Do you live in South Africa? Then please go to HotForex ZA (South Africa) main introduction page.
The new ESMA measures concern Retail Clients.
The majority of HotForex clients are classified as Retail and are informed of this classification in the welcome email they receive after the successful approval of their myHotForex account.
The new regulation does not affect Professional Clients.
What is a Professional Client?
Professional Client is someone who possesses the experience, knowledge and expertise to make his own investment decisions and properly assess the risks involved.
You can read HotForex’s Client Categorization Policy or alternatively find out more information on how – and if – you can become a Professional Client on the official website.
In summary, anyone who fulfills any two of the following criteria may apply to become a Professional Client:
- The client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
- The size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds EUR 500,000;
- The client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.