Hi all,
Recently I got tired of the hassle of wiring funds to offshore Brokers such as Oanda and wondered had the state of FOREX brokers in Australia improved, perhaps with the view of opening a few Aussie FOREX trading accounts.
I was horrified when I opened up a live chat session with an Aussie broker when he told me that he would not reveal any financial position of his broker and that under ASIC law it was not mandatory, stating that it might give his competitors an edge. I even provided the CFTC link ....
http://www.cftc.gov/ucm/groups/publi...cmdata1210.pdf
.....showing the financial data of US brokers.
The only thing that the broker would tell me was ....
ASICs requirements are this "custodian net capital requirements are 500K or $5 million NTA (Net tangible assets)".
So they place your funds in a segregated account with one of the major banks here but as we know in the case of bankruptcy, our money is the last to be paid out after legal costs/investors/etc....
I'd be interested to know if anyone in Aus has done any due dilligence on the brokers here and have found any reputeables ones where they will disclose their financial data ?
I'd welcome any other comments too...
Joe
ps. if you are thinking of placing your money with an Aussie broker think carefully and do your due dilligence
Recently I got tired of the hassle of wiring funds to offshore Brokers such as Oanda and wondered had the state of FOREX brokers in Australia improved, perhaps with the view of opening a few Aussie FOREX trading accounts.
I was horrified when I opened up a live chat session with an Aussie broker when he told me that he would not reveal any financial position of his broker and that under ASIC law it was not mandatory, stating that it might give his competitors an edge. I even provided the CFTC link ....
http://www.cftc.gov/ucm/groups/publi...cmdata1210.pdf
.....showing the financial data of US brokers.
The only thing that the broker would tell me was ....
ASICs requirements are this "custodian net capital requirements are 500K or $5 million NTA (Net tangible assets)".
So they place your funds in a segregated account with one of the major banks here but as we know in the case of bankruptcy, our money is the last to be paid out after legal costs/investors/etc....
I'd be interested to know if anyone in Aus has done any due dilligence on the brokers here and have found any reputeables ones where they will disclose their financial data ?
I'd welcome any other comments too...
Joe
ps. if you are thinking of placing your money with an Aussie broker think carefully and do your due dilligence