will be punished.
Moreover I have seen wiped accounts even with such low leverage - check the Systems here on MFB.
It seems some brokers are super, overprotective for having introduced the Margin Close Out rule earlier than expected.
From the official publications , the measures are entering in force from the 1st of August 2018...
From the official publications , the measures are entering in force from the 1st of August 2018...
Accept the loss as experience
Jun 07 2018 at 06:17
togr posted:
Leverage in fact will be worse than in USA.
1:50 vs. 1:30
Because many unresponsible idiots lost all their capital everybody will be punished.
Moreover I have seen wiped accounts even with such low leverage - check the Systems here on MFB.
Yes, the leverage drop can not help bad trading. I think the main purpose is to protect brokers from smart traders taking very small risk capital to make 100x or 1000x easily. This is what affecting their bottom line.
Jun 07 2018 at 06:21
This whole ESMA regulation will simply fire backwards and REALLY BADLY, as it will only push retail traders to sign up with unregulated off-shore brokers who will be very happy to provide not only 1:400, but 1:500 or even 1:1000 leverage because their clients will never see their funds again anyway... But of course, it will not be the problem of the EU anymore.
Personally, I was a victim of a New Zealand registered and 'regulated' broker who had offered the BEST conditions, the BEST leverage (even 1:1000), the BEST EVER no-slippage ('in-house') executions, then after collecting $500k+(!) client funds the owner has simply closed shop and disappeared... Including his broker website... Even though he was indicted by the Canadian authorities (he is an Iranian-Canadin citizen) the $500k+ clients funds have never been recovered.
Personally, I was a victim of a New Zealand registered and 'regulated' broker who had offered the BEST conditions, the BEST leverage (even 1:1000), the BEST EVER no-slippage ('in-house') executions, then after collecting $500k+(!) client funds the owner has simply closed shop and disappeared... Including his broker website... Even though he was indicted by the Canadian authorities (he is an Iranian-Canadin citizen) the $500k+ clients funds have never been recovered.
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
TradingtheCloud posted:togr posted:
Leverage in fact will be worse than in USA.
1:50 vs. 1:30
Because many unresponsible idiots lost all their capital everybody will be punished.
Moreover I have seen wiped accounts even with such low leverage - check the Systems here on MFB.
Yes, the leverage drop can not help bad trading. I think the main purpose is to protect brokers from smart traders taking very small risk capital to make 100x or 1000x easily. This is what affecting their bottom line.
Nope. The main purpose is to protect traders to lose everything.
FxMasterGuru posted:
This whole ESMA regulation will simply fire backwards and REALLY BADLY, as it will only push retail traders to sign up with unregulated off-shore brokers who will be very happy to provide not only 1:400, but 1:500 or even 1:1000 leverage because their clients will never see their funds again anyway... But of course, it will not be the problem of the EU anymore.
Personally, I was a victim of a New Zealand registered and 'regulated' broker who had offered the BEST conditions, the BEST leverage (even 1:1000), the BEST EVER no-slippage ('in-house') executions, then after collecting $500k+(!) client funds the owner has simply closed shop and disappeared... Including his broker website... Even though he was indicted by the Canadian authorities (he is an Iranian-Canadin citizen) the $500k+ clients funds have never been recovered.
Yes that will be the outcome,
outflow of european traders to offshore brokers.
Bad for everybody.
I do often tell EU will regulate as much and as long there will be something left to destroy.
Jun 07 2018 at 07:48
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.
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.
Unfortunately, most probable this will start happening in maxim one year, maybe even earlier
