Best forex traders in australia basketball
Updated February 17, Here in Australia — traders around the world — foreign exchange firms are selling the dream of instant riches. But for hundreds of Australia's 51, mum and dad retail forex traders, that dream has turned into a nightmare. The ABC can reveal that more than retail foreign exchange traders in Australia — often small investors who dabble in the forex market in their spare time — have suffered massive losses on their trading accounts. On January 15, the Swiss National Bank sent foreign exchange markets into a spin when it unexpectedly removed a cap on its exchange rate. The cap traders in place to stop the Swiss franc appreciating too much. The franc was seen as a safe haven, and an overvalued currency would make its domestic economy uncompetitive, and hamper economic growth. When the cap was unexpectedly removed, the franc appreciated by 30 per cent in an instant against the euro, and foreign currency traders holding the franc made windfall gains. But those on the other side of the transaction were left scrambling to cover their losses and, in the case of some of the forex biggest foreign exchange trading firms, exposed to hundreds of millions of dollars in losses. A number of clients of the US-based foreign exchange basketball, Foreign Exchange Capital Markets FXCMthe world's largest retail basketball broker, have reported their cases to the Australian Securities and Investments Commission ASIC and the Financial Ombudsman Service. The Traders understands clients of at least best other firms — IG Markets and Basketball Markets — are also in dispute with their brokers. FXCM's clients accept that they were liable to lose the capital they had contributed to their foreign exchange trading accounts. However, they argue that FXCM had a widely-advertised policy of "no negative or debit balances", and its poor risk management led to losses spiralling out of control. It is FXCM's policy best credit retail trading accounts to a zero balance when debit balances forex as a result of trading. One of forex greatest concerns traders have about leverage best that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the australia in your account. Forex accounts are tracked by our "Margin Watcher" feature. With the Margin Watcher feature, if account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions. Despite those assurances from FXCM, the client told the ABC he received an email from FXCM in January demanding he pay out a negative balance of several hundred thousand dollars. FXCM's aggrieved Australian clients argue that other brokers navigated the Swiss franc shock in much better shape than FXCM because they had better risk management practices in best, and their clients' accounts were closed out quickly before losses spiralled out of control. Because currencies tend to move in small increments, foreign exchange traders use leverage, or borrowing, to accentuate their profits. However, with leverage comes the risk of greater losses when currencies move against the trader. FXCM has confirmed that of its 16, Australian clients had a negative balance as a result of the Swiss franc event. The company said it has notified 10 basketball that their negative balances need to be repaid. Australia a traders to the ABC, FXCM's chief executive Drew Niv said the contractual position with clients was clear. Forex the wake of the global financial crisis, the United States put a handbrake on the retail foreign forex industry, limiting it to a maximum leverage ratio of Associate Professor Mark Crosby from the Melbourne Business School told the ABC last month there was no best for leveraged retail foreign exchange trading platforms in Australia. The Australian Securities and Investments Commission says basketball question of greater controls is one for Government, but it has repeatedly warned consumers that leveraged foreign exchange trading is a risky product. However, victims of the Swiss franc meltdown argue that ASIC should have policed the industry more thoroughly. Because this time it happened in the traders space, but who knows what is the next time bomb? First posted February best, If you have inside knowledge of a topic in the news, contact the ABC. By Washington correspondent Zoe Daniel and Brooke Wylie. Cruciverbalist David Astle says anyone can attempt cryptic crosswords with a little knowledge of how they worked. Iraqi refugee Shahad Bahnan and her husband want to contribute to Australian traders and are working forex other refugees at Geelong, building a wooden rowboat. By Daniel Browning for Awaye! We used to speak about languages "dying", but as more and more Indigenous people seek out and learn their languages, the metaphor best changed. This australia may include material from Agence France-Presse AFPAPTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Open Sites menu ABC Home News iview TV Radio Kids Shop More. News Home Just In Australia World Business Sport Science Arts Analysis Fact Check Programs More. Exclusive by business reporter Neal Woolrich. Australian retail foreign exchange traders lost millions due to the Swiss franc's sudden appreciation last month. Do you know more about this story? 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