Mitrade, a globally recognized Contract for Difference (CFD) trading platform, has introduced an Excess of Loss Insurance Policy backed by Lloyd’s of London, offering up to AUD 1 million in coverage for claims due to company insolvency, aimed at enhancing trader confidence in Australia’s retail trading market.
As forex and cryptocurrency trading become increasingly popular in Australia, driven by greater financial literacy and improved access to technology, Mitrade’s initiative emphasizes the significance of risk management and trader protection. The platform operates under the stringent oversight of the Australian Securities and Investments Commission (ASIC), complying with mandatory safeguards such as segregated funds and professional indemnity insurance. In addition to meeting regulatory requirements, Mitrade has introduced an extra layer of insurance for enhanced protection.
Elven Jong, CEO of Mitrade Australia, emphasized that Australia’s CFD trading market benefits from the robust regulatory framework established by ASIC. He pointed out that Mitrade’s Excess of Loss Insurance goes beyond mere compliance, providing traders with an additional layer of security. Jong also mentioned that traders increasingly seek better protection for their funds and more educational resources to help them navigate market challenges. This trend reflects a broader movement within the industry towards proactive trader support, resilience, and risk mitigation, all aimed at ensuring long-term market sustainability.
Mitrade’s new policy reflects a significant shift in the trading industry, emphasizing financial security, trader education, and proactive risk management in Australia’s evolving market. At the same time, the Australian government plans to launch a National AI Capability Plan to enhance the nation’s AI sector, which is anticipated to stimulate considerable economic growth by 2030. Announced by Minister Ed Husic on December 16, the plan focuses on workforce upskilling, innovation, and attracting investments. However, industry leaders urge faster implementation to maintain competitiveness, particularly emphasizing AI literacy, research, and support systems.
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