What are your thoughts on using a non-EU broker to avoid the ESMA regulations?

GBG: it depends on your circumstances and what you are trading? But overall you lose a lot of protection from the FCA.

User: I currently trade with IG. FOS and FSCS and negative balance protection, yes

GBG: It’s worth looking at qualifying for a professional account – if you fit the criteria. IG give that option – as do the other brokers… But with that too you don;t get the same client protection from the FCA or the brokers – here is a bit of info

User:  I don’t trade high enough volumes

GBG: In that case if you’re a small trader best ovoid off shore brokers.

User: Because they don’t accept small accounts?

GBG: Just because they don’t offer any protection to clients and customer service certainly won;t be as good as IG
Some more info on upgrading to professional status here: https://goodmoneyguide.com/should-you-upgrade-your-cfd-or-spread-betting-account-to-professional-status/

User: Thank you for that, I will absorb it. Just humour me with this next question: Best Australian broker in your opinion?

GBG: Pepperstone is the market leader
But IG and CMC are both active over there too…
Pepperstone also have an office here in London.

User: lovely stuff, thank you for your help. I imagine that there are residency issues to applying offshore as well. I will have to check. Thank you for your help

Compare Vetted Investing, Trading & Currency Accounts

Investing AccountsTrading PlatformsCurrency Transfers
Compare Investment Accounts

Compare Investment Accounts

Compare Trading Platforms

Compare Trading Platforms

Compare Currency Brokers

Compare Currency Brokers