Brokers in Australia

Hi all.

I've asked this question on another thread, however wanted to start a new thread on it for increased exposure. ( Please excuse me if I've overlooked a similar thread).

Can anyone suggest any reputable forex brokers in Australia ?

Before making suggestions though, please consider that currently the NFA is auditing forex brokers and the word is out that those with Adjusted Net Capital of below $5 million may be shutdown.
Go to www.cftc.gov/tm/tmfcm.htm for the stats.

So this means that CMC and IG Markets are out of contention (if you were going to recommend them).

I'm eager for any positive feedback.
rgs
mike

They are all terrible. Just like the situation with banks in Australia.. dominated by a few large big banks - and they rip you off at every corner.

It's no different with Australian Forex.

I've used Halifax (aussie broker, big one) and it was the worst experience ever.

Go offshore

I have never used an Aussie broker and do not really want to mainly for the reasons that Dimmi has outlined above.
I used to be with FXCM for years but recently changed to Oanda and I am finding them VERY GOOD.
Stay offshore with someone safe and reputable.
Just my opinion!

Thanks dimmi and Antra for the feedback.

I've been using numerous Oanda demo accounts for testing strategies and have become very familiar with the platform. My only regret is that there is no "force open" facility (which allows going simultaneously long and short on the same currency pair )...at least on the demo that is....Oanda's net capital is at a reasonable $35million, which is well above the NFA's $5million threshold.
There is also no minimum account balance required, which helps a beginner like me to take baby steps first before committing larger funds.

I'd considered the Swiss brokers like ACM and Dukascopy....though they seem quite reputable they also have their own pros and cons....ACM's min. balance is $5K and Dukascopy is $50K ! They are not listed on the cftc list, so I don't know their net worth.

So, here's hoping I can close my current trades with CMC (before they potentially fold) soon, close the account and open one with (most likely) Oanda.

cheers
mike

The way to get around the hedging on Oanda to be long and short on the same currency is to use sub accounts.
Their game account is exactly the same as their fxtrade account.
The ability to trade with small amount of units in Oanda when testing a strategy live is very beneficial.
Other platforms have this ability as well.....Interbankfx etc...just research any trading platform that offers micro accounts.
Cheers
Antra

Thanks Antra.
Is a sub account basically another account that is linked with the original one ? This allows using the same platform to switch between accounts, right ?
Is the ability to trade small amounts with Oanda due to the choice of leverage and lot size ? I haven't been able to change the leverage on the demo though I can choose 100,000 or 200,000 etc in the size of the trade....my current account with IG Markets allows me to trade either standard or mini lots, and then however many lots I choose...
So, is micro just another term for a mini account ?

mike

Hi
A sub account in Oanda is just another account under your primary account.
Go to 'Account' then click ' create sub account'. Also see the 'change leverage' function here are well.
With Oanda you have the ability to trade however many units you want. 100,000 units is roughly equivalent to a 'standard' lot or $10.00 per pip. 10,000 similar to a mini account or $1.00 per pip and 1000 units is a micro account and 10c a pip. Have a play with the calculators on Oanda to give you some idea...they have various functions and are very helpful.

Cheers
Antra

I asked the same question a while back and there didn't seem to be any that I was happy to run with. I ended up opening an account with oanda. For me the micro account is a must and their spreads are good. I also have a mini account with fxcm. I still manage to lose my money but at least with the micro lots and sound mm it takes longer.

Regards

Mike

Thanks for the input Mike. I've proceeded to open an account with Oanda.
The whole rumour that the NFA may shutdown brokers with adjusted net capital of less than $5million may be just that...a rumour. I emailed NFA and the reply was that they do indeed constantly monitor and audit brokers, however the criteria of a broker needing more than $5m ANC to stay in the game is not true.
So, that's let some urgency in closing my current account with CMC and IG Markets. You are absolutely right about the advantage of Oanda's micro accounts...I've found the CMC only offer 100:1 leverage and the control on the lot sizes is limited...IG is a bit better with the option of mini lots.
It may still be a better option to move the funds to the new Oanda account.

rgs
mike