Get ready for the Australian Law Changes which come into effect from 29 March 2021 and become an FP Markets Pro Trader.
The changes only apply to ASIC-Regulated RETAIL clients and DO NOT apply to clients who are categorised as Wholesale Investors or Sophisticated Clients (see Eligibility Criteria section below).
If you fall into either of these categories, you can open an FP Markets Pro Account and leverage restrictions will not apply to you.
What Does an
FP Markets Pro Account holders will not be affected by the proposed regulatory changes which include restrictions on leverage.
An FP Markets Pro Account provides traders the opportunity of increased leverage at no additional cost:
Other Key Features
Maximum Leverage – Higher leverage as outlined above and reduced margin.
Negative Balance Protection - Available to MT4 & MT5 FP Markets Pro Account holders. **
Personal Account Manager – Dedicated manager to take care of all your trading needs.
VIP Program - Wholesale clients may also be eligible for rebates and early access to select product releases.
Referral Incentives – Refer similar traders and get rewards.
For an uninterrupted trading experience, apply to upgrade today!
Check your eligibility by referring to the table below. If you fit the criteria as outlined in one of the two tests below, take the next step and apply for an FP Markets Pro Account.
|OPTION 1: Wealth Test|
|OPTION 2: Experienced Trader Test|
How Can I
Open an FP Markets
If you’re eligible, it’s simple:
Once the documentation has been provided, our award-winning customer support team will review it and change your account status to an FP Markets Pro Account as soon as possible.
This change applies to all trading accounts across all trading platforms including MetaTrader 4, MetaTrader 5 and Iress. There is no need to make additional applications for each of your trading accounts.
What Should I
Be Aware of?
As an FP Markets Pro Account holder you will waive certain protections:
You will not be entitled to the protections afforded to retail clients under the Corporations Act 2001.
You will not have access to the protection measures outlined in ASIC's Product Intervention order due to take affect from 29 March 2021.
You may also be excluded from access to the external dispute resolution scheme maintained by the Australian Financial Complaints Authority (AFCA).
FP Markets is not required to provide you with a Product Disclosure Statement (PDS) or Financial Services Guide (FSG).
If you qualify as a wholesale client because of the Wealth Test outlined above, then your money may be used for hedging or other purposes. Retail client money cannot be used for these purposes.
What if I do not
You can continue to trade as a retail client and take advantage of our tight spreads, unparalleled execution and award-winning multi-lingual customer support.
One of the aims of the new ASIC intervention order is to follow similar measures that have already been introduced in major overseas markets such as the United Kingdom and European Union. As a retail client, you will get the full advantage of all of the new protections.
With a licenced presence in Europe and as part of a global group of companies, we are familiar with the proposed changes, and the operational processes necessary to facilitate the change. Our dedicated customer support team and personal account managers will be on hand to assist FP Markets traders throughout the transitional period.
Source - database | Page ID - 2213