yea in know wht you mean but esma screwing up things.. and soon or later ASIC will also have to comply with ESMA, they already are under an MOU with ESMA to comply.. here's the link https://asic.gov.au/about-asic/what...rstanding-and-other-international-agreements/ if you scroll down to esma on this link there are 3 MOUs that ASIC has with them.. i chat knocked on few brokers to check if it is true for they were giving me same sales pitchish answers none of them know how it is going to me.. one even asked what is a MOU i think the chats rep from vantagefx lol And the brokers that are with FCA and ASIC are pretty clear that they will comply with ESMA and wont open EU customers account with their ASIC broker. So far its going good with coinexx and incase it changes will let the community know.
Ohhhh FUCK STICKS, I hate regulations to protect the stupid while hurting the poor but intelligent EMSA ruling was a 3 month trial, hoping they'll back off the margin restrictions, 50:1 everything I'd of stopped with FXCM and struggled on, but 20:1 index's no chance. Going with ICMARKETS.com end of the month, better start making some good $$$'s then, cause even the 100:1 margin I'm opening the account up with, might get cut. Plan is, live off 10K worth of money at risk in the account, 50:1 i'd need 20K another 10K OUCH, but atleast it wouldn't be 50K to be able to live off.
I stick to Tickmill and Hotforex currently, both of them were affected by ESMA and leverage has been decreased considerably. But I consider it as a proper move from regulators to ensure better protection for traders.
Right - I have an account with them and all is good to go. So far I like what I see - would like to see other bigger brokers copy this model in the months ahead.
Trading through them is decent but their accounting department does things manually (you have got to be kidding me). I have also experienced slow wire out processing past months - that really bugs me.
i think of brokers like coinexx as boutique brokers, they are best when they cater to a niche audience, that is how they are able to offer the kind of services that they do. With big brokers you & me are just another client. speaking from my experience, customer service is inversely proportional to the size/ brand of the broker. I wish to stick to them and I hope they keep getting better. here an article i found on their twitter handle https://www.financemagnates.com/tho...x-and-crypto-industry-with-digital-contracts/
Coinexx is the perfect model to be copied by other brokers in my opinion. They offer MT5 and 5 USD based crypto pairs - by end of September they will move to 10 pairs as they add EUR based pairs. I absolutely love trading cryptos this way and I hate the old way dealing with 4 or 5 separate exchanges...UUGH!