Forex trading restrictions

D

dakr

Have just opened an account with IB and quite disappointingly have come across some limitations. The latest is that IB told me as an Australian resident I cannot trade in any JPY pairs; which is a major currency. According to IB:

"The only currencies you can trade are: AUD, USD, EUR and GBP."

Does anyone have know of any way to overcome this limitation? I also have a Pepperstone account which lets me trade just about any forex pair but they have a high requirement for use of trading API.
 
Use a company that specializes in Forex trading and nothing else. I recommend GCAP (Forex.com) or Oanda. I think they take Aussie clients, correct me if I'm wrong.
 
dakr said:
Have just opened an account with IB and quite disappointingly have come across some limitations. The latest is that IB told me as an Australian resident I cannot trade in any JPY pairs; which is a major currency. According to IB:

"The only currencies you can trade are: AUD, USD, EUR and GBP."

Does anyone have know of any way to overcome this limitation? I also have a Pepperstone account which lets me trade just about any forex pair but they have a high requirement for use of trading API.
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This makes no sense. I’m sure you could trade Yen futures at the cme with your IB acct so what’s the difference with spot?
 
TRS said:
This makes no sense. I’m sure you could trade Yen futures at the cme with your IB acct so what’s the difference with spot?
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I doubt OP can trade it.
anyway OP can confirm it.


restriction is placed by the resident country and IB has to comply with it.
OP has to use the resident broker to trade yen.

various countries have various restrictions due to whatever reasons.
 
maxinger said:
I doubt OP can trade it.
anyway OP can confirm it.


restriction is placed by the resident country and IB has to comply with it.
OP has to use the resident broker to trade yen.

various countries have various restrictions due to whatever reasons.
More...

His profile indicates he is from Australia. There should be no financial governance restrictions in place.

Edit : Unless he resides in Australia and holds citizenship of another Country.
 
ICMarkets Spot Account which is Australian, but think they moved off shore due to restrictions, this might be the 1 but JPY's are fine.

JPY's not been great last 5years, so wouldn't worry too much.
 
dakr said:
Have just opened an account with IB and quite disappointingly have come across some limitations. The latest is that IB told me as an Australian resident I cannot trade in any JPY pairs; which is a major currency. According to IB:

"The only currencies you can trade are: AUD, USD, EUR and GBP."

Does anyone have know of any way to overcome this limitation? I also have a Pepperstone account which lets me trade just about any forex pair but they have a high requirement for use of trading API.
More...
This is very disappointing, been in a situation like this, but unlike yours, mine was leverage issues, was not allowed to trade with leverage not more than 1:50 , I have to quit the broker
 
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