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Exness and Leverate’s VinciCM set default leverage to 1:50 in line with CySEC’s requirements

Jan 30 2017
By
Jonathan Smith

In order to be in line with the new requirements introduced by the Cyprus Securities and Exchange Commission (‘the CySEC’), several Cypriot brokerages announced amendments to their trading conditions. As the deadline set by Cypriot watchdog has passed today, 30 January 2017, Exness,  and VinciCM informed their clients that they reduce the default leverage level to 1:50.

 

In its essence, these measures are in line with ESMA’s guidelines (published in October 2016) and aim to maintain an environment of trust and security in the forex and binary options industries by increasing client protection. Apart from the leverage restrictions, CySEC’s new set of rules include ban on trading bonuses and a requirement for same-day withdrawals.

 

Here is what each of the above-mentioned Cypriot brokerages announced:

 

Exness, famous for its unlimited leverage offering, said that it restricts the maximum available leverage to 1:200, and sets the default one to 1:50. Adhering to the regulatory standards, the brokerage announced that the new amendments to their client agreement will come into effect 5 business days after the date of publication of the announcement (issued on Janyary 26).

 

Those clients who do not agree with the new conditions may (within 5 days) send a request to Exness to close their accounts.

 

After the company has stopped selling its binary options platform BX8 in August, Leverate’s new start-up brokerage brand VinciCM, announced it changes leverage to 1:50 for all its retail clients, as of 31st of January 2017. The broker warns its clients that the reduction in leverage may result in liquidation of their positions.

 

VinciCM further explains that clients who wish to operate with leverage higher than the default maximum imposed by regulation (1:50), may file a request to their support team. After review of the client’s eligibility, a higher leverage level may be granted to the trader.

 

CySEC’s regulatory changes come on the background of an increased regulatory activity concerning risky instruments in Europe. Many EU regulators have expressed intentions to restrict high-risk trading in instruments. Belgium banned the distribution via online channels of over-the-counter (OTC) binary options, spot forex, and CFDs with leverage from 18 August. France and the Netherlands are in the process of developing laws that would prohibit the advertisement of risky financial instruments, and Germany is also considering similar steps

TAGS: CySEC  regulation  Exness  Leverate  VinciCM  forex brokers  leverage  EU 

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