FxPro, Exness, Dukascopy, other forex brokers also hike margins ahead of elections in France

FxPro, Exness, Dukascopy, other forex brokers also hike margins ahead of elections in France

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FxPro, Exness, Dukascopy bank and several minor forex brokers followed suit and said they will be temporarily raising the margin requirements ahead of the presidential elections in France on April 23.

FxPro, a UK and Cyprus-regulated forex broker, said it is increasing the margin requirement to 4% on all European indices, spot and futures. The changes come into effect on Friday, April 21, 2017, at 09:00a.m. (GMT) and will affect new positions only. The existing positions will keep the old conditions. The broker did not say when the margins will be reverted to normal, but noted that it may allow fixed spreads to float to reflect underlying market conditions and may enable the “close only” feature in case of extreme volatility. Other measures may also be implemented.

Exness, another UK and Cyprus-regulated forex broker, announced it will set the maximum leverage to 1:100 for new positions. The changes come into effect on Friday, April 21, 2 hours before the market closes. Exness did not say when the trading conditions will be reverted to normal.

Dukascopy Bank, a Swiss forex broker regulated in Switzerland, Japan and Latvia, announced it is extending the weekend margin policy by a few hours into the trading session starting on April 23, Sunday. The broker has not fixed a time when the trading conditions will be reverted to normal. “It will be done once the election results are announced and after trading activity can be considered to be normal.” Additionally, Dukascopy warns it may implement similar measures in case of a run-off on May 7.

JustForex, a Belize-regulated forex broker, announced it is increasing the margin requirements for forex instruments and metals three times. The changes come into effect on April 21, Friday, at 18:00 (GMT +3) and will be vailidn till the end of trading day on April 24, Monday.

FXGlory, an offshore forex brokers, said it is lowering the maximum leverage to 1:100 from April 21, Friday, at 16:00 (GMT +2) to April 24, Monday 24:00 (GMT +2).

OctaFX, another offshore forex broker, also announced it is lowering the leverage to 1:200 on currency pairs, 1:50 on metals and crude oil and 1:10 on indices. The changes are in effect from 00:00 EEST 24th April 2017 until 00:00 EEST 25th April 2017.

Russian forex broker Alfa-Forex also said it is reducing the leverage two times. Unlike most other brokers who are taking similar measures, this one’s changes will be fairly short-lived – between 13:00 and 15:00 GMT on April 23, Sunday. The changes will affect the following currency pairs: EUR/USD, USD/JPY, USD/CAD, AUD/JPY, EUR/AUD, EUR/JPY, EUR/CAD, GBP/USD, EUR/GBP, GBP/AUD, GBP/CAD, GBP/JPY.

Other brokers who have already announced similar measures are Admiral Markets, XM, Trading 212, etc.

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