Wholesale clients can open an FXCM professional account. In order to do so, you must meet the relevant criteria under the Corporations Act 2001 (Cth) ("Corporations Act"). You may be eligible if you can answer yes to any of the criteria listed below.
The Australian Securities and Investment Commission ("ASIC") has recently made a product intervention order that will have a direct impact on the way retail clients can trade CFDs and FX. Learn more here. Despite the coming changes, as a wholesale client you would have access to:
Reduced Margin Requirements
(Reduced margin can amplify your losses as well as your profits)
Discounts, Rebates and Rewards
As a wholesale client, we will treat your money as "client money" under the Corporations Act, unless you choose to be exempted.
As a Wholesale client, you will forego certain statutory protections afforded to Retail clients including:
We may request additional information or supporting evidence from you before finalizing your application.
Retail clients are entitled to the maximum level of statutory protections offered under the Corporations Act including protections under the ASIC Corporations (Product Intervention Order – Contracts for Difference) Instrument 2020/986 and the right to access dispute resolution through the Australian Financial Complaints Authority ("AFCA"). Please ensure that you fully understand and appreciate the risks associated with being classified as a Wholesale client.
Please read the Client Categorisation Notice as it contains important information regarding the differences in classification and the protections afforded at each level.
Remember, you have the right to request to be re-categorised as a retail client at any time, especially if your circumstances change.
Wealth or income is not a proxy for financial literacy. You must have sufficient experience and investment knowledge to confidently make financial decisions and protect your own interests.
Risk Warning: Trading Margin FX/CFDs carries a high level of risk, and may not be suitable for all investors. Leverage can work against you. By trading, you could sustain a total loss of your deposited funds but wholesale clients could sustain losses in excess of deposits.
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