A New draconian law that might affect European based forex traders. I got this query from someone in Greece about Oanda Europe:
1)yes the rules for third party software in europe are different than usa… trading view with oanda europe dont execute live orders only study …..(.and maybe motive wave the same)….i have live account onda europe and live account motive wave free trial i try to execute orders and my screen have this message “the providing request was forbidden” ….if i buy licence for motive wave will work the connection and the orders?your opinion?
From Oanda Europe
From MotiveWave support
This is correct, Europe introduced a law that won’t allow trade executions on platforms that aren’t located in Europe (we are located in Canada). You can still use MotiveWave with your account for data and charting but you won’t be able to place trades through MotiveWave.
Does this mean that the trading platform must have an IP based in Europe ? or is it not recognized because the software is NOT made or NOT recognized in Europe? Is this problems only on OANDA the forex broker or all European brokers? Or all Metatrader supported FX European Brokers?
This should be the case for all European Forex brokers.
I believe it’s related to MIFID II compliance. There is no workaround at the moment. I believe the third parties need to be registered in the EU in order to be allowed to provide clients with trading capabilities.
At the moment, we are only registered in Canada.
If it’s just a demo account, then have them register it in Canada and the i.p location shouldn’t matter but if it’s a EU registered account. It’s going to be an issue.
We were not the only ones affected as other third party vendors had same issues.
My current suggestion is something like:
I would go with one based in Uk like LMAX or TrueTrade. In my opinion, this is really kills off forex trading worldwide
ALso, more controls will be introduced in the future for leverage (eg. Australia) and ebentually crypto currecy controls for tax evasion.
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