hi
can anyone recommend an online forex broker im based in sydney Australia ?
Cheers
Ignored
If you are looking for a broker with a building in Sydney (may add to trust I suppose), CMC Markets has one. I am not sure if it is an office in Sydney or not, I have not actually been there. I have been in contact with someone who also lives in Sydney and he has used them. If the physical building does not matter, a lot of brokers will service Australia. GFT and Oanda are just a couple.
CMC Markets are the pioneers of CFD trading in Australia. Established in 2000, our local business has grown substantially with more than 120 staff in Australia to support CFD clients through our innovative service offerings. We are the leader in providing wholesale solutions through a variety of intermediaries because:
I do not know much about CMC Markets, however, GFT and Oanda are pretty much considered a couple of the better and more trusted MMs/Brokers in the spot market. I have placed and taken money out of both without any problems at all. As far as "best broker" is concerned, outside of news trading spread hikes, I am very satisfied with my Oanda experience.
Good luck,
The market is my nation. Traders, my family. Hello, brothers and sisters!
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Joined Mar 2007
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Status: XXXX Trader
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It depends on where you want your money as well.
I live in Sydney and have had experience with CMC and a company called easy-forex. Right now i'm with GFT.
CMC: 6/10 - Decent platform but lacks some functionality, tight spreads. Not a very personalised service. I think money is in the US. I did have one problem with them when i was leaving which cost me $250 but i was leaving so i let it go.
Easy-forex: 3/10 - Bad Web based trading, limited function charting. Wide spreads. Good personalised service though, office in sydney and melbourne i think. If you want to trade by telephone and dealing desk they pass your trades onto a decent clearing house, tighter spreads on larger lot sizes too. The positive is they keep your money in ANZ and are regulated by ASIC so your money is pretty safe
GFT: I only just started with these guys but so far... Money managed and kept in Australia by JP Morgan and regulated by ASIC, the processing though is done in the US, so withdrawals applications have to go through the back office in America before funds are released. Reputable firm. Good well rounded service, office in Sydney. Decent platform, good news service if you put in solid initial deposit ($3,800AU). Some initial training on the platform for free but i haven't taken that. I won't rate them out of 10 yet but they feel the best so far
Thanks for taking the time to respond, it does seem to be a hassle getting money in and out of some of these non aus based brokers I'm not so keen on using paypal.
I remember seeing some negative posts on hot copper with regard to cmc round the time of the feb correction, i'm using "ING " very helpful staff the platform has the odd strange moment ( I had $2.5 million dollars profit on the screen for half an hour the other day, instead of the $60 I thought I was up !) The charts are excellent, spreads not bad. $10 extra to deal by phone
