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

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  • #141
  • Sep 4, 2018 2:53am Sep 4, 2018 2:53am
Quoting leweg1
{quote} sorry for late reply. as far as i'm aware its commission free. I requested 3000GBP in the client portal of IC Markets (via PayPal) received 3000GBP in my PayPal wallet, 3000GBP deposited into my bank account. so yea moves freely Leweg1
I know PayPal has a fee while withdrawing from "Paypal wallet" to "Bank account", but I don't remember how much exactly it is... (I think it was 3-4% from the amount, if my brain doesn't lie me). In any case if you request 3000GBP from the wallet to your bank account, you will not receive 3000GBP Probably someone which is more familiar with their fees, can share the exact values ?
  • #142
  • Sep 4, 2018 10:34am Sep 4, 2018 10:34am
Quoting DwainUK
{quote} I know PayPal has a fee while withdrawing from "Paypal wallet" to "Bank account", but I don't remember how much exactly it is... (I think it was 3-4% from the amount, if my brain doesn't lie me). In any case if you request 3000GBP from the wallet to your bank account, you will not receive 3000GBP Probably someone which is more familiar with their fees, can share the exact values ?
Hi DwainUK

No Paypal fees when I withdraw from "Paypal Wallet" to "Bank account", I just did it earlier today so definitely know this to be true.

My husband has used Paypal for his business in the past and I know they charged him fees then but maybe I don't get charged because I have a personal account rather than a business one...

Is that any help?

Or... I just had a thought... I have been charged (even with a personal account) when I have had payments into Paypal from selling stuff on eBay. A percentage of the total amount (can't remember what percentage), but it's taken off when the money appears in the Paypal account. No fees from there to Bank Account though... Maybe that is what you mean?
  • #143
  • Sep 4, 2018 1:46pm Sep 4, 2018 1:46pm
Quoting DwainUK
{quote} I know PayPal has a fee while withdrawing from "Paypal wallet" to "Bank account", but I don't remember how much exactly it is... (I think it was 3-4% from the amount, if my brain doesn't lie me). In any case if you request 3000GBP from the wallet to your bank account, you will not receive 3000GBP Probably someone which is more familiar with their fees, can share the exact values ?
Well im not sure what to tell you, my wallet and my bank account are both in GBP, i asked for 3k and 3k was delivered to my bank, so my thought is then there's no fees.

Hope this helps
  • #144
  • Sep 5, 2018 3:49am Sep 5, 2018 3:49am
Quoting leweg1
{quote} Well im not sure what to tell you, my wallet and my bank account are both in GBP, i asked for 3k and 3k was delivered to my bank, so my thought is then there's no fees. Hope this helps
Agh, I understand thanks. As @tradesimply explained, it seems the fee is charging from business accounts, not from personal accounts Actually this makes sense... Thanks.
  • #145
  • Sep 18, 2018 11:18am Sep 18, 2018 11:18am
When is the UK going to get rid of these crazy ESMA leverage restrictions? They are horrific and mean people with a lower funded account are at risk of losing all of their account balance. With more leverage you can defend a bet that goes against you; now you are just stuck watching a bad bet get larger and stopped out. So annoying because although I moved and am trying out IC Markets which offers good leverage, even in Australia they don't offer the EU protection of your money should a crash happen. So depressed about this. I hope Brexit will mean we can go back to decent leverage. Has anyone found any safe alternatives, meaning opening accounts with high leverage and with money protection guarantee?
  • #146
  • Sep 18, 2018 1:46pm Sep 18, 2018 1:46pm
Quoting fxwisdom
They are horrific and mean people with a lower funded account are at risk of losing all of their account balance.
Care to explain how you come to this conclusion?

Quoting fxwisdom
With more leverage you can defend a bet that goes against you; now you are just stuck watching a bad bet get larger and stopped out.
Well, either use S/L and admit your entry was bad or trade smaller size.

Newbie "gamblers" (not traders) with "lower funded accounts" using "high leverage" without any sort of Money- and Risk-Management is the main reason we have this regulations now in the first place.
  • #147
  • Sep 18, 2018 2:10pm Sep 18, 2018 2:10pm
The frustrating thing is that I can't fully explain without revealing the midas touch strategy to always being able to bet and win. Unless traders know what I know they can't understand the issue with ESMA.

Never mind.
  • #148
  • Sep 18, 2018 2:56pm Sep 18, 2018 2:56pm
Quoting fxwisdom
... the midas touch strategy to always being able to bet and win ....
Wait, you complain about ESMA because of "low funded account," yet at the same time you claim to have an "always being able to win" strategy? Something doesn't fit.
  • #149
  • Sep 19, 2018 2:07am Sep 19, 2018 2:07am
Quoting mw108
{quote} Care to explain how you come to this conclusion? {quote} Well, either use S/L and admit your entry was bad or trade smaller size. Newbie "gamblers" (not traders) with "lower funded accounts" using "high leverage" without any sort of Money- and Risk-Management is the main reason we have this regulations now in the first place.
I just looked at IC Markets Product Disclosure Statement! Take a look at this for how at risk your money is when dealing with non EU regulated brokers:

"When you make a payment which is deposited into the CMTA, IC Markets isentitledto withdraw from the CMTA the amount for the fees and charges in respect of your CFDs. The moneys paid by you into IC Markets’ CMTA are held on trust for you (until they are withdrawn, at which point they become moneys belonging to IC Markets) and are segregated from IC Markets’ own company funds. That means those funds are not available to pay general creditors in the event of receivership or liquidation of IC Markets....

You should be aware that, generally for CMTAs: Individual client accounts are not separated from each other. All clients’ moneys are combined into one account. Moneys in the CMTA which belong to non-defaulting Clients are potentially at risk of being withdrawn and not being re-paid to the Client even though they did not cause the default. CMTA IC Markets is entitled to retain all interest earned on the money held in its CMTA."

That last part in bold is shocking.
  • #150
  • Sep 19, 2018 3:25am Sep 19, 2018 3:25am
Quoting tradesimply
{quote} Hi DwainUK No Paypal fees when I withdraw from "Paypal Wallet" to "Bank account", I just did it earlier today so definitely know this to be true. My husband has used Paypal for his business in the past and I know they charged him fees then but maybe I don't get charged because I have a personal account rather than a business one... Is that any help? Or... I just had a thought... I have been charged (even with a personal account) when I have had payments into Paypal from selling stuff on eBay. A percentage of the total amount (can't remember...
Thank you for the clarification brother. Actually I found it: If you withdraw from your Wallet to your Card, no matter from your account type (Personal or Business) - it will charge a fee. Accordingly, if you withdraw from your Wallet to your Bank account (no matter from the account type) - PayPal will not charge any fees, however your bank could charge a fee. But this depends from your local bank transaction conditions
  • #151
  • Mar 7, 2019 3:19am Mar 7, 2019 3:19am
Most people now open accounts with AU brokers and later EU brokers also move their offices to AU. With AU leverage is 1:500
  • #152
  • Mar 7, 2019 5:29pm Mar 7, 2019 5:29pm
Au says "ty EU"...
  • #153
  • Jul 12, 2019 2:22pm Jul 12, 2019 2:22pm
Quoting Lagunza
Au says "ty EU"...
Try Micro Futures...……… https://www.ampglobal.com/
every Saint has a past. Every Sinner has a Future
  • #154
  • Jul 14, 2019 8:13am Jul 14, 2019 8:13am
It is a sad thing really... A few years back EU was the "GOLDen" market for practically unlimited trading, no leverage limits... This was specially beneficial after USA limited their leverage to 50:1.. Even OANDA that was traditionally advocating max 50:1... opened leverage up to 100:1 for EU... But then, out of the blue... It went to the toilet... we were notified about 30:1 leverage limit! I'm glad I didn't close US division account at the time... At the same time certain asian brokers, that are still regulated at least somewhere, FCA for example, gave us hope for higher leverage... I think this "protecting the investors" went too far... Because for certain strategies, at least for the "burner" ones, it gives much needed advantage and "hope" for one to get from r2r or how we call it here

Should EU play with this regulations even further, they market will dry out, should this extend to THE CITY also... it is over... and the BRICS will take the MASSIVE profits... That is the beauty of the capital (flow), it is similar/analog to electricity, it flows through a path of least resistance, it is completely apolitical, doesn't see anything but the money/profit...
Can you afford to take that chance?
  • #155
  • Jul 14, 2019 8:27am Jul 14, 2019 8:27am
I´m not against more leverage but 30:1 is more than enough.
Of course for the gamblers it´s a problem
POW!
  • #156
  • Jul 14, 2019 9:07am Jul 14, 2019 9:07am
Quoting fxprimate
I´m not against more leverage but 30:1 is more than enough. Of course for the gamblers it´s a problem
Yeah, quite a market, wouldn't you say? But also, some strategies or signals are calling for higher leverage... Just look certain TEs.... they have massive returns with rather low DD and for quite some time... It seems that higher than 30:1 leveraged helped them a lot.. And also in this rather slow market, higher leverage can be beneficial also...

I am in strong favor of practical unlimited leverage... But after let's say.. 1000:1... it would not be of much use But they were offering up to 3000:1
I think everyone should be free to decide for himself, why would we need the government/nanny telling us what to do aka protecting us?
Gamblers will be gamblers... There might still be a secondary market with much harsher consequences... I think the best to protect them would be too allow them to trade officialy with regulated brokers, without this leverage limit.

I personally like the 50:1... Have been using up to 200:1... at certain times... back to 50:1... But I am still flirting with the idea of performing some SMALL number of 500:1 trades at times when I am MOST certain....

So the conclusion would be... why telling people what to do... specially PRIVATE people that trade for themselves... The best/most most can do is that Negative Balance Protection. That is very beneficial, at least for me. But I would like to be in control of my leverage... If I fail, I fail, If I win, I win... FREEDOM ftw
Can you afford to take that chance?
  • #157
  • Nov 20, 2020 8:35am Nov 20, 2020 8:35am
A recent probe by the financial regulatory authorities in Germany revealed that nearly half of the reviewed 40 brokers from seven European countries - the UK, Germany, Cyprus, Malta, Luxembourg, the Netherlands and Ireland – do not use the prescribed risk warning correctly.

Only 12 of the 40 brokers in the focus of the review displayed their risk warnings correctly, while the rest used it only partially, not formulating it in accordance with the guidelines, or even omitted it altogether.

Cyprus, being the most popular regulatory hub in the EU, is home to half of the brokers in the BaFin’s review. Another 29% were from Germany and 12% were from the UK.
  • #158
  • Nov 20, 2020 10:46am Nov 20, 2020 10:46am
Quoting turnip15
{quote} Try Micro Futures...……… https://www.ampglobal.com/
Try Micro Futures thus avoiding over leveraging with your small accounts
every Saint has a past. Every Sinner has a Future
  • #159
  • Last Post: Nov 20, 2020 10:49am Nov 20, 2020 10:49am
my strategy requires as much leverage as possible.
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