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
Enjoy up to 400:1 leverage
(Higher Leverage can amplify your losses as well as your profits)
ATG Rebates program
Get monthly rebates for achieving and exceeding the minimum volume requirements! Learn more
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.
When executing customers' trades, FXCM can be compensated in several ways, which include, but are not limited to: spreads, charging commissions at the open and close of a trade, and adding a mark-up to rollover, etc. Commission-based pricing is applicable to Active Trader account types.
Demo Account: Although demo accounts attempt to replicate real markets, they operate in a simulated market environment. As such, there are key differences that distinguish them from real accounts; including but not limited to, the lack of dependence on real-time market liquidity, a delay in pricing, and the availability of some products which may not be tradable on live accounts. The operational capabilities when executing orders in a demo environment may result in atypically, expedited transactions; lack of rejected orders; and/or the absence of slippage. There may be instances where margin requirements differ from those of live accounts as updates to demo accounts may not always coincide with those of real accounts. Single Share prices are subject to a 15 minute delay.