Results 1 to 7 of 7

Thread: You can still trade gold after July 15, but at 1:1 leverage.

      
  1. #1
    Administrator Mike's Avatar
    Join Date
    Nov 2007
    Location
    North Jersey
    Age
    40
    Posts
    3,976
    Rep Power
    10

    Thumbs down You can still trade gold after July 15, but at 1:1 leverage.

    Oanda sent me this email.

    OANDA® fxTrade™

    Dear Michael,

    As a result of the recently enacted Dodd–Frank Wall Street Reform and Consumer Protection Act, U.S.-based retail forex dealers such as OANDA are prohibited from offering leveraged trading in precious metals to retail clients after Friday, July 15, 2011.

    As a client based in the U.S., you will not be able to trade our four precious metal pairs (XAU/USD, XAG/USD, XAU/JPY, XAG/JPY) on a leveraged basis, effective end of day July 15. Leveraged trading in other currency pairs will remain unaffected, with the same margin requirements.

    You will still be able to trade precious metals, but only on a 1:1 non-leveraged basis (requiring substantially more margin). If you do not have sufficient margin to cover your open metal positions in full, you need to reduce your exposure to gold and silver pairs before end of day July 15, or risk a margin call of all your open positions when this change is implemented.

    We sincerely regret any inconvenience caused by this change in legal requirements. If you have any questions, please do not hesitate to contact our Customer Service Team at [email protected].

    We appreciate your business with OANDA.

    - The OANDA fxTrade Team


    Why is this change required?

    Effective the end of Friday, July 15, 2011, Retail Foreign Exchange Dealers (RFEDs) registered with the Commodity Futures Trading Commission (CFTC) will be prohibited from offering leveraged retail trading in commodities, including precious metals such as gold and silver. This change in the U.S. law is being enforced by the CFTC as an outcome of The Dodd–Frank Wall Street Reform and Consumer Protection Act.

  2. #2
    Pippier Than Thou! TopTrader's Avatar
    Join Date
    Jun 2008
    Posts
    478
    Rep Power
    0

    Default Re: You can still trade gold after July 15, but at 1:1 leverage.

    Lol, might as well buy gold at the jewelers. NO DIFFERENCE except the expedience of the trade online.

  3. #3
    I Breathe Pips Jones's Avatar
    Join Date
    Jan 2009
    Location
    Manchester
    Posts
    891
    Rep Power
    0

    Default Re: You can still trade gold after July 15, but at 1:1 leverage.

    That's a shame, less Americans to make money off in the metals market that's about 1/2 the market's worth right there gone.

  4. #4
    Will Work For Pips
    Join Date
    Jul 2011
    Posts
    1
    Rep Power
    0

    Default I'm new

    How's things?, Great site merely a notice that I was getting immediately redirected towards the homepage if I viewed this inner web page; It seemed like a browser hi-jack something like that, I'm not really too sure but assumed you really should know about it. Cheers

  5. #5
    Administrator Mike's Avatar
    Join Date
    Nov 2007
    Location
    North Jersey
    Age
    40
    Posts
    3,976
    Rep Power
    10

    Default Re: I'm new

    Quote Originally Posted by Clarissa Torell View Post
    How's things?, Great site merely a notice that I was getting immediately redirected towards the homepage if I viewed this inner web page; It seemed like a browser hi-jack something like that, I'm not really too sure but assumed you really should know about it. Cheers
    Are you sure? First I'm hearing of it.

  6. #6
    Pippier Than Thou! ChartWizQ's Avatar
    Join Date
    Feb 2008
    Posts
    359
    Rep Power
    0

    Default Re: You can still trade gold after July 15, but at 1:1 leverage.

    Umm it works for me....

  7. #7
    Hindsight Hero! DickP's Avatar
    Join Date
    Nov 2007
    Location
    United States
    Posts
    4,019
    Rep Power
    38

    Default Re: You can still trade gold after July 15, but at 1:1 leverage.

    1:1 leverage is pathetic, thanks DODD FRANK for "protecting" me...



    "I came to make pips and chew bubble gum...damn, I'm all out of gum..."
    -DickP, 2011

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •