Until July i used mt4 with broker markets.com but they don't use anymore this platform, saying that it's because of new CNMV rules and that it will be the same for all bokers in Spain before end o year? Someone knows something? I'm thinking to change of broker but if in 2 months I have the same problem I don't know what to do. Thanks in advance
you have been previously advised, the Spanish National Securities
Market Commission (“CNMV”) recently issued measures to financial brokers
with respect to the marketing of CFDs and other speculative products
to retail investors.
Therefore, we requested your confirmation concerning your understanding of CFDs in order to allow you to continue trading.
The measures required by the CNMV are currently not fully supported by our MT4 platform. Therefore, MT4 platform will not be available to Spanish residents."
This is the first time I hear something like that.
This is the first time I hear something li
unfortunately it's true........... also all the other brokers I ask for, they said the same as you but I don't know if they said that only for fishing me. And why markets.com would invent something like that? I think with this decision, they lost a lot of clients in Spain.
On a quick google check, there isn't a single topic about that limitation of MT4 to Spanish residents. It seems odd.
According to "markets.com" website, their regulatory licenses are for Cypres ("CySEC") and South Africa ("FSB"), so the Spanish "CNVM" would have no bearing on this matter.
They are just giving you a BS excuse, because they have decided to only use the own Web-based and Mobile-based platforms, which obviously have no automated or algorithmic trading capabilities and they are doing that for ALL customers, not just the Spanish ones.
My advice to you is to find another broker. There are many reputable ones you can choose from!
PS! Also, their only regional restrictions are for Japan, Canada, Belgium and USA ...
Restricted Jurisdictions: We do not establish accounts to residents of certain jurisdictions including Japan, Canada, Belgium and USA. For further details please see Terms & Conditions.
As I understood, this new limitation is not linked to MT4. We have similar things in Belgium. Trading Forex, CFDs and Binary Option is not allowed any more.
MT4 is not fully compliant with this new regulation so the broker decide to stop MT4.
Document is here.
You can also try Spanish section, maybe someone has more details.
Yes, but according to the Website they are no longer supporting MetaTrader for ALL customers, not just the restricted ones. Plus in their footer they have listed which countries are restricted "Japan, Canada, Belgium and USA" but don't say anything about Spain.
So, in this case, it seems that they are just using that as an excuse, because otherwise they would have continued allowing MetaTrader for other jurisdictions.
Obrigado Fernando. Hope you have right. yes i gonna look for another broker. thanks again
But it seems Spanish residents will have difficulties to find a broker allowing them to trade CFDs (seems it's only concerning CFDs). MT4 or not.