Zebrarank：April 30 deadline has expired, ASIC broker IFGM announced its withdrawal from the Chinese market
Fast news, foreign exchange spy received platform information, ASIC regulatory platform IFGM announced to suspend the mainland China market related services, namely exit China. 1.IFGM terminates cooperation with a third party company in China; 2.IFGM will not accept new account opening application and deposit in mainland China from now on;
For the current position holding customers in mainland China, they will close their positions at 17:00 on May 8, 2019 (Australian eastern time) and apply for gold. Overdue accounts will be subject to enforcement.
Customer funds are liquidated successively.
It can be seen from the news that IFGM account in mainland China will not be opened in the future, because IFGM only has an Australian license. Whether because of ASIC regulatory requirements or the result of poor domestic operation, this withdrawal from the spy is recognized, at least the customer is properly cleared, rather than quietly run away. What happens next with other platforms regulated only by ASIC? Investors need to keep an eye on foreign exchange spy information. List of platforms with ASIC licence only (in no particular order) : amdforex Cardiff The Advanced Markets The Best Leader charterprime Rubix FX PGWG EightCap GS Deep Ocean Global Prime Millennium capital WistonFX INVAST OGFX Ken company MARKETS DV Markets (IFS Markets) JB Alpha City index ILQ Trend FOREX CT VT Markets ETO Markets TradeMax AUGS Markets Hantec Markets GMT Markets SuperTrader BCR ACY Capstone TBC
Exclusive arrangement | ASIC supervises 63 brokerage firms'full list. Before the end of April, pay attention to the entry and exit of these platforms.
Australian regulators have asked their brokers to violate Chinese and EU laws in providing OTC derivatives to overseas retail traders. 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. Yesterday, the suspension of Chinese customers'cash inflows was announced by OANDA and Lotte Securities. It should also be noted that only ASIC license platforms, if there is no good plan before the end of April, then customers in China will be affected. Investors should pay attention to the situation of April's income and expenditure. These platforms include (ranked indiscriminately): Amdforex Cardiff IFGM Advanced Markets Best Leader Charterprime Rubix FX PGWG EightCap GS Deep Ocean Global Prime Millennium, Wiston FX INVAST OGFX Mickens MARKETS DV Markets (IFS Markets) JB Alpha City index ILQ Trend FOREX CT VT Markets ETO Markets TradeMax GO Markets AUGS Markets Hantec Markets GMT Markets USGFX SuperTrader BCR ACY Capstone Anzo Capital TBC With ASIC licences, there are also platforms with other licences. Although customer access to ASIC is monitored under Australian supervision, diversified licences still have advantages for customer ownership arrangements. These platforms include (ranked indiscriminately): AVATrade Eddie McAdral markets KVB Think Markets XM Profit securities IC Markets AETOS MahiFX (Saled Retail Business) FXOpen Vantage FX Xforex FP Markets European market Velocity Royal MEX Group Pepperstone AxiTrader Easy Markets CMC Markets Gain capital FXCM IG Markets Before the end of April, ASIC brokers requested a written reply to ASIC detailing the measures taken to comply with regulatory requirements for overseas customers. Before May 7, ASIC brokers need to e-mail the number of customers in each jurisdiction. In the meantime, investors can choose platforms with a wide range of licences and high ratings through the official website of foreign exchange agents www.fxmitan.com.
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