How are the online Forex brokers coping with BaFin new industry restrictions? A spokesman for Xtrade announced that the CFD trading broker even welcomes Bafin’s new protective measures.
19 December, Xtrade – The Cyprus-based CFD broker, Xtrade has responded positively to a new marketing rule from BaFin, Germany’s regulatory authority. According to BaFin, all brokers must offer traders negative balance protection in order to market or advertise CFDs in Germany. The new rule aims to ensure that retail traders in Germany cannot lose more than they deposited in their trading accounts.
BaFin New Industry Restrictions is not an issue for Xtrade
“The negative balance protection is already available at Xtrade,” says Paul Sirani, Chief Market Analyst at Xtrade. According to Mr. Sirani, “Xtrade welcomes any measure aimed at protecting traders from unscrupulous brokers.” Mr. Sirani added that as a result of the fact that Xtrade has always protected its traders from negative balance, the news from Germany will not affect the broker’s relationship with traders in Germany:
“The new BaFin rule is balanced and fair, and we believe that it will not affect our business in any way.”
In November, Xtrade won the “Best Forex Broker of 2016” award at the annual FFXPO conference in Dubai. The annual conference is among the most important events in the CFD trading industry. With brokers from around the world competing for a handful of coveted awards.
Xtrade is an award-winning brokerage that offers CFD trading on stocks, indices, commodities, and currencies. Its cutting edge technology, available on both desktop and mobile devices, includes five digital trading platforms. These are accessible to traders across Europe, Asia, and the Pacific in over 40 languages. The company also offers a sophisticated trading education centre, real-time financial news, and innovative trading tools. Xtrade’s Global Ambassador is Cristiano Ronaldo of Real Madrid, who features on the company’s digital hub. Xtrade is regulated by CySEC, the EU’s Markets in Financial Instruments Directive, the Australian Securities and Investment Commission, and South Africa’s Financial Services Board.