Looking for an ASIC broker that is equivalent of LMAX | Forex Factory

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Looking for an ASIC broker that is equivalent of LMAX

  • #1
  • First Post: Edited 3:50am Jun 8, 2018 1:49am | Edited 3:50am
I've been looking for an ASIC regulated true DMA broker since new leverage restrictions will come into force on August 1 in Europe.

Which Australian broker is the equivalent of LMAX UK?
  • #2
  • Jun 11, 2018 8:03pm Jun 11, 2018 8:03pm
Quoting grandaevus
I've been looking for an ASIC regulated true DMA broker since new leverage restrictions will come into force on August 1 in Europe. Which Australian broker is the equivalent of LMAX UK?
I use Eightcap for FX and CFDs don't think they offer DMA but they're about to offer MT5....FX CFD wise they've been great. I'm in my 3rd year with them.
  • #3
  • Jun 12, 2018 12:10pm Jun 12, 2018 12:10pm
Have you tried Blueberry Markets?

https://www.blueberrymarkets.com/
  • #4
  • Edited 9:29pm Jun 13, 2018 7:36am | Edited 9:29pm
Quoting meyoik
Have you tried Blueberry Markets? https://www.blueberrymarkets.com/

Not a true DMA broker. They use a hybrid model of A-book/B-book like most Australian brokers (Icmarkets, Pepperstone) do.
  • #5
  • Jun 13, 2018 6:05pm Jun 13, 2018 6:05pm
Quoting grandaevus
{quote} Not a true DMA broker. They use hybrid book like most Australian brokers (Icmarkets, Pepperstone) do.
Not sure Australia has any exchange type forex brokers like LMAX.
Baxter-fx is probably the closest, they're a prime broker. Or you could try Invast Australia who claim to be DMA on their website, and ASIC regulated.
  • #6
  • Jun 13, 2018 7:01pm Jun 13, 2018 7:01pm
Global Prime has very good reviews. probably as close to DMA as you can get.
  • #7
  • Jun 13, 2018 10:21pm Jun 13, 2018 10:21pm
Quoting LuKa12
{quote} I use Eightcap for FX and CFDs don't think they offer DMA but they're about to offer MT5....FX CFD wise they've been great. I'm in my 3rd year with them.
Raw Accounts have 500:1 leverage. A broker that offers a leverage more than 100:1 (may be 200:1 but only for majors) can't be a true DMA broker.
  • #8
  • Jun 14, 2018 9:53am Jun 14, 2018 9:53am
Am working with Pepperstone for more then 2 years and very good experience up to now
  • #9
  • Jun 14, 2018 10:27am Jun 14, 2018 10:27am
Quoting Klay
Am working with Pepperstone for more then 2 years and very good experience up to now
They're the second largest Australian broker but unfortunately they also run a hybrid model of A-book/B-book like Icmarkets do.
  • #10
  • Jun 14, 2018 10:21pm Jun 14, 2018 10:21pm
+1 for Global Prime.

They offer to provide a trade receipt for the liquidity provider who filled your trade.
Good Trading
  • #11
  • Edited 8:55am Jun 15, 2018 8:28am | Edited 8:55am
Quoting aud
+1 for Global Prime. They offer to provide a trade receipt for the liquidity provider who filled your trade.
They're really a true DMA broker that run an A Book but trading with them is very expensive. Spreads are too high except for EURUSD & AUDUSD.
  • #12
  • Jun 15, 2018 10:55am Jun 15, 2018 10:55am
Quoting grandaevus
{quote} They're really a true DMA broker that run an A Book but trading with them is very expensive. Spreads are too high except for EURUSD & AUDUSD.
I think the best you will get are :
I C Markets
Global Prime
Pepperstone

They are as close to A Book STP/DMA as you can get.
  • #13
  • Jun 15, 2018 2:43pm Jun 15, 2018 2:43pm
Global Prime is the only australian broker that i would touch.

IC and Pepper are bucket shops.
  • #14
  • Jun 15, 2018 6:04pm Jun 15, 2018 6:04pm
Quoting The-Flipper
Global Prime is the only australian broker that i would touch. IC and Pepper are bucket shops.
Depends how much volume you trade each month. If you trade more than 250 lots every month, brokers will likely give you fix api.
  • #15
  • Jun 16, 2018 5:32am Jun 16, 2018 5:32am
What do you think of RubixFX?

https://rubixfx.com/
  • #16
  • Jun 16, 2018 5:58pm Jun 16, 2018 5:58pm
Quoting grandaevus
What do you think of RubixFX? https://rubixfx.com/
Rubix fx are alright, if that is the sort of broker you are looking for. I've had a "ecn" account with them for a few years, since before they were bought by Gleneagle (who also own Global Prime).
  • #17
  • Jul 2, 2018 11:18pm Jul 2, 2018 11:18pm
Quoting The-Flipper
Global Prime is the only australian broker that i would touch. IC and Pepper are bucket shops.
Just chatting with Global Prime this morning, shame about the leverage though, only 1:100 upon application with Global Prime. Then 1:200 if you are approved. IF they could increase their leverage I would be interested in opening several accounts with them.

Something like 400:1 or 500:1 would be ideal, similar to Pepperstones offering, the Razor account I think they call it.

I don't really see much use in Global Prime offering 100:1 for retail forex traders, and then having to be approved for 200:1 as if it some big deal? they are losing out on clients surely when they make restrictions like this? maybe its a licensing regulatory factor or something?
  • #18
  • Jul 3, 2018 4:15pm Jul 3, 2018 4:15pm
Quoting Redbaron81
Global Prime has very good reviews. probably as close to DMA as you can get.
You mean reviews left by amateurs on ForexPeaceArmy? Global Prime is no match of ic markets. of course its not a match of lmax. in my view global prime is worse than both pepper and ic markets coz slower execution more slippage and wider spread. global charge the same commission as ic but a small hidden markup is added to the spread. do not be fooled by online promotions. LMAX execute orders in and around 5 ms ic markets execute orders in and around 40 ms. global prime do it in and around 80ms. thats right you pay commission to lose more money so its is a funny situation.

purple trading could be a equivalent of lmax but its not an ASIC broker.
  • #19
  • Jul 3, 2018 4:24pm Jul 3, 2018 4:24pm
Quoting vwap
{quote} Just chatting with Global Prime this morning, shame about the leverage though, only 1:100 upon application with Global Prime. Then 1:200 if you are approved. IF they could increase their leverage I would be interested in opening several accounts with them. Something like 400:1 or 500:1 would be ideal, similar to Pepperstones offering, the Razor account I think they call it. I don't really see much use in Global Prime offering 100:1 for retail forex traders, and then having to be approved for 200:1 as if it some big deal? they are losing...
its not a licensing regulation but a requirement from their liquidity providers. Max allowed leverage by liquidity providers is 100:1. true ecn broker can not offer more than 100:1 leverage but fake ecn dealer can still offer it. of course the risk has to be kept in house.
  • #20
  • Jul 4, 2018 1:58am Jul 4, 2018 1:58am
Quoting demark1
{quote} You mean reviews left by amateurs on ForexPeaceArmy? Global Prime is no match of ic markets. of course its not a match of lmax. in my view global prime is worse than both pepper and ic markets coz slower execution more slippage and wider spread. global charge the same commission as ic but a small hidden markup is added to the spread. do not be fooled by online promotions. LMAX execute orders in and around 5 ms ic markets execute orders in and around 40 ms. global prime do it in and around 80ms. thats right you pay commission to lose more...
So instead of taking the advice of amateurs on FPA he/she should take the advice of an amateur like you then?

To the original poster the ONLY way to see which broker fits best with you is open a live account with them all, run the same strategy for a couple of months and compare the results. They will all be slightly different.

I have used IC markets for donkeys years and global prime for just over 2 years. I like both for different reasons.
IC will give you bigger leverage 500:1 , GP upto 200:1
So that may play a part in your decision.

I wouldn't bother with pepperstone (if you are trying to circumvent the ESMA rules) as you will have to open an account with them at their UK office NOT their Aus office.


You could also try Vantage FX - They are ASIC and believe they are owned by the same people as GP ( I could be wrong though)
An alternative is Synergy FX - I have just started using them to see if they are a worthwhile replacement for XM.com . I hate putting all my eggs in one broker, so trying out alternatives to IC Markets and GP that aren't covered by this ridiculous EMSA ruling.
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