Becoming a FXOpen AU Pro Trader
Key features
Higher leverage
Trade with up to 1:500 Leverage.
Segregated funds
Elective Wholesale client funds will still be fully segregated in Australian bank accounts.
Lower commission
From $15 a Million ($1.50 per lot).
Account conditions
As a wholesale (Pro) client, you will not be entitled to some of the protections afforded to retail clients under the Corporations Act 2001.
FXOpen AU is not required to provide a Product Disclosure Statement (PDS) or the Financial Services Guide (FSG).
Finally, you will forfeit the ability to recourse to the Australian Financial Complaints authority (AFCA).
Wholesale Clients are excluded from certain regulations such as:
No-negative balance protection:
As a wholesale client you will have an obligation to make additional payments should your account fall into a negative balance.
Communication:
When talking to our retail clients we need to use clear language and be very balanced when talking about risks and benefits of leveraged trading. We can use more sophisticated language when talking to our wholesale clients.
Experience:
We may assume your level of experience when assessing whether our products are appropriate for you.
Restrictions on FX/CFD:
The regulator has imposed leverage restrictions and other measures such as standardised risk warnings as a way of protecting retail clients. If you choose to be a wholesale client we will not be obliged to restrict your account in this way, so these protections (and any future measures) would not apply to you.
Best execution:
When executing your orders, we owe you a duty of best execution. For retail clients we must, prioritise overall price and cost of a transaction when giving best execution. As a wholesale client, we may prioritise other factors in giving best execution, such as speed and likelihood of execution if we determine they are equally or more important than overall price. In practice, we will not change the way we execute your orders.
Pro Traders
As a Pro Trader, you can trade with higher leverage levels up to 1:500 and keep most benefits offered to Retail Clients at no additional cost.
| PRO | RETAIL | ||
| Major FX Pairs | |||
| Major FX Pairs | Up to 1:500 | 1:30 | 1:30 |
| Non Major FX Pairs | |||
| Non Major FX Pairs | Up to 1:20 | 1:20 | 1:20 |
| Major Indices | |||
| Major Indices | Up to 1:100 | 1:20 | 1:20 |
| Gold | |||
| Gold | 1:500 | 1:20 | 1:20 |
| Commodities (excluding gold) | |||
| Commodities (excluding gold) | 1:50 | 1:10 | 1:10 |
| Minor Indices | |||
| Minor Indices | 1:50 | 1:10 | 1:10 |
| Shares | |||
| Shares | 1:5 | 1:5 | 1:5 |
| Crypro | |||
| Crypro | 1:3 | 1:2 | 1:2 |
Data in the table based on ASIC's product intervention from March 29th, 2021.
Am I eligible for a FXOpen Pro account?
Option 1: Large Company test
You may be eligible if your business has at least 20 employees (for a non-manufacturing business) or 100 employees (for a manufacturing business). In such a case you will not be classified as a small business.
Option 2: Professional investor test
For the purposes of the Professional investor test you will be a 'professional investor' in relation to whom one or more of the following paragraphs apply:
- You are a financial services licensee;
- You are a body regulated by APRA, other than a trustee of any of the following (within the meaning of the Superannuation Industry (Supervision) Act 1993): a superannuation fund, an approved deposit fund, a pooled superannuation trust, a public sector superannuation scheme;
- You are a body registered under the Financial Corporations Act 1974;
- You are the trustee of: a superannuation fund, or an approved deposit fund, or a pooled superannuation trust, or a public sector superannuation scheme – within the meaning of the Superannuation Industry (Supervision);
- You control at least $10 million (including any amount held by an associate or under a trust that you manage);
- the person is a listed entity, or a related body corporate of a listed entity;
- You are an exempt public authority; a body corporate, or an unincorporated body, that (i) carries on a business of investment in financial products, interests in land or other investments; and (ii) for those purposes, invests funds received (directly or indirectly) following an offer or invitation to the public, within the meaning of section 82, the terms of which provided for the funds subscribed to be invested for those purposes;
- You are a foreign entity that, if established or incorporated in Australia, would be covered by one of the preceding paragraphs.
Option 3: Wealth test
If you are able to answer 'yes' to the following, you may be eligible:
- you have net assets of at least $2.5 million;
- you have a gross income for each of the last 2 financial years of at least $250 000.
Option 4: Sophisticated Investor test
An eligible client is someone who we believe has previous experience that allows the client to assess:
- the merits of financial products; and
- the value of financial products; and
- the risks associated with financial products; and
- your own information needs; and
- the adequacy of the information given by FXOpen AU; and
The client has:
- assets of at least $500.000; or
- annual income for each of the last 2 financial years of at least $100 000;
And the client can demonstrate that:
- the client has traded leveraged FX or CFDs 20 times per quarter for at least 4 quarters within the last 2 years with a notional value of AUD$50,000 or more; or
- the client works or has worked in the financial sector for at least one year in a professional position which requires knowledge of leveraged trading (or FX or CFDs)
