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How to deal with the new BaFin rules for CFDs in Germany? #467577
08/14/17 10:01
08/14/17 10:01
Joined: Jul 2016
Posts: 93
Düsseldorf, Germany
M
mhdus Offline OP
Junior Member
mhdus  Offline OP
Junior Member
M

Joined: Jul 2016
Posts: 93
Düsseldorf, Germany
Following-up on my related post I'd like to trigger a more general discussion regarding the new BaFin rules for CFDs in Germany. Maybe we can share how various CFD brokers are managing the rules in potentially different ways and what works best for Zorro traders.
IG have converted all accounts by default to "Limited Risk" which appears to be a complete showstopper: Stops are mandatory and then guaranteed but the margin requirement depends on the stop distance and will be huge in case of distant stops. Trailing stops are no longer available. One can individually ask IG to have the account converted back to a "Trader Account" and then it should behave as before the general conversion. However, this change has not worked for my account yet and they are currently troubleshooting... I'll post an update when I know more.
Any experiences so far with other CFD brokers under BaFin regulations?

Re: How to deal with the new BaFin rules for CFDs in Germany? [Re: mhdus] #467579
08/14/17 10:52
08/14/17 10:52
Joined: Jul 2016
Posts: 93
Düsseldorf, Germany
M
mhdus Offline OP
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mhdus  Offline OP
Junior Member
M

Joined: Jul 2016
Posts: 93
Düsseldorf, Germany
Update: I just received a message from IG that my account is now "upgraded to a Standard Account". Some quick tests in MT4 are confirming the old/normal behavior: orders can be opened with or without stop and margin requirement is 0.5% (for EUR/USD), independent of the stop distance. laugh

Re: How to deal with the new BaFin rules for CFDs in Germany? [Re: mhdus] #467587
08/14/17 16:20
08/14/17 16:20
Joined: Dec 2013
Posts: 568
Fuerth, DE
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Sphin  Offline
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Joined: Dec 2013
Posts: 568
Fuerth, DE
With effect from 10.08.2017 FXCM modified their conditions (27.4 was added) that either residents of Germany or those whose accounts are serviced by the FXCM branch office in Germany, if classified as Retail Clients, shall not be liable to FXCM for repayment of any debit balance resulting from trading activities. This means in short: negative balance protection as before 01/15 (the SNB massacre) for the said customers. Actually I can not see any new account limits / restrictions at FXCM like you reported from IG.


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