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On Friday 23rd October, the Australian Securities and Investment Commission (ASIC) issued a statement indicating they will restrict the marketing, distribution and sale of leveraged trading products to retail clients.

The changes will  take effect on Monday 29th March 2021 and your account will remain unaffected until then.

The key changes to come are:

New Leverage Ratios

30:1  for CFDs referencing an exchange rate for a major currency.

20:1  for CFDs referencing and exchange rate for a minor currency
         pair, Gold or a major stock market index.

10:1  for CFDs referencing a commodity (other than gold) or a
         minor stock market index.

2:1    for CFDs referencing crypto-assets.

5:1    for CFDs referencing shares and other assets.

New Protections

Negative balance protection will continue to be applied, preventing you from losing more than the balance in your account.

A standardised margin close-out level of 50% of the total margin required for all open CFD positions will be applied to your account.

Certain promotional inducements such as rewards or gifts will be prohibited (monthly rebates, information services and educational tools are excluded from this). You can still redeem any rewards or rebates you have remaining up to 29th March 2021.

Please contact our support team if you have any questions. If you would like to find out more, you can view ASIC’s media release here:

Regards
Xtrade