A question to the FX\CFD traders here, which regulation is better for traders - FCA or ASIC?
I've asked a broker if I can choose with which entity I trade and that was their response:
"We're a global business so yes it's possible. But it's important to note that if you trade with our other licensed business in Australia, you'll be trading under ASIC rather than FCA regulations. You would lose certain protections such as negative balance protection and access to the UK financial services compensation scheme. Any complaints would also be handled in Australia rather than by our London office. So you need to consider whether this is right for you."
From their response, FCA looks better. Wondering what the more experienced people here think.
I've asked a broker if I can choose with which entity I trade and that was their response:
"We're a global business so yes it's possible. But it's important to note that if you trade with our other licensed business in Australia, you'll be trading under ASIC rather than FCA regulations. You would lose certain protections such as negative balance protection and access to the UK financial services compensation scheme. Any complaints would also be handled in Australia rather than by our London office. So you need to consider whether this is right for you."
From their response, FCA looks better. Wondering what the more experienced people here think.