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Breaking: ESMA finalizes new rules to govern leveraged trading 348 replies

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European Traders - new ESMA regulations!

  • #41
  • Jul 11, 2018 7:27am Jul 11, 2018 7:27am
Quoting Maxjoy
I see many EU brokers already posted the Pro Trader Forms on their pages...anyone already applied? ... approved?
To be approved, I would need £500,000 in assets (excluding home) which is bonkers imho! If I have that amount of money, I wouldn't have a problem stumping up the extra margin required! It's very frustrating. So, I have done the same as the previous poster and moved over to IC Markets. Really happy with them and just hope similar regulations don't spread to Oz anytime soon!
  • #42
  • Jul 18, 2018 10:28am Jul 18, 2018 10:28am
Quoting Maxjoy
{quote} Thanks for the prompt reply mate! Keep us posted! I personally hope that my local broker will be able to add me to the PRO traders accounts...
Got an update on withdrawals with IC:

Made my first withdrawal this week. A couple of documents to upload, international transfer to my bank account no probs, took 3 days start to finish.

Very happy with that

Did you get a PRO account after all Maxjoy?
  • #43
  • Jul 18, 2018 11:17am Jul 18, 2018 11:17am
Quoting tradesimply
{quote} Got an update on withdrawals with IC: Made my first withdrawal this week. A couple of documents to upload, international transfer to my bank account no probs, took 3 days start to finish. Very happy with that Did you get a PRO account after all Maxjoy?
Yep - applied and just got approved today, So I'm PRO now...heh
Leverage 1:200, no protection though...
Instagram - FX_ELITE_Europe | In Search of #BIG_R | Need No Small Pips
  • #44
  • Jul 18, 2018 11:44am Jul 18, 2018 11:44am
Quoting tradesimply
{quote} Got an update on withdrawals with IC: Made my first withdrawal this week. A couple of documents to upload, international transfer to my bank account no probs, took 3 days start to finish. Very happy with that Did you get a PRO account after all Maxjoy?
hey tradesimply, dont know if this will help..?

Im also with IC Markets i've found with them if i make a withdrawal request with them at 10pm uk time via Paypal i can then make a bank transfer from my Paypal account upon waking up around 6am, it'll be in my bank by 5.30pm (but always well before that) all this with no transfer fees what so ever. so all within 24hours.

Leweg1
  • #45
  • Jul 18, 2018 12:00pm Jul 18, 2018 12:00pm
Quoting Maxjoy
{quote} Yep - applied and just got approved today, So I'm PRO now...heh Leverage 1:200, no protection though...
Hey that's great news, nice one!
  • #46
  • Jul 18, 2018 12:00pm Jul 18, 2018 12:00pm
Quoting leweg1
{quote} hey tradesimply, dont know if this will help..? Im also with IC Markets i've found with them if i make a withdrawal request with them at 10pm uk time via Paypal i can then make a bank transfer from my Paypal account upon waking up around 6am, it'll be in my bank by 5.30pm (but always well before that) all this with no transfer fees what so ever. so all within 24hours. Leweg1
Thanks for this, definitely worth knowing... :-)
  • #47
  • Jul 18, 2018 12:16pm Jul 18, 2018 12:16pm
Does it worth it becoming a professional client or better stay away of this statut?
good: keep leverage
bad (major as I see):
- A Professional Client is less likely to be considered an eligible claimant under the Financial Services Compensation Scheme than a Retail Client, meaning that compensation under the FSCS may not be available for Professional Clients.
- As a result of a re-categorisation as a professional client you may lose the right of access to the Financial Ombudsman Service. Professional clients and eligible counterparties where the person is an individual acting for purposes outside his trade, business, craft or profession may still be classified as eligible complainants.

I know that this remains: Right to be re-categorised as a retail client at any time.

Thanks!
  • #48
  • Jul 24, 2018 5:19pm Jul 24, 2018 5:19pm
The leverage applied to your account does nothing. It's like with this two motorbikes. Both will drive you to the destination. Both can drive gentle. With one of them you can drive very fast... but you don't have to... be very careful, it's a beast! I love it to drive fast motorbikes, so I moved to IC Markets.
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  • #49
  • Jul 28, 2018 11:53am Jul 28, 2018 11:53am
Quote
also with IC Markets i've found with them if i make a withdrawal request with them at 10pm uk time via Paypal i can then make a bank transfer from my Paypal account upon waking up around 6am, it'll be in my bank by 5.30pm (but always well before that) all this with no transfer fees what so ever. so all within 24hours.

@leweg1, could you elaborate on your statement above please?... Based on my research of 3 years ago, all brokers charge 2-4% on either PayPal deposits or (most likely) withdrawals. Has that changed? Does the money go between PayPal and IC Markets freely?

Certainly, beasts like AVA Trade do charge. They told me: "Yes, we charge that percentage but, if you are a clever trader, you will make it back. Currently, opportunities in GBP/USD are good." They literally said that.
  • #50
  • Jul 30, 2018 6:12am Jul 30, 2018 6:12am
Dumb question: is IC markets a true ECN broker?
GRACIAS in advance.
  • #51
  • Jul 30, 2018 6:22am Jul 30, 2018 6:22am
Quoting cuchuflito
Dumb question: is IC markets a true ECN broker? GRACIAS in advance.
Yes, their home page states that they are the world's largest True ECN forex broker

De nada
  • #52
  • Jul 30, 2018 7:46am Jul 30, 2018 7:46am
Global Prime and IC Markets are the place to be now after ESMA is live.
  • #53
  • Jul 30, 2018 8:38am Jul 30, 2018 8:38am
I am with LCG and this morning I woke up to see that my trading account now has the option to trade the DAX with 10p per point rather than last week which was 50p per point. Sounds good right? Well it depends! I have worked hard for three years perfecting a strategy. This strategy relies on high leverage. I need to be able to place at least ten 50p bets on the DAX (just take my word for it I won't reveal my strategy). Point is I finally found a strategy that worked and was literally (no word of lie) about to rake in the money - okay well make a living from it at least - and yes you guessed it the EU came along with ESMA.

Now my strategy is worthless unless I can put at least £10k into my LCG account.

The leverage is an absolute joke. The whole point ESMA is said to have inflicted us all with these new regs is the fact they wanted to protect newbie spreadbetters and CFD traders (same thing really) from blowing up their accounts and losing money. BUT THIS NEW RULE DOES EXACTLY THAT BUT WORSE!

Now if you want to test and trade the market properly as a newbie you have to put up a wopping £10k (whereas before I was using £1k accounts and trading like a larger bank - the maximum I could lose was £1k!!); the newbie is more likely to blow up a £10k account now whilst learning.

Going back to my experience with the new leverage and LCG, I tested it with a little £200 account and it is unbelievably painful to trade. £200 only gives you a maximum bet of 30p!!! That is it. I cannot add any more bets to that - literally one bet trading - so in other words no (zero) strategies work, I have to simply lose my money if the market goes against me to place another bet. Before you could hedge by placing another same amount in the opposite direction.

Basically as it currently stands, 3 years of learning spreadbetting and all for nothing.

I can't believe people aren't more up in arms about ESMA. It is rediculous.

The regs should simply be. If you are a newbie with less than 2 years experience of trading the markets you should remain under ESMA rules but anyone else should be allowed to opt in for the professional* proper high leverage account. Surely giving people the option is the whole point. We are all grown ups, right?

*Yes I know currently you should be offered professional status by your broker but who on earth has £500k euros hanging around and proper stockmarket job experience, only the few! I have applied but my account still says it is being considered.
  • #54
  • Jul 31, 2018 12:39pm Jul 31, 2018 12:39pm
I just got a Email from High and low an Australian binaryoptions broker that said that they would now follow ESMA`s restrictions on binaryoptions and not accept EU clients anymore and woould make free withdraels too all EU clients and close their account...And that is the same as saying that all forex brokers in Australia also are going too have too follow ESMA`S maximum leverage bullshit ore close accounts with EU clients...I have found a really good unregulated broker in London that i am very happy with called Finpro i know other traders that also use them and are very happy with them....The only reason for them too stay unregulated is EU politics and they saw this bullshit coming....They are called Finpro and if you open a true ECN account and ask for V.I.P account in chat they open a demo and a live account for you with 2 dollars pr lot traded that is 5 dollars less than IC markets and spread on EUR/USD and USD/JPY is 0.1 so you pay 0.3 spread pr trade...That is a wet dream for scalpers like myself...The V.I.P account is for clients with over 25000 dollars deposit but you get it if you ask...It is 0.4 pr lot standard...the also have accounts trew Zulutrade for tradecopying...
You win some you loose some do both with peace of mind
  • #55
  • Jul 31, 2018 1:19pm Jul 31, 2018 1:19pm
Quoting mw108
Global Prime and IC Markets are the place to be now after ESMA is live.

magne999 have you tried IC Markets?

I created an account with them yesterday and there seems to be no sign of any ESMA issue. So far so good. Thanks to mw108.
  • #56
  • Jul 31, 2018 2:21pm Jul 31, 2018 2:21pm
Quoting Sesamstrasse
{quote} I don t get you. What´s the matter to trade no longer with the same broker they chosed? It´s just the leverage. In this case these retail traders just can t have too large positions.-- that´s it. There are plenty of brokers outside the european union( and I really don t mean anywhere in the jungle regulated) US, Swiss, Singapoore, HK- just to name states/regions. With a 1000Euro account, you can still trade some minilots. 20 pips a day is easy 2-3% a day-- I see no problem. And with a bit larger account you trade full lots.

Higher leverage is always better then lower.Specially when you trade swing on higher TF.
Let' take your extremely low example 1000,- account.With 3% risk per trade with 30 pips Sl,so you can trade 1,- per pip.It;s about 0.12 lot.With 1:200 leverage broker will take 60,= from you.When is your position profitable,you can lock your profit and open another position without violating tour MM rules,if your 2nd position is profitable,you can go for 3rd one
But with new rules broker will take 400,- and opening new position will be very tight on 1000,- account and 3rd position will be out of question.
So with good MM and disciplined trader high leverage is great tool.You can even trade without keeping all your trading capital with broker.
eg 10 000,- account.3% per trade is about 1 lot.So you can deposit let's say 5000 a trade as 10 000,- and unless you'll bur 50% of your capital you still good to trade with 1:200 leverage.
However with lower leverage you will have to deposit all your money to broker to cover margin requirements.
Thats my 2 pips
Safe trading to all.
Whether you think you can, or you think you can't,you're right. H.F.
  • #57
  • Jul 31, 2018 2:32pm Jul 31, 2018 2:32pm
Finpro have 400:1 and iscalp with high leverage of a small account under 1000 dollars and do both 1 and 2 standard lots but mostly 0.5 but with ESMA`s bullshit you can only open one 0.3 lot trade on a 1000 dollar account and that doesnt work for me at all 2 pip stoploss and 1-3 pip target now last 62 trades i have winrate on 88%
You win some you loose some do both with peace of mind
  • #58
  • Edited 3:10pm Jul 31, 2018 3:00pm | Edited 3:10pm
Quoting magne999
Finpro have 400:1 and iscalp with high leverage of a small account under 1000 dollars and do both 1 and 2 standard lots but mostly 0.5 but with ESMA`s bullshit you can only open one 0.3 lot trade on a 1000 dollar account and that doesnt work for me at all 2 pip stoploss and 1-3 pip target now last 62 trades i have winrate on 88%
Finpro is totally unregulated not even by the Zimbabwe law...that means (at least for me) that your money is not safe.

After several minutes of waiting I got this reply :
"Your funds are very safe as we only use reputable payment gateway providers from around the globe. This ensures that even when you are not funding directly to an FinPro bank account, that your funds are still being held by a reputable institution under the name of FinPro Trading. These institutions range from Bitcoin to more traditional banking institutions such as HSBC. And to add credibility, we are also rated as trustworthy offshore broker by babypips."

Isn't it Hilarious?
Don't be smart. Be rich.
  • #59
  • Jul 31, 2018 3:08pm Jul 31, 2018 3:08pm
brokers like Finpro are good to mess around when you playing around with max $500...I would never put $25000 into a broker like that...they can close shop tomorrow and your money is as good as gone. Happend 1000 times now and it will happen a 1000 more
  • #60
  • Aug 1, 2018 2:03am Aug 1, 2018 2:03am
Quoting Redbaron81
brokers like Finpro are good to mess around when you playing around with max $500...I would never put $25000 into a broker like that...they can close shop tomorrow and your money is as good as gone. Happend 1000 times now and it will happen a 1000 more
I can agree a little bit...But a 1000 deposit is more than enaugh just doo high leverage and withdrael profit often...but with ESMA's bull they will now have very much buissness so i guess they will be here for å long time...
You win some you loose some do both with peace of mind
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