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.
Feb 28 2020 at 10:50
I read this is the case but at least there is good regulation
Feb 29 2020 at 08:11
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.
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
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.
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.
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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