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Forex multi-account manager Z-X-N
Accepts global forex account operation, investment, and trading
Assists family office investment and autonomous management

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Joint accounts with 3 or more people are a perfect replacement and upgrade for the MAM and PAMM models.

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In the forex margin trading market, licensed brokers have recently relaxed the limit on the number of holders of joint accounts from the usual two to four. This change provides a feasible account platform for small-scale partnership trading.
Compared to the existing MAM and PAMM models, joint accounts place "ownership of funds" and "trading decision-making power" under the same legal document, avoiding the moral hazard caused by fund managers touching client assets, and also saving the lengthy structure and continuous due diligence costs required to set up an offshore fund company.
Because account funds can only be transferred with the joint signature of all holders or according to a pre-agreed single-signature ratio, no party can unilaterally withdraw funds. This naturally cuts off the common channels for fund misappropriation in traditional wealth management businesses, thus achieving risk isolation at the custody level and eliminating the need to transfer pressure to regulatory agencies.
From a regulatory perspective, while MAM and PAMM achieve "separation of manager funds," the excessively long back-end disclosure chain and asymmetrical valuation frequency force regulatory authorities to bear additional compliance inspection and dispute resolution costs, ultimately leading to a blanket suspension.
Joint accounts internalize risk: trading profits and losses are reflected in the same account's net value in real time, all holders have equal access to the statement data, and responsibilities and returns are clear at a glance. This satisfies the needs of collaboration among the "technology provider, funding provider, and risk control provider" without requiring additional product filing or manager qualification approval.
For small quantitative trading teams in the age of artificial intelligence, a four-person limit preserves the flexibility to iterate strategies while avoiding the rigid costs of early-stage fund structures. If decision-making impasses or disputes over responsibility arise later, adjustments can be made dynamically through supplementary agreements or tiered equity agreements.
As brokerage back-end systems improve their multi-level authorization, tiered viewing, and cloud-based record-keeping functions, multi-person joint accounts are expected to retain the advantages of joint fund management while gradually addressing new governance inefficiencies, becoming a mainstream collaborative mechanism in the retail forex sector that combines transparency and flexibility.

Among all methods of ensuring investment fund security, joint investment trading accounts are undoubtedly the optimal solution; no other approach can compare.

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Life is inherently unpredictable, and joint accounts allow relatives or joint owners to clearly track the flow of funds in special circumstances, preventing them from being caught off guard by information barriers. Furthermore, it fundamentally prevents unethical brokers from misappropriating client assets, adding a layer of "double insurance" that is difficult to breach.
Within the scope of two-way forex trading, joint accounts offered by Hong Kong forex brokers have clear and strict limitations on account holder eligibility. These accounts are typically only open to natural persons. Legal entities such as companies and professional institutions, if they require joint accounts, cannot use the regular natural person joint account channel but must go through a specialized institutional account channel. They also need to submit a series of additional qualification documents, including company registration documents and a formal power of attorney. The opening of accounts jointly owned by individuals and legal entities is generally not permitted in the industry's standard business practices.
Regarding the compliance background check requirements for account holders, all entities intending to open joint accounts must not be on international sanctions lists or anti-money laundering high-risk lists. Hong Kong forex brokers strictly adhere to KYC (Know Your Customer) procedures and standards, conducting comprehensive background checks on account holders. If an account holder is found to have a poor credit history, records of financial violations, or is blacklisted by relevant financial regulatory agencies, their joint account opening application will be directly rejected by the broker.
There are also clear entry thresholds regarding civil capacity. All joint account holders must be natural persons aged 18 or older with full civil capacity. If minors wish to participate in related account business, they cannot apply to open a joint account with a forex broker as direct joint holders; they can only participate through a special account held by a guardian.
It is important to note that forex brokers in Hong Kong are strictly regulated by the Hong Kong Monetary Authority. Due to regulatory requirements, joint account holders must provide valid identity documents during the account opening process, such as Hong Kong identity cards, passports, or travel permits to Hong Kong and Macau. For non-Hong Kong residents, in addition to basic identity documents, they must provide proof of residence in Hong Kong, such as work visas or official residency certificates.
In summary, Hong Kong forex brokers impose various entry restrictions when opening joint accounts, covering core identity-related restrictions such as identity qualifications, civil capacity, and compliance background. This means that not all entities are eligible to open a joint account, and different brokers may have different specific account opening requirements based on their own business rules and risk control standards.
In addition to the aforementioned identity-related restrictions, the opening of joint accounts is also subject to numerous non-identity-related rules. Firstly, there are restrictions on the number of people; the industry standard is 2 to 4 people jointly registering an account, while some brokers, for risk control reasons, only support 2 people jointly registering an account. Secondly, there are agreements on operational permissions; it must be clearly stated in advance whether the account's operation mode is "single signature" or "joint signature." Simultaneously, all account holders must jointly sign a formal account agreement, clearly defining the ownership of funds and the division of responsibilities among all parties, thereby ensuring the standardization and clarity of rights and responsibilities in the subsequent operation of the account.

In the two-way leverage mechanism of forex margin trading, if newcomers view initial setbacks as a necessary course, such experiences can be transformed into a psychological moat against subsequent extreme risks.

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Long-term studies in developmental psychology show that individuals who experience moderate and controllable adversity during childhood and adolescence have significantly better emotional regulation abilities when facing major losses in adulthood than those in favorable circumstances, and their threshold for suicidal ideation also increases accordingly. In short, early systemic setbacks are equivalent to implanting an emotional vaccine in the brain, enabling traders to maintain a rational decision-making window when faced with margin calls or black swan events. Conversely, high-achieving students who are in an overprotective environment for a long time lack a mirror memory of uncontrolled situations in their cognitive framework. When their accounts experience drawdowns of millions of dollars, they are prone to triggering an "all or nothing" cognitive distortion, directly equating financial loss with personal bankruptcy, and thus mistakenly viewing closing positions as the end of their lives.
Before entering the foreign exchange market, I had already accumulated my initial wealth through the benefits of foreign trade, manufacturing, and offshore financial systems, with net assets exceeding eight figures in US dollars. Before 2008, offshore accounts allowed for the free receipt and payment of US dollars, euros, and British pounds, and direct transfers to suppliers' personal foreign currency accounts. This arbitrage system led to an exponential expansion of the factory's cash flow. Furthermore, during my time as a professional manager, I had already used my high salary to purchase core assets at the bottom of the housing market, resulting in near-net-worth profits. In other words, what I brought to the foreign exchange market was not a "life-changing" gamble, but rather surplus funds after "upgrading my destiny." This asset structure ensured that even in extreme market conditions, there would be no panic about survival.
However, the market still provided an expensive lesson in risk with three consecutive rounds of black swan events:
The first round: From 2009 to 2011, betting on EUR/USD to rise to 1.60, leveraging and adding to positions with unrealized profits, the net value once tripled. Then the Dubai debt crisis erupted, dollar liquidity tightened sharply, and 70% of the unrealized profits were wiped out.
The second round: In 2012, continuing to be bullish on the euro, heavily investing in EUR/USD, ignoring the Swiss National Bank's "1.20 red line" system, which only protects the exchange rate and not the position. The Swiss National Bank removed the 1.20 red line anchor due to euro interest rate cuts, causing the Swiss franc to appreciate instantly by 30%, and the account's net value was halved again.
The third round: In April 2020, when WTI crude oil fell below $10, heavily long positions were taken based on cost support assumptions. As a result, the contract settlement price closed at -$37/barrel for the first time in history, and the long positions were forcibly liquidated into negative territory.
Three rounds of shocks spanned a decade, causing the net asset value curve to fold back to its starting point after an inverted V-shape. While the principal remained intact, the opportunity cost and psychological damage were immense. I subsequently closed accounts held by over thirty brokers and entered a two-year period of depression. However, suicidal thoughts never arose—not because I possessed greater resilience, but because I had experienced the "worst" situation early on: being repeatedly kept after school by teachers for failing to pay the 0.7 yuan tuition fee during elementary school. This shame and helplessness were anchored in my memory as the "lowest limit of my life." When the account fell to seven figures in US dollars, my subconscious automatically invoked the reference point of "being unable to pay even 70 cents," transforming absolute loss into relative loss, thereby preventing catastrophic thinking. This mechanism is similar to Rockefeller's psychological path of overcompensating for "lack of money" throughout his life after being pulled out of his graduation photo due to childhood poverty—once the early sense of deprivation is integrated at the personality level, it becomes a buffer against high-dose adversity.
In summary, the core of two-way forex trading is risk pricing, and the underlying basis of risk pricing is personality pricing. The equity curve is merely the surface; the psychological curve is the core. Only by incorporating childhood adversity, initial capital accumulation, institutional advantages, and asset structure into a "psychological balance sheet" can we explain why, given the same amount of loss, some choose to close their positions and leave the market, while others choose extreme self-destruction. The market itself does not possess fatal attributes; it merely presents the self-destructive paths that individuals already possess in advance.

In the two-way trading scenario of forex investment, forex brokers in Hong Kong do not absolutely restrict trading to only Hong Kong dollars and US dollars as margin at the rule level. Instead, in practice, they have constructed a system with Hong Kong dollars and US dollars as the core margin currencies.

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For currencies such as the Euro and Australian Dollar, margin deposits are only permitted through discounted collateral. In contrast, forex brokers in Europe and the US generally support all major currencies as margin. This significant difference stems from the divergent regulatory frameworks, inherent characteristics of market settlement systems, and varying liquidity distributions among different currencies. It's important to clarify that Hong Kong's restrictions on non-core currency margins are not explicitly prohibited by regulatory bodies, but rather a pragmatic choice made by brokers based on compliance cost control and operational risk management.
The industry practice of using Hong Kong dollars and US dollars as core margin currencies in Hong Kong is driven by multiple underlying factors. From the perspective of regulatory compliance and fund security, the Hong Kong Securities and Futures Commission (SFC) has established strict segregation rules for licensed forex brokers' client funds, requiring independent segregation of client funds according to their original deposit currency. Furthermore, over 90% of transactions in the global forex market currently use the US dollar as the primary counterparty, and Hong Kong's local forex clearing and settlement system also uses the US dollar as its core hub. If brokers choose to accept multiple currencies as direct margin, they need to open separate segregated client funds accounts for each currency. They also need to address multiple issues such as exchange rate fluctuations between different currencies and delays in cross-border settlement processes. This significantly increases the broker's compliance operating costs and daily operational risks. Therefore, most brokers in the industry choose to use only Hong Kong dollars (the local legal tender) and US dollars (a core global settlement currency) as direct margin currencies. For non-core currencies such as Australian dollars, euros, and Japanese yen, they use a discounted collateral method in the margin system. For example, these currencies are usually converted at 90% of their corresponding USD/HKD exchange rate before being included in the total margin.
From the perspective of the characteristics of the local market's trading and settlement system, leveraged foreign exchange trading in Hong Kong mainly connects to the interbank USD clearing system. The liquidity pools built by local financial institutions also have Hong Kong dollars and US dollars as core components. Whether it is a foreign exchange broker or a licensed foreign exchange bank, their foreign exchange margin-related businesses all use the US dollar as the core settlement currency, while the Hong Kong dollar serves as a supplementary settlement currency in the local market. To introduce other currencies as direct margin, brokers need to connect with dedicated multi-currency settlement channels through overseas liquidity providers. Furthermore, the cross-border exchange costs of smaller currencies are ultimately passed on to the client, not only compressing their trading profit margins but also reducing overall trading efficiency due to the multi-step exchange process, thus negatively impacting the client's trading experience.
From a pragmatic risk management perspective, the Hong Kong Securities and Futures Commission (SFC) has clear and strict requirements for the capital adequacy ratio and risk reserve provisioning ratio of licensed brokers. The establishment of a multi-currency margin system directly increases the broker's exchange rate risk exposure. For example, with Japanese yen margin, if a client uses yen as margin, a significant depreciation of the yen against the US dollar will reduce the actual dollar-denominated value of the client's margin. This could trigger margin calls or even forced liquidation, and require the broker to calculate additional costs To cover potential losses, corresponding exchange rate risk reserves are set aside. Therefore, accepting only Hong Kong dollars and US dollars as direct margin effectively simplifies the broker's risk assessment model, ensuring the stability of margin value from the source and reducing the operational difficulty of daily risk control.
In contrast, forex brokers in Europe and the United States allow multiple currencies as direct margin, which is supported by their core logic. Regarding the flexibility of the regulatory framework and market maturity, while regulators such as the UK Financial Conduct Authority (FCA) and the European Securities and Markets Authority (ESMA) also impose strict requirements on the segregation of client funds, they also allow brokers to manage the exchange rate risk of multi-currency margins through professional hedging tools such as foreign exchange forwards and currency swaps. Furthermore, the European and American financial markets offer a wide variety of hedging tools with relatively low transaction costs, allowing brokers to efficiently cover the risk exposure brought by multiple currencies. In addition, institutional investors make up a high percentage of the clients of forex brokers in Europe and the United States, and these clients generally have multi-currency trading and margin needs. Therefore, regulators have reserved greater flexibility in rule-making to adapt to actual market business scenarios.
From the perspective of the diversified nature of regional monetary systems, the Eurozone has formed a settlement currency circle centered on the Euro, while the UK market uses the British Pound as the dominant settlement currency. Furthermore, forex brokers in Europe and the US generally connect to multi-currency liquidity pools in top global financial centers such as London, New York, and Frankfurt, enabling real-time clearing and settlement of major currencies like the Euro, British Pound, Canadian Dollar, and Australian Dollar without the need for dedicated cross-border settlement channels. This provides robust infrastructure support for the implementation of multi-currency margin systems.
Regarding the business models and cost advantages of brokers, large forex brokers in Europe and the US generally possess massive trading volumes. Leveraging their scale, they can negotiate preferential rates for multi-currency settlement with liquidity providers. Simultaneously, their professional technical systems enable automated calculation of multi-currency margins, exchange rate risk hedging, and fully automated clearing and settlement processes, effectively reducing the operating costs of multi-currency systems. Hong Kong's forex brokers are primarily small- to medium-sized retail platforms with limited overall business volume. This makes it difficult for them to bear the high technological investment and long-term operating costs required for a multi-currency margin system, which is a key reason why they maintain a dual-core margin currency system.
There are also significant differences in forex margin currency rules between Hong Kong and Europe and the United States. Regarding the scope of core margin currencies, Hong Kong forex brokers only list Hong Kong dollars and US dollars as directly acceptable margin currencies, while brokers in Europe and the US accept almost all major currencies such as US dollars, euros, British pounds, and Japanese yen as margin. Regarding the handling of non-core currencies, Hong Kong brokers apply a discount to non-Hong Kong dollar/US dollar currencies before converting them into core currencies for margin calculation, while European and American brokers generally use the real-time exchange rate without setting a discount. Regarding who bears the exchange rate risk, in Hong Kong, the risk of the currency discount is borne by the client, and brokers only need to set aside corresponding reserves for exchange rate fluctuations. In contrast, European and American brokers use professional hedging tools to transfer multi-currency exchange rate risk to the financial market, and clients do not bear additional discount losses. Regarding the composition of compliance costs, Hong Kong brokers only need to manage segregated accounts for two core currencies, resulting in relatively lower overall compliance costs. European and American brokers, however, need to cover multi-currency risks through hedging tools and maintain a multi-currency segregated account system, leading to relatively higher overall compliance costs.

European and American forex platforms include the Euro, British Pound, Japanese Yen, Canadian Dollar, and Australian Dollar in their margin system. This isn't just a gimmick of "adding another currency," but rather a way to eliminate the costs of exchange, holding positions, and hedging all at once. This allows traders to pay less money upfront and provides the platform with an additional safety net.

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For traders, the most direct benefit is saving on the 0.5%–1.5% exchange fee charged by banks: If a Eurozone fund uses a EUR account to trade EUR/USD, there's no currency mismatch on the principal side. Upon opening a position, there's no immediate 20-pip loss due to bank spreads, and there's no need to worry about an overnight USD gap incurring an additional 1% implicit exchange rate adjustment. Similarly, CTAs specializing in Japanese yen cross-currency pairs can keep their yen spot currency directly in the margin pool. The intraday fluctuations of GBP/JPY within 200 pips are no longer amplified by the secondary conversion of USD/JPY, resulting in a net asset value curve that more closely reflects the strategy itself, and a 10%–12% reduction in capital requirements. Daily deposits and withdrawals also maintain the local currency route. UK clients can transfer pounds to their London Barclays Trust account in three minutes using FPS, and see the funds arrive in the same currency on the platform thirty minutes later. This saves on SWIFT transfer fees and avoids the risk of forced liquidation due to sudden margin reductions caused by weekend exchange rate gaps.
For brokers, multi-currency margin is a "natural customer acquisition card" and an "automatic hedging valve." Major global forex brokers, by accepting USD, EUR, GBP, CHF, CAD, AUD, and offshore RMB, have consolidated retail investors, family offices, and hedge funds from the seven major global cash pools, increasing their client nationality from 40 to 120 countries and reducing customer acquisition costs by 18%. On the back-end risk control side, the platform directly places client positions into corresponding liquidity pools based on currency tags: EUR/USD positions in Euro margin accounts go through the EBS European pool, GBP/USD positions in GBP margin accounts go through the LMAX London pool, and USD/JPY positions in Japanese Yen margin accounts go through the Tokyo Financial Exchange Central Limit Book. Assets and liabilities of the same currency are netted within T+0, and the remaining net exposure is automatically rolled over using overnight FX Swap. The basis curves for the four currencies—USD, EUR, GBP, and JPY—are hedged in pairs, and the net exposure as a percentage of the client's margin balance has consistently been below 2%, with capital surcharges far lower than the 5%–7% level of single USD pools on Hong Kong platforms. In addition, European and American regulations allow swap gains and losses to be directly included in risk reserves, eliminating the need for the platform to set aside exchange rate reserves separately for each currency. A single multi-currency engine allows regulatory reporting, customer experience, and hedging costs to converge simultaneously.
In contrast, Hong Kong platforms prioritize Hong Kong dollars and US dollars, converting all other currencies at a 0.9 discount. Essentially, this replaces real-time hedging with "exchange loss + discount buffer." While convenient for small to medium-sized retail transactions, as client funds increase and strategies diversify, slippage and discount gaps from secondary conversions are amplified by leverage, ultimately translating into an additional 3-5 percentage points of hidden cost. European and American platforms, on the other hand, use multi-currency margins to eliminate this cost, while simultaneously using local liquidity pools to achieve currency-level hedging granularity, naturally resulting in a significant difference in risk diversification and client coverage.

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13711580480@139.com

+86 137 1158 0480

+86 137 1158 0480

+86 137 1158 0480

z.x.n@139.com

Mr. Z-X-N

China · Guangzhou

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