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Discuss Oanda.com

General discussions of a financial company
Following ASIC's announcement yesterday of its new regulation on data regulation for regulated brokers, Australian regulators continue to make more news today that their brokers may have violated the laws of China and the European Union in providing OTC derivatives to overseas retail traders.

Time node

Before the end of April, brokers requested written replies to ASIC detailing measures taken to comply with regulatory requirements for overseas customers.

Before May 7, brokers need to e-mail the number of customers they have in each jurisdiction.

Regulatory focus

China and the EU are the main concerns of Australian regulators.

Regulatory impact

At present, there are 63 Australian brokers in China. This week, the platforms that have cancelled ASIC regulatory licences are UTRADE, ESA ASIA and Baofu International.

Today, OANDA and Lotte Securities announced the suspension of Chinese customers'cash inflows.

Causes of events

The Chinese authorities notified Australian financial institutions that some Australian brokers were not authorized to offer foreign exchange margin transactions in China.

According to Chinese law, "it is illegal for any institution to engage in foreign exchange margin trading in China without authorization; it is also illegal for any client to entrust an unauthorized institution to engage in foreign exchange margin trading.

Event impact

ASIC has officially notified relevant brokers that any violation of overseas laws will be subject to strict scrutiny by regulators. ASIC said it would consider whether brokers violated overseas laws while violating the "efficient, honest and fair" service requirements of Australian law.

At the same time, ASIC is also examining whether AFS licensed securities firms make misleading or deceptive statements about the scope, application process or application purpose of the AFS license.

ASIC also said that brokers should not "make misleading or deceptive statements about the scope or application or effect of their AFS licenses in their marketing materials, websites, social media platforms and disclosure documents."

The EU regulatory framework for retail foreign exchange and spread contracts includes anti-tax avoidance provisions. Brokers who actively solicit customers to transfer to their Australian subsidiaries, as well as brokers who promote products outside ESMA's CFDS regulatory framework, are said to have violated these rules.

Failure to comply with these requirements may lead to regulatory action. ASIC emphasizes actions taken under section 915C of the Company Act 2001.
 
both long and short you lose money overnight, huge swop rate.

USD/HKD

-17.60%-10.02%-$48.22-$27.45
 
If you're a forex loser, Oanda will welcome you...

... but you're not welcome if you win consistently. They will say they're happy either way. Don't believe them. They promote a little booklet entitle "Trader's Bill of Rights". Don't believe them. That's really the bottom line folks.
 

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I recently opened a demo account with OANDA and noticed that they were not following their own rules when it came to the leverage on the gbp/aud pair(20:1) but was instead giving me 50:1 leverage. When I brought this up to them through chat, of course they acted like I didn't know what I was talking about. When I proved it to them via screenshots, they went in and changed it and responded to me(through email) that the leverage is correct(20:1). I told them yes it is correct now because they changed it.

So the long and short of it is that the leverage was changed mid-trade. Does this happen often with them? Anyone else experience this? I would hate to deal with this on a live account. The before and after screenshots are attached.
 

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Hello traders,

My name is Ton and I’ll be able to respond to any questions or inquiries that you might have regarding OANDA, our products and services. Please feel free to reach out via this thread or PM.

Thank you

Disclaimer: Leverage trading is high risk. Losses could exceed investment.
 
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