Many thanks.Originally Posted by ;
Many thanks.
I only read this, and have also seen an email** out of Pepperstone that confirms that all NZ clients have to close their accounts. I guess that https://fma.govt.nz/news-and-resourc...o-be-licensed/ is your main reason behind it all.
My friend who has an account with AxiTrader informs me that he has spoken with Axi, and they're in the process of being licensed with the NZ FMA. Hence it will be possible to trade with AxiTrader, if you're still interested.
________________________________
** the email reads as follows:
Hello XXXXXXXXX,
Before this season new rules came into force in New Zealand regarding brokers that offer short-term products. Regrettably, these rule changes mean that from 1 December 2017 Pepperstone, as an Australian controlled entity, can no longer take on or keep any trades for clients who live in New Zealand.
What does this mean for you?
Our records show you currently live in New Zealand. Unfortunately, this means we'll be asked to close your trading account(s).
Please Note: In case you're not a resident of New Zealand, you are able to click here to upgrade your address in Secure Client Area by supplying an identifiion document showing your name, current address, and dated in the last 6 months. Examples include a bank statement, utility bill, national ID card, etc.. To guarantee an uninterrupted experience, please act the 8th of November 2017.
When will my account be closed?
You will still have complete access to trade up until the close of business Wednesday the 8th of November 2017, as soon as your account(s) will probably be moved to 'Close Only' mode. Close means you can't open any new positions existing positions.
You will be able to handle any existing positions until the close of business Wednesday the 30th of November 2017, if any remaining open trades will be closed along with your Pepperstone trading account will no longer be available for use.
As always, you'll be able to withdraw any balance remaining at your convenience.
Have questions?
We know this might be an inconvenience and sincerely apologise. We are still here to help you in this change; so if you have any questions or worries, or think this should not be relevant for you, please don't hesitate to contact us at or 61Â 03Â 9020Â 0155.
Pepperstone would like to thank you for trading with us and wish you all the very best in your trading.
Kind regards,
The Pepperstone Team
Thank you for this David. Given that Pepperstone in Australia falls under ASIC regulation and must maintain AFSL licences to earn a market and advise and deal...I would have assumed it would have been a rather straightforward matter to arrange for the necessary authorisations under NZ laws...I am wondering if there's more to NZ recent fluctuations than I think :--RRB-
It is quite a lot to cut yourself off in an entire geographic segment.
My understanding is that many Kiwis have been duped by br0kers (particularly binary options br0kers), and the FMA here (NZ's equal of ASIC) are trying to protect its citizens by by imposing their own licensing requirement, also which makes it a cumbersome procedure for br0kers, both overseas and local, to obtain the license. The new requirement applies to all 'short term derivatives' which apparently includes spot FX. Pepperstone is a massive business, and I guess that all of their large clients reside outside NZ, therefore I suppose they have decided it's not worth their while to go through the rigmarole of getting the license. See the links in my earlier post for more information.
Cheers H. It is a shame to lose access to what I believe is a respectable broker. Thank you for the information. Isn't it about time that you come over to the mainland. There are a number of ales waiting with your title on it. I will teach you some thing about rugby
That is exactly what happens when you enter investment exchange without a plan. Also, did you apply risk management system? I am seriously studying what's the suitable risk management system, so that even if I shed my profit, I will not dismiss my account. I think you must try again and that time apply some risk management.
Trading is a matter of luck, it is a matter of knowledge, expertise and careful preparation. If you rely on fortune you would be betting, not investing, and generally speaking gambling is not very profitable.
Lots of insight here, love it guys.
Hello Qp2,
FXCM would not have endured more than $200 millon dollars in losses during the SNB flash crash had it been taking the other side of customer trades -- unlike so many of those dealing desk companies in the business.
On NDD forex implementation, every order is offset one-for-one using a liquidity provider. The trader has a standing with FXCM and FXCM has an offsetting position with the liquidity provider. When the trader went into a debit balance, that meant FXCM also had a debit balance with the liquidity provider that had to be covered. So what you are suggesting is at odds with what actually happened.
Jason
Posting Permissions
Reply With Quote