So woke up to find out I cant trade crypto [BTCUSD, ETHUSD etc] on my Forex broker anymore, using MT5 platform. Which I think is the best, easiest way to trade. When I read that FCA was banning crypto derivatives back in October 2020, I didnt think CFDs were included, thought it was some exotic,new type derivatives.
https://www.forbes.com/sites/lawrenc...h=4696d0657c6a
So FCA is just going against its own surveys, tell me again how this is to protect retail investors/traders. The game is clear as day, this seems a move way to protect INSTITUTIONS' interest [banks etc]. If they want to play hero so much to protect people's finances, why dont they ban the lottery, sport betting and casinos...?? The leverage curb was already in effect, why was that not enough a protection?. If these crypto assets are so dangerous, then why is buying on crypto exchanges still allowed?. Crypto trading is so dangerous, but you can still trade Forex, Stocks, Indices, Commodities..... umm Anything can be crazy volatile at any time. This move ban just doesnt add up or seem rational. If they can just ban one asset for no good reason, whats next really....
https://www.forbes.com/sites/lawrenc...h=4696d0657c6a
QuoteDislikedA survey conducted by the FCA, published this year, noted that ‘the majority of cryptoasset owners are generally knowledgeable about the product, are aware of the lack of regulatory protection afforded and understand the risk of price volatility.’ The 2,681 participants in the FCA’s own survey offer firm evidence that this policy statement is perhaps misguided, and leaves one wondering why the FCA disregarded its own evidence-based foundation.
QuoteDislikedThe ban follows a 2019 FCA Consultation seeking industry input on the suitability of offering crypto derivatives to retail clients. An overwhelming 97 percent of the consultation respondents disagreed with the FCA’s proposal to ban these products. With the ban now coming into effect from the 6th of January 2021, the digital assets sector has started to question the regulator’s openness to collaboration, not least its ability to listen.
So FCA is just going against its own surveys, tell me again how this is to protect retail investors/traders. The game is clear as day, this seems a move way to protect INSTITUTIONS' interest [banks etc]. If they want to play hero so much to protect people's finances, why dont they ban the lottery, sport betting and casinos...?? The leverage curb was already in effect, why was that not enough a protection?. If these crypto assets are so dangerous, then why is buying on crypto exchanges still allowed?. Crypto trading is so dangerous, but you can still trade Forex, Stocks, Indices, Commodities..... umm Anything can be crazy volatile at any time. This move ban just doesnt add up or seem rational. If they can just ban one asset for no good reason, whats next really....
