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@  traderpusa : (27 May 2018 - 05:53 AM) weekly view : https://gyazo.com/d7...7ab3f5c8ae97a76
@  traderpusa : (27 May 2018 - 05:51 AM) Euro a bit touch and go next week : that is a big weekly level, so I think a bit more down before up : https://gyazo.com/a5...e58dce3aeea2e21
@  traderpusa : (27 May 2018 - 05:16 AM) hmmm. Sounds similar to my wife :D
@  happyjas : (27 May 2018 - 05:09 AM) :lol: :lol: :lol: :lol:
@  happyjas : (27 May 2018 - 05:09 AM) they don't like me as a dealer, coz i literally "took-away" their money..
@  happyjas : (27 May 2018 - 05:08 AM) blackjack, ultimate texas hold 'em, bacarrat, spanish 21, crazy 4 poker..
@  happyjas : (27 May 2018 - 05:08 AM) lot of players on every table i dealt, they lost their money
@  happyjas : (27 May 2018 - 05:07 AM) "this is what i've been waiting for.." :lol: :lol: :lol: :lol: :lol:
@  traderpusa : (27 May 2018 - 05:07 AM) how is the work ?
@  traderpusa : (27 May 2018 - 05:06 AM) sunday, need some fun until Formula 1 race Monaco lol
@  traderpusa : (27 May 2018 - 05:06 AM) :P
@  happyjas : (27 May 2018 - 05:06 AM) and seen your.. :lol: :lol: :lol: :lol: :lol:
@  happyjas : (27 May 2018 - 05:05 AM) just arrived home
@  happyjas : (27 May 2018 - 05:05 AM) done dealing in casino.. i read it ktp :lol: :lol: :lol: :lol: :lol:
@  traderpusa : (27 May 2018 - 05:04 AM) you are up early khj
@  happyjas : (27 May 2018 - 05:04 AM) ktp :lol: :D :lol: :lol: :lol:
@  HAWK : (27 May 2018 - 01:51 AM) uphone
@  shaileshm : (26 May 2018 - 10:01 PM) iphone
@  Cookiebrawler : (26 May 2018 - 05:21 PM) iq potion
@  thi4gon : (26 May 2018 - 02:37 PM) iiiq option

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#161 skyler

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Posted 12 April 2018 - 05:35 PM

That I know most of brokers requirements minimum 50000 euro trancationcs, 2 years experience as financial expert in job with qualification and something like this. Requirements not allowed for typical BO trader... 



#162 MXBO

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Posted 13 April 2018 - 12:44 AM

This is the official ESMA-FAQ on this topic: https://www.esma.eur...?token=iDXHEEcK

It states that BO will be prohibited only for retail (private) investors.

The ESMA proposes in this document (p. 5) the following:

 

I wrote an email yesterday to IqOption and asked if they would accept professional clients and what the requirements for being "professional" would be. (No answer yet.)

Some blogs state that there are already brokers accepting professional clients and that the requirements are more or less depending on the brokers definition.

I would propose that you need some kind of common trade licence. In Germany you can get one ("Gewerbeschein") for 15-65 Euro.

 

I think it would help if more traders ask their brokers to be a professional client. They need to see that there is a great interest.

 

I doubt IQOption can do "professional trader" statuses as they're just a BO shop with a Cysec license.

 

The professional status is for real FX/ CFD brokers that offer BO I think.



#163 BOedge

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Posted 13 April 2018 - 03:47 AM

I doubt IQOption can do "professional trader" statuses as they're just a BO shop with a Cysec license.

 

The professional status is for real FX/ CFD brokers that offer BO I think.

 

Doubt and thinking can be eliminated by checking:

 

 

5. Client Categorization

1. The Company is required under MiFID II to categorize any Client as eligible Counterparty, Professional Client or Retail Client so that when carrying out business with a Client, the Company can provide the level of information, services and protection that is appropriate to and consistent with a Client categorization.
2. On the basis of the information available to the Company, the Company categorized the Clients as Retail Clients and agrees that he will be subject to the rules of professional conduct, which govern the Company’s relationship with Retail Clients.
3. This categorization will apply to all of the Company’s MiFID-related business with the Client unless the Parties agree otherwise.
4. The Client has the right to request in writing to be categorized as a Professional Client (provided the relevant criteria and procedure are fulfilled), but in such case the Client will be afforded fewer regulatory protections. The Company will assess specific quantitative and qualitative criteria in accordance with the provisions of the Law and the change of categorization will depend on its absolute discretion.
5. The Client has the right to register only one Trading Account, if any Client has multiple Trading Accounts then the Client needs to inform the Company in relation to these Trading Accounts before carrying out any transactions. If for any reason, the Company is not informed of any multiple Trading Accounts and discovers this to be the case, the Client will be contacted in order to choose which account they wish to keep. All other accounts will be blocked and Client's funds will be refunded back to the Client. Any losses incurred as a result of trading will not be refunded to the Client.

from  https://eu.iqoption....terms-regulated
 


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#164 janisroze

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Posted 13 April 2018 - 04:05 AM

I believe there are quite hefty criteria for becoming a Professional Client.

One of which is:

 

  • "Have a portfolio of financial instruments of minimum EUR 500,000."

 

 



#165 BOedge

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Posted 13 April 2018 - 05:17 AM

In the UK for example a BO broker wishing to be classified as professional would most likely fall under the category of elective professional client. The size of the investment portfolio is one criteria of three. Two of the three have to be met. In order to meet the third, the client could start a trading related business that demonstrates the required knowledge, and after one year that criteria would be fulfilled. This is not legal advice and should be checked with the appropriate authorities. Each country will have different requirements so each trader would have to check what applies to them. Here is the text for the UK:


Elective professional clients
COBS 3.5.3R03/01/2018
RP

A firm may treat a client other than a local public authority or municipality as an elective professional client if it complies with (1) and (3) and, where applicable, (2):

    (1)

    the firm undertakes an adequate assessment of the expertise, experience and knowledge of the client that gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the client is capable of making his own investment decisions and understanding the risks involved (the "qualitative test");
    (2)

    in relation to MiFID or equivalent third country business in the course of that assessment, at least two of the following criteria are satisfied:
        (a)

        the client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
        ( b )

        the size of the client's financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds EUR 500,000;
        ( c )

        the client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged;

    (the "quantitative test"); and
    (3)

    the following procedure is followed:
        (a)

        the client must state in writing to the firm that it wishes to be treated as a professional client either generally or in respect of a particular service or transaction or type of transaction or product;
        ( b )

        the firm must give the client a clear written warning of the protections and investor compensation rights the client may lose; and
        ( c )

        the client must state in writing, in a separate document from the contract, that it is aware of the consequences of losing such protections.

[Note: first, second, third and fifth paragraphs of section II.1 and first paragraph of section II.2 of annex II to MiFID]

https://www.handbook...k/COBS/3/5.html


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#166 MXBO

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Posted 13 April 2018 - 07:03 AM

Doubt and thinking can be eliminated by checking:

 

 

5. Client Categorization

1. The Company is required under MiFID II to categorize any Client as eligible Counterparty, Professional Client or Retail Client so that when carrying out business with a Client, the Company can provide the level of information, services and protection that is appropriate to and consistent with a Client categorization.
2. On the basis of the information available to the Company, the Company categorized the Clients as Retail Clients and agrees that he will be subject to the rules of professional conduct, which govern the Company’s relationship with Retail Clients.
3. This categorization will apply to all of the Company’s MiFID-related business with the Client unless the Parties agree otherwise.
4. The Client has the right to request in writing to be categorized as a Professional Client (provided the relevant criteria and procedure are fulfilled), but in such case the Client will be afforded fewer regulatory protections. The Company will assess specific quantitative and qualitative criteria in accordance with the provisions of the Law and the change of categorization will depend on its absolute discretion.
5. The Client has the right to register only one Trading Account, if any Client has multiple Trading Accounts then the Client needs to inform the Company in relation to these Trading Accounts before carrying out any transactions. If for any reason, the Company is not informed of any multiple Trading Accounts and discovers this to be the case, the Client will be contacted in order to choose which account they wish to keep. All other accounts will be blocked and Client's funds will be refunded back to the Client. Any losses incurred as a result of trading will not be refunded to the Client.

from  https://eu.iqoption....terms-regulated
 

 

Seriously... with all the BS IQOption is pulling and not paying out so many people what's the point applying for "professional" with them?


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#167 traderpusa

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Posted 13 April 2018 - 07:20 AM

Kind of bizarre this stuff.  For years people have complained about being scammed by bin brokers (I was one of them with BdB).

 

Now the law is acting on your behalf and putting a stop to this.

 

But people here seem to be keen to find a way around the new law which will be put in place to protect you.

 

So you actually ask to be scammed.

 

Why not seize the opportunity, learn a bit about forex and apply the same strategies and indicators to scalp with brokers that are

less likely to scam you ?  


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#168 jesusrcc

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Posted 13 April 2018 - 08:01 AM

Kind of bizarre this stuff.  For years people have complained about being scammed by bin brokers (I was one of them with BdB).

 

Now the law is acting on your behalf and putting a stop to this.

 

But people here seem to be keen to find a way around the new law which will be put in place to protect you.

 

So you actually ask to be scammed.

 

Why not seize the opportunity, learn a bit about forex and apply the same strategies and indicators to scalp with brokers that are

less likely to scam you ?  

 

I don´t think the ban of binaries is the right solution.

And the new law is not to protect bin traders (it is my opinion). Those bureaucrats know there will be allways people looking for some "get rich quick" scheme, and if they can not trade bins, they will look for another "scam".

 

Why not to ban people to go out of home because exist serial killers? Because the right solution is to prosecute serial killers, capture them and place them in jail.

I wonder why those bureaucrats don´t do the same with bin brokers (and brokers in general), why don´t force them to be honest, why not prosecute scammer brokers and place them and jail, and let adults to decide how they want to loose their money.

 

An adult that have not educated himself to trade bins, will not educate himself to trade forex. An adult that have spent a lot of time educating himself for bins, most probably will move to forex.

An adult that has been born to be scammed will continue being scammed despite all bans.

 

The ban (ban = bureaucrats-not-moving-their-asses-from-behind-their-desks) is not the solution.


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#169 MXBO

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Posted 13 April 2018 - 08:33 AM

Kind of bizarre this stuff.  For years people have complained about being scammed by bin brokers (I was one of them with BdB).

 

Now the law is acting on your behalf and putting a stop to this.

 

But people here seem to be keen to find a way around the new law which will be put in place to protect you.

 

So you actually ask to be scammed.

 

Why not seize the opportunity, learn a bit about forex and apply the same strategies and indicators to scalp with brokers that are

less likely to scam you ?  

 

That's what I say: Go with real FX-CFD brokers that offer Binaries. Either the mentioned Swiss/ Australian ones or try to apply for professional status with CMC, IG, etc.

 

I'm currently awaiting professional status result from CMC. Not sure if I get it but I wouldn't be surprised if yes. Because it's in the brokers hands. As long as you have enough trades done in a year + maybe some tax documents to show proceeds as self-employed trader it may be possible and easier than thought. Because ESMA will not check brokers clients, it's up to the brokers if they let traders pass as professional or not. And I'm sure it's in the brokers interest to have as many as possible to continue to trade with them.



#170 sergko13

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Posted 20 April 2018 - 08:42 AM

Binary.com has already sent e-mails about professional status .  

Dear Valued Client,

Due to the recent decision by the European Securities and Market Authority (ESMA) to ban binary options for Retail Clients, we’re advising all qualified clients to request Professional Client categorisation to continue trading binary options on financial instruments with us.

Professional Client definition and benefits

A Professional Client is someone who has the experience, knowledge, and expertise to properly assess risks and make their own investment decisions.

A Professional Client receives a lower degree of protection overall and is not eligible for MFSA’s Investor Compensation Scheme. However, you’ll be able to enjoy a smoother trading experience as a result of fewer risk warnings and appropriateness tests.

Do I qualify as a Professional Client?

To qualify as a Professional Client, you must satisfy two out of the three conditions listed below:

  • Carried out significant investment transactions, at an average of 10 transactions per quarter over the previous four quarters
  • Size of your investment portfolio exceeds EUR 500,000 or its equivalent
  • You’ve worked in the financial sector for at least one year in a role that requires knowledge of your intended transactions

How can I apply as a Professional Client?

Please provide supporting documents to prove that you satisfy two of the criteria listed above, together with the signed Professional Client statement.

The supporting documents we accept are:

  • Statements showing your trading history for the previous four quarters
  • Proof of your portfolio held elsewhere
  • Proof of employment

We want to make your application process as smooth as possible. If you have any questions, please contact us at [email protected].

Regards,

Binary.com


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#171 faryne

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Posted 23 April 2018 - 03:40 AM

As I saw from different brokers, BO transactions are not included in the "10 transactions..." condition.

That means you must have traded forex/CFD to continue with binaries.

:rolleyes:



#172 traderpusa

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Posted 23 April 2018 - 04:02 AM

I want my bin broker back  :(

 

 


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#173 dkomarov

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Posted 24 April 2018 - 05:28 AM

Binary.com has already sent e-mails about professional status .
Dear Valued Client,

Due to the recent decision by the European Securities and Market Authority (ESMA) to ban binary options for Retail Clients, we’re advising all qualified clients to request Professional Client categorisation to continue trading binary options on financial instruments with us.

Professional Client definition and benefits

A Professional Client is someone who has the experience, knowledge, and expertise to properly assess risks and make their own investment decisions.

A Professional Client receives a lower degree of protection overall and is not eligible for MFSA’s Investor Compensation Scheme. However, you’ll be able to enjoy a smoother trading experience as a result of fewer risk warnings and appropriateness tests.

Do I qualify as a Professional Client?

To qualify as a Professional Client, you must satisfy two out of the three conditions listed below:

  • Carried out significant investment transactions, at an average of 10 transactions per quarter over the previous four quarters
  • Size of your investment portfolio exceeds EUR 500,000 or its equivalent
  • You’ve worked in the financial sector for at least one year in a role that requires knowledge of your intended transactions

How can I apply as a Professional Client?

Please provide supporting documents to prove that you satisfy two of the criteria listed above, together with the signed Professional Client statement.

The supporting documents we accept are:
  • Statements showing your trading history for the previous four quarters
  • Proof of your portfolio held elsewhere
  • Proof of employment

We want to make your application process as smooth as possible. If you have any questions, please contact us at [email protected].

Regards,

Binary.com
I haven't had any emails like that from binary.com but have already withdrawn my money just in case.

"It's how u handle the losses and the setbacks that will ultimately determine your success as a trader"

Hubba Hubba


#174 janisroze

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Posted 24 April 2018 - 10:24 AM

While I do agree and accept the overall sentiment for banning Binary Options for ordinary folk (retail "gamblers"), I personally find it to be a pity.

 

I embarked on a journey as a trader 3 years ago and specifically chose to focus on Binary Options, leaving Forex to be an inevitable next step in my career as a trader, somewhere in a distant future.

Knowing all the risks and majority of the information to be an illusion, I knew that there is a way and I was dedicated and persistent enough to find it. So after first 2 years I started to see some results. The dots started to connect. And after 2 and half years I started to be consistent. Now, after 3 years, I would call it my job. So, for me, as a matured trader, it is a pity that I will have to leave my job (that I have grown to love). After all the sweat, pain and emotional struggle, I finally have started to milk the broker and not the other way around.

 

On the other hand. I embrace this as an opportunity. Forex is the way to go.

 

Sure, It's uncomfortable to see that I can't quite convert my current strategy/approach from BO to Forex right away, but I can and will adapt.

It is ok to let go of my old job. Not everything I worked for will be lost. Actually the main aspects of being a successful trader will stay and carry themselves along.

Psychology, discipline, mental resilience, risk tolerance, money management. And few other things.

 

It is not the quality of the tool (strategy) you use, but the way you use it. Competent master is able to get the job done even with the basic tool.


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#175 MXBO

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Posted 25 April 2018 - 12:05 AM

While I do agree and accept the overall sentiment for banning Binary Options for ordinary folk (retail "gamblers"), I personally find it to be a pity.

 

I embarked on a journey as a trader 3 years ago and specifically chose to focus on Binary Options, leaving Forex to be an inevitable next step in my career as a trader, somewhere in a distant future.

Knowing all the risks and majority of the information to be an illusion, I knew that there is a way and I was dedicated and persistent enough to find it. So after first 2 years I started to see some results. The dots started to connect. And after 2 and half years I started to be consistent. Now, after 3 years, I would call it my job. So, for me, as a matured trader, it is a pity that I will have to leave my job (that I have grown to love). After all the sweat, pain and emotional struggle, I finally have started to milk the broker and not the other way around.

 

On the other hand. I embrace this as an opportunity. Forex is the way to go.

 

Sure, It's uncomfortable to see that I can't quite convert my current strategy/approach from BO to Forex right away, but I can and will adapt.

It is ok to let go of my old job. Not everything I worked for will be lost. Actually the main aspects of being a successful trader will stay and carry themselves along.

Psychology, discipline, mental resilience, risk tolerance, money management. And few other things.

 

It is not the quality of the tool (strategy) you use, but the way you use it. Competent master is able to get the job done even with the basic tool.

 

Did you read the entire thread at all and noticed that we posted workarounds too? Like Swiss/ Australian FX brokers that offer binaries?

 

Just saying, it's not all dead yet and who knows what will happen after the initial 3 months of the rule.

 

PS: Forex won't be that great of an alternative unless you have a big enough account to work with a 30:1 leverage.


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