Gerald Segal

Gerald is the founder of FNG and is one of the most experienced writers covering the online trading sector. Gerald founded Forex industry B2B news website LeapRate.com in 2010, selling it in 2018 to publicly traded Catena Media plc (STO:CTM). An avid skier, cyclist and ice hockey player, Gerald was previously an investment banker for more than a decade at Bear Stearns, Robertson Stephens, and Merrill Lynch. Gerald holds an MBA from Columbia University in New York and a BCOM degree from the University of Toronto.

2 Comments

  1. RObert
    April 1, 2021 @ 11:18 am

    The article mentions this ‘The regulator noted that Australian traders lose in the range of $500 million annually to Binary Options brokers’

    Later in the article there is a quote from ASIC which explains things more accurately:

    ASIC estimates that retail clients’ net losses from trading binary options were around $490 million in 2018. The size of the market in Australia has since reduced significantly after ASIC issued a warning in April 2019 against providing unlicensed or unauthorised services to clients located in several foreign jurisdictions. Australian retail clients are estimated to have made net losses of more than $6.7 million in 2019.

    It was not ‘Australian’ trades that lost 490mil in 2018 it was all traders globally trading through ASIC licensed entities. So in 2019 ‘Australian’ traders lost only $6.7 mil.

    It’s unfathomable that Australian traders ever lost anywhere close to $500mil on these products. I’m not a supporter of binary options and the ban was inevitable, but let’s get the numbers right..

    Other journalists have also misquoted this statistic as ASIC in the past did not make it clear it was referring to clients globally not just Australian clients.

    Reply

  2. Anonymous
    September 19, 2021 @ 10:25 am

    4

    Reply

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