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Forex.com closing NZers accounts

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  • Forex.com closing NZers accounts

    Hi

    I haven't traded for about 4 months and was about to get back into it again when I received a message from Forex.com that they are closing the accounts of NZer's living in NZ.

    This is very strange because neither the FMA nor FSPR would seem require such action:

    http://www.business.govt.nz/fsp/abou...rvice-provider

    I have done some research and my options for brokers are limited if it is the case that foreign brokers must register in NZ before they can accept NZers as account holders.

    I have spoken with personnel at both the FMA and FSPR, and they agree with me that the interpretation of the new regs that Forex.com is acting on is incorrect. I have asked Forex.com to provide me with the names of the actual office and/or individual who instructed them that they must close all NZ accounts. To date, they have not done so.

    Can anyone shed any light on this?

    Thanks in advance.....

  • #2
    Originally posted by Collector51 View Post
    Hi

    I haven't traded for about 4 months and was about to get back into it again when I received a message from Forex.com that they are closing the accounts of NZer's living in NZ.

    This is very strange because neither the FMA nor FSPR would seem require such action:

    http://www.business.govt.nz/fsp/abou...rvice-provider

    I have done some research and my options for brokers are limited if it is the case that foreign brokers must register in NZ before they can accept NZers as account holders.

    I have spoken with personnel at both the FMA and FSPR, and they agree with me that the interpretation of the new regs that Forex.com is acting on is incorrect. I have asked Forex.com to provide me with the names of the actual office and/or individual who instructed them that they must close all NZ accounts. To date, they have not done so.

    Can anyone shed any light on this?

    Thanks in advance.....
    Hi Collector,

    That's the first I've heard of it... Does seem very strange.
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    Comment


    • #3
      Originally posted by Nick View Post
      Hi Collector,

      That's the first I've heard of it... Does seem very strange.
      Hi Nick

      I have not funded my account for a long time now. Surely they wouldn't be closing my account simply because I have been making money instead of losing?

      When talking to Forex.com's help desk, they are definitely telling me that this is now a policy position on the part of Forex.com which effects all NZ account holders. I have not heard of any other foreign regulated brokers who are taking this action in relation to NZ accounts.

      In any case, it looks as though I am going to have to find a new broker. Any suggestions?

      Comment

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