Jimmy wrote: Tue Dec 08, 2020 8:10 pm

Post merged with existing thread

Thanks Jimmy! And sorry for any inconvenience caused. Always appreciate your hard work in this forum .

Out of curiosity, does it impact you in any way (i.e switch brokers) or are you not affected since you've been trading with FCA/CYSEC?

Would love your opinion as fellow trader too. Thanks!

-Zyzel

IC Markets is offering IC Markets Sychelles to maintain 500:1 margin...

camisa wrote: Wed Jan 20, 2021 8:25 pm IC Markets is offering IC Markets Sychelles to maintain 500:1 margin...

thx 4 update but huh........... how can??? are they are offshore broker & not australian

Well, the first step was, that Australia had changed the law quite a while ago, not allowing foreigners to open accounts in Australia. I guess the EU saw many accounts drifting in that direction.
Being pressured, they are just pleasing the EU again. The EU argued that this was for protection of the traders who would not understand the risks involved. I know, we are just a bunch of idiots after all.
The reality is, the only thing they have achieved with that is pushing traders into offshore accounts. So much about protection.
I myself couldn't care less. I keep as little money as necessary with the brokers. And as I have earned those funds over and over again, I'm not having any sleepless nights.

I am not at all surprised these measures just filled the pockets of the (often fraudulent) offshore brokers.

Nbats7979 wrote: Sat Oct 24, 2020 4:37 pm Maybe some of the brokers will find a way around this by moving accounts to an "offshore branch"...

transfers to offshore brokers are blocked at an institutional level

YeshuaYoke wrote: Wed Mar 10, 2021 5:31 pm transfers to offshore brokers are blocked at an institutional level

Including bank transfers?

mlawson71 wrote: Fri Mar 12, 2021 5:13 am Including bank transfers?

not entirely sure but as fars as I know, it will be flagged

YeshuaYoke wrote: Sat Mar 13, 2021 4:25 pm not entirely sure but as fars as I know, it will be flagged

What's the go with this? Does ASIC flag a certain amount when transferred?

I was wondering about that too. It's a bit too overbearing, is it not?